How to Start a Real Estate or Mortgage Business Without Losing Your Mind

Starting a business sounds like the ultimate American dream, right? You make your own hours. You can come and go as you choose. You don’t have a boss who micromanages you. In fact, you don’t have a boss at all because you’re the boss. You’re building a path to financial freedom. And bonus points for building a legacy that will benefit your kids and grandkids.

But here’s what business ownership usually morphs into:
You make your own hours = You’re probably starting early and working late
You decide when you’re at the office = You’re probably tethered to your laptop and smartphone when you’re not in front of your desktop
You’re not micromanaged by someone else = You probably procrastinate and wait until the last minute
You are the boss = You’re the one who’s responsible for the success of your entire business
You’re building a path to financial freedom = That winding path goes up and down mountains and through the woods

Business-building can get heavy, and all that extra weight and responsibility can be overwhelming.

Let’s be real for a moment. Starting a business from scratch isn’t for everyone or else everyone would be doing it. Business ownership takes both creativity and good old fashioned grit. But implementing ideas, growing your network, and marketing your business can take a hefty toll.

What’s the point of being financially free when you’re mentally and emotionally overwhelmed?

In this post, we’re going to discuss three powerful strategies for starting, or growing, your business without getting overwhelmed.

Let’s get started!

Here’s Why You’re Overwhelmed:
If you’re overwhelmed in your business, it’s probably because you’re doing either of these things (or both) :

You Can’t Decide Which Way to Go
A lot of us are paralyzed by choice. What if I choose the wrong niche to focus in on? What if I focus on luxury customers when I should choose first time buyers?

It all stems from fear. You’re afraid that you may make the wrong choice and blow it.

That’s true-- you could blow it. But, by staying paralyzed and not choosing which way to go, you’re still blowing the opportunity you have right now.

You’re Doing Too Much
On the other hand, you could say, I’m going to do everything I love at once.

Let’s say you’re a starting a business as a mortgage broker. You love working in the areas of  commercial, construction, and residential real estate, but doing all three at the same time by yourself (or a small team) is a recipe for burnout.

It’s great that you have more than one passion. But in business, especially when you’re building your foundation, it’s better to laser-focus on one thing at a time. Master that and then move on the next thing.

The danger in trying to do too many things at one time is that you’ll end up not doing anything well. You’ll be stretched to the limit and pulled in opposite directions. That’s not fun.

So what’s the answer?

1. Don’t Do It All

 It’s easier said than done, right? As a solopreneur (solo entrepreneur), you wear at least five different hats. Pick and choose your hats:

Secretary
Salesperson
Blogger
Customer Support
Copywriter
Tech Support
Marketing Agent
Social Media Guru
Web Developer

You pretty much have to do everything: build your client and networking lists, start a website, get on social media, send out flyers, but that’s not all. Then you have to worry about the nuts and bolts of your profession: making appointments, following up on appointments, keeping track of the books, and keeping the lights on.

Let’s take a deep, cleansing breath and remember what’s important:

You excel at doing one thing extraordinarily well. Zoom in on that thing, and then hire others who can do the stuff that they excel in. The idea of splitting your income with others may seem difficult at first, especially for a small business, but here’s the thing: hiring others frees you up to expand your business even further and make more money. Try it and you’ll see that I’m right.

2. Learn the Art of Limiting Yourself

Our default setting is to give and then give more, especially when we’re passionate about something.

Limiting yourself doesn’t mean limiting what you can accomplish. In fact, limiting yourself increases what you can accomplish. Huh?

Here’s what I mean:

Instead of losing your mind in the attempt to complete 100 different tasks, focus on the top three to five tasks that must be done in the upcoming week. Be realistic with yourself. Choose actionable tasks that are within your power to accomplish.

If you’re starting a business, maybe your weekly tasks look like this:

Decide on a website name for my business
Place an ad for a personal assistant
Set up a business page on Facebook

If you’re growing a business, maybe your weekly tasks look this:

Create a mailing list for my website
Create a Facebook ad for my business
Hire someone to design my website

You get the picture. It’s all about limiting your focus to task’s you can accomplish by week’s end, instead of someday. Someday will make you overwhelmed every time.

3. Gather Your Thoughts

In order to limit yourself, you’ve got to establish the big picture first. Worry about the big picture now and then create manageable weekly tasks towards that big picture goal.

Since it’s a new year, you’re probably in “goal-setting” mode for the year already. Now’s the time to ask yourself these questions (and wait for the answer) :

What do I want out of my business?
Why do I want to do this business?
Why should I work for myself?
Am I doing something I love, or is it all about the money?
Am I using my time well?
What are the three tasks that directly account for the majority of my revenue?
Can I delegate some (or most) of the non-money-making tasks to someone else?

Once you’ve answered these questions, it’s time to create a list of priorities. This is where you’ll look at the big picture of what you want to accomplish for this year, and then set a deadline for making it happen. You’ll start by answering this one question:

What projects do I need to focus on in 2016?

This list could include creating a website, attending industry networking events, or establishing an email newsletter. But don’t just write down the task, also add a specific deadline, and then create actionable steps towards that goal.

Don’t just think it, write it down, and keep it somewhere that you can see it daily.

Here’s Your Mantra for 2016: I Can’t Do It All
And that’s a good thing. Who wants to do it all when you can do one thing extremely well and spend the rest of your time enjoying the life you’ve made for yourself? Because, let’s be honest, doing it all takes a toll. It ain’t free.

Here’s a secret I’ve found out: Everyone has 24 hours in a day. Productive people aren’t gifted with limitless time and energy. Their carriages turn into pumpkins at midnight, too…

But what they do have is the ability to prioritize, delegate, and focus. That’s the secret to happily ever after.