Starting a new real estate venture, real estate project or growing your rental portfolio can be very exciting. The feelings we get as real estate investors when we see our business goals or projects coming together can be very rewarding. With that said, many Winnipeg real estate investors find it very difficult to escape the trap of working in their business instead of working on their business.
Here are 3 reasons why you need to stop working in your business and start working on your business:
1. Trust The Process
The number one reason why Winnipeg real estate investors try to do it all on their own is that there is a strong lack of trust. They do not trust in themselves, their systems or the process. The only way to overcome this issue and grow your business or real estate portfolio is to first trust in yourself. It is important to trust in yourself, your ability to lead others and your ability to solve problems as they arise. Regardless of your business plan or processes, failure to master this step will only have devastating results on your business growth in the long term.
2. Work-life Balance
Achieving goals at any cost or pulling out all the stops and doing everything it takes to get it done is a skill that can be very admirable. However, that same skill is also a sure sign that a Winnipeg real estate investor does not have the correct mindset of a marathon runner in a long-distance race that is the real estate industry. Getting an early start and working late nights sometimes is necessary but this should not be the norm. Not only will an investor experience burnout, they will also start to lose their passion for what they love and start to hate the very business that was meant to bring them financial freedom. Hard work is a part of life but it is important to pace yourself and not to take things so seriously. Remember life is about having fun too!
3. Build a Solid Foundation
Similar to the construction of a brand new home, your business should be built on a solid foundation to avoid future disasters. The hardest part of any business or industry is knowing everything there is to know to become successful - this is pretty much impossible. It is important to become a student of the business and admit that you don’t know it all. Spend time meeting people in the industry, ask a lot of questions and figure out the pain points and struggles other Winnipeg real estate investors are going through so you don’t repeat these same mistakes.
Starting a new business venture, real estate project or growing your rental portfolio is not an easy task but learning to trust the process, maintaining a good work-life balance and building your business on a proper foundation is the key to avoiding the trap of working in your business and not on your business.
Join our mailing list to receive the latest news and updates from our team. You'r information will not be shared.