Thank you for hanging out with me! From day to day you never know what life will throw at you. And it will often be this way in my blog as well :) But lest RUN WILD and LIVE FREE in this amazing adventure together!
Now that the base tier is done of your business plan lets move on to the next tier. The first step in this is to figure out exactly how to make your business YOURS! How to make it unique to you and something that keeps you passionate. This should be fun! Yet at the same time should challenge you to dig deeper and ask yourself things you may not have ever thought about. You may also want to enlist the help of trusted friends and family in parts of this. Going through these steps will also help you fit your business into your current daily life. As you build, your business may become your “full time job” but you may begin as part time and having to work around your schedule and working your business should be something that is fun for you to do. So take these steps seriously so you can set yourself up for success and have it be something that is not causing more stress.
So start out with finding out what you are good at. Your business should play into what you are naturally good at. So how do you figure this out? Ask yourself some questions…..
1.What Do you Enjoy?
So what it is that you enjoy? Typically what you enjoy is something that you are strong at. This isn’t always the case, but typically is. When you think of a strength in this way it becomes easier to find your strengths. Think back to your past as well. We often put our jobs, family and responsibilities in front of what we really enjoy and we forget what we truly enjoy. Give yourself permission to rediscover what those things are that bring you true joy. And OWN them! You are worth it!
2.Where do you excel?
In what areas do you perform above average? These are areas you will excel. Use this to your advantage. If there are tasks for your business that you do not perform above average you may need to tackle those things at first when you first get started, but down the road, give these tasks to others to do for you. Focus on the areas you excel and are above average in doing. Sometimes you may also need to actual find a way to compare yourself to others. Possibly in a competition to see how you stack up and if it is an area you truly are strong in.
3. What do others encourage in you?
Do you know? If you don’t….ASK! Ask your friends and family what they see in you for strengths. They often will see things we would never think of ourselves. And these have a lot of value! Take their feedback seriously as well and dig into what they tell you. You may be surprised what you hear and find out about yourself!
4. What comes effortlessly to you?
These are things that you just do and you don’t even think about them. And because of this often are dismissed. Often times we think that things that have value need to be hard to do, this is not the case! There is value in the things that come effortlessly for you. So what are those things?
5. What gives you energy?
For example….what doesn’t zap your energy? You don’t want a business that you dread working every day. If it doesn’t give you energy…..don’t do it for a business.
So take some time and go through these questions. Journal them and own up to them. See what you find and then share them with others. When you share your ideas with others, it gives you accountability.
Next time we will go over how to handle the areas that are not strengths for you, but have to be done in your every day business. There are many options of ways to hand these off to others that won’t cost you an arm and a leg as you get started!
As always I would love to hear what you come up with. And I would love to give you feedback if you need an outside person to give ideas!
So you are intrigued by the idea of owning a vacation rental. So what next? Where do you start?
How should you decide what is the best option for you?
Experts say location, location location are the three most important parts of a successful real estate investment.
So choose a place that others like to travel! This could be where YOU love to travel but also could just be areas you see as popular places to travel. We chose our location as we fell in love with the area and it was obvious many others had as well.
Consider the year round returns on the area you are interested in. If you are a person who loves to go to Colorado to ski, that is fantastic, but is this area one that can bring you solid income year round? Or will your vacancy rate be high during the “off season”. These are all things to take into consideration when choosing a location. Vacancy rate shouldn’t be a total deterrent. It is just something to consider in the equation of the return on investment if you want your vacation home to pay for itself.
One thing we did when we were looking at our location is we had our realtor look to see if the owner reported if they had made income on the property previously renting it out and if so how much. We also went on sites such as VRBO and Air BNB and looked up the address of the location to see what others were on the market being rented and how often they were rented. Along with the price per night! This helped us to see that the area we were looking and the complex we were interested in had a solid rate of rentals through out the year and would more than likely be a great option to buy and have a nice rate of return.
Vacancy rate is something you want to consider when looking at your budget going in as well. So keep this in mind. What is a vacancy rate in Florida may not be a vacancy rate in Colorado as well. So doing the research on what others in the area are having is key! Looking at these others listings will also help you determine the wording, key features and important pictures that are drawing people in. It will also help you set your nightly rate when looking at budgets.
The biggest thing that will really help you out is finding that perfect realtor for you. Know what personality you want. Do not just commit to the first person you meet. If you are not comfortable with them or they make you feel like you are just a number MOVE ON! I can not stress this enough. We never signed an agreement with the team we worked with. But I can tell you what…..when we are ready for our next home there will be NO OTHER person I will use. We have become great friends outside of our real estate transaction and they are the only ones I will recommend to anyone in the area. A great realtor is so key as well because when working from a distance, they will be your know all in the area. And if they are not willing to be this person for you, again, move on!
So you really have to decide….is this a home you want to be spending your time in? Or is this just an investment that you really don’t care if you ever go visit? Deciding this will also make pin pointing what you want in a home much easier. And it will help you in understanding what others are also looking for. For example……we HAD to have a place that had the option to walk right outside the door and have a patio or some outdoor area to enjoy. So in our complex, the upper units were a no go for us as they didn’t have any way to go outside. And after talking to many other “northerners” this is something they agree they look for when renting a place to stay. But our realtor owns a unit in our complex as well. They are local to the area and did grab one with no walk out option. They viewed this purely as an investment and to grow their portfolio and are doing very well in doing so. So we both bought with the intention of investment. But we both bought with different ideas of what we needed and we both are doing very well in doing so. So what is right for you, may not be right for another. And that is ok!
So find that location that is right for you and go for it! Make your dream come true!
The next step in your business plan is to create a vision for where you want to go!
Do you allow yourself to Dream? Or do you shut your dream down before it ever gets started?
Sometimes it does hurt to dream and to desire what we want. Why is that? Well because we have felt the disappointment of dreams not happening in the past and we do not want to feel that again. We know the pain of being let down, getting bad news and being heart broken. And often we have put our hearts on the line to only have them be broken. This then leads to us being scared to dream and we shut down the possibilities. We become rational and tell ourselves it isn’t worth the risk.
I am here to tell you it is ok to say “I want”. And to say it powerfully with no shame. Your dreams draw out your deepest and most inner desires.
At the same time as a dream bringing out our deepest desire and allowing us to go to a place, even for a short time, putting us in a different world….they can also bring out the deepest fears we have buried. Fear wants us to live a small life. A safe life. So, I dare you to DREAM BIG. Dream so big is scares you. If your dream doesn’t scare you, if you don’t know how it is ever going to come about, if your dream is within reach…THEN IT ISN’T BIG ENOUGH!
So how do you make your dream a reality?
First….SPEAK UP! Find someone or a group of people that you can share your dream with. Once it is spoke and told to others you now have people who will hold you accountable. Who will also help you to get to your dream. Once you speak it out loud, many things can and will fall into place to help you take the steps to making your dream a reality.
Second….WRITE IT DOWN! Look at it every day. I have something similar at my desk that I see every day. My note is “MY PASSIONS” and lists out the two things that I am deeply passionate about in regard to business. And that is our condo and our dog program. I don’t tire of researching these things and learning more. They are areas that are very passionate to me. Having your dreams and passions in front of you daily will remind you what you are working towards.
Next you want to create a vision statement. A vision statement is your statement of truth. It is the I AM vs. the I want. A dream says I want, and a vision statement says I AM. The vision is how your dream looks for you. It is tangible. And it will be specific for you. A vision statement is very important as it will help you see the direction you need to go. It will give you hope for the future as well. It will breathe life into your goals and business and will help you keep up great momentum.
Also remember your vision statement is not sealed and unchangeable. It is ok to grow. It is ok to change. And if that in turn changes your vision….GREAT….write a new one! It can evolve, twist and turn over time. As you grow your plans and vision will as well. Embrace it.
Next take your vision and make it into a mission statement.
Don’t over complicate things. Keep it SIMPLE! It should have purpose, principle and conviction. Dreams say I want; Vision says I Am and mission statements say I exist to. It will outline what you are about and defines what you are NOT about. As Dan Miller says, “It’s another layer of clarity for you and your business.”
And lastly….when you know your I want, I am and I exist to…..stick with it. Many opportunities will come your way and present themselves to you. There may be times you are tempted to try them. And this isn’t a bad thing. At the same time, does it fit your goals and statements? If not…..let them pass by. As Christy Wright says, “Stay in your own lane.” If it doesn’t line up with your mission statement, it is not the right fit for you.
So let’s do more homework. Ask yourself these things and write them down:
What is your dream for your business? (The I want)
What is your vision for your business?
Ex. “In ________________(time frame), I am _________________________.”
What is your mission statement?
“My business exists to_____________________________________________
Here are examples of mine:
I want to be financially free
I want to help others own their first vacation home
I want to have 2-5 vacation properties
In two years, I own a 2nd condo. In 5 years, I will be financially free
(I have three as I count this blog/group a business)
-My business exists to help others achieve their dream of owning a vacation home
-Manta Ray Condos exists to show others God’s peace through their vacation time with us. Providing rest, rejuvenation and relaxation
-Flying High K9s exists to provide quality bred dogs and a deep meaningful relationship with all our owners.
So go head. DREAM BIG. And write it down. I would love to hear what you come up with!
Building a Plan
As we work towards making any of our business dreams come true we have to think about tackling a business plan. I have been through a few business classes and guys…..when I hear business plan my head spins. So much technical information. But let’s break this down and make it MUCH simpler. If you still want to do a traditional business plan, this is not the place to find that coaching, but I will still encourage you to do so. I just also encourage you to NOT WAIT to get things rolling with your dreams until the plan is complete. Start now! This goes for both the traditional business plan and this more “contemporary” version.
Think of the plan as a wedding cake, a home or even a pyramid. All these things need a great foundation. With out a great foundation the cake would fall over, the pyramid wouldn’t stand, and the home would crumble. Each section is a tier, based of the larger base and foundation below it. And with intricate pieces that hold everything together. But building this does not need to be a scary thing, nor overwhelming.
Through the next few weeks lets work through the 4 layers together. These are:
Layer 1- Build your foundation
Layer 2- Make it Yours
Layer 3- Up and Running
Layer 4- Put yourself out there
Today’s focus will be on Layer 1- Building your foundation. Some of the pieces that go into this are
Discover your Why
Discover your Dream
Discover your vision
Discover your mission statement
Set your goals
When you look at this list, which areas do you need help? Which areas do you feel you have down? Maybe you need help with it all. That is ok! That is what this is for! So let’s do this.
Your WHY MATTERS
If you have been trying to build any kind of business for any amount of time you will know that the current “trend” is to have a “why that makes you cry”…..well guess what? I DON’T have a why that makes me cry. But guess what….THAT IS OK! Do you feel some relief? I am sure some of you do!
A WHY is what gives meaning to your work. When you understand and know exactly why you do what you are doing your actions will then have a deeper level of satisfaction. And a deeper level of purpose.
We are designed for having meaning in our work. Having a meaningful job, a meaningful dream, a meaningful business all leads back to having motivation. If there is no meaning in what you are doing….you won’t be motivated to do it. It is as simple as that. We want what we do daily to count for something. To make a difference in the world no matter how big or small that is.
And guess what?! You don’t have to choose between being paid and having a passion. You can have both. And you should strive to have both.
Your Why also affects HOW you do your work or HOW you get to your dream
-Your Why will keep you going even when times get hard
-Your Brain knows your why. It just might not be fully apparent to you YET
And remember this. People do not buy your product, service or opportunity. They don’t buy what you do….they buy WHY you do it. If your WHY and who you are resonates with them, they will buy your “thing”
Answer some of these questions to find your why. Be HONEST and RAW with yourself. You don’t have to show these to anyone. I encourage you to share them with someone who will help keep you accountable. But please don’t feel that you must.
This is a fundamental step in building your business plan. That is why it is the first segment. So here are the questions to go through to define your why:
Why does this business/dream/passion matter to you?
Why THIS specific business/dream/passion?
What excites you about it?
Now after you answer these. Take a few moments and write out your why!
Here is my why! And I share this with you to hopefully help relate with some of you and show you it isn’t as scary as it may seem:
“I want to impact others by showing them and coaching them on making their dreams a reality. To become financially free and doing it on MY TERMS. Seeing lives changed by dreams being accomplished. This will also lead to more time freedom and the ability to give more financially!”
I would LOVE to hear your why when you take the time to discover it. Please feel free to always share! Now go make a difference in your lives and those around you!