I have just started reading one of my Rich Dad Advisor books “How To Create A Winning Business Plan” and it an extremely challenging book.

I know that I want to be financially free in 5 years. I also know that I want to achieve this through investing in positive cashflow property. I even know my first few property deals and the return I can expect on them but I really don’t know much beyond that.

I don’t have a complete business plan to map out how I am going to get from where I am now to where I want to be in 5 years.

I think the main reason I lack a business plan is because I lack experience. Part of my ‘plan’ is to continue to learn better ways to invest in property. So I don’t know now the things I will know in 3 years time, so how can I write that down in my business plan?

Thinking about a business plan has been great because it has helped me define

My Exit Strategy – For each property deal I need to have an exit strategy before I purchase it. I hadn’t really thought about my exit strategy before, so it is helpful to start thinking about that now

How To Pay Back Capital – People investing their capital with me will obviously want to know what return on their investment they are going to get. But just as importantly they want to know when they are going to get their capital back. So I have really had to put my head down and work that out. Can I achieve that through rental income, or do I need to wait until the property goes up and refinance. How am I going to get their capital back

Worst Case Scenario – I have already gone through a few of these, but when investing by yourself you REALLY have to know the worst case scenario and whether or not you can afford it.

Scaling – Scaling is simply repeating what you did on a bigger scale. Instead of doing just one property do two, or do a unit block. In order to scale you need to have skill and capital behind you. My business plan is making me think about how I can scale my property investing effectively

So there you have it. Today what I did to move towards wealth was think about my business plan for property and I started to work out in even more detail exactly what I hope to achieve and how I plan to achieve it.