For those of you who were not psychology majors the “psyche” is someone’s mind. What motivates them. What are they thinking. How can you better understand them. All of which is important to those of us in lease purchasing. In fact, it is important to any business person. The ability to know what motivates your customer, how your customer thinks, and tapping into their “psyche” is what makes some businesses successful and why others fail. ++For those of us in lease purchasing when we make our calls we find out what motivates our sellers. We ask pointed questions to determine why they are selling their home. We build rapport with that seller. By the end of our telephone call we have an insight into what that particular sellers’ wants and needs are. ++Sometimes you need to educate the seller. For those of us in lease purchasing we can explain the various advantages of lease purchasing. The advantages we emphasize will be determined by that particular sellers’ psyche. We can find out what is in a seller’s psyche by how she or he has answered the questions that we have asked them. Their answers to our questions is what gives us a pretty good feel for that seller. ++In general, of course, a seller has a particular mind set. He or she wants to sell their home. They want to get a particular price for it. Their emotions are strong. They have very strong attachments to what they are selling, especially if they have lived there a long time. Depending on what their reasons for moving are: divorce, death in the family, birth of a child, job transfer, etc., remember they are going to be feeling certain things. Put yourself in their shoes. How would you feel if you were in their place?++If you can not get inside the psyche of your seller you are not going to do deals. You must have empathy with the seller. Be a good listener. Ask questions and let the seller talk. This will give you the best insight into what the seller is thinking and what is motivating them.++While many of the above points are going to carry over into getting into the tenant buyers psyche there are also other considerations. You have to be able to understand what it is like to have credit problems, possibly a bankruptcy, medical problems, divorce, and a multitude of other bad things that might have happened to that tenant buyer. If you cannot relate to these issues, you will have a problem connecting with the tenant buyer’s psyche.++Tenant buyers are looking at a dream. You have to feel that dream with them. ++So to truly be successful in business you need to learn about the “psyche” of your customer. For those of us in lease purchasing that means the “psyche” of the seller and the tenant buyer. If you want to learn more on how to deal with sellers and tenant buyers check out our webiste at: http://www.rei. homebusinesssolutions.com/++Copyright 2006 DeFiore Enterprises
There are a lot of reasons to start your own business from home. The freedom from the corporate world, the ability to make your own schedule, the opportunity to do something that you love for a living are all lures to start up your own business.++Do not be fooled into thinking that because of all the appeal, starting a home business is an easy prospect. There are many considerations in starting up your own business, and many areas that people will not realize when they start out. Having a heads-up about some of these areas can help you avoid some of the pitfalls of the new business owner, and may help to save money and keep the funds coming in in the future.++Don’t Quit Your Day Job Yet: This is the cardinal rule in starting up a home business. The advantage of this business is that you can run it on your spare time, when you are away from your regular job. Most businesses can expect to lose money in their first year of operation, this is just part of the cost of starting up and the learning curve. You will inevitably make misstates, and you will likely have to cut into your market through competition by offering lower rates than you could otherwise expect to gain. It is important that you keep some kind of income flow in order to succeed, so you should not quit a regular job until you are absolutely positive about your new business” potential. Assess your situation after you have been operating for a year; do you have an established base of clients? Is there a potential for more growth? Will the time you gain from leaving your regular job and concentrating on the home business allow you to make greater profits? If the answer to all of these questions is yes, then it might indeed be the time to concentrate solely on your business as your only source of income.++Set Realistic Targets: When you start your business, you should have an idea of how much money you would like to make. It is best to make these targets on several levels, in terms of time. Start out with the most basic- is the hourly rate you are making worth the amount of work you are putting in? Some home business owners will find that a job at minimum wage pays more than they are receiving from their own business. Unless you really enjoy what you are doing, this type of business is probably not worth it. Secondly, have a two week amount in mind. This is the standard paycheck period for most people, so you will want to set your amount at whatever you would be earning at your regular job. You can also substitute this with a monthly goal, as some weeks will inevitably be better than others. Finally, consider your yearly goal. Do not count your first year when considering whether your business is worth pursuing- as stated above, most businesses will lose money in their first year. Instead, start your yearly analysis in the second year.++TAXES!!!: A lot of home business operators neglect to consider their tax burden, whether purposely or not. It is best to always set aside a portion of the month’s business income for tax purposes- always operate under the assumption that you will be caught if you try to cheat. This will save you a lot of grief and money in the end. A good way to put aside money on the taxes that you will owe is to invest in a safe area such as mutual funds or GICs; this way, your money is safe and you will make a small amount in the year before your taxes are due. In effect, your taxes will actually make you money!
Tags: Home Based Businesses