How I’m Retiring In Style and How You Can Do It Too

/in /by

StrategyDriven Entrepreneurship Article |Retirement Planning|How I’m Retiring In Style and How You Can Do It TooToday I am one of a small group of investors that owns several Commercial Real Estate (CRE) properties valued at over $50 million.

The First Leap to Financial Freedom: Starting my own business

In August of 2003, I made the great leap into the unknown when I went into business for myself. It turned out that starting Marshall Commercial Funding was the single best career decision I have ever made.

Financially, things changed quickly and dramatically.

For the first time in my life I was making good money. I was able to sock away money into savings which was good because we all know what happened in 2008 – The Great Recession. I was able to weather the economic storm because I had enough money in savings to make it until the real estate market turned the corner. And when the economy improved I was able to pick up right where I left off before the recession hit.

The Second Leap to Financial Freedom: CRE Investing

So in 2007 I made the next biggest and most financially rewarding leap in my career. I approached one of my long-time clients to see if I could invest with him.

He had everything I was looking for in a real estate sponsor: He was competent, he was trustworthy and he had a proven track record. I asked him if he would be willing to take me on as an investor when he purchased his next rental property and he readily agreed.

Do you remember where the real estate market was in 2007? It was at the absolute peak of the last real estate market cycle. My timing couldn’t have been any worse. Nevertheless, I have invested with him nine times.

Retiring In Style Is My Goal

Today, not only could I retire at this very moment, I could retire comfortably. I don’t know about you, but I don’t want to retire comfortably. I want to retire in style. I want to see and do all the things I’ve always dreamt of.

Currently I have seven sources of passive income generated from my real estate investments. I estimate if I wait a few more years I may have as many as two or three additional sources of passive income. And when the passive income from my rental properties coupled with my future Social Security checks consistently and significantly exceed my monthly personal expenses, then and only then, do I plan to retire.

At that point I’ll be able to retire in style. And although I haven’t quite gotten their yet, I’m ever so close to doing so.

If I can do it, so can you!

Why am I telling you about my journey from financial distress to hopefully retiring in style? Because I believe that 90% of you reading this, if not more, are in the same predicament I was in. You’re either currently in financial distress, as I was for the first 24 years of my CRE career, or you are financially prosperous but realize that unless things change dramatically you’re not going to retire well.

I’m here to emphatically tell you if I can go from serious financial distress to being on the verge of financial freedom, SO CAN YOU!

Follow the Road Map to Financial Freedom

Simply put, by investing in commercial real estate you can slowly, but steadily build real wealth and grow passive income from your rental properties. It’s not a myth. And it’s not a get rich quick scheme. It actually works.

About the Author

StrategyDriven Entrepreneurship Article |Passive Income|How I’m Retiring In Style and How You Can Do It TooDoug Marshall, CCIM, founded Marshall Commercial Funding, Inc., a commercial mortgage brokerage firm located in Portland, Oregon in 2003. He has more than four decades in the commercial real estate business. His new book is Mastering the Art of Commercial Real Estate Investing: How to Successfully Build Wealth & Grow Passive Income from Your Rental Properties. For more information visit: www.Marshallcf.com.

Asking For Help For Your Business

/in /by

StrategyDriven Entrepreneurship Article |Business Advice|Asking For Help For Your BusinessUnless you’ve gone into business with a partner, friend or relative, then you’re going to be feeling like you’re a little bit alone in your new business. Rome wasn’t built in a day. However, you must ask for help whenever you need it, whether that’s hiring the right people for the work that you need to do within your business. Or whether that’s asking a relative to pick up the kids from school once or twice a week while you can get your work done. You do not want to burn out in your first year of business, so here are some ways in which you can get help, stay ahead of the game, and ensure the best results for you and your business.

Advice

This is likely going to be something that you would’ve thought of before you even start your business, you have no doubt completed your market research, spoken to people in your field, and maybe also completed courses and online training. But once you’ve started the business and you’ve begun to realise where your weaknesses, and strengths are. You can then begin to speak to people to find out about specific help that you can receive for yourself and your business. Don’t forget many people before you would have started businesses and come across all sorts of obstacles. So it makes sense to be able to draw from their advice and their experiences. Not everybody is going to want to help of course, but if you ask around speak to people in Facebook groups, go to networking events, and find people that are happy to help you along the way. You will find you’re in a much better position. No matter where you are in the world, there will always be somebody, either a friend or relative or an organisation that has been set up purely to help new businesses.

Home

You really don’t want to get the balance wrong between your home and work life when you set up your business. It can be easy to become submerged in everything that you need to do to reach your goals. But if you’re working too late or you’re not keeping up with the basic how’s work, then you may need to reassess what you’re doing and when. It doesn’t hurt to hire people to do certain things for you, such as cleaning, or making sure that your shopping is delivered on time. If you’re keeping everything running smoothly, how are you doing that is entirely up to you. There is no shame in asking for help from friends or family on occasion either.

Finance

Asking for a bank loan isn’t just about not having enough money or bad management. Having a cash injection at a certain point in building your business will ensure that you’re able to reach your goals quicker. If you talk to the bank and they give you a low-interest rate then as long as you aren’t paying a tremendous amount of interest, this can be an excellent business decision. It can feel like you’re asking for “help“ however, it is a business transaction like any other. It isn’t difficult, and you can even use websites that compare business loans, and give you all of the information that you need to make the best decision for you and your business. Marketing can cost a lot of money, especially at first, so people do put a large budget towards this, especially when hiring professional services such as a marketing consultant. Depending on your business type, you may even need to hire a consultant for the business side of things such as cannabis consulting nationwide, of course, this goes into your budget as anything else. And you must consider your finances carefully when making such decisions.

Staff

Various different businesses have different needs, but essentially most need a team of people, some companies only need one or two people, and some businesses need a large team even to get the necessary work done. This would have all been in your business plan to start with, but it is essential to make sure that you have the correct people in the correct places. Hiring staff isn’t necessarily asking for help but making sure you have the right people that can help you; it’s going to make your life a lot easier. Training the staff and making sure that they are comfortable and happy in their role will undoubtedly help you in the short and long term. A lot of staff members who feel appreciated and cared for will go over and above and also go out of their way to help you.

Outsourcing

Certain aspects of running a business, will be time-consuming and not always easy for you to get your head around it first, that’s not to say you can’t get them done however it’s still good to outsource certain aspects of the admin. To free you up to do more important things within the role. An accountant is usually the first thing that people choose to outsource, finding a great accountant can be a lifesaver, ask around and find out who people recommend in your local area, and see if they can provide you with excellent bespoke service too!
Other things people tend to outsource our social media management, web design, graphic design, marketing and unless your business is created based then most of the creative side of the company is headed up by someone else.

Once you overcome the initial fear of asking for help and realise it isn’t actually feeling it’s just making sure that you’re able to keep on top of everything, then you will find the help and support comes from various places. Do you want to help people yourself in the past and being able to return the favour is something that most people are keen to do, so let them have the chance to repay you, and don’t see accepting help as any sort of failure. The best business people have a great team of support and are thriving because of it.

Working from Home with A Disability

/in /by

StrategyDriven Entrepreneurship Article |Working with a Disability|Working from Home with A DisabilityIt is estimated that around 19% of the UK population of the adult, working age suffer from a disability according to recent data obtains by the department of work and pensions (DWP.) Despite significant improvements in employment rates and government programs arising to further support those with disabilities enter into work, it is undeniable that having a disability has a significant impact on your success when seeking a job.

Depending on the impairment, disability can influence the duties you are able to perform. In the case of mobility complications, getting to work and around work can present its own set of challenges that cannot always be avoided. Advances in technology and online job roles present a much greater opportunity for those with disabilities to work from home, and this can actually be an advantage. It can offer autonomy, flexibility and the opportunity to either take up remote working for a company or to work for yourself.

What can you do?

The options available to you are limited only by your own imagination. If you are computer savvy then suggestions could include:

  • Remote telemarketing
  • Online tutoring
  • Freelance writing
  • Transcription
  • Home call center or customer support agent
  • Online auctioning
  • Online businesses

In addition to this there is also a growing trend surrounding crafting, and many people both enjoy and make a good living from making things to sell; baking, greetings cards, trinkets, artwork, and customized clothing are all popular homemade products that are allowing people to make money, work around their family life or appointments and enjoy the autonomy of working for themselves.

It is fairly straight forward to set up an online business, there are many apps and software to manage your finances and invoicing and it is quick and easy to get professional websites and marketing material produced.

Preparing for home working

There are a few things to consider when preparing for working from home with a disability:

Technology

If you plan to take up an online endeavor then you may require a computer or laptop, or appropriate hardware or software to improve its ease of use. There are various technologies available such as screen readers, magnification, voice recognition, and adapted keyboards available for those with physical impairments, that can make computer use far more accessible.

Access

Mobility can pose an issue both at work and at home. If you intend to set up your own home business then you may prefer to use a designated office space. For many this can be a spare bedroom or study space. The chances are that you will store paper work, materials or other essentials away from your working area and if you suffer from mobility issues or are a wheelchair user, this can be taxing. Terry Lifts can make traveling from floor to floor for work much easier and quicker, are unobtrusive and don’t require significant structural changes to your property to install.

Deciding what to do

Settling on a business idea or setting up a home business can present its own hurdles. The beauty of home working is you have the autonomy to find your passion. You can try a few things and see what brings you the greatest job satisfaction, job satisfaction is important for both motivation and mental wellbeing. Test the water a little, experiment and pursue something that you find interesting or enjoyable. Contacting equal opportunities for employers and enquiring about remote working options may open up other ideas that you had thought were off the table. Do some research and don’t be afraid to ask for assistance; there are many charities, community, and government schemes and investors whose objectives are to assist those with disabilities in finding work.

Don’t let disability hold you back

Whatever your condition, don’t let it hold you back from following your dreams. Remote working opportunities, crafting, online retail, having a determined and positive mindset and finding convenient work can bring a multitude of job opportunities to your doorstep, quite literally.

3 Reasons Why Your Kitchen Staff Are Underperforming

/in , /by

StrategyDriven Entrepreneurship Article | 3 Reasons Why Your Kitchen Staff Are UnderperformingCustomer wait time is one of the most important metrics in the restaurant industry. You could have everything right, but if the service times are too long, this will eventually play against your establishment. How good your kitchen staff are will have an effect on that, but you could also be making mistakes that are hindering workflow and making things more difficult for them. Here are some of the possible reasons why your staff aren’t performing as well as they should.

Your Kitchen Doesn’t Reflect Your Current Needs

If you’ve bought an old establishment and kept some of the equipment as part of the deal, then it might not fit the current demand. For instance, if your cold room is too small for your current needs, not only will it make things difficult when staff are trying to find things, or go in and out, you could end up facing some health violations because you ran out of space and had to cut corners.

If that is the case, we strongly suggest you invest in a bespoke cold room. This will allow you to build one that will take minimal space in the kitchen while still being efficient. You’ll be able to organise the storage in a way that fits your needs the most. Companies like fridgefreezerdirect.co.uk can build all types of cold rooms and walk-in freezers according to your exact specifications. Look for a provider that can build one that will fit the best within your kitchen’s floor plan.

You’re Using Time Wasting Processes

In many cases, you could get things done much faster if you reconsider some of your processes. For instance, if you only have a few burners available, but have a huge convection oven, you could use the convection oven to cook rice by using rice, water, and foil covered metal containers instead. You shouldn’t be afraid of the freezer either. There will be little difference between a frozen soup base or tomato sauce and a fresh one, so consider cooking more in batches and use the freezer when you can without sacrificing quality.

The Floor is Unsafe

If people don’t feel safe in the kitchen, they will not perform as well. They will constantly be afraid of causing an accident or seriously injuring themselves. This is why your kitchen’s layout has to be organised with safety in mind first and foremost.

With an ergonomic design, you’ll be able to reduce the amount of movement your employees have to make. Proper lighting and ventilation are essential as well. No one wants to work in a smelly, smoke filled kitchen. Your employees have to be able to see what they’re doing as well to avoid accidents.

Improving your kitchen’s productivity comes down to a few simple principles. Make sure that you take a look at how your kitchen is designed and look for possible pain points. And don’t be afraid to ask your staff for recommendations either.

The Four Best Business Sectors to Invest in Right Now

/in /by

StrategyDriven Entrepreneurship Article | The Four Best Business Sectors to Invest in Right NowAs an entrepreneur, you will have already made a few risky decisions – some that have paid off, and some that have not. For business owners that are looking for new ventures that guarantee stability though, read on to see which sectors are in demand and sustainable long-term.

Cyber Security

The tech revolution is well underway and in full swing, but with advancements in technology comes associated risks. These risks exist especially within cyberspace. The protection of information is crucial in this day and age, which is why regulations have been established to protect both the public and the organizations storing data. Data leaks, email threats, cyber crime and malware all present a colossal threat to operating businesses globally. Luckily, there are security specialists and professionals who specialize in cyber security, offering a solution to most businesses’ IT needs.

A start-up company of cyber professionals who can consult and provide outsourced services is a literal goldmine currently. Of course, this highly-skilled arena comes with a hefty price tag, which is why IT security consultants can afford to charge high rates.

Hiring employees with a degree in cybersecurity is not cheap, so careful consideration and planning should go into this business opportunity. Even if you currently own a business, you should have an IT expert that guards your data for a living. If not, consider upskilling them by enrolling them for a cybersecurity bachelor’s degree.

Software Developer

Keeping within the tech space, the most sought-after profession is software development. Because the industry is currently booming, the demand for software engineers is unprecedented. It is a great time to be studying or working as a software developer. The demand for good coding professionals continues to grow at an alarming rate which makes investing in this type of company a great financial idea. Investing in or starting up a software company right now will provide great returns in a short period of time.

Nutrition and Health

The health, wellness and fitness market growth has been steadily accelerating over the last decade because of a mental shift towards health and fitness across the globe. People are starting to realize the benefits of being fit and healthy and are taking it seriously.

With the focus on sustainability, the raw and whole food market is a trend not to be ignored, as well as the rise of vegetarianism and veganism. Investing in plant-based materials and food is a relatively stable investment and is earmarked to grow exponentially over the next few years.

Fitness tracking gear is also a good money-maker with the rise of wrist-worn garments which are in high demand with the fitness fanatics or health conscious consumers. You can’t go wrong in this sector.

Baby Tech Products

Keeping within the tech theme, the need for technology for parents or parents-to-be is surmounting. Fertility trackers, baby monitors and breast-feeding equipment are all in demand globally. As the children grow, their needs change and so do the tech requirements for parents raising them. GPS or location enabled wrist watches or software to track their online security and privacy are all best-sellers currently. You only need to tap into this industry by speaking to a parent or two, to realize the potential a kid-focused business creates.

If you are looking for a good investment opportunity, these four suggestions should get you started.