When I quit my job to do full-time real estate investing, I was so excited. I no longer had anyone to answer to and I could make up whatever schedule I wanted for myself. This freedom was both a good and bad thing. I felt less stress because I felt in control of my own things, but it was bad because I let time get away from me. I didn’t immediately start planning my days and it meant I was being way less productive than I should have been.
Planning Your Solopreneuer Day
You are in either 1 of 2 boats when starting your real estate investing career. You either have a full-time job and are building up your real estate business on the side or you have dove into real estate investing as your new full-time job and you have a ton of time freedom. If you have a
- No matter what boat you’re in, you need to set up each day.
- Buy a planner! It will help you to understand all that you can accomplish in one day.
- You have to continue to do a good job. Whether you are on your own or doing it on the side, you can’t let things fall through the cracks.
- You might be thinking “no shit, Matt”, but there is proof that -especially when you have a full-time job and are doing REI on the side- the more passive money you make, the worse of an employee you become. You aren’t as reliant on that full-time job to pay your bills and it can make you stop caring if you show up on time or get things done on time. Don’t let that happen to you. Keep track of your day job responsibilities and the responsibilities of your passive income.
- Identify how you make revenue and how to keep it coming.
- You have to make money to pay your bills or add to your retirement nest egg. Figure out how much you need to make in revenue to achieve your goals and what actions need to be met to toe that revenue line. Those actions are the most important things you accomplish each day and there are no exceptions to getting them done.
- Plan your day to be proactive instead of reactive. This is your day and you have to plan how it will go. You will get more done and it will keep you from trying to play catch up because you reacted to something that happened to you today and got carried away with that problem.
- To figure out how to be proactive, you need to look at your 12 month goals, 6 month goals, and 90 day goals. What you accomplish each day should directly affect each of those goals.
- Pick 3 things you can do that day to get you to your 90 day goals. Don’t ask yourself this in the middle of the day. Plan this out the night before or the morning before you get to work. Be proactive.
- Use your day to find balance.
- This goes along with the proactive advice, but your planner should make sure you get revenue flowing that day and also keep your important people relationships going. I have a wife and kids and I need to make sure that I have the time to love and pay attention to them. If I waste time or spend too much unnecessary time on my business, I won’t have a family anymore and what would the point of trying so hard in my business be?
- Compare problems and emergencies.
- This becomes easy because you should have written down all your timeline goals, such as your 90 goals. Each day you write down your top 3 things you need to do to make your 90 day goals. Therefore, when someone comes to you with a problem, you can see if it will take away your ability to complete your 90 day goals or not. You will be able to tell if the problem is an emergency and needs fixed right that moment or if it can wait and you can use your time more wisely.
- Marketing and lead generation
- There better be time set aside each day for you to do some marketing or lead generation. It doesn’t matter if you are in real estate investing or a different business. The best way to go out of business is to not focus on marketing. You should never assume that people know what you’re doing now and that they will send you referrals and business. You need to be loud about what you are doing so people have something to share with their friends and are reminded that you can provide a service for them.
You need to set up your day before your day actually starts–whether you set it up the night before or at 5am before anyone else in the house is awake. Remember to keep your 90 day, 6 month, and 12 month goals in mind when you set up each day. This will help you know what problems can sink you and what problems can wait until you finish the more productive parts of your day. Real estate investing can be your way to financial freedom and success is possible if you plan it. If you want to know what kind of planner I use, feel free to email me at firstname.lastname@example.org and I can send you a PDF of my specially designed planner.
If you love the returns of real estate investing, but don’t want to deal with any people, you have the option to be the bank. You can be part of a trust or a fund. Right now, I have a fund set up for accredited investors with over $5 million in assets. The fund has preferred interest and 70% profit sharing. Visit me at investwithdrmatt.com to find out if you have the opportunity to invest with us.
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