Hi there, I hope this summer find you doing great. I just wanted to drop you a quick note to share some good information and some cool things happening over at Wealth-Steps.com.
First of all, the year is half way through…how are things going for you?
Are you making progress on your goals?
Have you been working on what you want to achieve instead of settling for what you have fallen into?
This is a great time of the year to stop and think what has been working well so far and what has not. Since we are only half way through the year you still have time to get on track if you need to.
Whether your goal has to do with building your wealth, getting out of debt, increasing your income, improving the important relationships in your life or whatever else is important to you, just make sure you get to choose. Don’t do things just because that is the way you have been doing them. This world has a lot of room for mediocrity but you only have one life, it’s your choice what to do with it.
Remember, the best way to keep up with the new content is to subscribe to the Wealth-Steps blog or if you want you can receive updates to the site in your email inbox.
What would also be great is if you share your comments/questions/updates about building wealth, real estate investing or family finance on the site so you can help and be helped.
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Business Lessons Learned of a First Time Entrepreneur
Because of my real estate business and this website I have had the experience of being an entrepreneur and business owner for a couple of years now. In that time I have been able to pick up a few good business lessons that I would like to share with you.
I know some people think that success in business requires shrewdness and making a profit at the expense of someone else's. However my experience and what I have observed from other successful business owners is that business, being based on successful relationships, is more about finding win-win situations for everyone involved.
Since I strongly believe that one of the keys to creating wealth is owning your own business, even if it is a part time side-business, here are some guidelines to help you along:
- Honor your verbal contracts with the same seriousness as you honor written agreements. I am a stickler for putting things on paper especially when dealing with multiple contractors like I do. However, I take it more seriously when I tell someone I am going to do something and it's not written down. I have also noticed that when you follow through on a verbal agreement it pleases people and leaves them wanting to do business with you again.
- Deals and negotiations have to work out for everyone involved (unless you are negotiating with Bank of America...ha, ha). Joking aside, if you are the only one benefiting from a negotiation you might get away with it a few times but eventually it will come back to bite you...
- If you have employees or hire contractors, pay them what they are worth. Just because you can pay them less does not mean you should...
- Share what you learn in business. Don't worry about who might be listening, even if it's a competitor, just share what you learn so others can benefit.This is not the same as giving away "proprietary" stuff. You should still protect that but there is plenty of lessons learned that can be shared without damaging your business.
- Protect your investors. If you have the good fortune to have found someone to share your vision and lend you money or invest in your business make sure you honor and protect their investment at all costs.
For example, House #6 was purchased with money I received from a private investor. First of all I offered them a generous return on their money in order to make it attractive to them to invest with me. I offered them a return that was several times what they can get from any bank in the market and their investment was secured by real estate.
Second, even though I had my share of difficulties selling that house, the margin at which I purchased the property, the expenses involved and the eventual sales price, left plenty of profit for them to get their return. I was more than willing to sacrifice my profit if need be so as long as they got their money back with interest and they were satisfied.
In my mind that is the best way I can get them to want to do it again and attract more investors. It's like taking care of the goose that lays the golden eggs...
I am not saying these are the end all be all rules of business but they sure are a good start. I can't wait to be able to share more lessons learned with you. So stay tuned to the Wealth-Steps.com blog to read all about it very soon…
Each month, The Wealth Insights Newsletter is created by you with the questions you send me. Do you have a question, comment, or something else you'd like to share with our growing community of Wealth Steps fans?
Please don't hesitate to fill out the form on my Contact page. I look forward to hearing from you. :O)
It is my sincere hope that the information I provide on Wealth-Steps.com helps you see how you too can build wealth one step at a time.
As always, thank you for joining me and for your support of Wealth-Steps.com.
Happy wealth building,
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