Use These 5 Questions to Start Your Business Right

Being an entrepreneur is great!

Being a real estate entrepreneur is even better.

You don’t answer to a boss, you keep your own hours, you set your own goals and you create your own future.

What could be better?

Oh, and you don’t need any special license, degree or certification.

Like me… I have a PhD (a.k.a., a public high school diploma).

All we really need are ways to implement our ideas. In real estate entrepreneurship, it’s called the right strategies.

As you move forward, you need to remember what you’re doing in real estate is building a business, which takes a first step.

So… watch this video. (It’s from one of my earlier Periscope sessions and it’s a lot of fun while being educational.)

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To give you a jump start to implementing… starting TODAY… I’m giving you the 5 questions you need to ask to get your business going.

Ask yourself…

WHY? Don’t be shallow by answering too quickly and responding with, “I want more money.” There’s so much more to your answer than that. WHY do you want more money… what are you going to do with more money.

Here’s a little video I did to help you see what I mean about financial freedom and a larger why around creating value for other people:
You have to be emotionally connected to your reason for doing real estate investing. There has to be a bigger reason than just income. While, yes, you can earn a killer living using strategies inside real estate investing… it’s not just about the money. (BTW, you don’t need any cash or credit to do it.)

WHAT? What on earth do you want to do in real estate? What is the value you are hoping to bring? You must choose your Investor Identity, which means you have to choose the type of deals you want to do and whom you want to serve.

Here’s a quick video that helps you understand what I mean a little better:
Watch the main Periscope video in this blog and you see me talk about three different retail stores… each with its own flavor and identity… each serving a different customer. All of them sell shirts, but each sells different types of shirts to different types of customers.

You need to do the same in your deals. Maybe it’s serving sellers and buyers of single-family housing or maybe it’s small multifamily properties… or maybe it’s large apartment buildings, commercial or group housing. It can be anything, but you have to determine your Investor Identity based on your own experience and education.

WHEN? If not now… when? That’s up to you. Setting deadlines will help you. Telling people about those deadlines will help you stay on track and keep you accountable. Truth is, you can reach your goals way faster than you might think possible. You just have to take the right steps.

You need a little motivation to get you started? Watch this:
WHO? Above in the “what” section you learned that you need to know whom do you want to serve as your customer. The other side of that is WHO do you want to be… what role do you want to play in your real estate investing business?

At first you might wear all the hats and do all the tasks related to your deals, but that has to change over time. For example, maybe you’re not the best person to be doing the paperwork. So, you need to find someone who is really good at it. Otherwise, you can get overwhelmed if you’re doing lots of deals… especially if you start like I did doing Deals at Discounts… otherwise known as wholesaling properties!

You can watch a really quick video I created on this topic. Go watch it:
HOW? This is unfortunately the question most people start with… which is also why they fail. Until you’ve answered the first 4 questions you shouldn’t concern yourself with the HOW. Besides, there’s a lot of “how’s” that you should not be the person to manage.

Going back to the paperwork example in the last section, you don’t need to know the how of all the paperwork. Rather it is the person you’ve brought onto your team to handle the paperwork who needs to really know the how!

When you’re rehabbing a house, you shouldn’t have to know how to do the different tasks. Let’s take putting in new walls and flooring. Your service providers need to know the how of what they do and they should be giving you choices. You get to choose the type of wall board and flooring based on their input and information.

Here’s the deal…

Doing deals in your real estate investing business can be a lone-wolf kind of thing, but the better way to go is to look at it as a team sport. In fact, wealth is a team sport.

This is something I talk about a lot… even back when I was first creating videos. Take a look:
By gaining clarity on your Why, What, When, What and How… IN THAT ORDER… you can start building your business and taking steps toward your goals and success… and even wealth.

On your journey to getting clear on what you want to do, you will start shifting your mindset from being a 9-to-5 worker bee (also known as “meat in the seat” serving your bosses) to an entrepreneur. That takes a little work.

We have something that is designed to move you to creating that entrepreneurial mindset you need to succeed in your own business so you can earn a killer living doing something that feeds your soul (vs. staying in a soul-sucking job).

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