We each see the world in different ways. We have different paradigms and mind sets that influence the way we think and the way we act. In order to achieve the highest levels of success and achievement, we must make mind shifts that take us from the status quo to new vistas and levels.
Most who get into business for themselves don’t usually have an entrepreneurial background before they start. If you went to and graduated from college like my wife and I did, we basically found that our educational training did more to prepare us to be an employee than to be an employer.
As you consider whether you should get into the property management business, consider how Michael LeBoeuf points out the successful mindset of a business owner in his book, The Perfect Business:
He gives six mindshifts and mindsets that are critical to success as an entrepreneur:
- “Focus on opportunity instead of security. This is one of the toughest mindsets to adopt because we instinctively seek security….The problem with seeking security is that it doesn’t exist. Security is a state of mind, not a reality. You may feel secure or insecure, but once again, perception creates reality. What you think you are is what you will become….The reality is that life is an insecure state.
He continues:
“When you mention the possibility of going out on your own, friends, relatives, and others may advise you to forget about it and cling to the security of a paycheck, paid health care, sick leave, a pension plan, and all the rest of it.
If and when that happens (and it has probably happened to you like it does with all aspiring entrepreneurs), ask yourself this: Are they financially independent from their work? Are they living their dreams and the kind of life you would like to lead? If your experience is anything like mine, the answers will always be no. They mean well, but like most people, they’re caught in the security trap.
You beat the security trap by…focusing on learning the skills and seeking the opportunities that will make you set for life….Real economic security is generated from within. It comes from knowing that you know how to spot, create, and capitalize on opportunities.”–The Perfect Business, pp. 36-37.
Focus on the opportunities in property management. Don’t take advice from those who haven’t been in business for themselves as you are considering what business to start. Utilize the opportunities to talk with actual PMI franchisees about the benefits of starting a property management franchise in your area with PMI.
- Focus on what sells instead of what you know.
Selling is the lifeblood of any business and the property business is no different. Becoming excellent at this skill is so important. The training we offer to our franchisees has become one of the proven systems that has been instrumental in the growth of franchisees across the country. With the PMI Sales Method, you’ll learn how to talk with property owners, what to say, and what concerns they may have that you can overcome.
This training and other trainings are included in a resource franchisees have access to entitled “The PMI Way” and will help you know what to do so that you can focus on what sells instead of what you know.
- Focus on getting results instead of following routines. As Michael LeBouef says: “[As an entrepreneur], putting in long hours means nothing. Being well organized means nothing. Knowing the right people means nothing. Following a daily regimen means nothing. Being efficient means nothing. You can do all those things and still go broke. Results are everything. You either close the sale or you don’t. You either make a profit or you don’t. You keep your overhead low or you don’t.You get paid or you don’t. Your customers come back or they don’t….
Am I against following rules, routines, and regimens? Absolutely not—as long as they contribute to getting results. Just don’t let them become ends in themselves….Efficiency is doing a job right. Effectiveness is doing the right job. Effectiveness means results, and when you’re an [entrepreneur], results are everything.” –The Perfect Business, pp. 38-39.
John Maxwell tells of a sign he saw once that was posted in a small business. The sign read:
“The 57 Rules of Success:
#1 Deliver the goods.
#2 The other 56 don’t matter.” —Today Matters, p. 5.
Results are what matter in business and in life. Property Management Inc. will help you put the right systems in place so you get the results you seek with proven processes that work as you implement them into your business.
- Focus on earning a profit instead of earning a paycheck. This is such a critical mindshift when you go into business for yourself. Profit is what allows you to pay yourself and your employees a paycheck.
As Michael LeBoeuf says: “The profit mindset is simple: keep your sales high and your overhead as low as possible. Budget for taxes, health insurance, and the like. You have no control over the tax or insurance rates. And you don’t have total control over your sales. However, you do have complete control over one very important item: Repeat after me: ‘I have total control over how much I spend.’ It’s crucial that you be an absolute miser when it comes to overhead, particularly in the early years of your business. Work diligently to keep your fixed expenses as low as possible.”–The Perfect Business, p. 41.
Remember, your property management business exists to make a profit and that is what is has to do. As a business owner, you have to make your time count and make every business activity that you do a profitable one. This is one of the key functions that your franchise business coach will help you to achieve. They can help you focus on what really matters when you first get started instead of getting overwhelmed and not taking action.
A good rule of thumb when considering whether to add another revenue stream in your business is:
“Is this something that’s going to help make more profit for the business or not?”
If it’s not, don’t do it, add it or sell it! Remember, you have complete control over how much you spend.
The rule for successful investing has always been that you make money when you buy, not when you sell.
I have always loved the alliteration of the 3 Ps that lead to profitability coined by Jack Mitchell in his book, Hug Your Customers: Plan, Prepare, and Practice lead to Profits.
Property Management Inc. (PMI) is focused on helping you put profits in place so that your business can scale and grow to be even more profitable as time passes.
- Focus on trying new ideas instead of avoiding mistakes.
Michael LeBoeuf makes this observation: “ ‘Don’t make mistakes.’ That’s a message we learn repeatedly from the time we’re old enough to understand. In school, the person whose test has the fewest mistakes makes the best grade. In sports, the team that makes the fewest mistakes usually wins. And at work, we learn the fastest way to do a job is to do it right the first time. It’s great advice—when the rules and procedures are clearly defined and the right answers are known. But that’s not the environment of a…business. The problems you encounter cannot always be solved by following the rules. The options are many and the answers to important questions are unknown. The only way to truly find out if something will work is to try it…..If you wait for someone to give you the right answers, you’ll wait forever, and waiting pays very poorly.
He continues:
“Every mistake and set back carries the seeds of future successes if you are smart enough to look for them and learn from them. IBM founder Tom Watson’s formula for success was to double your rate of failures. George Bernard Shaw remarked, ‘When I was a young man I found that nine out of ten things I tried didn’t work. So I did ten times more work.” …Those who never make mistakes usually end up working for those who aren’t afraid to.” —The Perfect Business, pp. 41-43.
Author John Maxwell says: “Experience teaches nothing, but evaluated experience teaches everything.”
In the PMI franchise, you’ll have a franchise business coach and hundreds of other franchisees who have experienced what you haven’t and can help you avoid mistakes. This experience will save you thousands of dollars and help you start your business off right.
There will be lots of things that you will need to learn when starting a business. Remember, making mistakes is how we learn, but don’t let the fear of making mistakes stop you from trying something new. PMI is here to help you get through the learning curve quickly without making costly mistakes that you would make if you were trying to build this business on your own.
- Focus on the vision instead of the short-term payoff.
Michael LeBoeuf makes this comment in his book The Perfect Business on page 43:
“Thinking long-term is a rarity in today’s world, where instant gratification is the norm. Most people in the job world get up every day in return for a paycheck, interesting work, and the opportunity to interact with people they like. They give little thought to what their career and work life will be like in five, ten, or twenty years. They assume that whatever happens to them is something over which they have little or no control….We have an enormous amount of control over our future if we take charge of it and don’t resign it to the winds of fate.”–The Perfect Business, p. 43.
Here are eight characteristics of people who have vision:
- They see the total picture or job from beginning to end.
- They visualize what must happen in order to get the results they desire.
- They recognize what they can contribute to the result or solution.
- They consider all the resources and capabilities required to complete the work.
- They conceptualize how these variables need to work together to accomplish the task.
- They are willing to go to work to accomplish their vision.
- They communicate their vision to those around them and motivate others to help them.
- They see what they do as a cause or a mission, not a project or task.
Michael Gerber makes this statement in The E-Myth on page 86:
“Your Primary Aim is the vision necessary to bring your business to life and your life to your business. It provides you with a purpose. It provides you with energy. It provides you with the grist for your day to day mill.”
He then offers these nine questions to help you determine your primary aim. These are great questions for you to consider as you evaluate this business:
- What do I want my life to look like?
- How do I want my life to feel on a day-to-day basis?
- What would I like to be able to say I truly know in my life, about my life?
- How would I like to be with other people in my life—my family, my friends, my business associates, my customers, my community?
- How would I like people to think about me?
- What would I like to be doing two years from now? Ten years from now? Twenty years from now?
- What specifically would I like to learn during my life—spiritually, physically, financially, technically, intellectually? About relationships?
- How much money will I need to do the things I want to do? By when will I need it?
Take time to really think through the answers to these questions. Never forget that you create your future.
Michael E. Gerber says, “The difference between great people and everyone else is that great people create their lives actively, while everyone else is created by their lives, passively waiting to see where life takes them next.” — Michael E. Gerber, The E-Myth, p. 85.
How do you see yourself?
Do you consciously create your life?
Or do events of life create you?
I hope these questions have helped you to evaluate the benefits of owning your own business. At Property Management Inc., we are here to help you get your business started with the right foundation. Our mantra is “Creating Successful Entrepreneurs.” We look forward to helping you achieve your dreams by starting your own business in property management. To schedule an appointment, contact one of our franchise developers here: https://calendly.com/pmifranchising
