EP NNA 55 – Back To The Basics Of Business: Knowing Your WHY

NNA 55 | Basics Of Business

NNA 55 | Basics Of Business

 

There are many ways to go about in business that it can be so easy to get lost within it. No matter how much you try, everybody in this space knows that you just can’t be everything to everyone. That is why it is always best to niche down and know where you can serve and do best. In this episode of Note Night in America, Scott Carson discusses the need for knowing your WHY and building your marketing plan around your focus to find success. Anchoring your business down to keep from drifting, Scott shares some of the important things to consider in the note business from putting together a business plan down to expanding your network. Heed Scott’s advice and more that takes you back to the basics, helping you move your business in the right direction.

Listen to the podcast here:

Back To The Basics Of Business: Knowing Your WHY

We have a lot of stuff to cover. We’ll be opening up at the end for a few Q&A for your own business no matter where you’re at. I want to give a big shout out to everybody joining us here. We’re excited to have you all here and we’re getting rock and rolling straight into the content for you, so you can get back on doing stuff. The biggest thing with note businesses or any type of business or entrepreneurial thing is knowing what is your ‘why.’

I’ve talked to many people. I see this thing again when I’m talking to people what their focus is. They can’t tell me what their ‘why’ is. It can be a variety of things and each to his own. He or she always has their own ‘why.’ Some say, “Retirement for ourselves, I’ve got to create my own retirement plan.” Others, “I’ve got kids, I need to try to help pay for their college.” A third reason is maybe you want to retire your spouse or maybe you want to take care of your parents because they’re elderly. Maybe you’re looking to leave your job because you dislike what you’re doing.

Maybe you’re looking to start a new career because you’re like, “I don’t enjoy what I’m doing. I want to do this now. This is where I think I can hang my hat.” Maybe you want to be your own boss or let’s face it, for a lot of us it’s just a better life. There’s no right or wrong way, but you need to have one. For those that are joining here, what’s your ‘why’? Kids, spouse, new career, making money, retirement, I’d love to see what your ‘why’ is. The thing is depending on what your ‘why’ is, it’s going to lead on which way you’re going. If you don’t have a ‘why,’ if you don’t have some direction that you’re going, you’re like a ghost ship. You’re a ship adrift on the high ocean of entrepreneurship. You have to realize that if you don’t have a rudder or you don’t have something to steer yourself by what you’re going towards, you’ll end up drifting a lot.

There’s a great book, Outwitting The Devil, by Napoleon Hill and Sharon Lechter. You probably heard me talk about it before. Go out and read that book, download it and get a copy of it. It’s one of the most valuable books I’ve ever read, but we all drift. We all have issues with drifting from time to time and you have to come back and find your rudder, find your North Star, find your point that you want to direct it to. Your ‘why’ will change over time as you get successful or as you get older or younger and things like that. I don’t know if we’re all getting any younger, that would be awesome. You don’t want to be adrift in the middle of the sea.

I know people that are like that. I’ve had students like that. We’ve all been there at some point. We drifted for a bit at a time as things hit us health-wise, working through case studies, sicknesses, job loss, whatever it might be. We’re all going to have a difference of a journey. No entrepreneur journey is the same for anyone. Your journey is different than mine. Mine is different than anybody else’s. The biggest thing is you do not want to be this ghost ship adrift on the ocean. I know some people out there. I’ve had some students that are like that. I’m like, “Please focus on something.” You see a lot of this happening with people that go to everything. They tend to everything. They buy everything. That’s the last thing that you want to do. If you’re struggling, the best thing to do is figure out exactly what you want. First and foremost, what does that direction look like? What does it take for you to get there?

Back To Basics In The Note Business

When we’re talking about your ‘why,’ it’s probably a longer-term issue. It’s not something that’s going to happen a week. That’s not long enough why. Then why is something longer term? It can be a goal but a goal to a goal to a goal. A ‘why’ is often made up of multiple goals. The thing you have to look at first and foremost, especially we see this in the note business, is what are you looking for? We’re all made with the same amount of time in a day. It’s how effective you are in using your daily hours. We all can get better at what we do. How many hours do you have towards your note business or towards your ‘why’?

How many hours do you have that you can put towards your business? Do you have twenty hours a week? If you’ve got 10 to 15, that’s great. If you’ve got less than ten hours, that’s great. The idea is knowing exactly what you truly have. Don’t say you have 40 hours when you know you aren’t going to spend 40 hours. Be realistic, “I got 10 to 15 hours. I got Saturday and Sunday and I got two nights a week that I could do some stuff with.” I’ll give you an example. If I look at my schedule, I’ve got time on Saturday, Sunday to do something different or it would be Tuesday and Thursday nights. Because Monday night I’m in the office late. Wednesday night, I’m in the office late, so that’s when I was going be doing something different. Those would be the ideal times to implement that.

I’ve got two hours on Tuesday, for two hours on Thursday and three hours on Saturday and Sunday. That’s ten hours in total. That’s the thing you got to look at. Be honest with yourself. How many hours and what are you doing with that hour. What you have to realize in taking this back is the note business side of things. We’re focused on this. You have to think, “I’ve got ten hours to put towards my note business.” What are you looking for? You need to figure out exactly what it is you’re looking for. We’re talking about case studies. We’re looking for cashflow or we’re looking for large checks or both. Most of us are looking for cashflow. As we often say about the note business, base what your income number is to get where you ‘why’ is back to an average cashflow, taking the number of deals you need to close on. I’m going to go through those numbers. You have seen me do that plenty of times before or go back and check out an earlier episode

Look at, “If I need to make $10,000 per deal and I need to make $100,000, that means I need to do ten deals. That means I need to make 100 offers to get to ten deals. We’re going to be $5,000 in cashflow a month and you got $500 a month in cashflow per note deal. It means you need to close on ten deals. You need to make 100 offers on cashflow deals. You have to look at what those numbers are and realize this could probably going to be a mixture of a little bit of both. You also go, “What type of deals are you looking for?” This will vary and it’s different for everybody performing or not performing.

NNA 55 | Basics Of Business

Basics Of Business: We’re all made with the same amount of time in a day. It’s how effective you are in using the daily hours that separate you.

 

One person responded to a thing on LinkedIn when I was making connections. He’s like, “I’m looking for notes.” I’m like, “Are you looking for performing or non-performing?” He’s like, “Anything.” I’m like, “That’s not the truth. What are you really looking for? You’re a joker broker. You’re wasting my time. Are you looking for residential commercial notes?” Some people have been in residential and now moving to commercial. Some people have been in performing and want to get down to non-performing. Those that were in seconds are probably now moving at first because they can’t find seconds. Those that are in owner finance notes have evolved in the non-performing side. There’s a whole variety of things that take place.

Putting Together A Business Plan

The idea is the more focus you can be, the more successful you’re going to be in the long run. You’ve got to understand what you’re looking for and narrow it down to that. That’s putting together your business plan. How many of you have put together a business plan for your note business? Taking the hours, taking the numbers of offers, taking the states and identifying truly what you’re looking for. Many people have put together an executive summary on their business. An executive summary is a one-page thing. It talks about your focus. It’s usually the first of the business plan. If you don’t know what that is, then you haven’t done it. A business plan is not meant to be 50 pages long. It could be one page, it could be twenty pages, but the idea is it’s going to help you set some goals from strengths, some weaknesses, some opportunities, and threats.

In our masterminds, we’re known to do a SWOT analysis. What are your Strengths? What are your Weaknesses? Opportunities do you have and what Threats do you have. Those help you write your business plan and help you identify those things. If you’ve never done that, you may want you to come upon that. In the previous episode, there is so much juice. In this world, as I’ve been teaching people and I’ve had advanced people come through our coaching. I’ve had brand new people who have never done anything in real estate. Two basic things identify things. You always have to have the mentality from Glengarry Glen Ross, Always Be Closing, ABC. It’s the way to think about things. Always be marketing. For what we’re doing in the notes space, it’s pretty easy for these things to call online because these are two things that we’re very blessed that we have.

Whereas in a lot of other real estate niches, other real estate investors are often using a variety of different marketing. They’re always looking for different ways to market for deals. We’re pretty blessed that we’re in the 21st century and you can use LinkedIn. It’s is a great way to get started. You don’t need a website initially. You can start off on LinkedIn and start working on but as you advance, you need a website. The must do is having a complete LinkedIn profile. I’m not going to go through the complete things and walk you through that, but you’ve got to have a complete LinkedIn profile. Look at mine, look at a variety of other people out there, and you’ll see what a complete LinkedIn profile looks like. You’re going to need that. That’s where people spend a lot of time on it.

Those who are successful spend time on LinkedIn, not on Facebook. You want to use this to expand your network on a daily basis. It’s relatively easy to do this at home, at the office while you’re waiting on your spouse, while you’re riding home if you’re commuting and during your job. It’s a great way to connect with banks, note contacts, people that have distressed assets. There are also LinkedIn groups to expand your network of funders. People looking for deals or people that have deals as well too. That’s an important aspect of things. I would like to ask, how many of you have used LinkedIn to post about a deal that you’re looking for?

How many of you have posted something on LinkedIn about your note business? What you’re looking for, if you’re looking for deals or if you’ve got a deal. I find that few people are doing this. Roughly only 10% of people are action-takers taking things. If you’re like, “I haven’t been posting anything, I’ve been too busy,” then you need to go back to the previous thing and see exactly what you have to do. What is your focus? If you haven’t closed on any deals and we’ll get to those questions, later on, it’s okay, but you can always start now. Always be closing. I want you to think about that. Always be marketing because one of the things that you do to help close more deals coming to your way is being active, is being out there in front of people.

Only 5% of people will do anything. It’s not 10%, it’s 5%. Do you fall into that 5% or do you fall in the 95%? You also need to have an email too. You need to communicate with your list. You’re creating contacts but you need to reach out to them on a regular basis with the good old-fashioned email. The best you’ll probably see is around a 20% open rate. That’s the point. Not everybody’s going to read your emails, but it’s still the biggest bang for your buck when it comes to marketing. You can’t trust Facebook, they lie. They’ve said it themselves. The minute they stop filtering through and not letting everybody in your audience see your content, it reduced Facebook’s value. In LinkedIn, if people are scrolling through, they’re going to see your stuff as long as you’re posting.

It’s the same thing with emails. It’s the best way to reach out to somebody and tap somebody. You use this at a minimum, weekly emails are a must to your database. Weekly emails are a minimum once a week, not once a month, not twice a month, once a week to your database. It’s something that’s easy. You can follow the four point-formula that we talk about email content and weekly email. One, talk about the holiday that’s going on that month. Every month has a major holiday. February is Valentine’s day. What were you called up in March? St Patrick’s Day. Two, it could be a meetup group you’re going to or a networking event you’re going to. Share that. That’s two events. I went to the Spark Christian Podcast Conference. Other things are going on. If you’ve got a meetup group you can go to on a regular basis, that could be something that you talk about.

Expanding Your Network

You’ve got holidays and mee up. One thing could be a deal that you’re working on, a deal that you’re offering or a previous deal case study. That could be some information of some sort. That could be something fun that you’re doing that month. It does not have to be work and, “Buy my stuff.” You rarely will see an email come out from me like, “Buy my stuff,” unless we’ve offered up a series of things. We do have offers for training, “We’ve got some training, it’s great.” We still provide, “Here are our latest episodes. Here’s what’s going on. Join us for a webinar Monday night. Talk about your general contacts. Your bank contacts should be twice a month, the first week, the third week. I’ve gone to that once a month. I take that back. With what’s going on in the market these days, you need to increase your marketing to twice a month?

It’s still not difficult to do the first and third weeks. I’ll follow up with an email on Tuesday and then an email Thursday to those that didn’t open the first round and just follow up. 80% of sales come after the fifth contact. If you wait and do it once a month, it’s going to take five months to get everything rock and rolling. You are not going to sit around from January to May waiting for something to happen. I would rather have things happen in March, the end of the first quarter, then marketing deals with your database when you do have something. Marketing deals for sale, marketing deals for funding, the proper way of doing things, sharing your knowledge, growing your database, email, CRM, MailChimp, Infusionsoft, AWeber. There’s a variety of them out there that you can use. You’ve got to be doing this.

Spending time on LinkedIn and then spending time at least in the bare minimum, if you have an hour a week, you can send an email out to your database. These are the two things that no excuse you must be doing. If you want to be like Ted Kaczynski and the Unabomber, there’s a picture of Ted from his house years ago in the woods, and hide away from everybody, you’ll be the Unabomber. You will not have success. You will not live life. There are a lot of people that are out there where their business is like a cabinet hidden in the woods. Nobody knows that you’re there.

If you’re not doing something on a regular basis, people don’t know you’re there. You might as well be a ghost or blowing stuff up, trying to get your revenge on life or the world. You don’t want to be the Unabomber. You want to get the word on what you’re doing. That’s the way you build momentum. Maybe it’s not 100 people, “I want to fund your deal or I want to buy the deal,” but one person is responding and it grows. If you send something out, it may be valuable to one person. One person is greater than none. You always want to try to grow your audience. You’ve got bankers, note buyers, note sellers, and funders.

It can be a lonely world. It can feel alone sometimes when you’re the only person that’s doing what you’re doing. He’s flipped his house and all this stuff. It may be fun to go bowling or go out drinking, but sometimes you’ve got to focus on what you need to get done. How many of us are not focusing on what needs to be done? Even though we don’t like doing stuff. There are things I do on a daily basis that I disliked doing, but it’s got to be done. You must expand your network regularly. You can’t be sitting at home hiding. It’s easy to do between email and stuff like that. It’s easy to be hiding at home and doing stuff. You’ve got to expand your network regularly. This is going out to meetup groups and clubs on a monthly basis.

At least once a month, you should be going out networking, sometimes weekly, depending on where you’re at. If you’re in a big city, there are multiple ways for you to go out and expand your network on a regular basis such as BNI or real estate clubs, meetups, networking event. Sometimes, there’s one every night depending on the biggest city you’re in. Conference and expos, this is something you should pick up probably once a quarter to go to. It could be something similar to what you’re doing. You’re focused on note real estate conference. It can be something that you have an interest in, but the idea is it’s okay to have interests. I went to a podcast convention because that’s a big interest of mine. I had a good time networking and get some tools that are going to help me market my business and what I do.

We’re going to POP Cats Convention here in Houston. Steph is going to that. I’m going with her to support her. She’s big in animals with her Furbabies Podcast. It’s a great way to meet people where they’re interested. The easiest thing you can do is go on a daily basis expand through social media. When expanding through social media, I’m not talking about liking a post or commenting on what type of fruit or vegetable you might be or sharing some silly political comment. What I’m talking about is sharing what you’re doing, “Here’s the deal that we worked on. Here’s a short little video. I’ve got a deal I’m working on.” You have to share this stuff on a daily basis or at least once a week across your social media platforms.

Sharing on LinkedIn on a regular basis is what I would recommend. Sharing through YouTube and social media is something I would recommend. Going through the different real estate groups and sharing something that you’re focused on. There are a lot of things out there, but you can do things daily, weekly, monthly with your time and you have to look back, “I only have ten hours this week. What am I going to do?” I’m going to spend a couple of hours at a conference on Saturday, Sunday. That may be all you get done besides your email out. YouTube videos, don’t have to belong. It could be 5 to 10-minute short videos from your cell phone, your idea or something you read about. Jeff Wolf posted an article about a lady who took $7.8 million in fees from somebody because she was supposedly running a preservation company and she was pocketing the funds.

A big thing that I do is podcast interviews with people. That’s one way I’m explaining. I want to speak at what I’m doing. I’m an expert at what I do. I want to be speaking. I want to be speaking to audiences. That’s what I’m looking for. I look for podcasts that can be interviewed on. There’s not a lot of stuff here in Austin, so that’s how I leverage my time and place to be on other people’s podcasts interviews. There are hundreds and hundreds of business and entrepreneurship and real estate podcasts that you all could be on. If you’re doing something, there are plenty of things to be on.

There’s something you all have enjoyed and that you could all be that you’re all an expert in. There are all podcasts or places to get interviewed on. That’s one of the best ways to grow your audience or draw attraction. If you’re speaking of something and got 1,000 downloads in their podcast episode, you spoke in front of a 1,000-person audience. Webinars, if you’ve got a bigger database, do a quick launch and learn. Break down some assets that you’re looking to move, break down some assets that you’re looking to close on, you’re looking for funding on. It doesn’t have to belong, 30 minutes long about what your focus is, especially if you’re out in different places, that’s a great way to network. One of my most valuable time is Monday nights, connecting with you. We don’t see face-to-face a little bit, but I love taking questions. I love getting feedback from you. This helps recharge my batteries as I go into the week.

One of the biggest things I say about getting out and going to people is it’s one of the most important things you can do like masterminds. My Note Mastermind is one of the most valuable things for me over the last few years. The 21 or 22 times that we’ve done it have been valuable weekends. Every time we’ve done connecting, breaking bread, getting to know other people and other’s interests and what their focus is. Those have been some of my most valuable weekends and my life is that mastermind. You’ve got to get out of the house. I get a little bit secluded. I live near where I work. I’m in my office most of the day. I’ll get out, my trainer comes up, we’ll work out 2, 3 times during the week, sometimes five. I’ll go home to Steph. I got to get out of the house. That’s why I drove to Houston. I want to get out of the house. I had to get out and network. I had to get out and go to BNI groups as I’ve done in the past. You have to get out and grow. You are one person away, one connection away from something major happening in your life, in your business.

NNA 55 | Basics Of Business

Basics Of Business: The more focus you can be, the more successful you’re going to be in the long run.

 

We all go through ups and downs. Have we not? The last few months had been relatively pretty challenging for us for a variety of things and we keep plowing away. One of the most valuable things for me is getting out and communicating with people or even scheduling phone calls with people and spending 30 minutes via Zoom call, “What’s going on in your business?” I encourage all of you, drop me a message. If you want some help with your business, I’d be glad to jump on a call with you to help you with your business. I’m glad to do that. You’ve got to get out of the house. You’ve got to get outside of your comfort zone more than anything else.

Sometimes we get to enjoy where we’re at and where we’re living, “I don’t want to leave the house because then I have to go get dressed or put makeup on. It’s not for me.” Get out of the house and going into networking will help you grow your audience. Some of the big groups that I’ve been a part of is this event in San Diego called New Media Summit that I’ve been to a couple of times. It’s been a great event. I’ve built some great relationships and most people here aren’t in the real estate field. They’re in something else. We share something in common because we’re entrepreneurs or business owners, we’re podcasters. I’ve gotten a lot of great counsel from people there and a lot of these people become good friends and help me grow my real estate business.

I’ve got to go out and network and learn from other people that were outside looking in. I was able to talk with them and share what’s going on and what we’re doing. They’ve been amazing. The same thing goes for a mastermind set of masterminds. A lot of these people are advanced podcasters. All these guys and gals are entrepreneurs that we’ve learned from. We don’t forget the masterminds that we do. I like the fact that most people are good friends. We had a huge positive impact on the people that have come to our masterminds and done some amazing things. I think about what people are doing up there and how we’ve helped them accomplish big things. I’m prideful and proud of that.

People are doing bigger and bigger things each day and we’re happy that we were able to help people along with that. You have to realize too, these things that we talk about, if you’re not having the success that you’re wanting to have, it’s probably because you’re not rolling up your sleeves and going to work. You’ve got to put your plan to work. If you’ve got 10 to 15 hours, you’ve got to work that plan. You’ve got to know your why. You’ve got to know what your focus is. You’ve got to know how much time you have. Some of you have no time. If you have no time, that’s okay. You have to figure out, “Do I want to add time?” Is my job or what I’m doing is where I’m happy with it? Is it getting me to where I want to be? Is what I’m doing now getting me closer to my ‘why,’ my end game, my end goal? If it’s not, then you’ve got to make some changes. You’ve got to put a realistic plan in place.

How Many Offers Have You Made And Events Attended

We’ve all gone through ups and downs, hiccups. It’s going to happen. The market’s got a little bit tougher, but what does that mean more than anything else? It means you’ve got to market more. You’ve got to put a real estate plan in place to help you make things happen. You’ve got to connect with others. You’ve got to roll up your sleeves and go to work. That’s the first and foremost. If you’re not rolling up your sleeves, if you’re showing up and being a ghost ship, that’s okay, be honest about it. I have a question for you. You may want to write this down. You don’t have to answer this. I got this from a friend of mine who does it with his group and I thought, “That was brilliant. I don’t know why I have not been using this more often.” The question comes down to how many offers have you made? By offers, this means a variety of things. How many offers have you made? How many new connections have you made on LinkedIn?

I don’t know what was going on, but for some reason, my LinkedIn blew up. I added over 2,000 new connections. These were people asking to connect with me not asking them. Some I had my thing showed up in 1,500 search searches. It blew up. I went from 16,000 connections to under 20,000. I don’t know what happened. It’s slowed down, but whatever I did, whatever I posted on there, whatever I worked through, it’s paying off. How many emails out to your investor database have you done about deals or what’s going on or your business or just touching base?

Octopus has been working fine for me and I used that tool, but these were invites to me. People are sending me invites. I’ve been adding 100, 200 invites going out on every other day basis. These were invites coming into me, which is a different story. Octopus has been working well for me. Jeff Wolf, I know you love Octopus. A lot of people are loving Octopus. It’s been working well. It’s helped us quite a bit. It’s added quite a bit of stuff for me in the right way that I’m using it. Going back here, this is also how many emails to your investor database. Tell them what’s going on, “Are you still alive? Are you still in business? Have you moved on to something else like you’ve done for the last 6, 7 years?” How many emails to your investor database have you sent out? How many emails to bank and asset managers? I know you are scared about things like that. You haven’t said anything since the last decade.

“2019 was when the last time I sent an email in my database, my asset managers. There are no deals out there.” I laugh. I see that all over the internet. There are no deals. How about, how many posts about your business have you posted? If I were to pull up your social media profiles, how many posts would we see about deals that you’re working on? Probably not many. I would say some articles shared are other people’s articles that you shared that you found good, which is at least something, but do you have a comment in there? Do you have your take on the discussion? The thing I come back to is how many offers have you submitted? How many new deals have you made bids? If your answer is zero, it’s probably because you’re not doing any marketing.

Another thing is how many events have you attended and how many contacts made? I went to an event with 150 people and I walked out with 68 new contacts and more. I’m getting some advice from people I did get business cards from or network with. There are a lot of people that were in Las Vegas for the 10X Con. Hopefully, they were smart enough to collect business cards. How many events have you attended? How many contacts did you make? The question is if you’re collecting business cards, have you put them in your database and have you sent a follow-up email to them? “It was great meeting you.” If you met one acquaintance if you’re up for coffee or networking, are you saying to those people, “Hello? Thank you. It was great meeting you?” Those are the little things that you’ve got to do these days because that’s what is separating yourself from the crowd.

In this crazy world of many things being bombarded and trying to draw our attention, you’ve got to stand out from the crowd and do extra. It is what it is. You’ve got to do extra to separate yourself from the audience. If your answer to these is zero, you’re not taking action or just running in place, you’re losing traction. If you ever send an email out in the last couple of months to your database, I guarantee a portion of those emails has now failed. If you’re not sending an email out to your bankers, I guarantee people that have had deals have sent them on to somebody else.

If you’re out networking and you take business cards, you can connect with people and you have a problem that they can solve, an issue they can put something. I guarantee if you don’t email them, somebody else will. You all are worthy of all sorts of success. Everybody is worthy of success. Everybody has gifts. Everybody out there is looking for somebody to lead them. Those people that are marketing, those that are sharing is what drives success. All of you that are on this are capable of big things. All of you are capable of doing things, taking your business to a whole another level. In this note environment, when you’re looking for deals, it comes down to these things. Fewer deals out there, as everybody complaints about, means it takes more marketing to find deals. Have you increased your marketing or have you faded away on your marketing? More marketing equals sending out more emails, more phone calls, more networking opportunities.

These are simple things that you can do. Getting out and networking, more emails, phone calls, networking. Most people when they’re struggling as a business cut back on the marketing. That’s the wrong thing. You need to increase your marketing. You need to double you’re marketing things. That’s all we say. Taking the asset manager emails from once a month to twice a month at least. It’s going to lead to more opportunities. You can be in front of more people and it’s going to lead to some great stuff. It leads to more relationships, people who recognize you.

NNA 55 | Basics Of Business

Basics Of Business: You are all one person, one connection, away from something major in your life and your business.

 

A funny story here, I was flipping through the rollcall for the next IMN Convention and I recognized three names of the speakers, people that I used to deal with years ago who have moved on to different banks. I dropped them all an email, Carlos was one of the guys. I said, “Carlos, I see that you’ve moved. You do great things since we last talked, awesome stuff and congratulations. If I’m in town, I’d love to take you to dinner or grab a drink at some point.” He reached out, “It’s great to hear from you, Scott. I hope everything’s going well. Are you still buying nonperforming notes? Are you living in Florida now or back in Texas or California?”

It was great. Those are the relationships that we all want. Those relationships come from us doing the day in, day out, week in, week out, month out, month in marketing. I’m not telling you that you have to rocket scientist. All the things that I’m talking about here are things that you all can do. We haven’t advanced any type of marketing or using drip campaigns. We’re sending an email out via MailChimp. If you’re sending emails out once a week to your asset managers or to your database, that’s six emails out of 30 days.

You are all capable of doing that. You’ve got to realize too, markets have changed. Some people have gone from NPNs to CFD. Some of them are diving back into owner finance notes or vice versa. People that were looking for owner finance notes are looking for NPS or now on the CFDs. Those who were in seconds are back into first because they can’t find any seconds these days. People who were looking for residential are now taking the leap to commercial. You’d have to adjust your business plan or model. Some people are up to their Note CAMP commercial-like, “I like the self-storage side. I’m not going to self-storage side but still, I’m looking for some of the notes stuff.” That’s great. You’re going to have to run some audibles. I love what Laura’s doing. She’s like, “I’ve got this big tape in. I’m going to take it down myself.” You all are capable of amazing things by taking action and doing things. We all get bogged down. We all love to drift, but what are the things that we’re doing that’s driving revenue? They’re doing things for the bottom line, for the good of you, your business, you’re ‘why.’

What Is Your Why

What is your ‘why,’ everybody? What’s sad is I asked you to share what your ‘why’ was and nobody did. Your business model is going to change over time as you get successful. As you get more tied into what you’re doing. We all have a ‘why.’ Go back and look at what your ‘why’ is. Building websites is not ‘why.’ What’s that ultimate ‘why?’ Bill gave one here, “Travel retirement.” What does that look like? What does that retirement look like? Where do you want to travel specifically? You don’t have to put this in there, but you all need to be specific in things. If you’re just throwing something up there like spaghetti on the wall, that’s not going to help you. How many times a year? What does that look like? What year are you going to retire? How much would be coming in? Those are the things I’m trying to get at. I don’t need an answer to it.

What I’m trying to get at is looking at what you want to do, looking at your ‘why’ and then looking at your time slot. If you’ve got 10 to 20 hours and you’ve got a flexible schedule, you need to put in ten hours in a time block, “Don’t bother me for two hours, don’t bother me for three hours. I’ve got to knock this stuff out. Son, I’ll play with you in a minute. I’ve got to get this email out. As soon as I get this out, then I can spend the rest of the afternoon with you.” What do we do? “I’ll get to it later. I’ll clean it up later. I’ll send it out later.” You keep pushing off you are why. You have to realize, we’re still very blessed. We still have the ability to do some amazing things. There are still a lot of deals out there. There are still a lot of opportunities available. As long as you show up, you’re consistent and you continue to market.

Take Action

Going back, we need to think about this. How many emails to your investor database? How many new connections? How many emails to asset managers? I’m glad that you love showing up and learning, but I don’t want you to just show up. I want you to do something. I want you to take action. When I moved my office in Austin years ago, I would get excited about watching Gary Vaynerchuk. I would spend an hour as the Ask Gary Vee Show would pop on. I would find it myself and the morning’s all gone. I got to the point where I need to turn off Gary Vee to get focused on what I need to get focused on. I still love Gary Vee. I still think he’s a great motivational speaker. It’s still a great thing. I see he gets frustrated by saying the same things over and over and people looking for a different answer. It doesn’t come down that the answer is work.

Work is a four-letter word that you’ve got to do to get where you want to be. Live is a four-letter word. You have to work to live and for those of you that are willing to do more, that extra bit, you will live that much bigger. You will live exponentially greater than those that don’t do. A thing you want to keep in mind is you have to take action every day. There are days that suck. I get that. I have an episode that came out, Overcoming a Case of the Mondays. Who does not get a case of the Mondays? You could get a case of the Mondays on Friday. You still have to do things. You still have to show up. There are days I don’t feel like doing anything and I’m honest with you guys, but I still show up. I still get out of bed, I get dressed, I come to the office and I’d go to work.

Some days are more productive than others. Other days put out fires. That’s normal. The thing is I walk out of my office and be like, “I did everything that I need to get done. I did everything that I could and to the best of my ability.” Did I do everything that needs to get done? Not always, but I know I’m putting one foot in front of the other and I’m one day closer to my why than I was before. Here’s the thing, we all have a journey and there are many steps to each person’s journey. If you don’t take a step now, you delayed your success by a day. If you don’t take a step in the right direction for a week, you’ve delayed success by a week.

If you put in something each day, you’re one step closer to doing what you want to get accomplished. The devil is out there. The devil is rampant, the shiny objects, squirrel syndrome, they’re distracting us and giving us a bunch of bullshit, putting things out there that take away from what we want and what we love. Are our families and our loved ones deserving of what we want to accomplish? Often, we’re the ones that need to be the breadwinners. You’re the person who’s bringing home that bacon. For some of us, it’s us.

How many days this month have you put off success in the future because you didn’t do anything? You have quoted me before. The only thing you guarantee by not taking action is a failure. The only way I’ve gotten good at is sending emails out, the one way I’ve gotten good at is a podcast, the only way I’ve gotten good at is raising capital because I failed over and over again or I goofed up. I learned from my mistakes. I learned from goofing up. I’m sending an email and I’m like, “I didn’t change the title. All the link was broken.” I still screw up on there and that’s okay. The idea is I know I’m getting better and I know each day I’m good at what I do because I’ve got thousands and thousands of hours behind me. I’ve made many offers and I’ll continue to make more offers. I continue to get the emails out to my database. I continue to send an email out to you guys. I’ll continue to do Note Night in America because I believe in each and everybody out there, that everybody’s capable of doing amazing things now and into the future.

NNA 55 | Basics Of Business

Basics Of Business: Work is a four-letter word that you’ve got to do to get where you want to be.

 

That is about all that I’ve got for you. We do have an event taking place. We’re pretty excited about it. It’s a one-day and we call it Note Weekend thing. One day online note training basics to have a mini-workshop from 9:00 AM to 6:00 PM. We’ll be live streaming and restreaming the video replays on Sunday for those that missed. That is $99. That does include access to replays. It’s 9:00 to 6:00 at Central Standard Time, Austin time. We’ll take a 30-minute lunch break but otherwise, you’ve got me for roughly eight and a half hours. You can go to NoteWeekend.com and get signed up there. If you are part of the WCN monthly crew membership and you’re paying $97 a month, you do get access to this.

You’ve got to go onto the BaseCamp group, the link is posted there or drop me an email and we’ll send you the link to that. We do it via Zoom. We’ve got a couple of dates like March 28th, April 25th, May 30th. I’m going to have to bump up a week to the 23rd. I probably will skip May because that’s more than we can do about it. August 29th, September 26, October 31st. We’re doing these one-day. If you’ve got somebody that might be interested, let me know. We love to have them come and be a part of it. It’s helping them dip their toes. It’s no pitch fast. It’s not designed to be a three-day virtual workshop in one day. It’s, “Let’s get some nuts and bolts. Let’s talk about what note investing is. Let’s talk about what you need to focus on. Let’s talk about this, this and this.”

We’ve got a full schedule. If you go to NoteWeekend.com, you can see on that website the rundown of the schedule throughout the day. It will be recorded. Saturday will be live-streamed. If you can’t make it all day, don’t worry about it. Sign up for it and get Sunday. If you’re a part of WCN Crew, go into the BaseCamp group for the membership and there’s a link in there for you to use. If not, drop me a message and we’ll get you over to it. I want you there to attend. I don’t want you to show up just to show up and not be a part of it. If you’re going to be there, be there for the day, that’s what we want. That’s all I want you to do is be there. I’d love to have you. It’s something we’re doing quite a bit here over the next few months. I’m getting that out and sharing that out there. I hope you enjoy it.

Go out and make some offers. Go out and take some action. Please take some action. Please do something with the 5, 10, 15, 20 hours that you’ve got. Do something with it, you’ll feel so much better. Build that momentum a little bit of time. Momentum will build upon itself and you’ll find more assets, more connections, and it will lead to something good. Remember, we’re all one connection away from something major happening in our lives and our business. We’ll see you all at the top.

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