Let’s face it folks, times are tough. Making a living is hard enough, but finishing off the month with all the bills paid and a little left over is considered a luxury these days. So what options are left? How can a person really find his niche?
The answer is unfortunately pretty complicated. Sometimes it takes a few tries, and a few disappointments, and several failures, to really find where you’re meant to be. So let’s say you’re dreaming of starting your own business, being your own boss, making your own rules. Maybe even your own real estate investing business. Well, if you haven’t followed the 10 tips I’m about to give you, you might have to add another disaster to your resume.
So fear not, these tips are straight forward, common sense ideas you can apply to any business you begin. And right now, RE investing is the best place hands down to put your money and your energy. So here you go, in no particular order:
1) Have a plan – this is the step by step plan for turning your idea into a business
2) create a revenue model – where’s the money coming from and does it earn you a profit
3) do your research – even the best idea can crash if no one is interested
4) take risks – you might be too afraid to lose what you have, but that’s necessary sometimes.
5) check the competition – if it’s too crowded or non-existent, those are both warning signs
6) protect your idea – get a patent or trademark on your idea early on. It will protect you and increase your value.
7) get experienced people – investors will want to see some experience in addition to a great idea
8) know your requirements – you’ve got to balance all of the drains on your time, money, manpower, etc.
9) marketing – word of mouth is good, but there’s lots of important tools that you need to get familiar
10) don’t give up – don’t lose faith in your dream just because the going gets tough. It would be a shame if everyone did that
What do you think of these tips? What would you add to the list?