Business Management
The Quick Turn Real Estate business is just that, it's the business of buying, selling and renting real estate. In this business its easy to go out and make enough income on one house to equal what you were making at you previous job in an entire year, however its another thing to take that knowledge and grow a small business of buying and selling 10-50 houses per year. That's why many investors hit a wall the minute they try to take the next step in their business. They run into many problems related to employee management, time management, cash flow management, tax and legal structure.
Many investors who decide to grow their business go out and rent office space, hire employees and dramatically increase their overhead, time commitment and responsibility. Then after a few months they find out that the only thing in their business that actually “grew” was their overhead. Just because you are doing more business, such as buying and selling more houses DOES NOT mean that you are making more money. At the end of the day the only thing in your business that matters is the bottom line, your personal income as the owner.
Properly managing a Quick Turn Real Estate Business will not only make you wealthy, it will also provide you with the freedom to do whatever you want to! For many people, the freedom of available time to do what you want to is more valuable than money. The fact is that once you get your business set-up to run by itself with little of your personal involvement, it leaves you with the time to take your dream vacations, spend more time with your family or whatever else you want to spend your time on!
Luckily for you, today's training and resources make business management easier now than ever before. Before you decide to jump in head first, you may want to get professional training and resources on some of the topics below:
- Employees vs independent contractors
- Hiring and Firing
- Managing and training employees
- Scripts to give your employees so they know exactly what to say to sellers and buyers who call in your marketing
- Home vs Office- When to move out of the home office
- Corporation vs LLC- What entities to use to protect your assets and offer maximum tax benefits
- Cash Flow Management- Ron Legrand says this is the “biggest business killer” he knows. Its so important to learn how to manage your cash so you know you'll have the money set aside for items such as income tax, payroll taxes and operating costs. In this business, the checks are huge, but sometimes you don't know exactly when they will come.
- Goal Setting- Its hard to take the right path in business if you don't know where you want to go. You need to learn how to set your goals, and then define the exact steps and action needed to reach those goals.
