As an independent buyer’s agent, you may have worked as an employee for many years before starting your buyer’s agent business. While shifting your emphasis from employee to working for yourself might seem to be just a matter of changing your workplace, the reality is that you need to start thinking like a business owner.

Compared with employees or contractors, a typical successful business owner has learned to deal with fluctuating revenue, understands their value proposition, outsources or partners with others to free up time that could be spent more profitably, allocates time for creativity and innovation, and invests in training and mentoring.

In this article I run through the steps to get you thinking like a boss.

1. Get used to being in charge

You no longer need to look to a higher authority to make decisions. It’s all you now.
All the mistakes are yours as are the successes.

2. Don’t skimp on business essentials

When you’re spending your own money, it’s tempting to try to save money by going with cheaper versions of business fundamentals. However, you’re a business owner now and if you want to scale your business, you need to spend on the business fundamentals that will accelerate your growth.

3. Outline a long-term strategy to inform your daily activities

As a business owner, you need a plan with measurable goals so you can track how your business is performing. Once you can see the big picture, you won’t be tempted to spend on impulse buys or short-term solutions.

4. Understand that your business depends on you

Your business is you, especially if you’re a solo buyer’s agent. If you find it hard to network, for example, you need to push yourself out of your comfort zone so your business can succeed. Add personal development to your business mindset, make personal development a daily habit, and invest in business coaching to spur you to success.

5. Accept some failures

No one is perfect and now you own your business, you have to take responsibility for bad decisions. However, if you accept that you won’t always get it right, you can bounce back and move on.

6. Get comfortable with money

Get savvy about your finances and have a budget so you can save for leaner times. Remember to price yourself right so you can cover all expenses your employer used to take care of. That includes paying yourself super.

7. Take care of your health and your future

Now you’re in charge, there isn’t anyone else to take up the slack. If you get sick, you have no income. Don’t ignore the big picture and remember to invest in superannuation (that offers additional tax benefits) or property for your eventual retirement.

8.Be open to change

In a rapidly changing business environment, to stay relevant you need to be up to date with industry trends and what’s new in your niche.

Join the conversation at Property Mavens

Want to up your game as a buyer’s agent? In our group, we discuss various topics including how to embrace the business owner mindset. Join us at Property Mavens Group.

Currently we are in a growth phase and oversubscribed with client leads. For a limited time, we have places available in this strong buyers’ agent business, with leads in Melbourne, Geelong, Bendigo and Ballarat. Call me, Miriam Sandkuhler, on 03 9988 2266 to learn more.