Transferable Skills: From the Boardroom to Property

Welcome to this week's edition of The Business Owners' Property News - my weekly newsletter dedicated to helping business owners get started in Property Investing!

I think the main reason why more business owners don't get started in property is that they don't know where to start as they don't believe they have the knowledge or skills.

I think business owners have plenty of skills already from running their own business that they can transfer to building a property business.

Read on to find out more and remember to subscribe and share!

As a business owner, you already possess a treasure trove of experiences, challenges and skills that can seamlessly translate to property investment success.

Running a business for any length of time is not easy and you should give yourselves a massive pat on the back for navigating through many obstacles that are thrown your way as a business owner.

So why do you think you don't have the skills to get started in property investing?

I'm going to summarise some of the skills that you already have that are transferable to your property business.

Financial Management

I'll bet that as a successful business owner, you've had to become an expert in financial management over the years.

You've had to budget and forecast sales, costs and profits and manage cash flow to look after both expected and unseen costs. And you're likely to have done it through great economic upheaval like we saw during the pandemic.

You're likely to have already raised finance for stock, equipment and working capital.

Your skills here will guide you in making informed property investment decisions and your experience will lend credibility when raising finance both from banks and private lenders.

Risk Management

As a business owner, you've probably dealt with a whole host of risks to your business.

You've navigated strategic risks like dealing with competitors and crafted your USP. You've encountered compliance and regulatory risks through facing new rules and legislation and the financial risks of interest rate rises or bad debts! And there are always operational risks like staff issues, machinery breakdown and theft.

These are all the risks you will encounter in property investing too and you're already equipped to face and manage them!

Dealing with market fluctuations, interest rate hikes, unexpected expenses, rent arrears and property damage is akin to managing business risks.

Your experience equips you to minimise those risks and handle challenges head on.

Negotiation Skills

A successful business owner is an expert negotiator.

How many times have you analysed a new product line, a service or a piece of equipment and calculated its true value to the business and therefore how much you're prepared to pay for it? Or negotiated the best price you could get on your own product or service?

Purchasing property is no different and when buying an investment, securing finance or managing tenants - your negotiation prowess can help you strike deals that align with your investment goals.

Marketing Skills

As a business owner, one of your most important activities has been marketing.

Creating a brand, getting known, telling others about the features and benefits of your business and how you help your customers is how you've generated sales.

Just as you've promoted your business, you can create a brand for your property business. You can craft a vision and a formulate a mission on how you're going to achieve it. You can really focus on what type of property business model you are going to operate, what type of tenants you want to work with and how to maximize rental income.

You'll be creating create a distinct property brand that resonates with potential renters and other stakeholders that want to help you achieve your vision. Just like you did with your existing business.

Time Management

As a busy business owner, you're probably asked, "How do you do it all?" The answer is that you've become an expert in time management and delegation. You probably operate a time efficient diary, have a great CRM system to manage customers and focus on tasks that generate the most return on your time.

This is perfect for efficiently managing multiple properties, tenants and implementing systems and processes is a natural extension of your business acumen, ensuring optimal productivity.

So what next? It's time to act on your pathway to property prosperity!

If you're a business owner considering property investment, it's time to seize the moment to leverage your existing skills.

Your ability to seize opportunities, navigate complex financial landscapes and adapt to changing scenarios, gives you a competitive edge in the property market.

It's time to embrace property investment as the next chapter in your journey towards wealth, security and legacy.

Ready to embark on this exciting venture?

Take this article as you call to action. Take the knowledge you've accumulated through your business journey and apply it to property investment.

Conduct thorough research, engage with experts and devise a strategic plan that aligns with your financial aspirations. Whether you're aiming for additional income streams, diversifying your investments or long-term growth and legacy, your business skills are the key to unlocking success in the realm of property investment.

Remember, just as you've built your business from the ground up, you have the power to build a lucrative and fulfilling property portfolio. Embrace the potential, embrace the challenge and embark on this new chapter with confidence.

Your future in property investment awaits – and the skills you've honed in business will guide you every step of the way.

Do you need help? Take the questionnaire - Are you ready to invest???????? and I'll get back to you with a plan to get started!