Two and a half years ago, we set up Winova Properties; our very own property investment business with a view to build a property portfolio in Liverpool. Today we run a successful business, own our own property portfolio and a property sourcing company – and we are just getting started!
Launching a new business is difficult and the line between success and failure can often be thin. Over the last few years, we learnt many lessons that we feel are important to share, in order to help others who are considering starting a new business themselves.
When thinking about starting your own property investment business (or any business for that matter), it’s crucial to outline exactly what steps you need to take before you launch. A clear plan with logical timelines is invaluable. Although planning is vital, you’ll never learn the most important lessons until you get started and hit the ground running. Think of it as ‘learning on the job’. Once you’ve begun, you’ll learn so much as you go along that you would never have even considered possible in your planning stages.
Every single experience is a chance to learn something new. Every challenge and failure helps you get that one step closer to your goals and ultimately - to success.
Here are our 3 top tips for starting up a new business in general, and a top tip or two about property investment specifically:
1. Keep it Simple
Remember exactly why you started the business in the first place.
Every new entrepreneur has a million and one ideas and strategies buzzing around in their heads and things can quickly escalate and snowball - streamline, focus and master your craft!
In property investment, it is very easy to get distracted once you have started. Within property investment, there are multiple different strategies and countless locations for you to choose from; it can be overwhelming to know where to start.
These varying property investment strategies include:
Single lets to professionals/ BTL
Single lets to tenants on benefits
It is easy to see how people can get carried away by trying to do too much at once before they have reached the initial goals. Remember why you chose your investment area, keep things logical, make decisions based on the numbers, remove the emotion and stick to your chosen strategy!
2. Be a sponge
Absorb everything. Listen to friends, family, yourself and most importantly - people who are already experts in your chosen field. Who better to learn from and to mirror than someone who has already achieved what you are setting out to do?
The most successful people in the room aren’t always the smartest. Successful entrepreneurs are driven by a desire to continuously learn new information and this curiosity leads to great results.
If you are just starting out on your property investment journey, you will find an abundance of tools and materials at your fingertips to really help you kick-start your property investment business. Whether it is London, Liverpool or Hong Kong – there is a book, course, online tutorial, video or podcast to suit everyone.
Most of this content has been written by successful property investors and property entrepreneurs who have been there and done it themselves, got the t-shirt, failed, succeeded and ultimately, are now great at what the do. It makes sense to listen to what they have said and to use the information to help yourself get ahead.
Check out our recent guide on why to invest in Liverpool.
3. No excuses
Of course, being your own boss sounds absolutely terrifying. Excuses slow you down and there will always be reasons why you aren't doing something such as time, money, resources etc. If you keep making excuses, you wont get anywhere! Find solutions to things you might view as a problem and don't let it hold you back. Making excuses instead of producing timely deliverables will almost certainly increase your risk of failing as a business.
If you are setting up your own property investment company, just like any other business, there will always be other things that need your attention. You have to prioritise your time and to do that you must really understand the true value of your time. Whether you are deciding to begin with Buy-to-Let or HMO, or choosing between Liverpool and Manchester for example, these tasks for crucial to beginning your journey and require time and dedication.
Learn to set strict timelines and stick to them. Address any fears you have that are holding you back before you begin and banish them. Find a solution to the issues rather than let it hold you back.