The first 100 days in any business are important. They set the tone for where your business is and where you want it to go. It is not a stretch to say that every decision you make during this time is critical. In the world of real estate it can be the difference in finding a deal and wondering where your next lead will come from. As many successful investors enter the business every day there are many that do not make it through their first year. They make critical mistakes and errors in judgement that take them on a path that is difficult to overcome. When you are just starting out it is more important than ever to avoid crucial mistakes that can alter the course of your business. Here are five mistakes you need to avoid when you are just starting out.
- Not Following Your Vision. In any new business you want to be in control of your future. If things don’t work out you need to be able to move on with no regrets. Whatever your vision is it is important that you follow it. What works for someone else may not work for you. When you are just starting out it is easy to get influenced by all of the various options your business can take. Instead of jumping from niche to niche spend some time before you get started deciding on which way you want your business to go. Once you have a clear vision in mind everything you do should be centered on this. There will always be different options that present themselves but you have to fight the urge to stray off course. Follow your vision until you are comfortable that you gave it a fair chance. If you don’t your business will never catch any real footing and you will be filled with regret if things don’t work out.
- Doing Too Much At Once. There is a tendency with any new business to take on more tasks that you can handle. While you may think that multitasking is improving your efficiency it may just be doing the opposite. By taking on multiple tasks at once you aren’t really focusing on any one thing. What you will find is that you end up starting and stopping tasks without completing any of them. The alternative is doing one thing at a time and seeing it all the way through. Once you finish one task you can move on to the next one knowing that you left no stone unturned. If you don’t understand what you are doing you will end up making a crucial mistake that could impact your business. Multitasking is something that you get better at over time. Save it for when your business is in full gear and you have a better understanding of what you are doing.
- Not Getting Your Name Out. Education is an important part of real estate success but it is not enough to propel your business. Like any other business real estate is largely dependent on contacts and networking for growth. It is easier than ever to get your name out and promote your business. This has to be integrated into your day to day operations as you are getting started. Fortunately this is easier than ever to accomplish. You can get a good start by using social media alone. Between Facebook, LinkedIn, twitter and Instagram you can quickly develop a following or promote yourself and your business. By spending just a few minutes a day on these sites you increase the chance of finding your first deal as quickly as possible. Even if you have a marketing budget these options should not be ignored. The more outlets you have in getting your name out the more likely you can find that one important contact you need to help grow your business.
- Making Assumptions. We all know what happens when you make assumptions. In real estate it is important to do your own homework and draw your own conclusions. As we mentioned no two investors are exactly the same. Even the slightest change in market or circumstances can change the way you run your business. By assuming that things will be the same for you as they are for a fellow investor you could be setting yourself up for disaster. The best way to determine if something will work is by experimenting with a small sample. That way you will have real data that you can draw from. You can listen to the people around you but nothing takes the place of real world experience.
- Giving Up If Those Don’t Work Right Away. Every new investor wants to hit a home run on their first deal. When it doesn’t happen right away there is a tendency to get upset. Regardless of what you do or which part of the business you pursue you need to give it time. Some of the best marketing plans you will ever have need time to develop. Doing something just once or twice is not an indicator of its success. You need to lay out what type of marketing, networking and lead generation you plan on doing and stick with it. If it doesn’t work you need to step back and evaluate why. As difficult as it may be you need to fight the urge to quickly give up and try something else.
Your first few months in the business will set the tone for what is to come. Remember that you are running a business and things won’t always go your way. Instead of giving up and getting frustrated now is the time to dig in.
