All you folks recommending not to do a mission statement are ignoring the UBG-BG (Ultimate Beginner's Guide Bigger Pockets). All of Chapter 4 is about building your business plan, and the mission statement is #1!
I am also beginning my journey as a real estate investor. One of the most recommended books on investing here on BG is E-Myth. In there there, it talks about building a business that you want to sell this year, not that you absolutely would, but doing so creates a business rather than a job for you. Work on your business, rather than in your business!
Having a business plan is also fantastic if you, like me, are working with a partner, or anybody else because it helps you all get on the same page. My partner is my wife. Without knowing why we are building our business, we may not find the motivation to work outside of our current jobs: I work in software and she in real estate.
I came to BG today, in fact, to look for help in crafting my mission statement. Something that she and I can really rally around. Something that we could sell this year.
We know that we are building this business to help give us bigger pockets. That's a given. But what kind of business are we? What drives us?
We want to build a business that not only gives us bigger pockets, but also builds a bigger tent! What do we mean by that? I want a business of folks who like a well organized business that is always looking to improve. I want colleagues that can know what they are doing, and know that they have the freedom to own and improve the processes that they work on in real time to make their lives better and more profitable.
I don't want a business that creates slaves out of myself, or my spouse. It values our time, and that of our employees. It values keeping them the best at what they do, and rewards them for doing it well.
I want a business that allows us, and those we associate with to feel they can open their minds to life's possibilities and live limitless.
working as an employee is living with limits. Working on the business is removing limits. Mostly, it removes the limit of time because the systems you begin to build allow you to hire other folks to do that portion of the business, and therefore frees up your time!
My mission statement isn't formed yet, but I want it to say something along those lines.
to me, it's ok if it's a little long winded at first, as long as it opens up the opportunity for my partner and I to communicate to each other what kind of business we are creating, rather than just getting started.
So, for my feedback to your mission statement, I think it's good to have the mission statement, and I think it's pretty good because it seems like it helped you establish what you were going to do in your business.
If I were looking to buy your business, it would have been pretty clear what kind of business I'd be buying.
What did you end up with, BTW?
