Want to find out how to startup your business for success? Follow these 7 Steps to launch like a pro.
The most successful leaders know how to methodically achieve by using systems of success. If you want to turn your venture into a successful well-oiled machine, use these 7 Steps to make it happen.
“Set your mind on a definite goal and observe how quickly the world stands aside to let you pass.” – Napoleon Hill
1) Make a PLAN: One of the most important aspects of leadership is the ability to motivate and inspire your team. The best way to do this, in my experience, is by having a clear and definite plan and goal in mind. You can share this with your team, or maybe just share the goal that concerns them, depending on your level. Either way, when you have a definite plan based on goals, you will gain the ability to maintain focus and direction no matter what the stress level. If you’re just starting out in real estate investments, you’ll need to start with five by figuring out what your plan is (beyond making money!).
For example, are you interested in flipping? renting? commercial property? Once you know where you’d like to begin, you should move on to your market research and pick a market. It’s a good idea to reach out to a realtor and a mortgage lender… or a few, so that you can start seeing what deal they might have to offer you. Just remember: it’s better if you have an idea of what you want to accomplish first!
2) Communicate: Giving directives is one thing, but if you don’t take the time to say ‘good job’ every once in a while, your team assumes you don’t notice the difference between a job done and a job well done. Make certain that you communicate you do notice a job well done, and that you appreciate it! This works on multiple levels no matter what stage you’re business is at.
For instance, if you are working with a realtor who replies to your emails right away, you should take the time to comment on how happy you were when they got back to you so quickly. On the other hand, if someone is letting you done with their performance, be sure to figure out what you want versus what you’ve been getting, and be clear and concise. It’s better to have a solution on hand before you vent out any unnecessary frustration that you can’t take back.
3) Be Adaptable: If you have a clear plan and goal, you probably also have lots of mini-plans and goals. And while this is a KEY ingredient to success, be sure to stay open and receptive to your environment so you’re ready to adapt quickly. Not only will you be the first one to jump on new opportunities this way and to learn from those around you, but your team will see that you are receptive to new ideas and will feel comfortable bringing their ideas to you.
Who knows? You might get a golden egg from the unlikeliest of sources. The point is: stay open and adaptable to change. This is really important for real estate investors because every market, every property, is going to necessitate some flexibility on your part to develop a winning exit strategy. There are, of course, similarities between deals, but it helps to be aware of those little details (like how carpets are more or less appealing to particular buyer markets).
4) Delegate: Delegating is easier said than done. No matter how great your team is, if you’re like most entrepreneurs, you get that itch to tweak and micro-manage tasks you enjoy. Avoid the hassle and frustration of this by having a clear set of goals and plans laid out for your team before you even start to delegate. Doing a final check is great, but becoming to heavily invested means that you are actually not getting the leverage out of your team that you intended. When you have a clear plan, you and your team will be aware of what is expected.
In your real estate investments, it’s important for you to keep your word and for your team to keep theirs. Real estate is a relationship business that is built on your reputation. If you are able to work with lots of different individuals with clear instructions and a clear plan, you’ll generate better-quality work because you make it easy for others to do business with you.
5) Automate: As much as you can possibly streamline and automate, do and respect your own time. The reality is that certain tasks may not be worth your attention beyond the initial set-up phase. Any process you undergo for your business that is time-consuming and routine can be streamlined to some capacity. Whether you outsource data entry or research to find a good app for your projects, you need to figure out ways to keep the process going all on it’s own so that you’re free to work on the things that actually require your attention.
Make a diagram with the chain of your business and figure out how to once and for all, get it automated. And if you’re just starting out, don’t be shy to outsource some of the heavy routinized work. Lots of freelancers are just a few keyboard strokes away who will get the job done for you while you work on the bigger picture.
6) Manage Your Time: Whenever you start a new undertaking, you’ll notice that you don’t take care of everything you used to. It’s sometimes isn’t really that you are so much more busy (or sometimes it is) but it’s also just that you’ve gone maybe from having a steady routine to not. The good news is: a routine is not really the best time manager, although it will get the job done. The best time management comes from your own ability to prioritize tasks.
A really good trick for time management is to work backwards from your overall goal. That means, if you have an overall goal that will take you one to five years to achieve, you break that up into months and the months into weeks and then figure out your week as you move along. It sounds like a lot of work but it’s not. Let’s face it: part of the allure of entrepreneurship is the lack of routine, but you definitely need to be organized if you want to achieve your goals consistently.
7) Take Action: Don’t waste time thinking about hypothetical scenarios. If you’re going to think, give yourself the benefit of a pen, paper and a purpose. After you’ve got your plan written out with smaller action steps, you shouldn’t be wasting any time thinking about what might happen, just take the plunge. Every entrepreneur has been there, on the edge, some just stay frozen in fear while others push through. You’ve got to try to make something happen. The only guarantee in life is: you do nothing, you get nothing. Just because you try, it doesn’t mean you’ll be successful but you sure will learn from the experience and have opportunities to be successful. Action will be the real indicator of your success, so go for it!