Delegation Will Set you Free

4 people's hands in fists coming together, signifying teamwork and delegation

When we start off any business, real estate being no exception to the rules of course, we have to wear all the “hats”. These are things that the 9-5er may not have ever even thought about before such as:

  1. Accounting/book keeping (they are NOT the same thing)
  2. Sales
  3. Marketing
  4. Deal Analyiss
  5. Underwriting
  6. Negotiating
  7. Business Credit
  8. Corporate Financing
  9. Total Cost of borrowing
  10. Mangement
  11. HR
  12. Operations
  13. Creating Systems (critical)
  14. Time Management
  15. Social Media
  16. Traditional Media
  17. Branding
  18. Legal
  19. Building your power team

Seems overwhelming right? Well, that is OK because you do NOT have to go it alone. Even though you may not have the budget for full time staffing in many if not all of these areas in the beginning, you can outsource almost everything these days. I would suggest that even IF you did have the budget to hire a bunch of full time staff that it would be an ineffective allocation of resources.

Why? Primarily because you are learning what you are great at in the list of skills above, and what your time will be worth to your new business (or even existing) – and this is VERY important to know before you decide where to delegate/outsource/hire any role in your new empire.

Rome was not built in a day, as they say – great companies aren’t either, it takes some time to build them up and add head-count. I have seen countless businesses start and fail because they added a bunch of staff before they were ready and it killed their cash flow (employees are expensive) especially when compared to contractors. You can even rent board members, advisors, even a CEO for a few days per month to give the guidance you need for a fraction of the costs.

Now, when you are clear on what you love to do and really hate to do in your business (such as accounting/book keeping for example) then you can decide what to delegate, when, and to whom.

The whole reason we start a business is to have freedom, have fun, and provide value to the market place in a way that is fulfilling. How the heck can you do that if you despise a bunch of tasks you have to undertake every day? Simple: you CAN’T.

With that in mind, budget and map out on the calendar when you want to outsource making it a goal – having X increase in stabilized revenue then we can hire Y which will free up Z amount of hours for your the Entrepreneur to spend more time working ON the business and not IN it.

To your Success,

Tim Reid

-Respect The Hustle

3 Must Reads For Real Estate Investors

learning estate

They have always said that readers are leaders! I totally agree with that in real estate investing and business – there are a lot of skills to be learned. There are a lot of real estate courses there, that they do a debatable job of teaching the real estate tactics, but what about the other business skills that you need?

I started to coach other real estate investors as a Canadian for Canadians because I learned how much I DIDN’T know after school and working my way through the corporate world.

Business is 80% the same for any industry, and having some great insights from people who have been there before will give you a head start and cut the learning curve by years.

3 Books that all Real Estate Investors should Read:

  1. Duct Tape Marketing – John Jantsch. This book takes the fundamentals of all marketing and makes it applicable to the small business in simple easy to understand terms
  2. The Lean Startup – Eric Reis. This book shows you how to take a product or service to the market efficiently without spending too much money.
  3. The 4-hour workweek – Tim Ferris. One of the best books on the entrepreneurial method and how to think like a business owner and not a technician

Coaching will also exponentially cut your learning curve, and help you replace years of learning, reading, trial, and error – Contact us to set up a discovery call to help us serve and support you to the highest level

To your Success,

Tim Reid

-Respect The Hustle