Get top tips on how to optimize your land investing business in this weeks’ episode of The Forever Cash Podcast, with guest host David Van.
How to turn your side hustle into a business
There are a lot of land investors that start out using the Land Profit Generator method to create a second income stream.
As you start to gain mastery of the system, you will have to make a critical decision:
Are you going to continue doing a few land deals on the side as a hobby, or are you going to walk away from the rat race and build a land investing business that will provide for your financial needs well into the future?
If you decide to go all in and build the kind of business that affords you the freedom of cash, time, relationship, and purpose that we all dream about, you must make a fundamental shift in your mindset.
Over the past year, I have made a massive leap in my land investing business. The first step was not treating my land investing activities like a hobby and running it as a business. To achieve this, I needed to lean in on coaches and mentors to help me get the systems and processes in place to optimize my land investing business, which has fast-tracked my success.
Discover how to optimize your land investing business with the best in the business
Jack Bosch, Michelle Bosch, and the Land Profit Generator team are currently teaching a FREE 5-Day Masterclass (October 25th – 29th, 2021).
If you are ready to take the next step and optimize your land investing business for 10x results, you can’t afford to miss this opportunity. There is still time to register and catch up:
Jack and Michelle will teach the exact methods and strategies that I am currently implementing to 10x my results. If you are serious about your business, you can’t afford to miss this Masterclass!
Here are my top 5 tips to optimize your land investing business:
1. Record keeping
Over the past four years as a land investor, I have had the privilege of working with several key professionals (and some not-so-great ones) while doing deals. I have carefully compiled a spreadsheet with the details of every vendor I have worked with and compiled a vendor list as a reference guide. I have noted each vendor’s strengths and areas of expertise, so I know who to contact to help me get the most out of every deal.
You need to apply this mindset to every activity in your business. The more meticulous you are about your record-keeping, the faster you will be able to organize and systematize your land investing business.
2. Invest In Your Team
If you are doing everything in your land investing business yourself, you will only ever be able to do a few deals per month. If you want to scale your business, you must invest in a team to help you. However, as any experienced business owner will tell you, your people can either be your greatest asset or your biggest liability. Therefore, spend time finding the RIGHT people and training them adequately. Get to know your people and incentivize them through relationship building and personal goal setting.
3. Build a network of professionals
If you are serious about your goals, you must build a network of professionals that are as serious as you are to optimize your land investing business. I have a few key professionals, including my CPA and lawyer, on a retainer so that I know that they will make themselves available when I need them.
4. Build Wealth Not Income
One of the greatest lessons I learned from one of my mentors is the difference between creating income and building wealth. Income is the cash that flows into your bank account and often flows out just as fast. Building wealth is the process of investing your income in assets that accrue value passively. Your land flipping business is the cash machine that should be feeding your broader wealth generation portfolio.
5. Systematize Your Business
The reason that so many people can find success with Land Profit Coaching is that it is an action-based system, not a philosophy or theory.
To truly harness the power of the LPG method, you need to take maximum advantage of the system. You need to follow the very predictable deal flow set out by your coach, requiring you to take specific action to move the deal forward at each step in the process.
If you want to optimize your land investing business, the best thing that you can do is create and implement a deal tracking system with clear “next step” instructions that your team can follow. Once you achieve this, you will find that your business will start to run itself while you get on with enjoying your entrepreneurial freedom.