Starting a real estate career could be the most exciting and rewarding professional move you will ever make. You’ll want to hit the ground running, but your long term success depends on so many things. It all starts with a business plan, and here are just five key considerations of that plan.

1. Does Real Estate Suit You?

A genuine interest in property would be a good start, but are you self-motivated and enjoy problem solving? Are you a good networker, and conduct yourself in an honest and ethical way? Does evening and weekend work suit your lifestyle?

2. What Is Your Real Estate Business Model?

These days real estate office come in all shapes and sizes from corporate based headquarters to home based businesses. Are you sales focussed, or does the fixed income of property management appeal to you? Will you divide the business between sales and property management? What will be your capacity to grow?

3. What’s Your Sustainable Competitive Advantage?

This is often the hardest question to answer, and it’s a lot more than just giving great customer service. It’s about implementing value-creating strategies not being implemented by your competitors. While customer loyalty is important, your sustainable competitive advantage may include a great location, unique operating systems and superior communication and distribution channels.

4. Will You Become An Independent Or Join A Franchise?

There are pros and cons for both the independent and franchise models. Do you prefer to operate on your own and make decisions on all aspects of your business, or rather stick to a set of guidelines laid out by a franchise system? What’s your staff training strategy? Would you prefer to be part of an office network ? If you resent paying franchise fees, what’s the true cost of building a brand?

5. Is The Legal Structure Right?

Your legal structure impacts on who can make important decisions, tax advantages and disadvantages, how profits and losses are shared, legal obligations and costs. You can change your structure as your business changes so pick what's best for you now.Will you look to bring in equity partners as the business grows? Will this structure still be serving you well in five years time? What are your succession and exit strategies?

Talk to your solicitor and accountant and find the structure that works best for you – and do it before signing a contract of sale or franchise agreement.