Do You Need to Invest A Lot of Time When Starting a New Business?

A question I'm often asked is the time commitment it takes to go from, you know, being a real estate agent to becoming a business owner and what that transition looks like. You know, as a busy real estate agent, you're probably thinking, I don't have any extra hours in a week. And at the same time, you may not be achieving your financial goals. That's sort of the slippery slope that we talk about in real estate when it comes to time management. How do we do more stuff in less time? And maybe the question is, how do we get paid more doing, you know, higher dollar productive activities versus doing all the things that a real estate agent does that doesn't get us paid a whole lot of money? Stick around to the end of this video. I want to offer you an opportunity to work with me in my time freedom Challenge. I'm going to push you, coach you, train you to think about time, money and the stress you endure as a real estate agent differently. If you like these videos, give me the thumbs up and subscribe to the channel and turn your notifications on so you're the first to know when a new video hits. How do you have more intention and more impact with your time so you can break this cycle of, you know, having to work more hours to make more money? That is traditional success as a real estate agent is that the industry only teaches us productivity in the sense where go find another buyer to work with, go show them more homes, go find another listing, you know, prospect more. It doesn't teach us, you know, holistically as an industry how to set up a business that runs like a true business. You know, building a business is, it's a different game. It's not hard or easy necessarily. I would argue that, that building a business and putting systems in place in your business to do the heavy lifting, that's a way more rewarding and fruitful path where you can avoid regrets in other areas of your life as compared to just grinding out transactions, working evenings and weekends and what that looks like. So the time commitment is really, I coach our members on three 90 minute time blocks every week where you're going to sit down and look at what's the next system I need to put in place in my business to go from where I am today to where I want to be in the future. So let's say you're selling 10, 12 homes a year, you're making 100,000 sort of gross commission income, maybe you pay your broker a little bit, you've got some expenses, you take home 60,000 how do you go from 600,000 take home to 300,000 take home in the same amount of time? So that's the challenge. That's the mindset I want you to have. Have you start thinking about you can do it by stopping the things or not do the things that get you paid. Not a lot of money. There are things that you do in your real estate business that are 500, 1,000, $5,000 an hour activities. When you really think about it, if you have an administrator and you go out on a listing consultation, you may have three hours into that opportunity and you may earn 15, 20 or $25,000. Right? How could you do more of those activities in a week? And less of the paper shuffling or driving signs around town or going to the attorney's office to pick up a check or drop off a check or take pictures of a new listing or enter a listing into mls, Right. These are the things we do as real estate agents because we think, hey, if I don't do it, who's going to do it? I don't have anyone on my team. You haven't really contemplated the concept of leverage and let me dive deep into the different forms of leverage. Leverage is anything that allows you to sort of pull a lever, right? Think about a. I'm thinking like jacking your car, right? Like you have a flat tire. How is it that I can lift this car off the ground? It's the leverage you get through through this mechanical thing called a carjack. And in our business there's different leverage points. There's marketing as leverage, there's technology as leverage. There's systems we can put in place that are leveraged. There's people that we can bring in to run those systems that provide leverage. Anything that happens in your business that needs to happen consistently, like lead generation, lead follow up, lead nurture, lead conversion, consultations with buyers and sellers, showing homes right, getting homes on the market. When we take a listing, you know, taking pictures and designing brochures and all of these things are little systems that collectively make up a business. So when I think about the time investment to go from agent to owner, it's like four and a half, five hours a week where you're putting these systems in place. I think about one of our members, Andy Mulholland. I met Andy and we had a conversation when I was doing our business growth strategy sessions. That's how someone comes into our world still how people come into our world in our higher level coaching programs. Andy told me very specifically he was either going to get out of real estate, or he was going to build this thing in a way where it could actually serve his family, serve a lifestyle that he really wanted. He was working every bit of seven days a week. He was working evening evenings, just crazy hours. The level of stress that he brought into his family and that his wife had to put up with Ellen was unbearable. And he was like, lars, I want you to show me the path to be completely out of my business. In three years, I want to get in an RV with my family and I want to just unplug 100%. Almost three. And he wanted to buy a farm in the country and pay for it with cash. And so in about two years, he bought that farm and paid for it with cash. In three years, almost to the month, he bought a luxury RV and he took a 67 day trip off the grid with his family in that RV. And it wasn't all roses, right? You know, they had like two dogs, four kids when I met them. I think Ellen was pregnant with their first child. And it was his dream, though, you know, to be able to unplug from the business. He went from seven days a week to five days a week to he got down to one day a week in that business, making twice the amount of money, working a fraction of the hours, a quarter of the hours, and be able to maintain a lifestyle that allowed him to do what he wanted to do when he wanted to do it. I mentioned earlier that you could join me and get coached by me in my Time Freedom Challenge. This is just an opportunity for you to learn the tools, systems, the tactics, the strategies to be able to delink time and money, to go from making 20 bucks an hour in real estate to 200 bucks an hour. How would your life look different if you 10xed your income and brought your hours down and your stress down? How would your family dynamic change? How would your physical and spiritual health change, your emotional well being, your relationship with those around you? Right? Think about that. Join me in thetimefreedomchallenge.com or click on the link below. If you like this video, give me the thumbs up. It just keeps me going. Subscribe to the channel, make sure you turn on notifications and we'll see you in the next video. Sa.