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| quote: | Originally posted by Nautilus
What sort of market research have you completed?
Minimal as of this point. This is one area I am in need of advice and consultation. However, I have noted ways of marketing that seem to work for the other agents and those methods that don't as well.
Who will be your target customers?
Well, I live in Southern California and I'm hispanic, so a majority of efforts will be directed at serving this traditionally underserved community, especially when it concerns financial matters. English is my primary language, but I am fluent in Spanish and I've actually bought some college textbooks to help improve my Spanish in order to sound more educated. Being bilingual is a major advantage over the other agents as they are shut off from this other foreign speaking market. Time after time, other agents in the district have asked me to help to communicate with Spanish speaking clients due to their inability to do so. It's ridiculous how few agents in not only my company, but in the industry don't speak Spanish well enough or not at all, especially given the area region they operate in.
I will be based in the Temecula Valley, which is currently one of the hottest housing markets in Southern California due to its proximity to Los Angeles and San Diego (within an hour of SD and 2 of LA) and its cheap land and housing prices, relative to the rest of Southern California. This area still has stretches of undeveloped land, which means future clientel is guaranteed, as opposed to the already developed and overcrowded LA, Orange County, and SD neighboring regions.
Have you already got a captive client case on which to get regular business from?
While I have already produced clients for my current employer, I would not be taking any of those clients with me, except for my own business and those of my family. I have, however, built up relationships with a couple of real estate agents who do feed me new home buyers from time to time. |
You really need to formulate a business plan, with a decent set of budgets before you do anything. I don't mind having a look at a draft.
There will be a fair amount of cold calling I would suggest and for this to be successful you really need to choose your target markets well. I notice you have given thought to the people you will look at approaching first, and given your background and language skills you have thought about what your competitive advantage will be.
Do you intend to work from an office?
What sort of start-up costs do you expect in the first 3 months?
How much business do you plan to write in the fist 3 to 6 months? (Be realistic)
Will you require back-up staff?
You really want to have enough money to overcome the worst possible scenarios in the first 3 - 6 months, including patches where you write no business.
I would suggest an equity partner could be a good idea, perhaps a family member that would support you and chip in a few dollars, and you can then incorporate a company and issue that person some shares for their investment. At least then you are managing some of the risk and being responsible to a shareholder or two can be further motivation to work hard at what appears to be a job where you need to be both energetic and a go getter.
As for a little marketing advice. Well, try and segment your market a little better, break it right down. Think about which area you wish to target, how many houses you can visit per day, what type of people you want to look after, what sort of income bracket these people fall into, what type of customers will give you the best meeting/sales ratio.
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"The first stage of the great adventure has concluded happily, and here I am installed in Mexico, although I have no idea about the future" Che Guevara
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Starting Up Your Own Business
