It is difficult for wealthy people to become successful on their own. They need help from other people just like the rest of us. Your chances of succeeding when working alone are often decreased. If you can accept help from others than your chances will increase.
Most people who decide to try the investment property business are the do-it-yourself type. They take on every task related to property and property income.
They try to do it by themselves and try to learn everything surrounding property and investment. They truly believe they can learn everything they need to know to help them in their new venture.
The question is: “How does a real wealth creator take on the task?”
Wealth creators usually make it a priority to complete their projects in a timely manner. Instead of doing the work alone, they are more likely to gather a team of workers to get the job done. The wealth creator will seek experts in respective fields to complete the goal.
Often, the creative thinkers end up the most successful. They check background information, find the right markets and make sure their creative idea will actually become a successful business in the real world.
In order to actually develop the idea, you have to group together your team and make your creative thoughts a reality.
Businesses often fail because one person wants to hold all the power. Often, new entrepreneurs try to control the project and don’t see the benefit of allocating tasks to others.
Don’t let this deter you from self-employment. In the business world, there are some very successful workers who work as individuals. Unfortunately, sole-proprietor businesses often hit their plateau sooner than others.
They have a difficult time expanding elsewhere, unlike those businesses that are willing to use the help of other individuals. Robert Shemin once quoted, “The rich idiot makes the spark; other people make the blaze”.
âº This is the perfect spot to discuss how to speed up your rate of success using three specific ways:
1. Use other peoples’ time
If you can find people who are willing to give you their time then take advantage of it. They use their talents and leave you with time to do the things you are actually suited for.
My property business includes field experts, especially in tenant-related matters. This includes things such as tenant-tenant relations, bills, problems, etc. These experts look after those matters and I now have the time to really grow my property-buying resume. I try to use their time wisely so I can use my time for other important business aspects.
2. Use other peoples’ money
The fastest way to make one million dollars is to borrow it from someone else. This method is not the easiest as many people have to set aside their pride to do so. It is hard to do, but attaining this money will help you build wealth in the long run by allowing you to buy assets.
You must remember two things:
- You need to put out a lot in order to gain a lot. Make sure your business return has a greater rate of interest than your loan.
- If you lose someone else’s money it will cost you more than losing your own money. It can also be costly if you would ever like to borrow money from an institution again. Take care when dealing with borrowed money.
It usually is not a problem for a bank to give out mortgages for property purchases. Since the economic downturn in 2008, it has become increasingly more difficult to persuade a bank to loan the money.
You need to make sure you are always professional when approaching a financial institution for money. Ask to speak to whomever is in charge and make sure you bring along your business plan and research. It is important to show them that they will be making a good investment. This is an approach I have done well using.
Don’t forget to use other options. There is a wide spectrum of people who can also be an option when looking for financing. Individuals, like already established business owners, other investors and even your own family, are the solution to your financing issues. Just seek them out and you will find something and someone who is right for you.
3. Use other peoples’ experience
An adviser is also crucial for some people. This person is usually someone who has already achieved what you are striving for and can mentor you throughout the process.
They not only can tell you about their own past and the experiences they went through but they can also motivate you and keep you going. Entrepreneurs often experience a number of set backs so a motivating influence is just what people need to keep their spirits high.
You may need to seek out a mentor yourself. Go to meetings for business people in your field and find someone you click with. Don’t be afraid to face them and ask them to go for coffee so you can pick their mind. They are often more than happy to help others on their journey.
To gain help from other people be in contact with them. You need to make friendships and build relationships. Don’t misuse people, but confidently set up a team of people who can surround you and you will greatly profit from their experiences, finances and time.