Most of this will sound very familiar to you seasoned investors or those of you who
have started your own businesses. The realities of the journey are that you experience the highest of highs and the lowest of lows especially due to the fact that majority of the time you will be facing a lot of these difficulties alone.
There are 3 different levels and what needs to be considered at each level:
- The Landlord level –
- Challenges – The business is dependent upon you for survival
- Daily focus should be on working, cash flow, survival and grafting
- Make sure you show up and put the hours in
- The Investor level –
- Challenges – You recruit wrong or could decrease your margins due to increased costs
- Focus on building your team, systems, profit, sustainability and leveraging
- Ensure that you stand out and refine your position in the business and market
- The Entrepreneur level –
- Challenges – You do not step change quick enough, growing pains in terms of people, systems, revenues are cannibalised by costs & take down what was a perfectly lucrative lifestyle business.
- Need to focus on assets, scale, structure, management control and leadership
- Focus on – Connect with others, commercial balance, partnerships and strategic alliance
The key to your success is to go into this journey knowing that it is your own and to go into it with your eyes wide open. Roll with the punches and have a strategic approach with whatever you decide to do. Remember many have been through the same highs and lows are you are or will be facing just master the methodology and you will achieve all you have set out to do!