You have been working in real estate for a while and you have decided it is time to become a business owner either by owning your own real estate agency business or getting into the management rights arena. Having something that you can call yours and work in the hours you most desire is a lovely reason to start your business journey.
There is so much more to starting a business than the excitement of it. Here is a quick start guide:
FINANCIAL DISCUSSIONS AND GOAL SETTING
- Speaking to your accountant about the best business tax structure. Then completing this paperwork and forming the right entity. Don’t forget to form your partnership/shareholding agreements with a solicitor (if applicable).
- Create your Business Plan/Marketing Plan.
- Determine the capital investment you will need to invest for your new venture.
REAL ESTATE LEGISLATIVE REQUIREMENTS
- Getting Licensed – Real Estate Licensing takes time. If you have not got your Full Real Estate Licence – you will need that to own your own agency. Then you need to apply for your licence and get licenced.
- Open General Bank Accounts and Trust Accounts.
- Appoint A Trust Account Auditor.
OFFICE LOCATION, DAILY MANAGEMENT & MARKETING
- Purchase the necessary subscriptions to operate your business.
- Where are you running your business from? Home or business premises? If it is from commercial business premises, you will need to find premises and negotiate the lease.
- Sort out what office furniture you need and purchase these initial items.
- Have a website created.
- Prepare your business launch.
- Advertise your business based on your Marketing Plan.
Understandably at first you may not have the capital to have everything above all created by a professional. Spend money wisely and do what you can on your own to start with i.e., create your own website, create your marketing and post it, apply for subscriptions as they are required. All these tasks can be outsourced. It is not bad to know how to do everything before you pass it on to a professional, this way you are always prepared and skilled to take on anything that is thrown at you during your business journey.
Written by Tarsi Hynes, Director of The Tarsi Way