Written by Jeffrey R. Armstrong – President/Owner of Armstrong Capital
Your favorite Master Note Buyer – Straightforward, Honest, Fair…
To start the New Year off right I suggested that in order to achieve success in anything I believe that you must first have Confidence in yourself and in the business before you could even start to put things into action. I gave you a Self Confidence Formula that you should have customized for yourself and started to read it aloud to yourself every morning when you wake up and every evening when you go to bed. With that in place your subconscious mind will begin to develop sufficient self confidence to attain whatever it desires. As you continue with that on a daily basis we can begin to learn about the five factors for success in this industry. In my opinion there are five factors that lead to success in the cash flow industry. Those five factors include Focus, Desire, Effort, Knowledge and Skill. This month I will tackle Focus.
Focus is defined as to cause to be concentrated. As it relates to the cash flow industry you will need to focus on several things to become successful. First and foremost you must try and decide which of the more than sixty different income streams are the one that you want to focus on. Can we as consultants do every income stream? Yes. But without focusing on one you will just be doing a lot of busy work and close very few deals. That would get old really fast. By focusing on one particular niche it forces you to become an expert in your field. You will be recognized as someone who without question can always assist people in your chosen niche. Once you establish yourself as an expert in your field people will start to realize that you have access to capital. When that happens other income streams will just seem to find their own way to you. You all know that my main focus and niche is Private Mortgage Notes and there is not a question you could ask me about my field that I probably couldn’t answer. But I can tell you that I have done many transactions involving different income streams including business notes, auto portfolios, structured settlements, lawsuit funding, retail installment agreements, consumer contracts, cell tower leases and many others. Again by being an expert in your chosen niche the other things will just come to you over time.
Another reason for being focused on one niche is that you will begin to develop life long relationships with the funding sources that purchase your chosen income stream.
In the long term these relationships will prove to be invaluable as your business grows and different income streams start coming across your desk. Relationships and helping people are what this business is really all about. Relationships with the funding sources, relationships with note holders, relationships with your referral sources and relationships with future prospects in your chosen niche are what will make you successful in the long run. When you are focused these relationships will assist you in running your business in an organized and dedicated fashion.
Additionally, being focused helps your business run much more efficiently. If you try to do too many things you can get very distracted with all of the different tasks you need to accomplish each day to keep up with all of them. With distraction comes disorganization and with disorganization comes disaster. Then before you know it you are doing lots of busy work, pushing paper but not earning any money or closing any transactions in any income stream. When that happens you then start second-guessing your decision about being in the cash flow industry and that only leads to failure. You are taught from the first day of your training that efficiency in this business is key to your success. Being focused makes you more efficient in your marketing, more efficient with the use of your time, more efficient in your money management and more efficient in your business operations.
As a consultant in this industry you made a decision on the first day of your training to start a new cash flow business. With that decision you have a responsibility to yourself to give it everything you’ve got to make it work. Work on staying focused and the rest of your cash flow career will fall into place. As your confidence builds stay focused and persistent and success will be that much closer.