(This is Part 3 of a three-part series. See Part 1: Will next housing bust kill my business? and Part 2: 8 ways to keep real estate biz afloat.) Ninety percent of all businesses fail because they lack a business plan. If you're just scraping by now, a real estate recession can end your career unless you have a survival plan. Eventually you will face a buyers' market where there is too much inventory and too few buyers. To survive the next real estate recession, you will need a plan. The five steps below can help you survive both buyers' and sellers' markets. 1. "Work on" your business One of the key points in the attraction principle is having clarity about what you want to attract. Michael Gerber in his book the "E-Myth Revisited" discusses the importance of "working on" your business rather than always "working in" your business. "Working on" your business, means taking time to analyze market conditions, evaluate your marketing efforts, and making adjustments to capitalize on m...
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