Written by: Larry Alton with BiggerPockets–
If you have a real estate startup—or an idea that you’re hoping to push forward in the coming months—you need to be prepared for the heavy competition in this space.
Here are some tips to help you rise above the noise and stand out:
1. Get your funding down.
It’s important to figure out your funding strategy early on. You need to have plans for financing different stages of growth, as well as contingency plans for if/when they fall through.
While it’s nice to get funding from a venture capitalist or angel investor, not every startup will have such opportunities. Plus, even if you do get these offers, you have to be careful not to give up too much equity and control.
Loans are going to be your safest bet. There are a variety of startup business loan options, so make sure you do your due diligence and get clear on the pros and cons that come with each.
2. Put a new spin on something.
Because of the competition in this space, you have to be wary of pursuing ideas that are already oversaturated. If you’re just another startup doing what every other entrepreneur is doing, you’ll find it incredibly difficult to stand apart.
When you have an idea, always go back to the drawing board and think of a way to put another unique twist on it. Then, when you think you’re ready to move forward, repeat the process. You want something that’s highly effective and unique. That’s how you attract investors and customers.
3. Be ready to pivot (a lot).
With as much innovation and competition as there is in this space – not to mention the market fluctuations – it’s very rare that a startup stays the course. You’ll almost certainly have to pivot at least once (and probably multiple times). As long as you have the mindset that pivots aren’t failures, you’ll be fine.
Get a Head Start
Where there’s opportunity, there will be competition. This is certainly true of the real estate industry where startups are carving out space in technology, finance, and marketing niches. As you look to grow your business, make sure you’re building a sustainable foundation that’s conducive to growth.
Visit the article at: https://www.biggerpockets.com
Photo credit: https://www.inc.com/scott-mautz/new-report-says-these-are-10-best-industries-to-start-a-business-in-if-you-want-to-get-rich.html