I had a meeting recently that I host with some individuals that are looking to invest in homes. At the beginning of these meetings, I have everyone introduce themselves and where they are in the process of their business. I love working with enterprising individuals like this and, for me, I see some common issues that are the same for entrepreneurial endeavors.
Jim told me he was fairly new and was looking to be a “wholesaler” which means finding people that are in a distressed situation that selling their house is a preferable option. The wholesaler then put a contract on the house and starts marketing it to their own buyers making some profit in the process. A typical wholesaling scenario looks like this: The wholesaler has a house under contract for $90,000 that he estimates needs $20,000 in repairs but will sell for $150,000 once the repairs are made. Using his network of investors, he finds an eager buyer at $100,000. He assigns the contract to his investor, who then has a profitable fixer-upper project, and the wholesaler made a $10,000 profit without ever owning the home. This is a good deal for Jim.
Of course, like anything, it might sound simple at the beginning, but it takes work, lots of it, hence why I work with these kinds of investors to keep them on track. The commonality isn’t just the hard work, however, it comes down to playing the game “Find Waldo”. If you have never seen the books or the pictures, it is a large image where Waldo is hiding. Waldo wears a red and white striped shirt and a red and white beanie. You might think finding a skinny little man that is wearing clothes like that to stand out would be easy to find in a Zoo scene per say but, it isn’t.
The artist in finding Waldo is very good at tricking our eyes to make us see things that MIGHT be Waldo but aren’t. Page after page of artwork are in these books, with Waldo in each picture, but hiding among all the other red and white strip things that distract your eyes. The thing is, after a while, Waldo becomes easier to find, and then you buy the book that Waldo is even better hidden, to challenge yourself, till you become the Waldo finding ‘champion’.
Now think of it this way, Waldo is your customer. You might think that everyone is your customer, but really only the guy in the red and white striped shirt and the red and white beanie is your customer- all the others are distractions. This is fundamentally different than what you are told by most business book and coaches. The common way is that you make yourself so visible that Waldo comes looking for you, but the reality is that if you get great at finding Waldo yourself, business will be expedited!
Just like working through the Waldo book, as you go searching for your clients, you will be better at finding them. Certain things will start sticking out and they won’t be distractions anymore, but it is a habit that you have to work at diligently. For Jim (they guy at the beginning of my blog, the investor – wholesaler) it is finding those people that are not only in a distressed situation but also willing to talk to him so that he can outline a plan that is both successful for all parties concerned. That is a win-win-win situation. The challenge is that your clients are not wearing red and white striped sweaters, there may not be any visual clues but there might be emotional cues or beacons along their life journey. You need to find out what these are and then continue to search for them in days that are put in front of you.
Trust me that when you put the diligence behind finding Waldo, it becomes easier, but you have to continue to work at it every day. Sometimes you need to have help identifying these at the start, but the more you work on that, the more you learn to PUSH yourself, the better you’ll become at the art of finding your customers instead of just waiting till your customer finds you.
Working on your professional and personal development (502)777-7892