More and more people are looking to set up their own business, especially with the economic uncertainty and lack of jobs on a global scale. But setting up a business from scratch is not for the fainthearted. One in three new businesses fail within the first three years, often leaving a trail of financial devastation in their wake – which is why so many who want to reap the benefits of running their own business opt for the tried and tested franchise route. Well-known business models and familiar household names ensure that the franchise option for new business start-ups is a long-established and accepted path. Starting a business under a well-known and proven brand stands a greater chance of succeeding, than starting up from scratch.
The real estate market however is still buoyant – certainly in the lettings arena at least. But owning a letting agent franchise is by no means a quick path to riches, and if you choose this franchise option, you will need to be energetic, motivated, a great communicator and possess real commercial tenacity to make it work for you – A successful business in real estate is as much about being good with people as it is about being good at sales – and you have to love both!
These days you don’t even need a high street base. Running your business online is becoming increasingly more viable, and the internet has taken its place in our lives as the oracle of all things real-estate. You can have a virtual shop, you can exchange virtual money, you can talk via email, Skype or text, pay by BACS or PayPal, you can take credit card payments with your mobile and conference call prospective tenants and landlords as long as you have a computer, broadband and a web-cam! Paperwork is paperless and the whole way we run and operate business has changed beyond all recognition.
Running a business without doubt requires the same, if not more commitment as you would apply to a job as a simple employee, but the difference is that you can, within reason, choose your own hours to fit around other commitments such as family or other jobs for example.
The private lettings industry is growing exponentially, with fewer and fewer people able to buy their own properties turning to the rental market, so if you are willing to get your hands dirty and muck in wherever your business needs it, you’re keen to try new approaches, and to take on new challenges and have a great attention to detail your business will do well.
This helpful business advice was sponsored by Sebastian Bos.