What does your typical day look like? Do you have time to plan strategically, think of innovative ideas, and maybe do a quick audit of where your wholesaling business is and how far you’ve come? Or do you find yourself attending to lots of paperwork, urgent phone calls, and last-minute meetings?
If you are doing the latter, then you are spending most of your time merely putting out fires instead of doing things that can help take your business to the next level. Fortunately, in this episode, our very own Cody Hofhine shared three simple but really powerful tips so you can simplify your business and have time to focus on the things that will move your business forward.
So if you’re looking to simplify your wholesaling business so you can earn more while doing less, this episode is for you!
How To Do Less And Earn More By Simplifying Your Business
I am super excited to be with you in this episode because I am going to share with you three quick tips that will help you simplify your life and day so that you can simply grow. Many times, when we go through life, we have too much on our plate. When we have all of these things to do and we have too much to do, what happens is nothing gets done. I am going to share with you three quick things that will help you stay on track and how to simplify so that you can simply grow your business.
Focus On One Marketing Channel
Let’s go to the first one. If you are right out of the gates or even an experienced investor, I want you to only focus on one marketing channel at a time. What does this mean? Whether you are a beginner or someone that is doing two marketing channels, many times you hear people go to the REIA meetings or a meetup and they will see this guy or gal stand up and say, “With our business, we crush it. We are doing so well and it is because we are doing direct mail, PPC, cold calling, Facebook, and referrals.”
This beginner sitting there taking notes is thinking, “To be successful like this individual, I am going to have to do PPC, direct mail, and Facebook,” and it starts to get way too much. I want you to think about this, one marketing channel at a time. Is it okay at some future point to add other marketing channels? Yes, but I want you to think of something. This is the enemy’s biggest weapon that kills entrepreneurs. When listening to these individuals, we start to compare ourselves and compare our beginning with someone’s end or someone’s middle.
Quit comparing your business with someone that is already doing it, killing it, and crushing it because you are not in that place. They had to start at the beginning. The reason why that individual is up there and why they are crushing it now is because they simply did this process. They simplified their business and they only brought on one marketing channel at a time, honed in on it, got it going good, got a process in place, and got a system in place.
Entrepreneurship is not always the happiest unicorns and rainbows. It throws jabs at you all the time, but it doesn’t mean that you’re doing anything wrong.
Only then did they bring on the second marketing channel and it starts all over again while this marketing channel is going and has a system and process in place. Now they are bringing on their second marketing channel and they have started to put the system and process in place. Once that is in place and only that in place, they bring on the third marketing channel that allows them to do the same thing. We are growing one marketing channel at a time. That is number one.
Approach From A Different Angle
Tip number two is there are many things you are going to try as an entrepreneur that is going to fail you. They are going to be things that are like, “How did I do that? I messed up. It did not work right.” I want you to think of this. When something happens like this fails you or someone says no, it does not mean quit. It means we have to look at it and we got to approach it from a different angle and in a different way.
Think about that. As you bring on and you do different things in your business, you are going to learn that entrepreneurship is not always the happiest unicorns and rainbows. It throws jabs at you all the time but it does not mean that you are doing anything wrong. It means the way you are attacking it might be wrong but if you do it from a different approach, it will work.
The second one is to only change one thing at a time. Many times, we get into a rut, and all of a sudden, you start to think, “Maybe it is my marketing or my acquisition manager is not working hard enough. It is because we are not sending out enough direct mail or we do not have any cold callers, so let’s bring on cold callers.”
Simplifying Your Business: The people that succeed that really skyrocket their business, future, income, their level of who they become – it’s not because they say yes to a lot of good opportunities. It’s because they say no to a lot of opportunities and say yes to just a fraction of those opportunities.
What happens is you start to change your whole business not just one thing at a time but you start to bring on 2, 3, 4, or 5 changes all at once, thinking, “If I can do all of this right now and work at it at the same time, hopefully, my business will grow.” Maybe that will work but it is a slim chance. The real way of doing that is to only change one thing at a time.
As you are going through your business and trying to find what works, if you bring on three things at the same time to make this change and you are like, “I am going to bring on a different acquisition manager or cold calling. I am going to bring on this.” What happens is when something works right, what is it? Was it the first, second, or third thing you brought on? Was it a combination of 2 of the 3? Was it all three or the opposite?
If something goes wrong and you have brought on three unique changes to your business, what is it? Was it the 1st thing, the 2nd thing, or the 3rd thing you brought on? Was it 2 of the 3 or was it 3 of the 3? Sometimes, our mind will be like, “None of this work.” You start to throw it all away. Maybe only 2 of the 3 did not work but one of them was working.
If you bring any kind of change you are doing to your business, if you will do it one thing at a time like a sniper shooting one bullet, or if you can bring it on one change at a time, you will now know that if it does not work, you already know where to put the blame, “This does not work. Cast it out.” If it does work, you know now where to give the credit. You can now say, “This works. This is going to go for me.” One change at a time.
Tip number three. The final tip is, to simplify your life, you have to simply say no to more and yes to less. As an entrepreneur, I am going to tell each one of you guys that this will happen throughout your life. Now that you are starting to gain traction and you start to gain success, you will start to get the squirrel syndrome, where you are like, “Everything is an opportunity.”
Simplify your life. You have to simply say no to more, and yes to less as an entrepreneur.
You have all these people saying, “Now let’s get into apartments or mobile home parks. With that money, you could reinvest it and lend it out at 12% in two points.” You start to hear all these opportunities. If you say yes to every one of those opportunities, even though those opportunities all may be good opportunities, you start to cut yourself thin, and you will see your wholesaling business dip big. All that traction that you have been busting your butt off and busting your tail off for is going to start to go down.
You have got to make sure that if you are going to take on another opportunity, it passes what I call the GBB method, Good, Better, Best. If you look at it, you have to run it through the GBB method. If someone says, “I have got this apartment deal. I need X amount of dollars to put into this,” and you are listening to the opportunity. You got to look at it and say, “With my money, I need to do this. I could use it to do this,” so I ran it through the GBB. Is this a good opportunity? Is it a better opportunity? Is it the best opportunity?
If it is not the best opportunity, notice that 2 of the 3 are good and better, most of them will fall into this category. You have got to say no if it falls in that category. If it is a good opportunity and a better opportunity, cast it aside because it is going to kill your business. You are only going to act on the opportunities that are the best opportunity.
Say No To More And Say Yes To Less
Back to the entire point of tip number three, say no to more and say yes to less. You are not going to say yes to a lot of opportunities. The people that succeed and skyrocket their business, future, income, and level of who they become is not because they say yes to a lot of good opportunities. It is because they say no to a lot of opportunities and say yes to a fraction of those opportunities.
If you can keep these three tips in mind, it will help simplify your business and your life but ultimately grow your business and who you want to become, the income you are looking for, and the individual you are looking to become. This show won’t do anything for you unless you take action. Reading it and feeling good won’t do anything for you. You have got to get out there and take massive, imperfect action.
If you like our help in helping you build that successful wholesaling real estate business, head on over to www.WholesalingInc.com and book your call to begin that conversation to see if it would be a good fit. Until next time, get out there and take massive, imperfect action, and we will see you on the next show. Take care.
About Cody Hofhine
Cody Hofhine, a multiple Inc 5000 Business Owner. Co Founder of Wholesaling Inc. the #1 Real Estate coaching program across the nation. Co Founder of Joe Homebuyer the leading Real Estate Franchise. A successful Real Estate investor/mentor and sought after Speaker.
Cody has coached over 3 thousand students on how to successfully Build their Real Estate Business through his real estate training as well as help individuals perform at their highest levels with his one-on-one mentoring.
Cody used his background in sales to quickly build multiple 7 and 8 figure Real Estate Businesses that all start on the foundation of clarity or Vision and Purpose.
Cody loves being with his family and doing crazy tricks behind a boat.