3 Pieces of Advice for Anyone Starting in Property & Business
Last Saturday I did a Q&A session at a property event and I was asked what advice I would give to someone starting out.
So here is my top 3:
1. Focus on one thing at a time: Most people who are starting out aren’t sure where to begin as there as so many strategies out there. I think people should work out their goals first and then work out the strategy to fit that goal. For example, if you want to quit your job as soon as possible then don’t go commercial conversions or BTL - they’ve both great strategies but it will take a lot longer to quit your job. Instead, you should focus on deal packaging, R2R HMO or R2SA as they’ll make cashflow much faster with a lot less capital requirement and help you achieve your goal. Once you have your strategy - focus on just that until you have mastered it and then move onto the next thing.
2. Do the things which actually make the money: people (me included!) love spending time on the fun and easy tasks such as making the logos, websites, setting up all the systems and processes, getting the business cards, etc, etc, etc but never actually go speak to estate agents! We feel comfortable doing these small things because it feels like we’re making progress but when it comes to the actual real tasks which make the money, we try a few times and if it doesn’t work, we give up. And therefore, all that previous effort is wasted. I would say do the opposite. Forgot the systems, the logos and everything else and do the stuff which will actually put the money in the bank and then build everything around it. You’ll waste a lot less time, and workout very quickly if the strategy is for you or not.
3. Plan, plan, plan: you set a goal and then you create a roadmap to get there. Once you have a roadmap, you create an action plan to get there. Most of us don’t have a plan and are taking the days as they come but yet still expect to achieve our goals somehow... If you’re driving somewhere new, you’ll get there a lot faster if you have a SatNav as opposed to just getting in a car and start driving. You need to create the satnav for your business.
This is all easier said then done and I’m a victim to this as well but by following these pointers I think you’ll be on the right track.