Reasonable Wealth Expectations in the Note Business Begins with The Right Motives
Are you thinking about starting a note business? Good for you but daydreaming and planning are two very different things. If the focus of your entrepreneurial daydreams is centered around the millions you will make, you may need to take a step back and consider your motives when choosing to start a note business.
The reality is that most note businesses do not make millions in their first year of operations nor even in their first five years of business. Of course, it is possible, and you should aim high, but not without sound planning, financial backing, and a genuine passion about your services (helping note holder holders).
What is Your Passion? Think about what you like to do and what you are good at doing – not just the potential income of the note business. What do you hope to get out of the note business besides income? If you answer, “nothing,” you may not make it as a note professional no matter how good your idea or plan is.
Starting, growing and running a note business can be a thankless and exhausting process, but it can also be very rewarding in many ways even if you don’t make it rich overnight. So, when the money is not (yet) pouring in, will you get discouraged or keep pressing forward? If you are passionate about more than simply making money, you are more likely to be willing to continue making necessary sacrifices until the big bucks do start rolling in.
Most people quit their jobs because they don’t like what they are doing and go on to more rewarding jobs. If you start a note business doing something you hate you are not going to be any happier answering note holder and investor emails at 2 a.m. in your pajamas than you are working for a nagging corporate boss during the day.
Why the importance of having the right motivation for starting a note business? Successful note professionals are rarely motivated solely by money (ERON’s top executives and Bernie Madoff are good examples of men motivated by making money at all costs.) Successful note professionals achieve wealth because they believe in what they are doing and inject personal core values into how they build their note business: Wealth is their reward; not their god.
Having a true sense of pride and belief in your own company and services will convey in everything you do. Your passion and confidence will get other people – note holders and investors – excited about your note business and you will have an easier time establishing your business’ credibility.
If your only goal is to make as much money off other people as fast as you can, eventually you will make business decisions for the wrong reasons and ultimately hurt your reputation and growth potential.
If your motivation is to start a note business doing something you are passionate about with the goal of turning into a full-time living, you are likely to suffer from fewer emotional setbacks and entrepreneur burnout when you find out it takes time to build independent wealth through a note business. You will be more patient with yourself and your note business as it grows, and, will make better business decisions.
Note business owners that are exclusively motivated by money often have unreasonable expectations of getting rich quick. When monetary goals are your only important goals, you will miss out on the many other rewards of being self-employed in the note business including a sense of accomplishment, purpose, and the rewards of knowing you are doing something worthwhile with your life. Remember success demands action, keep on marketing, it’s going to work! TWITA! (That’s What I’m Talkin’ About!)
Jeff Armstrong of Armstrong Capital has been a note investor and broker specializing in the performing seller financed note industry since 1991. For more updated and current information on how he can help you with your note business, your note investments or to request a quote on a note you currently have visit www.armstrongcapital.com to email him and subscribe to his weekly Note-Able Newsletter.