There is a lot to consider when transitioning away from the corporate world and into owning your own real estate business. To ensure that the move is successful, and that you have considered all aspects of this transition, here are five questions to ask yourself before taking the leap into owning your own business. You can find more frequently asked questions here.

Am I supported at home in my decision to take the leap in owning my own business?

The most important client you’ll ever have is your family. Be sure to include them in your decision-making process of becoming a real estate agent. There will be financial commitments to starting a business; there will be time spent growing your client base in the beginning; and long-term personal, personal and financial planning must be considered before taking the leap.

How to I manage the work-life balance as a business owner?

It’s true, weekends become workdays and every day “in the office” isn’t always the same. But, the purpose of business is to fund the life you have always wanted to live. As you grow your business you can choose the boundaries that best fit you and your family. This can mean hiring a showing assistant that works on weekends to provide you time with your family, or an administrative assistant in the office to help with scheduling. You can design the support you need in order to obtain a life in balance.

Can I afford the costs associated with starting my real estate business?

The transition from corporate structure into a 100% commission structure can sound a little unnerving. And the best way to set yourself set up for success is with 6-months’ worth of salary to invest into your own business. There are also start-up costs including pre-licensing training, license fees, regional and national association fees, business expenses, and marketing costs. Having a financial safety net when you start off ensures you are starting your business with a mindset of abundance, rather than a mind of scarcity. This in turn creating longevity in your business.

Are you ready to think like a business owner AND an employee? 

There’s no doubt about it, you will wear all the hats when you own your own real estate business. You function as the agent, marketing manager, administrative assistant, and customer service representative. Because you are responsible for all areas of your business it’s important to stay organized with your time and resources. Here in lies the other part of the business you are responsible for: accountability and motivation. You won’t have a boss waiting for you at the office to instill a healthy dose of Monday motivation, or provide you a check-in meeting on how your doing so far this quarter. You’re the boss and the employee. Keller Williams is known for and prides themselves in providing the necessary resources real estate agents need to be successful in their business, including training seminars and educational resources.