In this article, kindly supplied by rent to rent expert, Katrina Jones, she shares 7 tips that she gathered on her journey to a £1M rent to rent business.
Take it away Katrina!
As the owner of your business, there will always be decisions you need to make and conversations that need to be had.
I’ve been spending roughly two hours a week on my rent-to-rent business for the last 18 months, and during that time it’s tripled in size… however this definitely didn’t happen overnight.
It’s taken me just over four years to build Kendall Bailey as a handsfree business -- although if I’d have listened to the people who really did know best and had already done it themselves, without trying to do it all by myself, I could have easily knocked at least two years off that timeframe.
So, in light of my stubborn years, I thought I’d share a few of my top tips to save you years of your life, and £10,000s -- so that you can create a hands-free rent-to-rent (or HMO) business as quickly as possible.
This is not me trying to advertise our mentorship programmes here at Kendall Bailey.
However it is me hoping that whether it’s with us or with someone else, you acknowledge that building your dream business would be 1,000% easier if someone who had been there, done it and knew the solution to every single question, issue or problem you had was there to hold your hand, support you and guide you every step of the way.
One of the mistakes I made was to grind all new business to a halt whilst the entire team systemised every aspect of the company.
It felt like the right thing to do at the time, but you need to keep that steady stream of new properties coming through the door for consistent business growth and steady increased profits.
You can write all the systems in the world, but if you don’t have the right people in your business, you will be ripping your hair out with systems no end.
Members of your team need to have a great attitude, a willingness to do what it takes and be more than happy to go above and beyond when needed.
If someone isn’t right for your business, no system or procedure will change that.
You need a team that you cannot wait to see each morning -- and individuals that make you think “YES, that’s my team!!!”.
Of course, if you are running a huge company with 1,000 members of staff, this is not going to be the case...
But, if you have a team of four or five people, one grumpy or below-average performer can easily bring down the attitude and results of the entire team.
Don’t beat yourself up or be hard on yourself if you don’t know everything you need to know to build a hands-free business.
There will be lots to learn, and many things that you "don’t know you don’t know", so be patient and let others help you.
Find someone who has done it all before -- no one really cares if you did it all alone or if you had support, so stop making your life hard!
There was a point in time where I thought I really did know best.
I’d founded Kendall Bailey, built the portfolio and hired the staff -- so I didn’t think anyone could know more than me about my own business.
However, if you want your business to be hands-free, you need someone as good, if not better than you to join your team and take your place.
Ideally, this person will be better than you at what you do (I have no shame in admitting the Company Manager at Kendall Bailey is 10 x better than me at managing staff, and growing a business)…
Because that is what it takes.
You have your own strengths as an entrepreneur, which is what will enable you to build your business to a certain point -- however, once you are ready to scale and leverage, you need to learn to let go.
I’m sorry to break it to you, but you simply can’t be good at everything.
As an entrepreneur, your skills will be very specific, so if there are things you are really bad at then find someone who is great at it -- and hire them.
Don’t waste time trying to strengthen your weaknesses.
Create a powerful team and spend your time working to your strengths and making them even stronger.
It’s the most pointless thing in the world you could possibly do.
If anything, spending your time feeling sorry for yourself, or beating yourself up distracts you from being responsible for looking at what you could have been doing differently and learning from it.
Be kind to yourself, and when you make mistakes, pick yourself up, move on and forgive yourself.
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