Do you have dreams of becoming a land developer? Before launching yourself into this unique industry, there are some key questions to ask yourself in order to ensure that you are fully prepared.

What is your Access to Finances?

Before even considering a career in land development, you need to ask yourself what your access to finances is like. You will definitely need access to finances in order to take out loans, build your business and much more. Additionally, the finance that’s required for the development to occur will be tied up until that first property either sells or begins to generate rental income for you. One of the biggest roles of being a land developer is coming up with the finances necessary to move forward with the development.

Do you have a Business Plan?

Behind every successful business is a well-written business plan. What’s included in that plan?  The plan needs to include goals, desired achievements, outlines of how the objectives are going to be achieved and timescales to demonstrate the target timeline for the development. Included in this plan should also be the means necessary to carry out the business plan, as well as how your company plans to keep the quality of its product. You want anyone reading the business plan to be able to fully understand how your business operates.

Do you have an Exit Strategy?

No matter how much you want to succeed, you still have to plan for the possibility of failure. With this comes an exit strategy. Your exit strategy will likely include the sale of some of your property, land plots or the buildings on them. You can create an exit strategy per site that you own or you can plan an overall exit strategy that includes all of your land and property.

What are your Goals?

Before taking on any project you should ask yourself what your goals and intentions are. Are you going into the land development world because you think it will bring you prestige? If that’s the reason, you probably want to reassess your decision. When you ask yourself what your goals are, you will gain a better understanding of the “why” behind your decision, and you will become clear on what you want to gain from this experience.

Before becoming a land developer, you need to ask yourself several questions. Ask yourself what your access to finances is like, if you have a business plan and an exit strategy and what are your goals?