This Skill is What Determines the Success of Your Business

Just recently, there was an article written by Matt Fore who talked about an important skill that would subsequently determine the success of your business. In his article, he provided an example from his experience about one of his business friends and talked about this important skill that he was lacking, and how it failed to bring him to the path of financial success.

The story unfolds to talk about a man named Earl who was a business man and a magician who performed amazingly for audiences such as adults and families. In fact, his talent was so good, that he was comparable to Houdin Thurstonfield, however, given his talents, he could not generate enough viewers to come to his magic show. Although his talents were astonishing and jaw-dropping, he lacked this important skill needed to get a business of his magic show going.

Do you know what skill he is lacking?

If you guessed Communications, you are certainly correct!

The most important skill that determines the life of a business is communication. Many Orange County CPA Firms and Entrepreneurs including Matt Fore will tell you that “An effective marketing campaign should stir a response; it should stir a conversation. It should give a compelling reason for the client to reach out and receive a benefit.” (Fore)  

Communication is very important in business because it plays a fundamental role in all the factors of business. The internal part of your business, which is yourself and the partner/employees are crucial because communicating effectively within your business organization will efficiently complete short term goals and possibly long term goals. Additionally, you want to make sure that your external communication is also well trained, for example your consumers. How are they receiving the messages that you send out to them? Compare what you see and what they see in your advertisements, are you both in the same page?

Another thing to note too is that communication builds and maintains relationships, communication is very important because you want all your business partners to understand your situation, your goals, and any other factor that your partners may want to know. A CPA firm typically asks for effective communication. In fact, it is practically required that you have effective communication skills, otherwise, your CPA will not be able to get the job done correctly if you don’t!

So there you have it, communication. Remember to always have a good mindset and make sure to always answer any questions if needed from your fellow business partners or consumers.

***ARTICLE BASED OFF OF MATT FORE OF ENTREPRENEUR.COM***

How Hard is it to Invest in Real Estate?

There was an interesting article written by Scott Trench who recently wrote an article about how easy it is to invest in Real Estate. In the beginning he talks about how some of the most successful entrepreneurs started off with nothing. That’s a very typical story of how entrepreneur’s become millionaires. Many of us has read many stories about these successful people, but what about working class or middle class people?

In this article, he personally talks about how he was able to achieve his financial freedom through gradual investment of real estate while working his full time job that he personally loves, while making medium to medium high income. It is true that most people would love to live that kind of lifestyle of being able to make additional money on the side while making money from their jobs that they love. That is the dream! However, later in the article he talks in detail about how every single investment always has a risk, which is true! Any investment always comes with risk, no matter how big or small. Additionally, there is some commitment involved, which is one of the reasons most people could not leave their jobs to pursue an investment journey to reach financial freedom.

At the end of the article, Trench states that real estate investing does not have to be so hard. Although there are some instances where it is easy if you make it to be. There are a few considerations to think about before you get into investing property.

The Good, Bad, and Ugly of Real Estate Investments states that knowing your market well would be beneficial. Looking for deals that are underpriced for one reason or another would be a good idea, because you won’t know which deals are underpriced unless you have a good sense of how properties are priced.

And another problem that you may have to consider is who the tenants are. There are some stories where tenants would bring in stolen merchandise into the property and store them in there. Another instance would be, party goers, they may wreck your property which will incur many costs and repairs, which will cost more than what you are earning from them for rental payment. And another is when tenants treat your property like its theirs, painting the homes, adding unnecessary items to the home that stays in the home etc. Lesson here is to make sure to check your tenants on a frequent basis.

Overall, investing can be easy, but always remember to consider some of these facts as they can be very helpful in your future obstacles that you may face when you invest in real estate. 

**Article Based on Biggerpockets.com**