A different approach to choosing your niche
To this day, I can still remember driving around with my dad looking at new homes back when I was in middle school. We would go out, do the street of dreams tours, walk through fancy places and fantasize about the different rooms being my own. At this point my older brother was preparing to graduate from high school with every intention of moving out, meaning I would get whichever room I desired! My dad sacrificed a lot for my brother and I and one of those sacrifices was foregoing a new home to pay for my expensive high school. As I’ve aged, I’ve come to appreciate his many sacrifices more and more, but even then, I atleast knew “new school = no new house”. At least not for us. This was around the time that he introduced me to Rich Dad, Poor Dad, the introductory book to what appears to be half of the real estate investors out there. Admittedly this was not the stage in my life when I would dive into that book. First I would run off and live the classic university experience before getting my first real life education.The best part about my time with the university experience was that I learned the back end of what my dad was doing as he was renting houses. I rented houses as a college kid…I would’ve hated to rent to myself in college. Eventually, I even had classmates whose parents were smart enough to buy their kid a house to live in and would rent the rooms out to our buddies. I would return home with ways for my dad to reign in his unruly renters and he welcomed the assistance.While my dad was supportive of my newly discovered interest in his business, he wanted there to be a commitment. I think more than anything he wanted it to be something I chose, because deep down he knew that if I didn’t choose it, I wouldn’t be very committed to it. Cue “Rich Dad, Poor Dad”. I read it and I was sold, but that wasn’t the real reason. The idea to partner with my dad? That had me hooked! It is my motivation.This was my why and all the rest came with itt.I don’t believe entrepreneurship has to be tied to building the next Netflix or Amazon. There are more than 20 million LLC’s in the United States. Many of those businesses will never go public or reach a million dollar valuation. What qualifies as a success?For me, success would be to build a business growing other businesses and creating opportunities for those less privileged as I to be able to do the same. I want to donate a Ronald McDonald House, like the whole thing! I want to be able to travel with Oriana. In all of that, I want to create a way to give back to my parents for the life they provided for me, by leveraging my entrepreneurial skills to create opportunities for my family to elevate.
What does success mean for you?
I don’t mean what your boss, your parents, or your brother or sister-in-law consider success. When you map out your ideal future, what will you have achieved, learned, or experienced in your life that will bring you satisfaction and fulfillment? The thing that when you imagine yourself doing it, you notice your chest sticking out a little bit, your back straightening up, your chin causing you to look down the barrel of your nose. You’re so gassed up when you think about it that you can see it clear as day.
If you don’t have that thing – STOP – read no further.
Not because you don’t deserve it, but because it’s so important that nothing else matters right now! Go take the next 10 minutes and imagine it, bring it to life, and then share it with someone you love.
Don’t worry,
I’ll wait!
I’m serious, this is important.
Okay, you back? Alright, let us continue. Now that you have this big vision, this amazing dream, the fun part begins.
This isn’t an article on finding your why, but it can be an article on finding your niche. A niche, by definition is a comfortable or suitable position in life or employment. See how temporary that is? Trust me, I know how it gets when we start talking about commitment. Here’s why a niche is a great starting point. It gives you the ability to test, experiment, and explore, and in most cases you do so much more freely because by definition, you know it doesn’t have to be forever.
Most real estate investors start with a niche. That could be small residential multifamily, flipping, self-storage, or large mixed-use commercial development. Usually, the best of the best will encourage you to pick a lane and master it. In most cases, those same cream of the crop will also acknowledge that by mastering your craft you’ll gain exposure to others that you will likely invest in, similar to them.This goes with just about anything. In the year of her name, Taylor Swift, consider this analogy. Many artists dream of someday standing on a stage singing to the masses. There will be those who pick up the guitar, play for some months and put it down. There will be others who get good enough to turn out the local karaoke joint. There will be less than that who manage to make some sort of a living while even fewer will have a hit or two top the charts. Only a small percent get to have Kanye yell at them in comparison to another world-renowned singer. Everyone has to take that first step, no matter where the destination may end.
- Find your niche – Be authentic to yourself. Once you find it, nurture it, explore different ways in which you can engage and evolve your niche
- Evaluate your niche – Is it just a hobby, a side hustle, a passion project, or a way to connect with your father (Or other loved one)
- Stay curious – You never know where the journey will take you. Ask a lot of questions! As long as you know why you’re on the journey, you’re on the right path