3 Ps OF REAL ESTATE BUSINESS IN PATNA

3 Ps OF REAL ESTATE BUSINESS IN PATNA

Let’s be real right from the outset — going into real estate business for yourself isn’t always easy anywhere in the world. In Patna a town with an area of 100 odd square kms and about 20 lakhs of population and per capita income lower to India's national average and one of the lowest in the world, it gets a bit more challenging. If it were an easy thing to do then everyone would be doing it and Patna would have been a business hub. But it is not so. As business owners in Patna, we find ourselves, particularly in the early stages of a business, having to be a master juggler; in that we are managing a whole host of different tasks at seemingly the same time. It seems a lot more hustle then what can we consume.

Being passionate about what you do or good at what you do isn’t enough to build a successful and profitable real estate business in and around Patna. Anyone can have a good idea but it takes someone very special to build a successful real estate business from scratch. So to avoid becoming part of the nasty statistic that shows that over 90% of businesses ultimately fail in the country, with a higher mortality rate for start-ups, it is really important that you embark on your journey with a solid foundation in place to get established in Patna real estate. 

Not only are you consumed with the “doing part” of providing your products and services to customers in Patna, but you find that there is a myriad of other things you need to be concerned with such as marketing, managing staff, being on top of the numbers, staying updated on the ever-changing legislation landscape and ensuring that you are on top of any red-tape burden that is imposed on your business in an environment like Bihar and its capital Patna. The list doesn't end there, but we hope you get the idea. With so much to manage and so less support as enterprise is absent from our vocabulary in Bihar; the success of a real business in Patna depends first and foremost on luck and then below mentioned factors. Because luck favors those who are present and ready when it smiles.

The three key ingredients — or 3Ps — required in Patna real estate are:

1. Passion

Being passionate about what you do is so important because during the more challenging periods, which you will most certainly face when establishing your new real estate business in Patna, it is this passion that will carry you and propel you to overcome whatever obstacles you face. Being passionate about what you do is not enough by itself but is a vital ingredient in any successful business anywhere in the world and more so in Patna. You will feel like quitting so many times but your passion showers hope that make you try again.

2. Preparation

Preparation is all about making sure you have a viable business model before you begin. It is about being clear on what your proposition is and who your target market is. A business plan is a vital document that must be prepared. In a nutshell a business plan is the road map of your business. It shows the destination you are seeking and details the path you will follow and the resources needed for you to get there. Financial projections form a major part of a business plan. You must know your numbers. Remember a business that fails to plan, plans to fail!

But more is required !! Patna real estate is a very thin market and therefore cash flow is very erratic. Therefore, working capital could be a challenge. Payments are very irregular. For example, a customer buy a flat in Patna in your residential project in Patna. The customer has paid the booking amount but you cannot be 100% sure of his further payments. You need to be cautious and not assume a smooth flow of transactions.

3. Persistence

Provided you are passionate about what you do and have done the necessary preparation then you must have the drive, motivation and determination to see it through and not give up at the first hurdle and many more that will keep coming your way. Remember, there will be “CRAP” (Criticism, Rejections, Assholes and Pressures) in your path.

But provided you have all of the three attributes, then there is absolutely nothing to fear about going into real estate business for yourself. There will be obstacles and challenges (remember CRAP) but there is also no greater feeling and sense of achievement than being the master of your own destiny and building your own successful business in PATNA.