When is the last time you stunned yourself? My latest venture into business has caught me by surprise. Previously, I have churned out loads of ideas into business, but this time I have to admit that I have literally dazed myself! Continue reading “Ideas without focus and energy are DEAD!”
Embracing outsourcing ,instead of hiring more people in order to grow your business, can accelerate the success of your dream business, especially for those entrepreneurs who are not working with huge budgets to begin with.
Much like any other business strategy, if you do not implement outsourcing in your business carefully and properly, it will not work.
The trick is to treat your outsourced providers much like you would treat staff that you hire yourself. In this way they become as much a part of your team as your hired staff are, working off the same systems, receiving your company training and even becoming a part of your culture to a large extent. The only difference is that these are human resources that are not on your payroll.
Here is how and why outsourcing can enable your own dream business and your truth:-
Outsourcing enables you to build freedom
Working less and having more freedom while still generating really good income is something that you build into your business over time. Working hard in the early stages to get strong outsourced providers in place who deal with key aspects of your operation can mean you doing less in future while still earning good money. Having other people and companies run your operation for you can also enable you to travel while you instruct them from anywhere in the world.
Outsourcing enables you to build more infrastructure, more quickly , at lower costs
The cost of an outsourced provider often includes them using their own infrastructure to offer you their service. This means that by outsourcing, you could automatically be accessing far more operational resources than what you would be able to build into your own business with your existing budget.
Outsourcing enables access to higher skills sets at reduced costs
Putting a highly skilled person on retainer and having them invoice their services to you every month as required is often a lot cheaper than hiring highly skilled individuals on a permanent basis. There are many highly skilled individuals who prefer to offer their services as entrepreneurs than to have to work for a boss. This also enables the flow of money across fellow entrepreneurs and mutual support of entrepreneurial services.
Outsourcing enables you to grow your support functions with less hassle
Support functions like administration and other repetitive tasks can be outsourced and managed by an outsourced staffing company on your behalf. Once you get the systems and processes right with one outsourced staff member from an outsourced staffing company, they simply have to keep hiring and managing more staff for you who can do the same tasks as your business grows.
Outsourcing gives your business and your dream greater flexibility
As your business and dream shifts, changes and grows, you have a more flexibility with outsourced staff companies who can supply you with different staff and staff functions as and when you need it. You can also add or eliminate other outsourced providers who are invoicing you for their specialized skills sets on retainer.
Big dreams and inspired visions often get diluted and distorted by the daily grind of business. In order to be more true to yourself through your business, you need to learn how to be true to yourself through more than just your product or service.
You need to learn how to reflect your truth in the many other components of your business model.
In this way, you will create a more rewarding business that keeps your dream on track, reflects you as a person and reflects your changing life journey, while still being strategically sound from a business point of view.
In order to achieve this, you should create what I call “synchronised life/ business strategies” for the many different components of your business model. Each strategy should explore both sides of the equation: will this give me personal reward? / will this make me money? These form the foundation of theTrutrepreneur®methodologies I have created.
- How can you be more true to yourself through your product or service offering?
- How can you be more true to yourself through your customers?
- How can you be more true to yourself through your marketing and sales strategies?
- How can you be more true to yourself through your staff?
- How can you be more true to yourself through your suppliers?
- How can you be more true to yourself through your work environment?
- How can you align your truth to business strategies that still make good profit?
Strategies imply that it takes time and effort to make them a reality.
It thus makes even more sense to synchronise your life and business strategies, as they are then able to play out together, instead of time and energy being wasted on one-dimensional strategies that makes you money but do not make you happy, or that make you happy but that do not make you money.
If you take the time to do this properly, your entire business journey can become a reflection of the life journey you wanted to create for yourself, instead of just a partial reflection.
How do we express ourselves fully , how do we truly connect with the people we LOVE , the charities we want to SUPPORT and be impactful and change the world to be a better place.
I believe we need to really be AUTHENTIC and in our journey of AUTHENTICITY we must create WEALTH and not for our own selfish “WANTS “but we should remember that GOD owns everything and all we are are STEWARDS … we are given things to look over and to use effectively not only for our own benefits but also for the benefits of others.
If you cannot be trusted with $5000.00 what makes you so delusional in THINKING that you can be trusted with $1 million … it is never going to happen , so we need to re-examine our MOTIVES for wanting to create WEALTH , if it is for our selfish WANTS … then we do not deserve to have it.
The Bible says that GOD will touch men to bring unto our bosoms enough for our needs and the needs of others … this is the MYSTERY of MYSTERIES … men will bring , you will engage in trade using your GIFTS and TALENTS and men will honor you by giving you MONEY which is for our NEEDS and the NEEDS of OTHERS … so when you see people GIVING not from GUILT but from a space of STEWARDSHIP … you must know that they have DECODED the MYSTERY of MYSTERIES and therefore they have and are giving a FULLER EXPRESSION OF LIFE … you can become a BILLIONAIRE , it is within your reach …
HOWEVER the QUESTIONS is WHY do you want to be a BILLIONAIRE … examine your MOTIVES and once you get to the space of TRUTH and AUTHENTICITY … then things will happen for you … only when we move from a place of TRUTH and HUMILITY and not DECEPTION and PRIDE then … we will be TRUE STEWARDS … and experience a FULLER EXPRESSION OF LIFE … join us on the 26th July 2014 to UNLOCK YOUR MILLIONAIRE CODE …and learn the POWER OF STEWARDSHIP …go to www.billyselekane.com to buy your ticket .
Many people, my self included in the past, believe that life is unfair … I would have a plan about something I wanted to work on or achieve and sometimes when my first attempt was not successful, I would just give up.
My giving up often had to do with what people around me had said, or hearing about how so and so have failed in their attempt to start a business or to follow a certain path either I sports or show business.
When I realized how limiting it was to hang around negative people, I had to choose who I associate with; however, though the change in people around me was moving toward the right direction but somehow I was still ruled by this amazing fear or negative thoughts spiral. With those stories of failure at the back of my mind, understanding and embracing this principle was a matter in which I had very little choice on. It was either I held-on to those limiting beliefs and always spoke about how I nearly achieved something for the rest of my life or apply this principle to cement my process of unleashing the giant inside me.
A simple definition of this principle is: Creating an inability to give up no matter how heavily the “odds” are stacked against you.
I created a simple process of how to build this inability to give up, by using the most common tools to do this … OPE (other-people’s-experience). OPE is simply stories of other people who had in their lives experienced amazing adversity and yet went on to achieve their goals. They thus manifested their purpose, attained their vision though goals they set and just made it happen against all odds.
The reason I used this simple methodology is that, the stories told of those who had failed are the ones which paralyzed me: so then what else could uplift me rather than the stories of those who had made it. I simply replaced the belief “I can’t” with the one “if they can, so can I”. I carefully chose the stories about these people, read them, memorized them and used them as an anchor each time I was confronted with challenges in the journey of life.
“Henry Ford forgot to put a reverse gear in his first car”
Building Resilience Through A Success Source
- Change your spending habits: instead of buying CD’s buy autobiographies of people you can relate to and who inspire you
- Search for powerful stories, which illustrate the great human spirit of defying adversity, embrace them as if they were yours
- Attend seminars and workshops, which deals with issues of success in all formats, be it financial or spiritual
- Be a student of life
- Use visualisation techniques to build consciousness, which is always positive and directed
- Do not be afraid to confront people and ask questions
This article is an extract from Billy’s book “From Barefoot to Snake Skin Shoes“
For those investors who have been buying cash flow–positive properties – well done. For those who are facing challenging times and need advice, I am going to share some of my experiences, which I am sure will help.
Becoming a good investor is like learning to sail a boat. Anyone can seem the expert sailor when conditions are ideal, the water is smooth and the wind light. But what happens when the wind picks up, the sea gets rough, and your boat is pummelled by rain and lightening? Without sufficient preparation, training and experience, you will suddenly find yourself in difficulty!
A bank manager I met with recently in Umhlanga Rocks, Durban, mentioned how he’s noticed that people who have never experienced financial difficulty before are starting to take strain. I remember being in this position in 1990. Financial difficulty was completely new to me, and I had no idea where to turn. I felt I had let the banks down. On two occasions I even contemplated suicide as the only way out of the embarrassment and stress.
So what did I do? Sometime in April of that year, I made a decision that I was going to get out of the mess I found myself in, no matter what. I thought of other people who had been in worse positions and had survived. The most important factor here is that I had the right frame of mind. The first thing I did was accept the worst: I was going to lose everything. Next, I started thinking of how I was going to start up again and, without a doubt, become a millionaire once more. I kept my thinking positive. Excited by the challenge of seeing how quickly I could regain my wealth, I even imagined myself trading at a flea market and moving on from there.What I learnt from the experience is that you can successfully handle a financial crisis and become wealthy at the same time. Here are some steps to follow:
Get your mind in gear
1. Decide that you are going to handle the situation with great success.
2. Believe in your decision.
3. Start taking action.
Cut out negativity
1. Stop reading the newspapers and watching the news.
2. Stay away from negative people.
3. Read books that uplift and inspire you.
4. Listen to motivational CDs.
Look after your health
1. Take a good multivitamin supplement – it will help your body cope when you are under stress.
2. Go for a walk, a run or go to the gym, first thing every morning. It will raise your energy levels and you will feel good.
3. Stay away from alcohol – it is a depressant.
4. Include omega-3 fatty acids in your diet – they boost brain functioning.
Confront your situation
1. Make a list of all your problems.
2. Divide the list into two: first, the problems you can do something about, and second, the problems over which you do not have control.
You may find writing out these lists an unpleasant task. However, once you have completed the exercise, you will probably experience a sense of relief: you have confronted your situation and taken back control.
1. If you have a cash flow problem, contact the people or institutions this will affect, and explain your situation.
2. Keep everyone you owe money updated – in writing – as to what your plans are to repay your debts.
3. If you need more help, contact the National Credit Regulator.
The good news
Experiencing a financial crisis can be challenging. But challenges are what make life interesting. More impor-tantly, when you look back one day, you will see the unique opportunities that arose from your difficult situation. The good news is that once you have weathered this storm, you will be happier, healthier, wealthier and wiser for it.
In the face of disaster, business models stand! What is your business model? Do you need one to build a Property Portfolio in Real Estate Investing?
This is a question I get asked more often than not, but it is alarming to note that loads of the so called “Property Investors” don’t have any business model. To keep it simple I’ll interchangeably use Business Model and Strategy here although in the real sense, the two can have different meanings.
If you don’t know where you want to be, it is very difficult to know how to get there. That defines the importance of laying out your goals and the objectives of your investment (s). Once you have set the goal, then it becomes a matter of strategy to work out how you will get there in the simplest, shortest and least strenuous way possible.
There is almost no need to re-invent the wheel in real estate. However, it is best to pick the right wheel that will get you there and one that suits your needs best.
Let me layout a simple Property Investment Business Model that I have used consistently with stunning results:
- Define the Amount of Passive Revenue you want by end of year (or within a specific period)
- Layout your strategy to getting this Revenue (Business Model)
- 3.Get down to executing it.
- Mandatory Question – How does my property make me passive Income? – Under this:
- What is my cost structure – Income (Rental) vs. Expenses (Bond/Levies/Rate & Taxes etc)
- What is my net profit – Both realized (Rental) and unrealized (Capital Gains)
- When will I break even / live off the property / How do I intend to do this?
- What is my target audience for the Property I’m investing in?
- How well do I understand this market and is that one of my strengths?
- Can I reproduce this model, over and over through the years?
- Complement each other
- Need to understand a wide market of clients
- Too diverse and therefore cannot draw on the major strength of understanding your market
So what is this Business Model, we keep talking about? It is the consistent plan on how to Create, Build and Manage your property portfolio. The key word here is ‘CONSISTENT’. Most people think that they have a business model, but keep changing the plan to suite the circumstance; rather than focus on the circumstance to suite the plan.
A true Property Investment business model needs to meet a simple criteria:
If these questions are not affirmative, then there is need to re-check what you consider as Property Investment.
There is always a risk of having a wide portfolio of properties that don’t:
For more information visit our website www.mumbiproperties.com
I visited Mumbi Properties (Pty) Ltd 3 years ago when my bond was rejected by the banks numerous times. In the current economic circumstances this is not uncommon and with the NCA (National Credit Act) in full swing, it is becoming more and more difficult to get mortgage bonds for home purchase.
My situation was a bit different though. I had purchased a number of other properties before and still had one of the properties under my name and my wife’s name. Having invested in two other properties before, I was confident that the rental income from the other two properties was going to convince the funders to fund the purchase of a new property.
I found the perfect property! The seller was what is popularly known as a distressed seller.
The property was on a 1000sqm stand with 3 bed, 2 ½ bath property with TV Room, 2 lounge areas, new kitchen, expansive servant quarter and garage that could be converted into an extra storage area. My instant idea was to make it an office and this fitted my requirements perfectly. This is when I put an offer and a deposit of R100,000 from a purchase price of R750,000. Additionally, I had left some money for renovation and completion of the property from the previous seller which added up to R220,000.
To my surprise, the banks had other ideas. Probably due to my folly, probably due to my ignorance. First, I had too many mortgage bonds under my personal name – bad idea! Secondly, I was a business owner / self-employed – this is a high risk category for any mortgage application.
I therefore got declined by all the banks and could not secure what I thought was going to be a good property investment. Above all, my business was going to pay rental on this property that would go towards repaying the bond from the bank.
After much agonizing, Mumbi Properties came to the rescue. They informed me of this form of transfer known as ISA (Installment of Sale Agreement) where the seller finances the property over a certain duration. To my surprise, the seller unduly agreed and we proceeded to get the Conveyancing Attorney to structure the agreement. The agreement was structured to have an Occupational Rental, with NO monthly capital payments. The outstanding rates, taxes and utilities were factored into the purchase price. Any additional payments done during the period, went towards payment of the initial capital.
After 18 months of monthly payments, I had sorted out my ‘NCA’ profile and had more than 40% of equity in under the bank’s valuation. On applying for a bond, Standard Bank came to the party and offered the full bond on the remaining amount of the purchase price.
Were it not for Mumbi Properties perseverance, I would have lost the property. Now I have turned it into an office and would use them and the ISA process again anytime!
*Trustee of Ibmum Investment Trust
*True identity not Revealed.
JT Foxx has hit the South African business scene with a bang! He has transformed the entrepreneurship spirit, the real estate investment scene and ultimately the deal maker table!
So, who’s this man, how do you tell the hype and distill the bare truth? I have attended a few of his seminars, looked at his business models and worked out a formula that I’d like to share with you.
What’s the bang?
Like him or hate him, JT Foxx has transformed the way many entrepreneur speakers look at events/seminars, lead generation and business deals in the South African landscape.
After coming to South Africa less than 10 months ago (as at March 2014), he has built businesses, brands, a following and most importantly developed model entrepreneurs.
When an entrepreneur has come to a country, started a business and driven it to over R100m turnover in less than 10months, it’s a no brainer that any aspirational business person stands up to listen! Now, that’s a bang!
While 95% of start-ups are busy folding up in 5 years, JT (as he’s popularly known) has beaten the odds and made business start-up look like a walk in the park. That goes without saying that he has generated interest, not only from the SMME directors, but from Medium and Blue Chip companies’ directors that have started to attend his events.
My great interest as a business owner, however, is to distill the truth from the hype!
What is the hype?
JT, has a lot of hype! Loads of Hype! That said, what are the basics of marketing?
Let’s go back to the days of Ralph Waldo Emerson, in the late 19th Century. He’s known to have said “Build a better mousetrap, and the world will beat a path to your door”. This was probably true in the 19th century or earlier, however, there is a great realization in the 21st Century that THE WORLD NEEDS TO KNOW ABOUT YOUR MOUSETRAP!
You cannot get your product out there without HYPE! In marketing, they call it PR, in the digital age it is defined as direct marketing and in 21st century, we call it Social Media! JT has taken all the basics of marketing, loaded them into a turbo-charged publicity engine and made an efficient, effective and brilliant business model that has bank-rolled his multiple businesses to success.
Distilled truth! What’s the Formula?
That said, there are take home messages that entrepreneurs & business leaders need to distill from this melee!
- JT is a brilliant marketer – worth modelling. His popularised pharase of “CEO marketing” is nothing short of what should be emulated by small and large companies alike. It is a model used by Richard Branson, Donald Trump and other business leaders effectively!
- Business Model – his business model seminars are nothing short of transformational. If you have not attended these FREE seminar, make a point of doing so soon!
- Branding – If you are not branded, you are a commodity! I need not say more about this!
Dinner and a long chat with Mr. SK Macharia was a monumental eye opener, inspiration and business stimulation like no other. SK, as he’s popularly known, currently owns the largest TV station in Kenya and over 14 radio channels in East Africa. With interests in Agriculture, Transport, Insurance, Real Estate and other industries, this billionaire is humble, approachable and welcoming.
Likening him to Rupert Murdoch is no coincidence; his insights are simple, yet powerful and motivating. He is truly encouraging, fascinating and remarkable human being who has achieved more than most people would ever dream of.
Determination, resilience, tenacity and to a larger extent his spirit makes him the Billionaire he is today. Those who don’t know him might learn from the lessons I took away after a lengthy discussion.
Fear of Failure
He reckons that most people don’t achieve their success because of the perceived fear of failure. As a matter of fact, he encourages that you fail MANY times. That is the only way to learn, endure and achieve your goals.
The setting of goals and determination to achieve them is one way of mitigating failure. Mr. Macharia reckons that with goals in place, “there is nothing that you cannot achieve in life”.
On the lighter side, he recommends laughing at one self and laughing at failure. As a highly successful businessman, he has failed numerous times and at every instance, he looks back and laughs at what would ordinarily be devastating failure to most people.
He is soon to release an autobiography of his life which he will recount his childhood, trip to America, business ventures, politics and other areas of interest in his life.
A point of note is how he took a trip to Seattle, United States on road, rail and ship with only Kshs 1,800 (Approx. $20) – Which is probably ($250) factoring inflation; how he crossed the Sahara desert and stood the sandstorms in Beghazi, Libya.
In the US, he struggled from school to school, working long hours to fund his education, sleeping in the streets and determined to complete his Accounting degree; which he did and returned back to Kenya.
Back home, he was determined to apply his learnings and carve out a business empire in a country that was emerging from colonialism. He would then come face to face with the brutal reality of a single party democracy that threatened and re-possessed his multi-billion shilling businesses that had taken a life-time to build. That said, he was not bitter, laughed it off and soldiered on!
This is a book not to be missed and would bury myself into the determination and excellence of such an incredible being.
Parenting and Success
Mr. Macharia is very critical of how the youth have become obsessed with easy money; instant gratification. His take on easy money is as old as hills and retaliates that Easy money becomes Easy Spend!
The success of the youth will be carried by the youth, and highlights that parents should assist children to discover their talents while still young. This will help them discover what the right careers are for them and even more important is that they will play their strengths, not their weaknesses.
All said, SK is a role model, mentor, and a great Kenyan who has contributed immensely to Kenya and its people!