Nathan Birch Gets Honest About Being Successful & Why Most Fail
Often, people who want to get started in property investing can get into trouble because they’re too focused on the property itself, but not their strategy and their overall end goals.
But have you ever heard of a successful business that starts out with no strategy and just by luck becomes successful?
Say someone just woke up and decided “I’ll start a successful business today. I just thought I’d get out of bed and get a room and put some chairs and tables in it, get some food and now people are coming in for lunch”.
No, we haven’t heard of that either.
They need a strategy and a business plan that focuses on where they want to get to so they can work backwards from there. Whether it’s a restaurant, a retail store or something else altogether, they need a clearly defined vision of what their end goal is so they can say “this is where I’m at today and this is where I want to be” and they can work backwards from there.
And real estate investment needs to be run just like a business. It’s that mindset that is the key to success in building your portfolio and in other areas of life too.
So start with that clear strategy for achieving your end goals.
Once your strategy is in place and you have a step by step path you can take, you need to add systems to minimise risk.
There is risk in any business, just ask b Invested founder Nathan Birch who has built law firms, accounting practices, finance companies, buyers agents and even a motel group. In all of these there are hurdles that can distract you, but Nathan has always been able to get back on track because he has clarity regarding where he wants to go.
Naturally, the longer you do it and the more experience you get, the better you are at identifying risks and honing your systems to avoid them going forward.
Once you get to this stage, it’s crucial to surround yourself with the right team.
We’ve all been guilty at some point of making excuses for someone who’s not up to scratch because they’re a relative, or a friend or someone who is a nice person.
Your uncle is a mortgage broker or your friend is a solicitor, so you go to them because it feels like the right thing to do. Your cousin builds websites and he might be able to save you $2000, $5000 or $10,000. But are they the best at what they do? Are they the professionals that suit your strategy? Often they are not and this is clear to you from the get-go, but you’ve gone ahead and added an extra element of risk anyway.
When it comes to business, or investing, or success in any way, you need to make the tough calls to ensure you are supported by the right people to get you where you need to be. When you choose your team, leave your feelings at the door and do it with practicality, not with emotion.
And that goes for everything
The point about emotion is a good segue because there is no place for emotion anywhere in business or investing.
It doesn’t mean you have to be harsh or nasty to people, it just means that anywhere there is a decision involved, you need to step back and ask yourself “how is this action that I take going to affect me? Will it affect me in a positive or negative way? In a week? A month? A year, five years or 10 years?”
Keep everything calm, keep emotion out of it and have faith in the processes and systems you have in place.
Good examples of points of stress for would-be property investors could be: “What happens if the tenant doesn’t pay rent? Or if interest rates go up? Or the property needs renovation?”
Well, these are all things that could happen at some stage so should be factored into planning and risk minimisation.
If you need help mapping out a plan, or building an investment strategy, or just some more information, reach out to b Invested on 1300 367 925 or email@example.com