THE REALTTORNEY

Insights of a Real Estate Attorney

THE FINAL STEP: PREPARE A BUSINESS PLAN

Posted by Atty. Jojo on January 26, 2012

Plan carefully and you will have plenty; if you act too quickly, you will never have enough.

 – Proverbs 21:5, Good News Bible [Today’s English Version]

By Ernesto C. Perez II

You would think that having a creative and distinguished business name as well as an appropriate business vehicle chosen will bring us one step closer to registering our business with DTI and BIR.

Unfortunately, we still have one more step to go. It is a long process but a necessary step to take. The next step is writing a business plan.

You may think that preparing a business plan doesn’t apply to you because of the experience you have in the brokerage business. But for those who are still new and inexperienced or those who are engaged full-time because this is the only source of income they have then preparing and having a business plan is essential.

I am not experienced in preparing business plans. In fact, I have several ventures that have failed mainly because of the lack of such a plan.

There are numerous websites that guide you through the preparation of a business plan. You can hire a professional to assist you in preparing one. No matter what method you choose the important thing is to make a plan that is thoroughly researched.

A final note if you will permit me. In the book of Donald Trump and Robert Kiyosaki entitled “Mida’s Touch: Why Some Entrepreneurs Get Rich And Why Most Don’t” they discussed their failures and how they learned from their numerous failures that made them succeed.

In preparing your business plan, I would suggest that you plan to fail. This is not to say that you have to set small goals for yourself.

By all means, think big! Plan for your outright success. But temper it with the knowledge that the best laid-out plan does not usually go according to what is written.

There will be numerous bumps on the road. I am still on the bumpy part. Therefore, plan to make adjustments so that you will not be heavily frustrated when things do not happen as planned.

Facing disappointments and experiencing failures when you thought you have covered all bases is the worst feeling of all. I am well acquainted with such failures and disappointments.

You need a business plan that is flexible to give you room to adjust your goals accordingly and know what to do when faced with adversities. Once you have made your business plan you are now ready to register your business.

I have outlined what requirements are needed when you are ready to register your business with the various agencies of the local and national government. You can read it in my previous post.

Best of luck to everyone. Kung Hei Fat Choi!!

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