3 Things Every Business Owner Needs to Learn But Wasn’t Taught In School

July 13th, 2020

Right now, a lot of you are going through changes with your job and financial situation because of COVID-19 — which probably leaves you with questions about what your future will look like.

Questions like... how am I ever going to retire?

Or...how am I going to pay my bills once my savings run out?

While the ripple effects of COVID-19 are still happening around the world, I have good news — there’s something you can do right NOW to invest in and secure your financial future.

You can start building cash flow.

There are a lot of changes happening, but one thing that hasn’t changed is the freedom that comes from having a steady stream of passive income.

And yes, this may feel like the time for hiding out and waiting for the chaos to blow over — but, it’s not.

Now is the time to take action.

It’s never been more important to invest in building passive income than right now… especially with a business model that can take hits and still survive.

Obviously, if you know me, I’m talking about a short-term rental business.

Even during hard economic times, you can hit your retirement goals by investing in real estate through a short-term rental business.

(Check out our calculator to see just how attainable your goal is)

Let’s discuss WHY short-term rentals, why NOW, and which ONE skill is absolutely mandatory to survive and thrive through all this...

REAL ESTATE IS A FUNDAMENTAL NEED

During an economic recession, there tends to be a drop in overall consumer spending as people are forced to tighten their wallets. This means that money is going towards necessities rather than nice-to-haves.

So, the big question to ask of your business model is: does what you offer fill a need? Or is it just a nice-to-have?

When it comes to the real estate industry the answer is NEED.

COVID-19 is impacting the economy, sure, but here’s why short-term rentals are still a smart investment for your future — the need for housing is FUNDAMENTAL.

And no matter how crazy the world gets, that need will never go away.

There is rapid change being implemented to stop the spread of the coronavirus. Many of our income sources that once seemed solid as a rock, now seem way more fragile.

It’s not an easy time, and people everywhere are feeling the effects. But, like always, YOU have a choice to do something about your future.

BUILDING A BUSINESS OUT OF A CRAZY, IMPOSSIBLE SITUATION

When my wife and I were first getting started in business, we faced some serious struggles.

I punctured my lung, which meant I couldn’t walk or talk at the same time without fainting.

Not to mention, we were expecting a BABY — AND we found out my wife had a condition that meant she couldn’t eat and drink while pregnant. Yikes.

We were squatting in government-owned property, going to garage sales, and trying to sell stuff we didn’t want on eBay.

You can imagine how afraid we felt.

That is…until we spoke with our loved ones about what we were going through. Soon, a friend reached out to me and told me to look into real estate.

Here were my first thoughts...

  • It was 2008 and the economy was headed...nowhere good!

  • I had a credit score of 398 - ain’t nobody going to give me a loan or property

  • The real estate market was tanking

  • I had no money. None. I wasn’t down to my last million, I was down to my last $2.

I was doing what a lot of people do when presented with an opportunity — I focused on what I didn’t have and all the reasons I wasn’t qualified.

But there was one thing that I DID have. It was a skill that ultimately helped me change my family’s life...

My willingness to fail.

Being willing to fail meant I was willing to learn, and that’s exactly what I did. Boy oh boy did I LEARN. And now we’re here. The rest is history!

THE BEST ENVIRONMENT FOR LEARNING

During this pandemic most of us have been forced to change something about our daily lives, whether it’s work or school or parenting. That means right now it’s absolutely mandatory to develop a willingness to experience failure.

In order to survive (and thrive) right now, you need to try something new. And if it doesn’t work… keep trying. That’s the only way to learn and grow.

Because here's the thing I’ve learned first hand about life — it’s not always going to be pretty. You simply can’t learn and look good at the same time.

Yeah — I’m looking at you, entrepreneur!

If you try to hold on to looking good right now, you will lose this opportunity.

Everybody is being forced to deal with things they’ve likely never dealt with before — which makes this the perfect time to try and fail.

Because remember, NOBODY else has much figured out either.

Right now, you’ve been given a gift: the opportunity to reinvent yourself completely.

I know that it doesn’t feel like an opportunity.

Or feel particularly good right about now.

But, there’s no expectation at this moment. Now is the time to let go and use this opportunity to create and design yourself and your business to be bigger, badder, and better than before.

My investment journey began in the middle of 2008 when the economy was falling apart — but despite this, my wife and I built an income that gave me the freedom to retire at 38.

I know things seem scary, and maybe a little impossible. I get it. My own experience has definitely prepared me at least a little bit for COVID-19.

It’s also why I started Cashflow Diary... I wanted people to have the same life-changing opportunity that I had.

Now isn’t the time to be quiet, so I’m going to be pumping out ALL my thoughts and ideas on our social channels. Facebook. YouTube. Podcast. Let’s GO!

And if you’re with me on everything I just told you….You’re gonna want to make sure you’re following along in our free Short-Term Rental Mastery group on FB. Join it now if you’re not already in.

See you there.

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