In this final episode of our 7 Steps to a Recession Proof Business series, we’re going to talk about knowing your numbers and why it’s so important when running your real estate business. I myself have gotten into trouble with this and spent years digging myself out of a hole with the IRS. It’s scary how many people think they’re making money, only to find out that you’re spending way more than you made. You need to know your numbers not only for tax purposes, but also for your overhead and business-related expenses. You also need to know your key performance indicators, so you know exactly what it takes to get a deal done.
The final step is to build a solid network and get a coach. Networking is fundamental when running a real estate business and masterminds and coaching programs can help you get connected to the right people. It’s important to spend time with like-minded people who can keep you focused on winning. It’s also valuable to learn from others who are further along in their businesses, which can potentially save you from making expensive mistakes. Only the strong survive tough times like recessions. If you want to be strong, you need to be in a good networking group and hire a successful coach.
Watch and learn:
Step 6-7 :
Listen and learn:
- A recap of all 7 steps to surviving the recession.
- Why it’s important to know your numbers.
- Why networking and coaching is key.
Mentioned in this Episode:
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