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Have a great day and be proud of yourself for taking your first step towards becoming a business owner 🙂

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How Buying Your 1st Home is Like Building a Business

By on July 26, 2016

As many of you may know, I have been slacking on this blog for a bit because I was busy buying and moving into my first home. Since this was my first rodeo, so to speak, I don’t know if my experience was totally normal or totally abnormal, but I do know that I saw many similarities between the experience of buying your first home and the experience of building a business, and that’s what I want to talk to you about today.

There are a few lessons that you’ll need to learn, whether you’re buying your first place or building your first business:

First up, it will always take longer than you think it will. Ryan and I actually lucked out and were able to get from starting to look to moving into our new home within about 4 or 5 months, but it still took a lot longer than we anticipated. I absolutely love the place we ended up in, but it was the third home we put an offer in on and then we had to negotiate and wait weeks for closing. It worked well for us, but we definitely underestimated the amount of time we’d need from the point when we started to really search to when the whole thing was done.

Second, it will always cost more than you think. Not only does it take a lot more time than anticipated to build a business or buy a home, it generally takes a lot more money than anticipated as well. Whether it’s your company or your condo, there are always going to be things that will pop up that you didn’t expect and things that will cost way more than they should in any reasonable world. Closing costs are a bitch and so are many of the crazy things you have to do to build your business, especially in Illinois where an LLC will set you back $600.

At an angel investor training that I held a couple of months ago, the lead instructor, who is a serial investor, said that he always estimates it will take twice as much money and four times as much time as the business plan states to get where you want to go with the business; or was it twice as much time and four times as much money?Anywho – whether you’re buying a home or building a company, it’s always going to take longer and cost more than you anticipate.

Third, you have to know the market. As I mentioned, Ryan and I put in two offers that were rejected before we finally won the bidding war for the condo that we ended up buying. The neighborhood we purchased in has a hot condo market right now and we simply weren’t well versed enough in the beginning to make compelling offers. Once we got a little more experience under our belts and found the condo that we fell in love with, we asked our agent what she was seeing in terms of winning bids and she said most offers that were being accepted for 2/2 condos in our neighborhood were going for $5K-$6K over asking, so we offered $7 grand over asking, plus a little bit extra, because we didn’t want anyone else to get it and we were comfortable paying that much. Thankfully we did because they got multiple offers over asking. Knowing the market really helped us.

Fourth, you have to be ready to negotiate, and negotiate some more, and negotiate some more. When I went into the home buying process I was utterly naive about all of the negotiation that was involved. You negotiate upfront, yes, but then when your offer is accepted you have an inspection and negotiate again, and then you have an appraisal and may negotiate again, and then you have a final walkthrough and negotiate again…we were literally sitting at the closing and still negotiating. It was exhausting, but now I know to be prepared for it if I ever buy again in the future and the same thing happens in business – constant negotiation with vendors, clients, partners, employees….everything needs to get negotiated and much of it will be negotiated numerous times, so you have to be prepared for it.

Fifth, it’s never going to be perfect. While we all have these images in our heads of what our businesses will be or what our homes will look like, at the end of the day, there are always going to be compromises made. You have to be willing to be happy with the best fit for you or your business and not be unhappy if everything isn’t exactly as you’d envisioned it would be.

And finally, you have to be able to separate your emotions from the deal. As I mentioned, we negotiated at several stages of the process and, quite frankly, the sellers we bought from are damn sure never getting a Christmas card from me. However, I got some good advice from our lawyer at closing and he said: “You have to separate how you feel about the home from how you feel about the sellers. You have to deal with the sellers for just a short period of time but you’ll get to stay in the home for as long as you want to, so make sure you’re making decisions based on what you’re comfortable with spending for the home, not on what you think of the sellers and who’s difficult or not or deserves this or that.” It wasn’t an easy pill to swallow on the day of closing, but he was right; and the same holds true in the business world. At some point, you’re going to have to deal with people you don’t like in order to build a successful business and you need to just keep your eye on the prize, do what’s right for you and your company, and not worry about the fact that there may be some jerks that get lucky enough to benefit along the way.


If you’re an aspiring entrepreneur, the best thing you can do for yourself is to just get started. Pick up my business planning ebook here to be guided through the whole business planning process for less than $5. More of a video person than a text person? Click here to try my ecourses instead.
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Guest Post: 5 Practical Tips for a Productive Home Office Environment

By on July 20, 2016

Another guest post this week. This one comes from Rachel Craig of Quality Formations: Working from home. Well doesn’t that sound nice? It is. It’s utterly delightful, which is why I do it on a full-time basis, with the odd

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Guest Post: The “Promised Land” of Viral Growth

By on July 6, 2016

It’s guest post week. Here you go… Startup companies can be exciting and challenging to run. Every day there’s a new trend emerging from the web or a new tactic to implement, but how do you get the best results

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3 Options for Inexpensive Local Marketing

By on June 28, 2016

Today we’re answering a question from one of my followers on YouTube. +PredeKing wrote: “I would appreciate tips on inexpensive ways to market services to new clients in a specific region.” Well, that’s a big question, but let me give

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Guest Post: The Website Builder Secret They Didn’t Tell You

By on June 20, 2016

You’ve got a great new idea for an e-commerce website business. Investors have given you the green light and you are good to go. Next on your to do list is to give your chosen digital agency the nod and

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How Your Second Language Can Help You in Business – Trust Me, It’s Not What You Think

By on June 14, 2016

Today is a quick and somewhat quirky episode, but it’s a really unique tip I want to share that might help you make better business decisions. I’m a bit of a Freakonomics addict. While I still run this business, I

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Guest Post: 5 Crucial Problems of Family Businesses

By on June 7, 2016

It’s guest post week. Today I have Dayton Uttinger talking about the troubles many family businesses face. Here’s Dayton: You’ve overcome the twelve different obstacles that others have set for you and the forty that you created for yourself and

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Being Right vs. Being Successful

By on May 30, 2016

Today I want to share with you a bit of advice that my mom gave me long ago. It took me a really long time to be able to actually hear this advice and apply it, but ever since I’ve

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Guest Post: 5 Personality Traits to Evaluate Before Starting a Business

By on May 24, 2016

This week’s guest post is from Kayla Matthews (Image by Viktor Hanacek): Starting a business often sounds like a promising prospect. On your own, it’s easier to reap the benefits, work around a flexible schedule and take full control of

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ISO: Minority Angel Investors

By on May 17, 2016

This is a repost that was originally shared on the Chicago Urban League’s Linkedin page. I typically keep my work at CUL separate from this blog, but I am too excited about this event coming up to do that. Join