Put Your Business on Autopilot and Fly to New Heights

If you can perfect just one business, then that can open more doors for you to start more businesses.  For example, if you’ve done something remarkable such as buy enough real estate to the point you no longer need a day job, then you can quit your job and just run your real estate business full time. However, you can also create another business out of that former business.

 

Being that you quit your job by investing in real estate, there’s a market out there for others who are looking to do the same.  You can create another business (assuming you have your real estate business on autopilot and it’s not as demanding on your time) consulting others how they can copy your steps.  The information and experiences you gained can be sold online in the form of eBooks, coaching, webinars, and in-person seminars to name a few.

 

Then, when you have the online real estate coaching business on autopilot, you can create another business teaching people how they can take a skill and make money online.  You can provide similar products and services to the online real estate business.

 

Being that you are a serial entrepreneur at this point, you can become an author and create your own self-publishing business teaching people how they too can become serial entrepreneurs and businesspersons. You can instruct people on how to effectively manage their time as well as teach the process you took to become financially free.

 

You can also publish other people’s work under your company and make a profit even though you are not the content provider; you only provided the platform.

 

Just by you perfecting one business, as you see can lead to many others.  The secret sauce is that you have to work on one new business at a time, get it on autopilot, and then be willing to start related businesses shortly afterward.

 

If you repeat this process, you’ll always reach higher levels of income and soar to new heights.

 

 

The Importance of Extending Value

As an entrepreneur, your main focus should be to extend value.  As long as you’re extending value, you really cannot lose financially unless you’re terrible at closing deals.

 

If you can manage to extend value on a consistent basis, then clients will continue to do business with you assuming you market it right.  There’s no point extending value or knowing how to close deals if potential clients aren’t aware of your product or business.

 

Therefore, you must continuously market. However, you just can’t market to everyone because that can be expensive.  Not everyone will be your client. You’ll have to target your marketing to a certain demographic. Once you pinpoint your demographic or niche, focus all of your marketing efforts and value towards them.

 

Keep presenting them with enough value that they become a customer of yours and in turn, they become your marketers by word of mouth within their circle of family, friends and business associates.  As you can see there’s a system in play.

 

What’s your value?

There are 3 simple ways to provide value:

 

  1. Give information that’s helpful without expecting anything in return.
  2. Teach by offering mentorship in some capacity in your field of interest or expertise.
  3. Contribute to others success by connecting individuals you know to each to help build their businesses.

 

In turn, you will be creating lasting relationships, even for yourself.

 

Finally, monetize your value at a reasonable price. Sell this value for a reasonable price to your ideal market/ niche, and continue to do it until your customers spread the word and bring more customers your way.

 

 

Test and Adjust any New Business Idea

As an entrepreneur, you probably tend to focus a lot of your attention on growing the business.  You brainstorm new ideas and may even try them out for a while to see if sales grow, any increase in revenue, or if there is a rise in profits.  A lot of testing is required before the actual implementation of new ideas occurs.

Therefore, you have to make sure you measure your progress in order to gauge if any new ideas should be realized or scratched.

Always be open to new ideas despite where they came from.  If the idea has any merit, try it out. In fact, try it out for a period of time and make adjustments if need be.  If later you realize it requires a considerable amount of time, energy, and money without a considerable rate of return, then you may want to drop the idea.

However, don’t get a new idea to later brush it off as though it won’t work without considering the potential of it; or, don’t think, “We’re going to stick to this idea and make it work and that’s that,” either.  Be open to change, be adaptable, and execute new ideas.

6 Ways to Test Your Idea

  1. Find the best product to fit the needs of your customers
  2. Investigate other products out there and determine what makes them valuable
  3. Scope out your competitors to determine if they overpower the market
  4. Verify demand for the product and determine if you can improve it or do it differently
  5. Test your product by giving out samples and disclose pricing models
  6. Interview people on what they like about already existing products and allow them to compare your product

The entrepreneur, manager and any team members need to work closely on the project.  The visionary needs to keep brainstorming new ideas while the manager and team follow through, tests them out, and then either drops or continues with the idea.

The visionary needs to exercise a spirit of humility, especially if the tried and tested idea doesn’t profit based on concrete data. You have to make sure no one frets about it but keep it moving forward and eventually you’ll land a winner.

The Truth About Entrepreneurship

Getting started as an entrepreneur can be hard work.  You may have to keep your day job for a while in order to pay your bills.  However, the downside is, any newfound business will need a lot of attention. That may mean working on your business during lunch hours, nights, and weekends without seeing any immediate returns.

 

I worked on my startup business while at my day job when no one at the job was looking.  I set up a system in which if someone called my Google voice number, which I used as my business line, it rang not only my cell phone but my work phone as well.  I always had to pretend the calls were work-related. Looking back, I realize that wasn’t a best practice and I don’t recommend you doing the same.

 

After working on my business during my 9-5, I would do additional work as soon as I got home unless I went to a networking event. I’d go home and exercise, look at a deal, speak to listing agents, email updated personal financial statements to my mortgage lender, read books, talk to tenants, coordinate repairs with contractors, and the list goes on.

 

I even devoted huge chunks of my weekend toward attending additional networking events, meeting with team members, and watching educational YouTube videos. In the midst of all that, I’d still found time to travel to Pennsylvania to see a property I had under contract.  I can’t leave out the errands I had to take care of too.

 

Being an entrepreneur can be time-consuming.  It can be nerve-racking as well. You don’t have any assurance or guarantee that all of your efforts will pay off. Maybe in the back of your mind, you’re questioning if this new business will prove profitable.

 

I recommend if you’re starting a new business, keep your day job until your business income exceeds your paycheck.  That way, if it doesn’t work out you’ll still have a job and you can start another business at a later date. However, in general, these four steps will get you closer to your goal of entrepreneurship:

Step 1: Find Your Industry or Niche
Step 2: Research Your Market
Step 3: Educate Yourself
Step 4: Build Your Business Slowly

 

It’s always best to choose a business that you love.  For when the going gets tough, and it will, at least your passion will keep you going through hard times. Lastly, when those thoughts arise that you’re burning yourself out without any guarantee of success, replace them with thoughts of how you’ll be so successful you’ll no longer need your day job!

 

At 26 years old I bought my first investment property.  By the age of 30, not only did I have 30 properties in my portfolio; I submitted my two weeks notice to my day job.  Those four long years of using every ounce of my spare time towards my real estate investing career were well worth it!  If you’re interested in learning how you too can quit your day job via real estate click this link to Book A Call.

 

 

Poor Credit Goes Hand in Hand with Race and Gender

By Janine H.

 

African Americans, Asian-Pacific Islanders, and Hispanics have more errors on their credit reports than white counterparts, and women of color have it worst. That’s not to say those errors are justifiable. What it does say is credit-reporting errors are detrimental to one’s borrowing potential. Let’s take a look at auto loans for example.

 

Auto loans are the third-largest household debt in the United States according to the Consumer Financial Protection Bureau (CFPB). As recently as 2016, discriminatory loan practices occurred against two minorities groups.

 

The CFPB and the US Department of Justice reached a $21 million settlement against Toyota Motor Credit for targeting minorities for higher auto loan rates regardless of the borrowers’ creditworthiness.

 

Toyota Motor Credit didn’t personally redline these consumers but allowed for auto dealers to markup prices excessively and unwarranted. Read all about it here.

 

Being aware of what’s reporting negatively on your credit reports is crucial, especially if you’re planning on getting financing in the near future.

 

You don’t have to be perceived as having poor credit. According to the Fair Credit Report Act (FCRA), you have the right to take necessary action to improve your overall credit standing.

 

4 Things You Can Do Today:

 

  1. Order a copy of your three credit reports and look them over carefully for errors
  2. Dispute any errors reporting that are inaccurate and unverifiable
  3. Open an account with your local credit union
  4. Get pre-qualified with the credit union for an auto loan

Once you implement these four steps, consider yourself an educated consumer. You’ll know what interest rate you qualify for, ultimately putting yourself in the driver’s seat to closing the door on poor credit and discriminatory practices.

 

If you need help reviewing your credit reports, click this link to Book A Call, and a team member at 100 Percent Financed will be happy to assist!