The Forever Cash Life Real Estate Investing Podcast: Create Cash Flow and Build Wealth like Robert Kiyosaki and Donald Trump
How To Scale Your Land Flipping Business
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On today’s episode of the Forever Cash Life Real Estate Podcast, my wife, Michelle Bosch, shares some valuable principles that will help you scale your business quickly and bring the right people on board.
Whether you’re running a land flipping business, or something else entirely, you’ll find these principles to be timeless and important. Michelle and I have followed them the past 18 years with great success.
You’ll Never Know Freedom Without Hiring a Team
Building a team that’s bigger than you will give you the opportunity to enjoy the four freedoms of money, time, relationships, and purpose. When you’re just starting out, all these things depend on YOU:
- Bringing in leads
- Getting offers
- Sales happening
- Moving deals through the pipeline
- Checks coming into the bank
But this is unsustainable, and you can’t scale your business If everything depends on you alone. These freedoms will never be yours.
Your Employees Need to Share Your Core Values
In the beginning, when you’re first hiring, you might start small with a VA or independent contractor, someone who can start taking non-critical activities off your hands. Eventually, you want to pivot into thinking about a team where you are all in on them and they are all in on you. Your ROI (return on involvement) is way superior with an employee than with someone who is doing 5-10 hours for you here and there and not fully committed to you and your business.
You’ll want to bring people on board who embody your core values, who become like family, who see opportunities for personal and career development, and who are truly excited about the dynamic growth of the company. You need to be clear on your core values so you can magnetize the right people.
Collapse Time with This Hiring Practice
One thing Michelle and I have found over the years is that we can collapse time by hiring two or three people at a time for one position. When it comes to our sales team, we’ll onboard these people at the same time, train them at the same time, and then let them fight for a spot on our rocketship. When you give two or three people the same resources, one of them is going to rise to the top.
When we do it this way, our new hires have extra motivation to succeed, and we aren’t wasting time training someone who turns out not to be a great fit for our team.
Train Your Employees With a Purpose
You will be tempted to dump all your unwanted tasks onto your new hire and let them figure it out, but you need to think long-term. You need to train them, explain the purpose of each task, show them how each task fits into the context of the business, and the impact it has on the company as a whole.
- Give them a list of criteria.
- Break down the steps/chunks/milestones.
- Have a rhythm for supervising and checking in.
- Offer regular feedback and constructive criticism.
- Catch mistakes immediately to save time and effort.
Don’t just teach them steps and methodology. Give them a sense of purpose. Put in the time and energy at the beginning, and your return on involvement will be exponential.
Utilize Technology to Simplify the Onboarding Process
We have so much access to technology these days. Make the most of it. Record what you do with new employees, so you can use it again in the future with your next hire. You’re not abdicating the whole onboarding process to videos, but they’ll be there for your team to watch, listen to, and reference again and again.
You can actually provide your entire team with a valuable library of resources that will save you so much time and money over the long haul.
Recognize Your Value as CEO
When you start out as a business owner, you can get hit by impostor syndrome and think, “Oh my god, who am I to be demanding an all-in mindset from my employees?” We don’t automatically have that assertiveness and confidence to recognize the incredible value we bring to the marketplace. You need to step into this power and attract the right people who recognize it as well.
You need to understand that you are offering an amazing opportunity to someone. It’s a privilege and an honor to align themselves with a CEO like you, someone with integrity and excellence, who is making people’s dreams come true. There are very few people out there operating at this level, in a way that’s not transactional, but transformational. You are a freaking big deal.
Don’t bring just anybody on board with you. Make sure they embody your core values, and that they’re excited to use the velocity of the growth of your business to meet their personal growth goals as well. Your business, with their help, will spit out the cash flow. And you, as CEO, will be flowing in the freedoms of money, time, relationships, and purpose.
- The key characteristics to look for in a new employee
- How hiring 2-3 people at once to compete for a role collapses time
- How to leverage technology to simplify the onboarding/training process
Mentioned in this episode: