Summary of Simply how to SCALE a wholesaling business

Main Financial Strategies and Business Trends:

• Hustle and Outbound Marketing: Emphasizes the importance of actively seeking leads through methods like driving for dollars, cold calling, and door knocking. This is crucial for building a foundation before scaling.
• Five Deals Rule: Before considering scaling, it is advised to complete at least five deals. This milestone indicates commitment and skill development in wholesaling.
• Transition to Inbound Marketing: Once the five deals are achieved, wholesalers should shift towards Inbound Marketing strategies to scale their operations.
• Investment Mindset: Marketing expenses should be viewed as investments rather than costs. This shift in perspective is critical for sustainable growth.
• Scalable Marketing Methods:
  • Reverse Driving for Dollars: Utilizing lists of properties with issues (like code violations) and leaving notes to generate leads.
  • Text Messaging (SMS): A cost-effective method but requires compliance and careful management of delivery rates.
  • Direct Mail: Highly recommended due to its legality and potential for high ROI, but requires a commitment of time and resources.
  • Bandit Signs: Still effective, especially when used strategically in targeted areas.

Methodology for Scaling:

• Achieve Five Deals: Focus on hustling and closing five deals before scaling.
• Evaluate Inbound Marketing Options: Consider various inbound strategies and assess them based on:
  • Cost (viewed as an investment)
  • Time commitment
  • Longevity of the method
  • Legal compliance
• Implement Scalable Marketing: Choose a marketing method that aligns with your capacity and market dynamics, ensuring it has a proven track record.
• Hire Help: As the business grows, consider hiring staff to handle increased lead flow and marketing efforts.

Conclusion:

Rick Gen stresses the importance of mastering the basics and achieving a level of success before scaling. He encourages wholesalers to embrace the hustle and gradually transition to more automated and scalable methods of lead generation.

Presenters/Sources:

• Rick Gen

Notable Quotes

— 02:10 — « Don't consider scaling until you've done five deals. »

— 06:20 — « If you're thinking of marketing as a cost, you are in your old mindset and you're stuck. »

— 07:48 — « The last thing you want to do is put a couple hundred hours into something that's going to be deemed illegal. »

— 15:24 — « The whole idea of this is so you can scale your business because once you do this your lead is going to go up drastically. »

— 17:05 — « If you truly want to scale your wholesaling business, get to five deals, use your hustle muscle, go crazy with it. »

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Business and Finance

Video