Updated: Mar 12
In this blog I want to talk about how you can go from nothing to generating cashflow in your deal sourcing business. So first up, let’s identify the main issues or roadblocks you are suffering right now and put a plan in place to move forward with your deal sourcing business.
I’m excited about this blog, as you can really change things up in your business just by making some really simple adjustments, but this is going to take honesty and action to work, so let’s dive into this one feet first.
The most common issues I see people suffer is they fail to do the basics:
They fail to commit to their business and create a workable plan with goals and milestones to really work toward.
Another huge one is they procrastinate and fail to get things done, like really basic things like growing and pushing their business with some vital goal orientated tasks.
For me by far the biggest is they have the misconception that money and success will come really easily – Newsflash... doing a course does not give you some magic outcome where everything you touch turns to gold. No matter how amazing or expensive your course was.
The good thing is… if you hit the reset button and start again you can have a different outcome, just by making some different choices and being accountable to yourself.
Running a deal sourcing business requires hard work, it requires you to have that drive and passion to run your own business and I think where some people fall down is they have a lack of understanding when it comes to running their own business.
It’s that employee mindset, of turn up and do some tasks and go home and switch off till tomorrow.
As a business owner you need to be 'on' all the time and that can be tough. You may see others in the deal sourcing space and they have deals dropping and they always seem to be up to something…. The difference between you and them is they make it happen. They wake up in the morning with a clear plan. They execute that plan and move forward.
It’s really that simple. But that’s not to say it’s easy. It’s hard to stay motivated and be 100% especially after a bad day, or when you feel like nothing is happening for you. Some days all you can do is keep pushing on.
Do you know what?
I think too many of us put money up there as the prize and without money in the bank they see everything they did as a failure or mistake. This is why you need to have that clear defined list of goal orientated tasks.
Each and every single task you do must have a purpose it must only be on your list for one reason it pushes you closer to the goal.
If you did a course on deal sourcing but didn’t really take action – you have to ask yourself why?
It’s like getting in your car, driving to your local swimming pool, getting changed into your swimming costume and getting in the pool and just standing there – no movement, no swimming, no kicking of the legs, no pushing your hands through the water – your almost there but your just not taking part, your not even doing the basics – just start kicking and moving and eventually you will start making progress if your doing things in the right order….
If that sounds like you, and your in the pool right now... you need to start moving and kicking those legs or you may as well get out and go home.
Success in deal sourcing and success in property is down to really committing to your business and attacking those daily tasks and target's you set yourself.
Don’t see money as the only marker for success let’s look at the bigger picture here – how many investor clients do you have? How many agents are you friendly with? How many property contacts have you made? Do you understand the entire sourcing process? Do you have confidence in your own abilities to work through that process?
You should be working on what’s important to you today.
The money and rewards come later – there is no get rich quick, overnight success with deal sourcing - it’s tough, but when that first deal drops and you look at your bank account and that fee is staring back at you… it’s worth all that effort, let me tell you right now it is worth working for because the penny finally drops for you and...
You know that you can do it again and again and again and really scale up and speed up that process.
Deal sourcing is one of those businesses where you will struggle for that first one, but momentum will then be your friend and that’s when the pay off comes right back at you.
All that hard work was worth it and you'll be so thankful that you kept on pushing your business forward and taking action on those tough days.
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