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8 Steps To Operating A Real Estate Side Hustle Or Syndication Business That Will Lead You To Financial Security, Not Job Security
Education
Learn as much as you can before starting your real estate side hustle. This will limit your mistake’s when you get started.
Read books and Google any information that you may have questions about within the real estate niche that you are interested in pursuing.
Great questions to pursue answers for that relate to your side hustle are:
1. How to start a business in the field that you want to pursue?
2. What is the cost for the business?
3. Will I need insurance to operate a real estate business like the one that you are pursuing?
4. How to find customers for the real estate side hustle business that you are pursuing?
Pursue Mentorship Or Help From An Experienced Person In The Field You Are Interested In
When you find a person that is experienced doing the same thing that you want to do, watch what they do and copy it.
If you can afford it, investing in a coaching program will help you achieve your goals faster. Please be certain that the individual teaching you is actively involved in the field in which you want to establish a side hustle. You should also check to see if your mentor is successful at what they’re teaching you. If you can’t afford mentorship or coaching, volunteer to work for someone for free to learn the industry from the ground up. Start slowly and take your time if you’re going to start without coaching or working for free. Don’t put your entire life savings on the line to start a business. Only risk 25% of Personal Savings at the most, but please keep in mind this is my personal opinion. Take a look at this article for more guidance. (https://www.entrepreneur.com/article/355222)
Set Goals
Create a plan and give your plans timelines to be executed. This will assist you with avoiding analysis paralysis. You don’t want to study forever. I would say study for 30–60 days if you have the time before launching your real estate side hustle or side hustle business.
Implement/Work Hard
Learn as much as you can before starting your real estate side hustle. This will limit your mistake’s when you get started.
Put as much time as possible into your real estate side hustle or business side hustle without neglecting to spend time with your family.
Be Consistent
Don’t quit because things aren’t moving fast enough. Most companies take months and years to get off the ground.
If you aren’t making money in the beginning, consider another real estate side hustle, business side hustle, that will produce income faster. There are some great companies that were not profitable within the first 5 years of their inception. (https://www.inc.com/drew-hendricks/5-successful-companies-that-didn-8217-t-make-a-dollar-for-5-years.html). If you need to make money quickly. Search for how to make money quickly with side hustles, real estate side hustles on Google, or YouTube.
Another recommendation is to study different businesses. This will allow you to know which one you would enjoy doing before starting your Side Hustle.
Register the Side Hustle Business or Real Estate Side Hustle
You must ensure that the company is legitimate and properly registered. You should also check to determine whether your real estate side hustle or business requires insurance.
Save for Taxes
You need to make sure that you save for taxes at about the. A good rule of thumb for taxes is 30-40% for taxes. Example: For every $10 you make, you will need to save $4 in a savings account for taxes you will owe at the end of the year. Many entrepreneurs make the fatal mistake of not saving for taxes and file for bankruptcy because of doing so.
Keep Educating Yourself
As you operate your business, side hustle, or real estate side hustle, keep studying and learning how to improve your business. This will allow you to stay up to date with what the people you are serving desire and need.
