Go BIG or GO HOME (Lies)
Is going big or go home the right strategy?
You hear a lot of people, especially on social media, talking about ‘going big or going home’ as being the right strategy but what if this isn’t right for you and your circumstances? In this episode, Kevin talks through why you should ignore that talk and focus on your own goals. Kevin talks through the best ways you can set SMART goals in your property business, whether you are aiming to save for your pension or you want to become a property multimillionaire. If you haven’t set your business goals yet this is the episode for you.
Key Takeaways
Everyone’s goals are different. It’s important to set goals that are important to you, and related to what you love not influenced by other people. Sometimes, it’s enough to know that you can quit your job if you need to. You might love your job but would like to build a bigger pension pot. Even aiming to earn £3,000 to £5,000 a month from property is a great goal. We don’t all want to own hundreds of properties and that is fine.
It’s important to set your goals effectively, whatever they are. Make sure you write your goals down and that they are not dreams. To ensure they are not dreams work out how you are going to achieve these goals and when for. For example, if you want to earn £5,000 a month from property, set a date in the future when this will happen. A really good technique for goal setting is SMART which stands for Specific, Measurable, Achievable, Realistic and Timebound:
This means being really precise in what you want to achieve, and how you are going to do it. For example, this could mean the type of property that you are going to purchase, how you are going to fund it or what type of marketing you are producing in your property business. How are you going to measure where you are in your journey? In terms of marketing; how are you going to measure the success of your marketing. Once you start to measure your marketing results you can create Key Performance Indicators (KPIs.) KPIs allow you to adapt and change based on evidence. You will know how many leaflets you have to deliver to get one deal through for example. Make sure that your goals are achievable from the position that you are starting from and in the time you’ve set. Recently I heard of one client who had a goal of purchasing 2,000 properties within two years, all of which would be through a tenant buyers process. Progressive Properties, which has been going for ten years only has around 700 properties, so this was just a completely unachievable target. When setting your goals you have to make sure that they are grounded in reality. All sorts of factors can make a property deal realistic or not such as access to finances, JV partners, savings and where you live in the country. Similar to achievable make sure you are being realistic in your goal setting. There is nothing more disheartening than a goal which is not achieved because it was too unrealistic to start with. Time-bound. Make sure you give yourself a deadline for your goal. This might be delivering 1000 leaflets by the end of next week, or speaking to five estate agents in a day. Once you have a time-bound goal you can measure where you are against that goal.
In our day jobs, we are sent on lots and lots of training. This is to enhance the companies profits not just give you a good personal development day. Similarly, in property, make sure you educate and invest in yourself to make the most money possible and achieve your goals.
Best Moments
‘Everyone needs to focus on doing what's right for them.’
‘Don’t worry about other people’s path.’
‘What’s important is how smart you work.’
‘Don’t have dreams, have goals.’
‘Focus on you and your goals.’
‘KPIs are critical for all successful businesses.’
‘I’m always checking where I’m at in terms of KPI’s.’
‘Be specific about how you are going to measure your success.’
‘The reality is that a lot of people have dreams rather than goals.’
‘Where success happens failure often has happened at some point before it.’
‘We are all failing forward.’
‘Sit with your mentor to figure out your realistic goals.’
‘Stop listening to all those 5 am club people.’
‘Focus on your own path.’
‘Do something every day that gets you a little closer to achieving goals.’
ABOUT YOUR HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
CONTACT METHOD
Facebook: https://www.facebook.com/kevinMcDonnellProperty/ Official Website: https://kevinmcdonnell.co.uk/ No Money Down: Property Investing by Kevin McDonnell