If you’re planning to replace your day job with renovating it’s important that you spend some time planning. It’s quite a radical change and it takes a bit of time to get your ducks in a row.
If you’ve ever thought about switching out your heels for work boots, your office desk for a building site, and taking that leap of faith, renovating to replace your day job then this video is for you.
Hi! I’m Bernadette Janson and I’m all about helping renovators to profit from their passion for gorgeous homes, whether it be to replace your day job, to supercharge your retirement savings or just to make some extra money to splurge on yourself and those you love. So if you’re planning to replace your day job with renovating it’s important that you spend some time planning. It’s quite a radical change and it takes a bit of time to get your ducks in a row. In this video I’m going to share with you 6 steps to preparing for taking the plunge into full time renovating.
FIRST STEP: Decide how your life will look.
And to do that you need to make 3 main decisions: firstly how much income do you need to make? So what’s your financial goal? And that will determine the types of projects and how many you do a year, which is the second step. And then the third thing to think about is how you’re going to spend the rest of your time because if you don’t plan this out, so what feeds into your goals and the things that are important to you then your life will fill up with stuff that doesn’t matter and we don’t want that.
SECOND STEP: Prepare a plan to meet your challenges.
When you’re making such a radical change you will be challenged and if you don’t prepare for that it can derail you. So really creating a structure or a daily ritual that’s going to keep you on track will support you and prepare you for your challenges.
THIRD STEP: Build a robust financial framework.
Now this is incredibly important, you can’t move anywhere unless you’re able to finance your projects. It doesn’t mean that you need to have the money for everything, there are ways and means of getting around those problems but you need to develop a plan on how you’re going to do that. So there’s 3 main things that you will need to consider:
- getting a loan for your project,
- the cash to the deposit and the rent, and
- your living costs while you’re doing the project
FOURTH STEP: Set your strategy.
Now there are a lot of different ways to make money from renovating a property and you need to choose the strategy that’s tailored to your particular circumstances, your budget, your location, your time availability, and that will get you to your goal the quickest.
FIFTH STEP: Build your team.
Now this is not a solo operation, so renovating is a team sport and the quality of your team will determine your outcome. So in the beginning you need your key consultants, which is your finance person, your legal person, your
buyer’s agent, and your accountant. Once you get into the actual projects you’ll then need to build your trade team but for a beginning you need to have a team of consultants that will have your back and that you can trust.
SIXTH STEP: Adopt an operating system.
So basically that’s a mode of operating that is going to minimize your risk and maximize your profit and how you do that is by working with someone who’s gone before you and has ironed out the wrinkles.
Now if you would like to know more and go deeper into each of these steps we have produced an episode on our podcast on She Renovates that drills down into each of these steps more thoroughly. I’ll include the link below this video. If you’ve got value out of this or other videos please subscribe and click the bell so you are notified of further videos. If the message resonated with you I’d love it if you would comment below the video and also share it with your fellow renovators!