How do I start a estate/property company?

How do I start a estate/property company?

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Whether or not you have prior experience or knowledge in the sector you plan to start a company in, your first step is to do extensive research.

It is always advisable to develop a business plan which will force you to define your business concept and gather information about the sector as well as your business requirements. Do you have a basic idea of what it is that the business will do? Once you have refined the business concept you need to spend a significant amount of time doing research.

Your research around the business concept should focus on these six areas:

  • The Industry: Gaining an understanding of the dynamic forces affecting the industry in which the business will operate.
  • The Market: Research the preferences and characteristics of the customers you are targeting.
  • Competitors: Getting insight into the quality and quality of competitors in the market in which you plan to operate.
  • Collaborators: Researching and understanding who you could work with/ partner with in launching the business.
  • Your Product or Service: Investigating how your product or service will be created and delivered and whether it will be truly unique.
  • You Company Model: Gaining insight into the options around a profit and operating model for the business.

There are many sources you can use to find this information, some of which include:

  • The Internet
  • Industry experts
  • Suppliers
  • Competitors (become a customer of the competitors)
  • Survey customers
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