People will invest millions in a physical, high traffic location for their small business.
Why don’t folks invest in a high quality website that CONVERTS visitors into customers?
The folks at WebRun Labs built this amazing investor landing page for my real estate firm and I’m VERY impressed by their work.
If you need a website overhaul, new website or landing page – schedule a call with Will at WebRun to get a free proposal!
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Be careful when getting advice from successful people.
What worked for them likely won’t work for you. Many of them also got lucky.
But the big one:
They think about RISK totally different than you do now that they have something to protect.
When I think about my appetite for real estate deals now vs when I had nothing it is totally different.
Now I have wealth to protect. I have a $100 million portfolio sending my investors money every month.
So my main priority is now to protect that cashflow and keep it coming.
My priority when I was 25 was to GET the cashflow. I was willing to risk it all for that because I didn’t have a house, kids, bills to pay, etc. I didn’t have anything to lose!
Two totally different mindsets.
Another big one:
They drastically underestimate the risk they took to get started.
Lastly:
A lot of people ACT like they’ve done a lot and are expert entrepreneurs but they actually haven’t done anything.
You’ll find this a lot in academia. Your entrepreneurship professor at your college MIGHT be an accomplished entrepreneur. But he or she might also just be passionate about tech startups while never actually having left a W2.
“I was with a company that exited for $1.2 billion” could mean that he simply worked on a team on a small part of that business.
If a naked person is trying to offer you a shirt, be weary.
About 7 years ago, my friend and his father had a reasonably successful tanning salon concept to treat skin problems. They had 3 locations and it was going well – cashflow positive.
My friend had built a great relationship with a professor at his college and considered him a mentor.
The mentorship evolved into a business partnership where the professor became a partner in the company with my friend and his father.
Less than 18 months later the business that had been generating $10k a month of passive income for them was ran into the ground and bankrupt. They shut it down and moved along with their life.
When we built our self storage facility from the ground up I didn’t get a feasibility study or talk to any self storage operators.
I also raised money without talking to any real estate private equity operators.
I stole an underwriting spreadsheet from Cubesmart’s third party management I found online, built a package and took it to the banks to get the loan.
Took 8 banks to find one crazy enough.
Then I met with 60+ potential investors to find 5 willing to loan me cash under an insane structure I made up in a spreadsheet.
Then I threw in $250k of my own money and personally guaranteed a $1.5 million loan and we started construction.
I was 25 years old in a town meeting arguing against 30 people who didn’t want my project. I ended up winning.
I was a maniac looking back. But damn I was a good salesman.
Looking back, if I would have gotten more advice and done more analysis, I definitely WOULD NOT have pulled the trigger on a project we built for $2.9 million that is worth $10 million + today.
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Most people build a network with their hand out.
Help me help me can I pick your brain?
The way a true network is built:
Become an expert at something.
Your network growth is DIRECTLY CORRELATED to how good you are at something.
The truth is that people want to know people who are experts and could potentially help them out someday. People are looking for mutually beneficial relationships. They are selfish.
A way to get help from folks who are further down the road than you:
Show you’re willing to do the hard work and actually make something happen instead of just popping in for question after question as soon as the going gets tough.
Be resourceful.
Successful people want to help resourceful and hard working folks get ahead in life!
Onward and upward,
Nick
P.S. I’ve began building links for my companies with Bold SEO and it has been an absolute game changer.
Most small businesses can rank high on Google with a well structured website and 1 thing:
Backlinks.
No links -> no domain authority -> no ranking.
Want to increase your domain authority and rank higher on Google? Start by setting up a call with Bold SEO and getting the process started.