THINK LIKE A BILLIONAIRE- WHAT’S YOUR VERSION OF IT?

Don’t you find it pretty magical when you either find or stumble across the same powerful bit of wisdom from multiple different sources within a few short days? It really makes the message hit home. 

This is exactly what happened to me with the wisdom behind the power of saying “NO”.

I’m confident that most people reading this will have heard about the ‘Power of No’ before so I wanted this to serve as a helpful reminder and prompt property people to think about how it applies to your property business now.  

The fact is, we are what we say YES to. To explain that another way, there are certain things that your former self would say yes to that your current self wouldn’t. So for example, as the starting out property investor, the first investment I said yes to is one that the current me would definitely say no to- naturally I’ve learned a few things since then and refined my investment criteria. The SA operator I was in 2016 said yes to things that the SA operator version of me today would definitely say no to. The way I structured my days in 2013 are very different to the way I structure them now, and the conversations I say no to now are conversations I likely would have said yes to a couple of years ago. You will have your own similar examples. 

In a new marketing book by Australian entrepreneur Sabri Subi, I was reading about his take on thinking like a billionaire. From his studies of high achievers, he concluded that to think like a self-made billionaire we must first understand their choices in life and business ie where do they derive their income from? What do they spend their time on? What tasks do they focus on?

With the most valuable, non renewable asset in the world being our time, how do billionaires spend their precious time?

Are they constantly checking email, or social media, or engaging in low level tasks that could be outsourced or delegated? Clearly not. 

The truth is, the more successful people get, its what they say ‘no’ to that makes the difference. Warren Buffet, quoted this exact point in his words as follows:

“The difference between successful people and really successful people is that really successful people say no to almost everything.”

Instead of working on important needle moving tasks, many property entrepreneurs let the squeakiest wheel get the grease, especially when starting out.  In other words wasting time on low yielding tasks that make them feel busy, like checking emails and time consuming admin that could be outsourced. Meanwhile they forgo the activities that produce the bulk of the revenue/value creation ie those things could be generating SA booking demand, or sourcing the commercial conversion with big uplift opportunity- ie the highly leveraged and income generating activities.

The thing about these self-made billionaires and millionaires is that they have clarity on what their high leverage activities are, and they concentrate their time on just those activities. 

How different would your week look if you were to allocate just 2 focused hours per day on only the highest leverage activities for your particular type of property business? You know the ones I mean, the 20% of input that creates 80% of the result [Pareto’s 80/20 rule].

So from 4 different mentor type figures, I heard this same message over the last 7 days, just packaged up slightly differently each time. And each time it caught my attention and prompted me to challenge myself, and I in turn wanted to share this message so that you might challenge yourself, positively of course. 

Here’s the key insight I picked up from Dr Benjamin Hardy summarised, and when I heard these words, it resonated so clearly, 

“Your future self says ‘no’ to things you are currently saying ‘yes’ to, just like you now say ‘no’ to things your former self said ‘yes’ to”.

4 STEP NEXT LEVEL ACTION PLAN

Here are some exercise questions to help you figure out your version of this ‘billionaire thinking’:

#1 – Make a list of all your property business activities

#2 – Conduct an 80/20 analysis of those activities (decide what you activities you need to say ‘no’ to in order to get to your next level)

#3 – Create an action plan to help you delegate, automate or outsource a chunk of the 80% of your activities that don’t produce revenue or move the business forwards.

#4 – Invest your time in the activities that move the money needle and directly create value towards your next level. 

What does the next level version of you say ‘no’ to that you need to eliminate from your life now?

TREAT YOUR TENANT LIKE A QUASI BUSINESS PARTNER

This week Chris and I did a flying visit to our shop and uppers development to check on progress as our allocation of works are just about complete (our tenant will finish his bespoke fit out independently). The lease commences this Monday so we wanted to hand over a celebratory bottle of champagne to our tenant (which is what you can see in the headline picture). 

I thought this would be a good opportunity to create a mini update on our shop and uppers development, with the focus being on minimising risk and the importance of treating your tenant like a quasi – business partner. 

When we first picked up the keys to our shop I shared a post with some explanation of our investment approach and a few walkround videos showing the state of the building. It’s fascinating to view those now compared to the recent pictures. (I’ve included a link to that original post at the bottom so anyone interested can see the before and after).

As I shared back in that initial post, our approach to investing is always to de-risk as much as possible so we can buy with confidence. To achieve that, we look to bake in as much certainty as possible by lining up our desired end outcome where we can, and ensuring we have multiple exits to the deal. We initially found this building while looking to meet some requirements for a particular brand. Even though they decided to withdraw interest, we proceeded with the purchase for the following reasons:  

-there was already expressed interest from two local independent businesses in renting the premises, and potentially with an option to buy

-research with local letting agents gave us confidence in the strength of demand for letting one and two bedroom flats in this location (ie the primary exit for the uppers)

-the commercial unit could be divided into two or even 3 separate units if required, presenting more options and different appeal to a wider array of tenants. The rear section has access to a car park and would make a great wee workshop for which we have been informed by a commercial agent there is high demand and low supply.

-with a purchase price of under £100K and the fact we have multiple exits, the risk was minimised

By pulling the thread and exploring the interest from one of the local independents, we have been able to establish and nurture a working relationship that has resulted in a fantastic lease and a win win outcome for their business and ours. 

QUASI BUSINESS PARTNERS

By taking the time to understand our client ie viewing their existing premises to understand the current inefficiencies and their ideal desires, we were able to take our 2400 (approx) SQFT of open retail space and strategically reconfigure it to serve the business operations and future vision for a well established local bakery business. 

-Front: retail counters for freshly baked goods and a cafe

-Middle 1: finishing area

-Middle 2: baking area, 

-Rear: dispatch area and chiller

One of the visions we were excited to help make a reality was to allow customers of the shop and cafe to see through to the middle section where the expert bakers would be finishing off the sweet treats ready for consumption.

Here’s a video explaining how the entrance to the flats will be created:

And this next video walks round the reconfigured space inside:

THINGS WE’VE DONE/LEARNED THAT HELP MINIMISE RISK

-put a long lease in place

-gaining an understanding of our client’s business to feel comfortable they will be around for the long term

-understanding the flexibility of the commercial space

-the tenant personally investing heavily into the premises (that kind of commitment means its in their interest to stay in the building because of the investment they’ve made for the business).

-Establishing a good working relationship early on

Due the extent of investment from our tenant to fit out the premises, along with the more challenging trading conditions, he had asked for concessions relating to the deposit bond and schedule of condition costs. Rather than reducing the deposit, we have allowed a 4 month runway to build it up in stages. Similarly we have also agreed to pay for the schedule of condition but on the basis our tenant will pay us back the full cost over 6 months. 

WHAT’S NEXT?

Naturally it will be building out the residential element as soon as possible. Our commercial tenant has also now expressed interest in renting one of our upper flats once completed so that may well mean an immediate tenancy once the build works are finished.

We are also actively searching for our next commercial investment. 

Whilst the decline in some areas of retail has been massively accelerated by coronavirus, commodity type retailers in secondary and tertiary towns have fared well. With the rise in working from home these out of town areas are looking to be increasingly attractive, particularly when the income can be diversified from a mixed use building. 

What are your sentiments on commercial investments going into 2021?

PS. Click here to link to the first walk round of the shop

DECIDE TO FINISH Q4 STRONG

As we enter the final 82 day sprint to the end of the year, what are you doing to review where you are up to and plan where you want to be when 1st Jan 2021 arrives?

There are so many memes relating to 2020 being a year to forget in order to start over in 2021, but please don’t give up on what’s left of this year. 

Bruce Lee famously said, “A goal is not always meant to be reached, it often serves simply as something to aim at.”

We’re all so conscious that this tumultuous year has caused us to be reactive and reserved in some areas, but I hope it’s also caused you to be extremely proactive in others areas that will pay massive dividends. 

Wherever you stand how can you create a plan that will still bring a win for the final quarter?

Something I work hard at practising each year is to act on the wisdom that there is real power in advance DECISION making when it comes to simply getting things done. It’s a massive productivity hack because most of the energy and stress of your property entrepreneurship isn’t actually “doing stuff”… it’s deciding which stuff to do. Figuring it out, eliminating alternatives, prioritising… that’s the stuff that wears us out.

That’s why people like Steve Jobs wore identical clothes every day. Less decisions. I think Mark Zuckerberg does the same – ie by having a wardrobe of jeans and tees of the same colour/design.

Whilst it takes being really intentional, I’ve found that by using pre-decision on a Sunday night to get clear on the week ahead it avoids second guessing in the moment of each day. I learned this from a productivity coach years ago and practice the advice each week. When Monday comes it’s then just a matter of showing up as per the diary and executing. Following through on what you said you would. You already decided. The hardest part (deciding) is over.

No need to second guess. No need to hesitate. Just get it done. Execution is everything.

So why not apply this simple yet powerful approach to finishing the year strong this Q4?

You may or may not remember I share a 2 part post at the beginning of each year about goal setting and implementing, [link below for those interested]

Here are four key steps from that post to help you DECIDE NOW what your Q4 will look like and how to stack the probability of success in your favour!

For each main goal/project run through these steps:

#1 What specifically needs to happen…to get started? To continue? To finish?

#2 How can you measure progress? (ie no. of viewings/offers per week. Booking revenue, occupancy by month..) When answering these questions think about what can be ritualised/repeated.

#3 What deadlines need to happen within these last 11 weeks? Think it through and allocate deadlines you can put into your diary.

#4 How can you stack multiple layers of accountability onto this project. In other words, who all can you inform, involve, make a pledge to etc that will help you follow through on your promise. (Think mentors, family, advisors, peers).

12 WEEK PROJECT PLAN

The final stage to this is creating your 12 week (OK 11 weeks now) project plan where you literally create a grid with 84 – 91 days and then populate it with dates, specifics and deadlines (as per your answers to the Q’s above) to work to each day and week. Schedule this stuff in using the mechanisms that work for you, phone, outlook calendar, a wall chart or whatever. Allocate sufficient time and protect it in your diary.

And there you have it.

Decide to finish strong – this is a powerful philosophy to carry into any final stretch, whether it be the task, the day, the week, the month….you get the picture. Here’s to finishing the year strong!

I’d love to hear who’s got a Q4 plan like this set up, and particularly who makes one after reading this?

Click here for goal setting post

LIFE CHANGING INSIGHTS FROM 8 OF THE WORLD’S GREATS

I faced an interesting dilemma yesterday – repurpose an old blog post for speed just to stay consistent with my Sunday posting ritual, or hold off until Monday when I could create a new post that could serve at a higher level. 

You might be wondering what on earth is he on about, so to explain – this weekend Chris and I were supposed to be in Las Vegas for a live event about self education and personal development with Dean Graziosi and Tony Robbins, plus a line up of incredible speakers I hugely admire. 

Naturally with the health pandemic that event couldn’t happen in the intended format. Instead it was broadcast live as a super high tech virtual event with about 8000 people on zoom. And it was awesome!

So again, why the dilemma? Well I’ve made it a habit to write and post every weekend. I committed to that back in 2017 and haven’t missed a week since. With this virtual event the days were long and out of kilter to UK timing ie running from 4pm to the early hours of the next day, and I didn’t want to miss a word of it. The desire to stay consistent and ‘perfect’ to my blog habit was so strong yet there was another part of me challenging that thinking. Rather than share something just to tick that done box, what if I embraced uncomfortable and imperfect action (a theme of the virtual event btw) – admitted this quirky brain dilemma, and instead shared a much better post the following day. 

The thing is I’m sure no one cares whether I post on Sunday or on Monday, it was just my own beliefs bedded in over 3 years!

So, for this week’s impromptu post, I feel compelled to synthesise and share a taste of some incredible wisdom I was lucky enough to receive first hand over the weekend. Over the years I’ve recognised in myself that the reason I’m such a voracious learner, prolific note taker and committed action taker is this – yes I want to get to the next level, but almost bigger than that, I have a bursting desire to share what what I learn with those who care and who will apply it, for their benefit and for their loved ones.  

So, whilst there’s no way I can summarise 3 days of awesomeness (and 71 pages of my notes) in under 1000 words, I will attempt to capture one powerful nugget from each of the main speakers.

DEAN GRAZIOSI

Who – America’s leading real estate educator, also best selling author, speaker and entrepreneur

Take the time to get clear on where you are now, where you want to get to, why that’s a MUST for you, and how are you going to do it ie what capabilities do you need. “You can deal with a difficult today if you have a compelling tomorrow”

“Choose commitment over convenience” – think through that lens when things get tough  ie it’s hard now but will be worth it for easier later. 

TONY ROBBINS

Who- the big guy needs no intro 🙂

Energy is the ultimate power. If your energy is low are you going to set up a new business from 5pm-midnight ie after your 9-5? Your attitude is affected by your energy 

You can’t manage what you don’t measure so the no.1 thing to measure is your energy, so measure it on a level between 1-10 everyday, and work on it. [HINT – to raise energy it needs movement and sound]. “Business is physical”.

Never leave the site of being inspired, setting a goal or making a decision without doing something, while still in state, that commits you to following through [so that goes for anything from attending an event, a webinar, reading a book, or even this blog post]. 

3 keys to growing your business

#1 Know your ideal customer

#2 Create an irresistible offer

#3 Deliver more than expected

“You don’t have to be perfect or be perfectly clear – do a few things and pivot pivot pivot.”

[I took so much from Tony that may circle back to some of that in a separate blog post in itself]

JENNA KUTCHER

Who – Super successful p

hotographer and digital marketing expert.

If you think about your brand as a magazine, what topics would it cover? Visualise the cover of the magazine and the articles, imagine the circulation of those great articles and connect with people through the things you’re passionate about. 

JAMIE KERN LIMA 

Who – In the Forbes’ list of “America’s Richest Self-Made Women” since 2017 – founder of IT Cosmetics that she sold to L’Oreal for $1.2 billion

“You can’t fake authenticity. The biggest threat is being distracted by what someone else is doing – maybe someone has done what I’ve done before but no one can do it like me – when we fully embrace that it’s liberating. When we are fully authentic, that’s when people really connect.”

“I am not on this earth to compete with someone else, I’m on this earth to compete with who God made me to be.”


RUSSEL BRUNSEN

Who- Co-founder of marketing software Clickfunnels and marketing rockstar

“You don’t get traffic, you find it and get in front of it”. Who has already congregated your dream audience and how can you get in front of them?

TRENT SHELTON

Who – NFL player turned motivational speaker with 12 million followers

“Promises are with words, commitments are with actions”.

Create confidence by failing – “failing is not the opposite of success, it’s part of it.”

“The most important work you will ever do is the work you do on yourself that no one sees, that will pay you back 2 or 3 years later. But you need to do that internal work now.”

“Stop treating your dreams like a hobby.”

BRENDAN BURCHARD

Who – world renowned high performance coach and one of my all time favourites.

“Doubt is a signal for you to keep going and figure things out”. 

“Most people aren’t scared to start their dream, they’re scared to be seen starting small, but you have to get in and get started.”

Adopt the role model mindset – so what kind of role model do you want to be?

Keep challenging yourself – will this behaviour be perceived as role modelling? Ie I need to be the best person I can be so that I can inspire others to be their best – not about being perfect but about being a role model for service reasons. 

The CEO mindset  – invest in self, I’m the boss, stop waiting for someone, for permission, get the education, the resources and go execute. 

A CEO asks, “How do I continue to build and scale this to serve more people?” and if that means go learn skill XYZ, then go do it

DEAN GRAZIOSI

Be the guardian of your confidence because when confidence is down, we play it average, but when confidence is up we can do anything.

List out the outside influences that you know derails your confidence so you can protect against them, and list out the outside influences that lift your confidence so you can seek more out. 

PETE VARGAS

Who – CEO of Advance Your Reach- helps Entrepreneurs leverage stages and speaking to grow their business.

Are there more or less problems in the world since COVID? More of course….

We have 3 options 

– keep talking about them

– complain about them

– or solve them

“Do you have knowledge that needs to be out there because someone else needs your help to get through what you’ve figured out? Do you have a message that can change lives?”

IN CONCLUSION

After spending 3 days with these incredible and accomplished people I am awe inspired, yet I noticed some common threads. 

-each and every one of them started somewhere, those starts were ugly but they figured it out and never gave up- because their why ran deep, was compelling and service led. 

-they all hit major obstacles, but again had a reason to push through the uncomfortable and imperfect action to get to the next level.

-they all had simplicity of message yet those messages were incredibly powerful and could be flexibly adapted to help educate over 30 mins, 3 hours or 3 days.

-they were all the ripple effect of those they chose to study, combined with their own actions, mistakes and lessons.

-they all continue to serve, regardless of the money. 
If this has served you in some way I’d love to know what resonated, and if you’d like to receive my weekly posts direct to your inbox then check out the weekly resources section of our page here http://www.devenirplus.co.uk/