Building any business or your property portfolio is not just going to be exchange of property units for cash or a product with cash from customer.
That’s going to be a journey where you pretty much discover yourself.
A journey where you see the lowest possible points in your life and the peaks of performance which you probably will surprise yourself with.
The beauty is, it is a lonely journey despite you being surrounded by your well wishers and people you adore in life.
You learn things that will remain with you for lifetime. Here are few of our learning’s at Limitless Monks, which we will happily share to anyone.
1. Think Small And Grow Incremental
There is a good reason why people love to witness a journey that takes them through raw emotions rather than an overnight success.
When I started my property investment journey, my default target was to do one property deal a month for one full year.
Guess what would have happened?
I, along with my business partner did it.
Well, pretty much. Managed to do 12 deals in 14 months 2 years ago.
That led to exhaustion, immense pressure and one issue after the other. Things that come into play when you try to build a business based on momentum instead of growing incrementally.
Exactly what happened to me and my business partner.
We, in-fact have published a full post on our incremental growth strategy that we follow and take our clients through on our blog at Limitless Monks.
2. Due Diligence Is Everything In Business
That is so obvious. Isn’t it?
This isn’t something I can’t say we didn’t knew. We knew, we have to do due-diligence in anything and everything when you setup and run a business.
Do you know, what is the biggest blocker that actually lets you ignore due-diligence and proceed with taking up a deal?
Time and time again we hear stories from many property investors on losing money due to choosing an incorrect power team members or simply not being able to control their attachment to the property they wish to purchase.
That cost me and my business partner £7,000 on one of the buy to let deal. Whilst we had a big shift in the way we started building our business since, today, we pretty much say we are happy that happened to us.
That also taught us solution mindset and not to give up.
We actually changed our course on our refurbishment and did to a standard that the property was refinanced £5000 higher than what we had in our numbers. So the net loss was reduced to £2000.
3. Happiness Drives Growth
If I have to put one learning as the biggest and most we are grateful for, then this is the one.
Without happiness at the core, you can’t drive or scale a business to the heights you want to. But to realise this to the core, we had to go through a journey and overcome the lowest multiple times.
Infact, happiness from inside combined with incremental growth strategy is right at the heart of our mentoring programme that we offer to our clients.
The process starts with understanding the pain points of our clients that brings them down both in personal and business lives alike in the initial sessions.
Working with them to eliminate those issues just enables us to push them to unleash their full potential creating their business.
4. Be Prepared To Give What You Get
Property is a people’s business.
Be it your network of investors or tenants or your power teams. You have people right at the heart of everything you wish to do.
Just like this very platform P.E.N (Property Entrepreneurs Network).
Should that be the case, unless you are prepared to help people based on where you are and what you have, you don’t have a business.
There are scenarios where you are back stabbed and taken advantage of and you see this pretty much every other day in your life and if you refer to Facebook posts within the community.
But the idea is stick to what you stand for and your values. When that drives your business you become limitless at what you do.
5. One Costa Coffee Meeting Isn’t Networking
Meet people for a coffee and build your network.
Isn’t that something you are enlightened on the 3 day courses?
I don’t have any problems with people saying that and following that either.
If that one association over a Costa coffee turns into an expectation to joint venture or help build each other’s business then I know what the end result is going to be in few months time.
Networking is a long game and you build your network based on exchange of and buy-in into the core values of each other. And that does not happen in a day.
I am guilty of having loads of Costa coffee sessions without a shadow of doubt. However, surely have tweaked it over the years to build my relationships and communicate what me as a person and our brand stands for before we engage into any business relationships.
This post like many other guest posts that I write for my network is just one example of my way of building network by exchanging value.