 President's
Corner
This year in the seller financed
note business I am looking
forward to an increase in both
volume and above all closed
transactions. Will you be
getting your share?
Every January there is
usually a surge of would be
entrepreneurs seeking advice on
how to start a business; I am
referring to any business not
just the note business. By
March though the surge dies down
as the New Year’s resolutions
loose their shine. One by one,
millions of start-up dreams give
way to life as usual.
With the right
tactics and tenacity, though,
you can go beyond life as usual
and enjoy the passionate,
creative and fulfilling life of
an entrepreneur. To make sure
you succeed in starting up in
the year ahead, follow these
recommendations.
Know what you’re
after. For a dream to be
realized, it has to be built on
reality – your reality. Define
what you love doing, what you
are good at doing and where you
have experience. Also, get clear
on what resources are available,
what you’re willing to risk and
what you ultimately want to
gain. Put your answers in
writing to use as a compass for
all decision making. This
should help you avoid a
situation where you end up
working for your business
instead of your business working
for you.
Research
extensively but quickly.
Search the internet, conduct a
brief survey, read industry
studies, attend trade shows – do
everything you can to be smart
about your business niche.
Apply that learning to your
specific concept to make sure
all of your operational,
financial and customer
assumptions are on target.
Test-drive your
assumptions. As quickly as
possible, test your ideas on
customers. Your first handful
of customers will teach you more
about your business opportunity
than anything else will. Just
be prepared to go back to the
drawing board – initial feedback
may require you to change key
assumptions.
Monitor progress
with milestones. Create a
chart that shows dates by which
you plan to achieve major
milestones. Include things like
“launch website,” “Close 1st
transaction,” “break even,”
“Close 10th
transaction,” etc. Hitting the
milestones is important, but
even more critical is adjusting
your course when you don’t.
Use the buddy
system. I’ve always been
more focused and effective when
I’ve had someone to talk to
about my business. For some
people this can be a mentor; for
others a paid coach. For me,
simply having a buddy who is
smart and supportive and who
holds me accountable for my
wide-eyed entrepreneurial
ambitions has done the trick.
Knowing that you have to report
adds a level of discipline to
your work and may be just what
you need to help you realize
your start-up dreams.
OK, so with all of
that said, now re-read though
this newsletter having in mind
that you want to start or
continue your recently started
seller financed note business.
Is the note business for you?
Do you have the qualities and
background that would be
beneficial in the note business?
Remember, Success Demands Action!
Keep
on marketing, it’s going to work! TWITA!
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