While many people get into wholesaling to achieve financial freedom, others want something more—time freedom. That’s what virtual investing mastery’s coach Lauren Hardy wanted and worked hard to achieve.
In this episode, you will not only learn about Lauren’s interesting wholesaling journey, you’ll also discover how she achieved both financial and time freedom. If your goal is the same as Lauren’s, this is one episode you should not miss!
- Three things to consider when scaling your business
- The importance of knowing your WHY
- What her WHY was
- Why you need to be confident before scaling
- The ideal time to determine your when
- Tasks you need to delegate
- Why it’s more ideal to hire a person for a task
- Some of the hires she’ll recommend and where she finds them
- Why she recommends getting a VA
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I started this business when I had two little babies, so time freedom was more important to me than making a ton of money. It was my goal and my dream to be able to pick up my kids from school one day. I didn’t want to be locked to a corporate job any longer. I started this business with a full-time corporate job and I was tired of it. I wanted to see my kids more. I wanted to have a better work-life balance. So for me, my goals weren’t financial, they really were time freedom. So I went into this business with scaling as one of my first priorities. When you guys are thinking about scaling, I want you to think of three things first. There’s the when to scale, the why you’re scaling, and how you’re going to do it. To help give you some ideas I’m going to tell you my story.
So my why was obviously my kids. We just went into it a little bit. I wanted time freedom. I wanted to be able to take my kids to the park. I wanted to be able to pick up my kids from school and volunteer in their classes if they wanted me to. Your why might be different. You might have more financial goals or you might have some other type of passion that you want to pursue. I can’t answer the why for you. You need to come up with that for yourself, but it’s very important that you make sure you know why you are scaling in the first place.
Now, let’s go into the when. My when was when I had about 20 deals under my belt, and I felt confident in my craft. I do not recommend scaling before you feel confident. You need to have done enough deals where you know the ins and outs of your business before you even consider hiring anybody to do your business tasks. If you make this crucial mistake, you could hire somebody that will take your company down. For me, I wanted to make sure I had enough experience, so I waited a couple years before I scaled. But scaling was something that I had my focus on doing, and I wanted to do it as soon as possible.
That doesn’t mean I rushed in. It still took me a couple years to feel confident and comfortable enough to be able to hire someone to do the tasks that I needed them to do. I also think that the when needs to be decided when you’ve discovered what you love about your business and what you hate about your business. I highly recommend scaling out and hiring out the items that you hate doing the most. So for me personally, I made a list. I made a list of all my business functions, everything I do for an entire week. And I went, I put things that I liked and I put things that I hated to do, and I try to find somebody to cover the things that I didn’t like doing.
For me personally, I really didn’t want to be tied to my phone. So I didn’t want to have to take the seller intake calls, the leads, the new leads that came in. It’s important in my business that new leads get answered very quickly, but I didn’t want to have to answer to anybody. That was part of the reason I became an entrepreneur. I already had two little kids to answer to, so I wanted to scale this out first. The first employee I had, I hired them to take my seller lead calls. As soon as they came in, they were an employee that actually worked from home, but they had a cell phone and they were ready and willing to pick up the phone whenever a seller called.
Now for the how. How are you going to go about doing this? So I already covered what type of job functions that you might want to put in your head that you want to hire out. Okay, I want you to have that list ready, and I want to make sure that you hire people that mainly do one task. One thing I noticed is that when people write this list down of the things that they love and the things that they hate, they’re usually kind of grouped together. Like for me, it was anything kind of seller lead, talking to seller leads, being glued to my phone. So I knew that the first person I needed to hire out was more of a lead intake person. But for you, it could be that you don’t like the accounting. So maybe you need to hire a bookkeeper. Everything is different for everybody. So I recommend that you hire one function, one person to do one task.
When you feel like you have a good grasp on that, you need to come up with a plan on how you are going to be able to pay them. You need to make sure that you can pay them a competitive rate, but that you’re also going to be able to afford it. One thing I like to ask myself before I hire anybody is, will I be able to do a certain amount of deals to cover their salary? And will I actually be able to do more deals now that I have their help? So will the contribution to having this new employee equal greater sales for my business? If it means that my business is going to make more money by having this employee and this employee’s cost is maybe say, I don’t know a six of what their value is actually going to bring in, then of course, it’s a no brainer, you should hire this person.
So here are some of my favorite hires. My first favorite hire that I recommend to people is a virtual assistant. You can get a good virtual assistant on Upwork. They don’t typically work or live in the United States. My virtual assistants, I have two of them and they are based in the Philippines. They are awesome, and I recommend you get a VA as soon as you can afford it. You can also get a lead manager. That’s somebody that would take all the seller lead calls and qualify them for you so you’re not glued to the phone every time a seller calls you. I also like acquisition managers. I have acquisition managers on my team. They do all the sales, all the negotiating. They’re the ones that tie up the contracts with sellers. I also love a disposition manager. Acquisitions and dispositions are very different functions, and it’s very important that you have two different people doing that. I’m telling you it’s a game changer. When I separated those positions out and made them into two different positions, my business took off.
Another easy one to get, and you should probably get right off the bat is a bookkeeper. Bookkeepers are awesome. Listen, we are not accountants. I’m not an accountant. I mean, maybe you are, but I’m not. It is fantastic to not have to worry about paying my bills or updating QuickBooks. And at the end of the year, come tax time, she fills out and prints all my reports for my CPA. It’s fantastic. So those are a few ideas of hires, when you guys are ready to scale your business. Now, remember make sure you are ready. Make sure you have a why. Make sure you have your when, and make sure you have your how.
Well anyways, guys, I hope you like what you heard today. I hope it was helpful insightful. If you want to learn more about virtual investing, go to www.virtualinvestingmastery.com. And I hope you guys follow me, friend request me. Want to hear what you think about this episode. Have a good one. Thanks.