The new theme in entrepreneurship these days is lifestyle design. Believe it or not, you can create a business around the lifestyle you want. First, you must put it down on paper. Just like you write your goals down, you should also write down the lifestyle you want. Then design your business around whatever lifestyle you want.
Not everyone needs a six or seven-figure business. It all depends on the lifestyle you want. There is no wrong answer as to the lifestyle you desire. I would expect all answers to vary based on age and the stage you are in at your life at the moment. I’ve met a married couple who does real estate full-time, and their goal is to make $50,000 a year. Some people would say to themselves, “Never in a million year could I live off that.” However, in this case, this married couple has absolutely no debt. Their friends think they make three times that amount due to looking at their lifestyle from the outside in. They are able to vacation for two months straight when their kids are out of school over the summer. I use that as an example because a lot of people are under the impression that $50k a year for a family of four is barely making it.
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Build a Team to Give Yourself Freedom
As far as myself, I am currently writing this blog post on my way back from Brazil. At this stage in my life, I want to build a massive wholesaling business. Therefore, I upped the marketing and hired some people to help me run my business. I have been gone a week. In my absence, my team was able to lock up two new deals. I am also picking up two checks from the attorney’s office for about $10k combined.
Related: Investing NOW So You Can Have the Lifestyle You Want LATER? You’re Doing it Wrong.
I don’t say this to brag, but to impress upon you the importance of having a team in place. Your business model will dictate what needs to be outsourced first. I am in my early 30s, unmarried, with no children. I think it’s very important for me to run 100 mph while I am at this stage in my life. Some of you have heard the saying, “Work while it is day outside — don’t wait until the night falls.” To me, that means work while you can, and don’t wait to get into a desperate position to start working.
Let’s dig deeper in my business. My first hire was an outside sales guy. The second hire was a virtual assistant to call back hang ups. I will eventually have them do follow-ups as well. I now want to get more leads coming in so that I can hire a second outside sales rep. I am really trying to push it to the max. I do have to put out some fires in my business at the time, like putting back together a deal that is falling apart, dealing with homeowner who needs to meet at the last minute, etc. However, for the most part, I work on my business and not in my business. Key hires have really increased my bottom line.
It All Depends on Your Lifestyle Goals
If you do not want to hire people and want to run your business by yourself, that is fine as well. I know a married couple here in my market who rehabs houses all year and takes off November and December. They put their life first and business second. They plan their business around their life. I like to travel a lot during the course of the year, so having a team is important for me.
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In conclusion, if you do decide to hire people, please keep in mind they are depending on your for a check. So it’s important for you to make sure you have enough money business coming in to pay someone. My outside sales rep makes more than wholesalers with their own business. The purpose for this is for you to create a life plan and not just work, work, work. Enjoy the moment — it’s fun. What good is it to hoard money and not enjoy yourself? If you need help growing, seek out mentors, coaches or mastermind groups that are niche specific. Making money is good, but don’t forget to make memories.
What are you doing to make sure your real estate business supports your ideal lifestyle?
Let me know your thoughts with a comment!