“What does it take to become a successful wholesaler and thrive in the business?”
Just as with great quarterbacks, entrepreneurs come in many different combinations, with certain personality traits correlating to success. Moreover, great entrepreneurs have passion, a drive that keeps the flame burning. And these attributes are vital to their progress.
Today, we are joined with Lauren as she discusses the fundamentals of running a business and identifying the problems you need to address to thrive in your career. Then she walks us through why most aspiring entrepreneurs fail along the way. Lauren will also give us a glimpse of what it means to run a real estate business and generate satisfying revenues. Get inspired and buckle up for this exciting episode!
Why Most Business Owners FAIL At Achieving Their Business Goals And How To Correct It!
I’m going to talk about why most aspiring business owners fail at achieving their goals. This is coming from the perspective of someone who has been a business owner. I’ve been an entrepreneur longer than I’ve worked at a job at this point. I became an entrepreneur when I was 25 years old. I have been an entrepreneur longer, which is funny. It had hit me that it is a fact. This is also coming from somebody who has coached over 350 students in a coaching program geared to aspiring virtual wholesalers.
I’ve got a lot of experience talking with different types of people and understanding their psychology. In this episode, I want to get into some of my observations because I noticed that there are some key psychological factors that go into reaching your goals. Why do some aspiring business owners fail at reaching their goals? The first reason is that the word goal needs to be erased from their vocabulary. I hate that word. I don’t use the word goals for myself.
I feel like it’s wishful thinking when someone says, “That’s my goal. That’s couple goals. That’s #Goals.” It’s wishful thinking. It’s this pie in the sky term. It’s something that I don’t think you think will happen, but it would be nice if it did. The fact that you’re identifying becoming a wholesaler or starting this business as a goal is your first problem. Instead of using the word goal, I like to say mission-critical, meaning, if this does not happen and I don’t complete this mission, I’m going to die. I frame it in my brain that way, “I am going to die.”
Achieving Business Goals: There are key psychological factors that go into reaching your goals.
Fluffy goals do not motivate me enough to hold myself accountable to do the tasks that are required to successfully start or open up this business. Goals don’t do that for me. I need my back against the wall. In my mind, I need to frame it already from that position that my back is against the wall. If I do not achieve this mission, I’m going to die or someone is going to pay. There is going to be a massive consequence that I am not going to like if this doesn’t happen to successfully start a business and generate revenue. Anybody can start a business.
To generate revenue successfully and make this business an actual business, you need to be motivated enough to do it. Having a goal and that mindset is not enough for me. Let’s get into how you get yourself motivated enough to be able to hold yourself accountable. In my experience with consulting with aspiring business owners, I noticed that the ones that never made this business come to fruition were because they didn’t have their back against the wall. There wasn’t some external motivating factor that was pushing them to start this business.
On the other hand, every successful student that had to go through my coaching program and anyone I knew that was a successful entrepreneur like me had some adversity that we were trying to overcome. Our backs were against the wall. It might be in a financial means. You need to make more money. It might be that or you hate your full-time job. Your boss is horrible. You need to do this for the rest of your life. That sounds like living in misery. Whatever it is, there needs to be some type of motivation.
You’ve got to be creative and do something that’s going to motivate you to take that action.
What if you don’t have any type of external motivation? I’ve seen this a lot when someone comes to me. They want to start a wholesaling business and join my coaching program. They have a pretty sweet gig as it is. They’ve got a full-time job. It’s a reliable salary. They make pretty good money as it is. They even like the job. There’s nothing pushing them to do this. It’s more that it sounds cool to have some extra income. What do you do when you don’t have that fire underneath you?
I’m going to tell you a story about myself. This is a personal thing. I’ve got this idea. I’ve got this business I want to start. I haven’t quite done it yet. I don’t have any external motivation that’s going to make me do it. I already make pretty good money. I’ve owned a couple of businesses that are successful. I’ve got a good life and a good gig already. I don’t have anything that’s forcing me to do it and motivating me enough. There’s nothing life or death. There’s no real critical reason why I need to get this done.
I had to start getting creative because I wanted to do this business badly and create external motivations for myself. What I chose to do is I had a car repair that I had to make. I had a dog in my car, the dog chewed up some electrical wire and now I cannot listen to any sound in my car. It destroyed all the sound. I can’t listen to the radio and connect Bluetooth to the sound. There’s no sound in my car. When I’m in my car, I have to listen to music through my actual iPhone on speaker. It is awful.
Achieving Business Goals: Inspiration is critical. You need to take care of your mind to keep yourself motivated towards the goal.
I was going to go get the thing fixed. It’s a pretty expensive repair. Volvo quoted me $2,200 for this repair. It’s insane. I thought, “That’s a lot of money. Maybe I’ll get a better price somewhere else. I should shop around because I had a feeling that I was getting ripped off.” That’s beside the point. At the same time, I have been heavily educating myself on this new business idea that I want to do. I’m in a mentorship program. I want to do this, but I haven’t taken action yet.
Part of it is I’m too busy. There’s a time factor, but that’s no excuse. Make the time. If I want this, I’m going to make the time. How do I get myself motivated enough? My creative idea was I said, “I am not going to get my car repaired until I start taking the action that I need to start this business.” I have a couple of hoops I have to jump through before I can take action, but I need to get through those. When I do that, I’m going to reward myself by getting my car fixed.
Sometimes when you find that you don’t have a huge external motivator, you sit back and go, “Why haven’t I started my wholesaling business? Why have I not submitted one offer on one property yet?” Ask yourself why you haven’t. Is it because you’re scared and not that motivated? Why are you not holding yourself accountable to do this? You might find that you’re not motivated enough. Sometimes you’re going to have to be creative.
Willpower is only going to get you so far. It’s a finite resource.
Tell yourself, “What if I can’t watch TV at all until I submit my first offer?” You’ve got to be creative and do something that’s going to motivate you to take that action. The next step is how do you hold yourself accountable to do those actions and everyday moneymaking activities that are going to eventually generate revenue? What I did in this situation is I looked at my calendar, and I use Google Calendar, and started time blocking two hours a day. That’s ten hours a week. I skipped weekends.
I put in that this is the time slot that I’m going to work on my new business because I could only carve out two hours. That’s all I’ve got. I’ve got a couple of businesses already. I carved out the time because if you want something, you are going to make time. You need to go to your calendars and carve out that time. If it is before your kids wake up and you have to wake up at 4:00 in the morning to do it, then that’s what you’re going to have to do. If it’s when your kids go to bed at night or on your lunch break, carve out 2 to 3 hours where you can do three moneymaking activities.
You can pick three things that, if you did over and over, you knew would generate revenue. You need to do that within that time window and make time. Identify what the three moneymaking activities are if this was a wholesaling business. Since most of you are reading, it means you’re aspiring wholesalers or you are wholesalers. I would argue that your three moneymaking activities are talking to sellers, making offers to sellers on their homes and following up with the sellers you’ve made offers to.
If you did that for three hours every day and five days a week, you are going to generate revenue within a couple of months. You would have to be doing something wrong if it didn’t happen for you. You need to set that time and hold yourself accountable to do it. You’re also going to need resources. It is okay to sign up for coaching programs like I did for my big business goal. That’s the first thing I do. When I have a new thing I want to learn in my business or a new business I want to set up, I find someone who has done it before and I pay them to teach me.
You need to gather those resources and figure out what moneymaking activities you need to focus on. You might realize that you’re focusing on the complete wrong activities, but if you have the right mentor, they will tell you exactly what to focus on and save you a lot of time. You also need to gather some inspiration for yourself every day. Staying motivated to hold yourself accountable to achieve that business goal, you need some inspiration because there’s only so much willpower that you got.
Willpower is only going to get you so far. It’s a finite resource. You don’t have that much of it every day. You are going to need inspiration. Fill your media up with people that are successfully talking about the business you’re in, listen to podcasts and watch YouTube videos. On Instagram, follow all the influencers that are doing the same business you’re doing, so when you open up your Instagram, it’s all you see. It motivates you. You want to be like them. Inspiration is critical.
You need to take care of your mind to keep yourself motivated towards that goal. I hope that you got something out of this. It’s a topic that I am super passionate about because I have started many businesses. Some businesses I’ve started or tried out I didn’t end up doing, but I have successfully started a few different businesses. I’m here to say that these are the tools I used to do it to get me to do the actions necessary to make them profitable revenue-producing businesses.
If you like this one, please make sure you share it with a friend. If you want to learn how to start your virtual wholesaling business, I want to help you. Make sure you check out www.VirtualInvestingMastery.com, where I’ve got an amazing group of students and a great tribe of virtual investors all helping each other. I am here to help you in your virtual investing journey. That’s it. Thank you so much for reading. I will see you next time.
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About Lauren Hardy
Lauren Hardy is a Virtual Investing expert and Real Estate influencer who owns multiple companies in the real estate industry including real estate investment, coaching, and software companies. She is also a Wholesaling Inc coach and co-host of the Wholesaling Inc Podcast.
Her experience in the last decade has been focused on real estate investing and creating products and services to serve the real estate investing community. If you are interested in investing in real estate virtually, house flipping, or virtual landlording, Lauren’s your girl.