Podcasts Business Flipping America Your Business "Garden"

Your Business "Garden"

Published: June 24, 2018, 10:43 p.m.

b'FAR 156 Expected Air Date: 06/5/18

Opening

Good morning everyone I\\u2019m Roger Blankenship your host. I teach people how to make money in real estate. We don\\u2019t encourage everyone to drop what you\\u2019re doing and start flipping houses like you see on TV but we do encourage everyone to include real estate as a part of a balanced investment portfolio. Let\\u2019s talk about real estate! Let\\u2019s talk about life. On this show we try to bring you the best news and how-to information, resources, statistics, demographics, trends, styles, ideas, techniques and introduce you to people who are turning all of this into successful businesses and careers. Years ago I was visiting with a friend in a small town in rural north Georgia and we were touring his farm. He was a chicken farmer. That\\u2019s right, a chicken farmer. If you\\u2019ve never been to a chicken farm, try to imagine a barn that\\u2019s the length of a football field. Now imagine 6 of these lined up in a row, each one filled with a hundred thousand or so chickens. Now imagine a powerful ammonia smell that is especially difficult on hot summer days. That doesn\\u2019t tell you what it\\u2019s like to actually raise the chickens, but that\\u2019s what it\\u2019s like to be there. As my friend told me about the process and how it worked with the packaging company, I grew especially interested when he told me how much money he could make from each chicken house. As I did the math in my head I started picturing myself as a chicken farmer so my questions turned a bit more personal. \\u201cWhat does it take to be in this business and stay in it\\u201d, I asked. \\xa0He thought for a moment and then said, \\u201cwell, you kinda have to like chickens.\\u201d I think that\\u2019s true about anything you\\u2019re going to do. If you want to be a real estate investor you don\\u2019t have to love real estate. You just kinda have to like it. You have to like it enough to get out of bed every morning and make things happen. Because this business isn\\u2019t going to come to you. It\\u2019s out there and it\\u2019s within your grasp, but you have to go get it. I want to think more about farming today because it\\u2019s June and the peak of growing season and indeed here in Georgia, some crops are already coming in. I\\u2019ve never been a farmer, but when I was a kid and all the way through my high school years my dad maintained a garden, usually a couple of acres. And my sister and I were part of the labor force to make that garden productive. We were there for the planting, the cultivating, the weeding, the harvest, AND the preparation of the food for long-term storage. There are several important steps in growing a crop and I\\u2019m intimately acquainted with them all. But nothing is more important than planting seed. Without that, you\\u2019ll never have a crop. Today I\\u2019m going to use this analogy for your business. \\u201cBusiness Gardening\\u201d
  1. Prepare the soil. Get your training, Do your homework, Prepare your presentation, practice your pitch. Get your heart right, your mind focused, and your hands and feet ready to work.
  2. Plant lots. Seed is inexpensive. In business it\\u2019s your time, your conversations, your networking, your energy. Don\\u2019t worry about using up all your energy, you\\u2019ll have a fresh batch tomorrow.
    1. Plant even where you haven\\u2019t prepared the soil.
    2. Don\\u2019t try to control the results from a limited planting, just plant lots of seeds.
    3. Finding deals? Work lots of sources and work them a lot.
    4. Raising money? Never selling, but ALWAYS informing, ALWAYS listening,
    5. Need contractors? Interview lots and constantly.
    6. Growing your market? Talk to a LOT of realtors. Plant LOTs
  3. Plant everywhere. Don\\u2019t worry whether your patch of land gets enough sun or water. You never know what will come up.
  4. Plant all the time - in business continue to plant while you are cultivating the current crop. Plant even while you are harvesting. Plant in the morning, plant in the evening. Plant all day long. Every conversation is a potential connection. In time you will find it difficult to cut loose and just have a relaxing time with friends without talking about your business. Good! You are almost there. I\\u2019m not saying you should never relax and have a good time, but honestly, 98% of us don\\u2019t need any practice with that. We need to get serious enough about growing our business that it consumes our thinking. In the winter time my dad often sits at the window looking out at his garden. Not saying a word, he\\u2019s just thinking about what he\\u2019s going to plant and where he will plant it next year. He\\u2019s making a schedule. It looks like he\\u2019s relaxing and doing nothing, but what he is actually doing is creating next years harvest.
  5. Plant more. This is a tough time to find a deal. If that\\u2019s the way you choose to look at it, then it will be. There\\u2019s always something tough, always a challenge. But there is always an opportunity. And it is ALWAYS there for the person who is looking, listening, working, and PLANTING SEED.
  6. Fertilize the garden - Not talking about layering your business presentations with manure. What I mean is create credibility by keeping track of what you are doing, document your successes and use this credibility to make your seed-sowing more fruitful down the road.
  7. Weed your garden. Weeds can choke out the harvest. Destroy productivity, reduce fruitfulness, limit results.
    1. Answer questions
    2. Deal with objections to your plan.
    3. Resolve impediments
  8. Weed often - the little weeds are easier to get out. Conduct frequent reviews.
    1. Review Plans and forecasts. Windshield weeding
    2. Review Results - Rearview mirror weeding.
  9. Automate the weeding as much as possible. Refine processes - eliminate inefficiencies.
    1. Hand-pulling, pencil and paper monitoring
    2. One-wheel harrow, spreadsheet
    3. TRACTOR!, apps, scanner, technology
  10. Water the garden - Follow up. Stay in touch
    1. People don\\u2019t want to be sold to. They want to be heard.
    2. No one cares about your business goals. Everyone cares about their own goals.
    3. Make it your goal to help others reach their goal.
    4. Pour it on. Not repetitive sales pitches, but attention and commitment to others.

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Announcements:

  • Lunch with me every Wednesday.
  • Flipping America App is in the app store. You can listen to the show, read the show notes, and soon the entire catalog of shows will be available to you. It\\u2019s a free download and there are no upsells or in-app purchases. Free to download, free to listen. Go ahead and give it a try and drop me a line and let me know what you think.
  • Want a quick analytical tool to tell you how strong a potential fix and flip deal is? Download the Property Grade app. You answer 10 simple questions about the property and the app instantly tells you what you can expect to make, your return on investment, your return on cash, and then the program gives the project a letter grade using the proprietary Flipping America Investment Property Grade algorithm.

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Motivational Thoughts for the day

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