Is This A Business Or A Hobby?
One of the most common fatal mistakes I watch new investors make is not taking their new entrepreneurial adventure seriously. While they may talk a good game about their new Business their walk reflects a Hobby.
Many new investors get sucked into the dream of riches delivered through late night television informercials filled with Average Joes turned millionaires overnight with no cash no credit and no experience. Now dont get me wrongwe all need to be sold the dream at one time or another just to get started. And while that is vitally important it is what you do as an investor from that moment forward that really matters.
From my perspective as a full time investor with 8 years of experience and 600 units/properties under my belt the rubber really meets the road when you begin to convert your dreams into reality. This reality is what I commonly call goals. You see a goal is merely a written plan to achieve your dreams. Similarly to convert your hobby into a business all it requires is a written plan!
As a new investor or an investor looking to refocus their business this plan does not have to be complex or sophisticated. In fact it should be quite the opposite. As a new investor a simple plan will often lead to greater success far more efficientlyand often more effectively.
As a beginning investor your plan should really only answer these three key questions:
1.What are you hoping to accomplish?
2.How will you accomplish it?
3.What makes you special?
By clearly and simply describing the answers to these three straightforward questions you will be light years ahead of 90 of all start up businesses. This is the foundation of your treasure map to success. This foundation will immediately transform you hobby into a serious business upon which you can build your empire.
At the end of the day you can treat your new entrepreneurial adventure like a Business or like a Hobby. Just keep in mind if you treat it like a Hobby you will be paid like its a hobby!
About the writer: Justin Anderson is a seasoned real estate investor with over 10 years experience in the Real Estate industry. He owns over 500 rental units has rehabbed over 300 units in the last 5 years and has an additional 170 units in the pipeline to be redeveloped or rehabbed in the next 12 months. Additionally Justin has mentored and trained over 2000 students over the course of the last 4 years. He is the cofounder of the Art of Real Estate Investing www.ArtOfRealEstateInvesting.com where you can get Your FREE Copy of The Official Rehabbers Guide to Financial Freedom! The Best Free Real Estate Investment Resource Out There!
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