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SWOT stands for Strengths, Weaknesses, Opportunity, and Threats.
And the more attractive your end-goal is, the more determined you will be to keep going when things get tough.
I love the way that Tim Ferriss puts it: “The question you should be asking yourself isn’t, ‘What do I want’ or ‘What are my goals? '” Because the more excited you are, the more determined you’ll be.
You could go door knocking for the next week, maybe even find a property to buy, buy it, and then try to flip it or rent it out. Heck — maybe you’d even build a healthy business out of it. If you’re anything like me, then you favor planning over mindless execution (sorry Gary Vee).
You don’t want to just launch a business that may or may not succeed, you want a real estate investing business .
Still, it’s good to have a plan B or a way out if things go sideways.
Maybe wait to quit your day job, for instance, until your business starts providing for itself. And consider including a clause in your contracts that gives you a way out (at least in the beginning). When do you expect your business will be able to fully support you and your family?Because even though you’re building a business to benefit you in the end, the only way to build a successful business is by helping .As Bob Burg wrote, “Your income is determined by how many people you serve and how well you serve them.” Here’s an example of a mission and vision statement. Your mission and vision statement will help you determine what that “why?Your business will live or die based on your own daily motivation, ambition, and energy levels. Do you want to live on the beach in Tahiti and sip gin for the rest of your life while this business makes you money on autopilot? Do you want to make 0k per year and work 10 hours per week?For that reason, you should ask yourself this dead-simple question: “Why am I building this business? you want out of your business will determine the kind of business you build.Value Propositions for CAD Drafting Startups Your first order of business as a CAD drafting entrepreneur is to answer the question that is the elephant in the room: Why should contractors, builders and even engineering firms hire a CAD drafting provider?And to answer that question, you'll need to decide on a value proposition -- the unique feature(s) you provide.Ryan Dossey (my brother) has this great video about raising private money for your business and how he raised his first 0k.Every good real estate investing business plan includes a thorough plan of attack… Since you have a business plan, your chances of things going horribly wrong decreases quite significantly.Or I could tell you about the people I’ve seen set out without a plan and fail. Research from 2,877 business owners revealed that people with a plan are more likely to grow their business, secure investment capital, and/or secure a loan.Or I could tell you a story about one person who had the best of intentions for his new real estate investing business, but lost money his first month because he didn’t have a clearly defined budget. (Image Source) Here’s how the authors of the study put it: “Except in a small number of cases, business planning appeared to be positively correlated with business success as measured by our variables. It might seem like a silly first step to creating your real estate investing business plan.