Do you want to say goodbye to your nine-to-five? Do you want to be your own boss? Do you want to set yourself up for a comfortable retirement? If yes, it might be time to consider developing a real estate business.
Leaving the comfort of your day job to develop a real estate business sounds like a daunting feat, especially if you are new to investing and entrepreneurship; however, if you can commit to diving in headfirst and following an established set of guidelines, you will be able to accomplish your goal of financial freedom.
Don’t get me wrong, pursuing an entrepreneurial career will take time, dedication, and self-discipline. But, so long as you establish SMART (specific, measurable, achievable, relevant, time-bound) goals, create a bulletproof business plan, and launch an effective marketing campaign, there’s nothing that can get in your way of success.
While there are many steps one must follow when developing a real estate business, there is one essential step that, if not followed precisely, can make or break your investing career.
The Secret To Developing A Real Estate Business That Crushes The Competition
Everyone needs a reality check occasionally, so here’s yours: having an entrepreneurial idea is not enough to start a business.
While it is the necessary place to start, it is only the first step; the foundation, if you will. You can pour all your time, resources, and energy into your business, but if you have yet to discover your purpose, or what we at FortuneBuilders call your “why,” your business will never rise to the top.
So why is finding your “why” important? Firstly, it will help you stay committed to your dreams. Second, and arguably more important, it will give you a reason to put up a fight and overcome the inevitable obstacles every entrepreneur faces on their journey to success. As famous philosopher Friedrich Nietzsche once said, “he who has a why can endure any how.” So when buyers turn you down, lenders say “no,” contractors extend their deadlines, and naysayers ask how you could leave the security of a nine-to-five job, you can give an answer backed with confidence.
A big mistake people often make is once they’ve successfully closed their first deal, made their first profit, opened their first store, dropped their first album – or accomplished whatever goal it was they were striving to achieve – they label themselves as experts. I myself am at fault for this. Before educating myself and minding my due diligence, I took the money I had been saving, invested in my first property, and called myself an entrepreneur. In reality, I was just my own employee.
So take a step back and assess your history of accomplishments and hardships. Then ask yourself, “why am I compelled to put myself through a potentially risky (at least more risky than a salaried desk job) business venture?”
How To Discover Your Why When Developing A Real Estate Business
That’s a tricky question, right? Of course, you know you want to pursue a life towards financial freedom. Of course, you know you want enough money to spend supporting your preferred lifestyle. Of course, you know you don’t want to be chained to your desk in a corporate environment; but what is truly your underlying purpose that consistently propels you to push forward and never give up?
If you immediately know your answer, great. If not, that is okay too.
If you still need help discovering your “why,” I ask you to challenge yourself to picture and imagine this situation: two skyscrapers standing 50 feet apart connected at their edges by a single tightrope. You are standing at the top of one of the buildings. Terrifying, right? Finally, someone asks the question, “what would have to be sitting on the edge of the second building that would make walking the tightrope worth it?”
Would $10,000 be enough to get you to risk your life and walk? What about $1,000,000? What about your son, or daughter, or significant other?
While money and financial freedom are major benefits of entrepreneurship, they are simply an added bonus. No amount of money could (or should) be worth falling thousands of feet to your death.
The point of this exercise is to stop and think about the things or people in your life that motivate you to work hard. What makes you wake up at the crack of dawn day in and day out? What keeps you striving to accomplish your goals? Once you figure out that answer, you will also have an answer to the question, “what is your ‘why?’”, which is the most invaluable piece of information an entrepreneur can possess.
But Why Is Finding My “Why” Necessary When Developing A Real Estate Business?
When put in a “fight or flight” situation, your sense of purpose becomes very clear. You tap into a hidden bank of unlimited potential and do whatever it takes to protect yourself. Because you are in the middle of life or death circumstances, you focus all of your energy and resources on the task at hand and therefore succeed. Why? Because in that instance, you understood your “why”, which was simply to stay alive. A clearly established “why” enables you to concentrate your efforts on what matters most, compelling you to persevere regardless of the odds or risk involved.
Once you know your “why,” you can integrate the story with your brand. Fortunately, passion is contagious. So if your “why” is oozing out of every orifice in your body during every business transaction you undertake, clients will notice, appreciate your sincerity, and buy into your business.
Brand evangelists (which is the the type of customer every business needs) want to support a dream or a cause, not just buy a product; so don’t sell your service, sell your “why.”
When you learn to care more about your “why” than your bank account, your business will reach new heights. You will begin to acquire the type of client who believes in your brand and therefore spreads the word to other potential customers. You will build a business plan that is foolproof against any obstacle. You will create a marketing strategy that has a purpose. This all aids in boosting your business’ bottom line (all the while making you happy).
Knowing your “why” is the one thing that separates good entrepreneurs developing a real estate business from great ones.