In real estate investing, there are a few key strategies successful investors use to mitigate their risk:
- Never over-extend yourself
- Buy in a single market that you can monitor, study, and understand
- Never buy based on emotion
- Look for an angle to add value to an existing investment
- Never manage a property from a distance
Running your agency or consultancy is no different. Whether you are just starting or looking to grow, these strategies can make or break your business:
Your Time Is Limited
Do all you can to outsource what others can do. Develop a process to repeat tasks and teach someone else how to do it. Sure, you are capable of mopping the floor and reordering paper, but no one else can do what you do.
Know Your Market
Agency owners are often hesitant to limit themselves to a particular industry. But by choosing a niche, you can develop a deep understanding for the needs of your clients. Those nuances will be lost by mega agencies or marketers.
Trust Your Instincts
Not all prospects are good for you. It is common to look at the dollars of the deal, but look at the details. If you feel like you are bending or compromising your agency’s values – walk away. No project is worth the ensuing headache.
Take Calculated Risks
Risk is inherent to running an agency – without it, you will miss out on immeasurable reward. However, reckless risk taking is inexcusable. Objectively look at risk and make a calculated move.
Running a successful agency is both rewarding and stressful. With the right principles in place, you will find the particulars take care of themselves.
Go forth, run your business with intent and look for ways to help your customers pursue their passion.