What you need to know:
- If you want a house, a plot, or even a holiday, save for it.
- When buying land, engage a lawyer when buying. Ask the neighbours. Find out the land’s history.
- You will make a loss at some point in your business. But you can mitigate mega losses by gaining an in-depth understanding of the market or industry that you are in.
Don’t budget for money that is not in your hands
At the same time, don’t plan like the Kamau’s. For a long time, I was caught up in the trap of spending money that I had not earned. Sometimes I would find myself budgeting for things using money that was in the pocket of a client. I would do this simply because the client had promised to buy my product. I found myself financially stuck when the client failed to honour their promise.
Have you ever found yourself saving money without any idea what for? This is what I used to do. I would save without a goal, which exposed me to unwise spending. I have since changed my approach to targeted savings. This way, every coin that I save takes me closer to my goal. If you want a house, a plot, or even a holiday, save for it. Don’t over aspire to avoid frustrations.
A real estate business can be quite tricky
An iota of mistrust, especially in an era where the sector is riddled with scammers, can collapse your business in minutes. Sometime back, I took on quite a heavy land selling project. It got delayed and our investors started piling pressure. The delay in delivery of title deeds almost resulted in distrust. Finally, we delivered 600 titled deeds. While I heaved a sigh of relief, I realised that trust and timely delivery are the key to success in this sector.
You can lose your money in a heartbeat when buying land in Kenya
I learned this the hard way after we lost money in a land buying project for which we had not done enough due diligence. Investigate all the particulars of a plot before parting with your money. Who is the legal owner? What does the land search say? Where is the land? Are there any contests to its ownership? Engage a lawyer when buying. Ask the neighbours. Find out the land’s history.
You will make a loss at some point in your business
But you can mitigate mega losses by gaining an in-depth understanding of the market or industry that you are in. One of the ways I have found effective is by doing extensive and continuous market research. Know how relevant the product is, and you will be on top of the game. Be aware of when to innovate, evolve or move on to another business.
Determination knows no barrier
When you look around, all business organisations in the world were built by people who defied great odds. Don’t give up on your dreams and aspirations. Yes, you can redesign and readjust them, but never give up.