When we start off any business, real estate being no exception to the rules of course, we have to wear all the “hats”. These are things that the 9-5er may not have ever even thought about before such as:
- Accounting/book keeping (they are NOT the same thing)
- Sales
- Marketing
- Deal Analyiss
- Underwriting
- Negotiating
- Business Credit
- Corporate Financing
- Total Cost of borrowing
- Mangement
- HR
- Operations
- Creating Systems (critical)
- Time Management
- Social Media
- Traditional Media
- Branding
- Legal
- Building your power team
Seems overwhelming right? Well, that is OK because you do NOT have to go it alone. Even though you may not have the budget for full time staffing in many if not all of these areas in the beginning, you can outsource almost everything these days. I would suggest that even IF you did have the budget to hire a bunch of full time staff that it would be an ineffective allocation of resources.
Why? Primarily because you are learning what you are great at in the list of skills above, and what your time will be worth to your new business (or even existing) – and this is VERY important to know before you decide where to delegate/outsource/hire any role in your new empire.
Rome was not built in a day, as they say – great companies aren’t either, it takes some time to build them up and add head-count. I have seen countless businesses start and fail because they added a bunch of staff before they were ready and it killed their cash flow (employees are expensive) especially when compared to contractors. You can even rent board members, advisors, even a CEO for a few days per month to give the guidance you need for a fraction of the costs.
Now, when you are clear on what you love to do and really hate to do in your business (such as accounting/book keeping for example) then you can decide what to delegate, when, and to whom.
The whole reason we start a business is to have freedom, have fun, and provide value to the market place in a way that is fulfilling. How the heck can you do that if you despise a bunch of tasks you have to undertake every day? Simple: you CAN’T.
With that in mind, budget and map out on the calendar when you want to outsource making it a goal – having X increase in stabilized revenue then we can hire Y which will free up Z amount of hours for your the Entrepreneur to spend more time working ON the business and not IN it.
To your Success,
Tim Reid
-Respect The Hustle
