Yes, the market’s a little uncertain now, but there’s still death, divorce, and inheritance problems. There are still tired landlords and people still need a place to live. And all of these situations create opportunities for us. You’re just going to have to take this uncertainty and pause, plan, and pivot to take advantage of the changing landscape.
As entrepreneurs, you should be used to changing your focus when you find that what you’re doing isn’t earning you enough money anymore. Mike shares about his shift into more quality work as things slow down in the DFW area. He reminds you to remember why you got into this in the first place.
A slowdown is a great time to reflect on what you should be doing differently. Take this time to improve your systems and processes. That’s how you do what you do. Some of us say we’re business owners, but what we really are is self-employed. Get out of your own way by creating systems and processes that help you operate your business.
Mike uses Asana to track his team’s work. We talk about the difference between systems and procedures, and why they’ll free up your time. We talk about the different options we’ve used, and I share my trick for creating standard operating procedures that remove a ton of work off of my plate. Hint: I’ve even outsourced that too.
Both Mike and I agree that small-time operators are going to stop dabbling in paid advertising. Do you want to move into the big-time? Do you want leads? Then you’re going to have to spend some money to capture the leads those operators are leaving behind as they stop advertising.
Watch and Learn
Listen and learn:
- When there’s fear or uncertainty in a market, banks will naturally start pulling back.
- How can you bulletproof your business for the next downturn?
- Quality and price are your two main levers, and Mike gives advice on which to pull in this market.
- There are too many unknowns right now to hang onto houses for that long.
- Do not stop focusing on lead generation. Seriously, don’t.
- Scale your business so that you stop being the bottleneck in it.
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