This is the first in a series of videos which will come under the umbrella of ‘Build and Prosper’ as a property developer. I believe that property development can help you achieve and provide the lifestyle of choice that so many of us strive for. That in fact, it can be done at any age, so even if you are a teenager, an adult or beyond pension age I want to share a business model that has worked extremely well for me and what I hope to achieve with this video series is to outline the steps that you would need to take to build a successful property development business. But to start is deciding what you really want, what is your lifestyle of choice going to look like and so in this video, we're going to cover the ten sections that will help you on your personal journey to discover what you really want and what you ultimately need to do.
In the following videos we will cover the different subjects, which will help you plan out that journey to help you achieve your lifestyle of choice. So, let's get started with the first section in this video, remember to consider that there are ten sections of this to watch. Unfortunately, most people never get what they want because they don't know what they want or find out too late and are scared to go after what they really want out of life. Let me just repeat that. Most people never get what they want because they don't know what they want or find out too late and are scared to go after what they really want out of life
Let's just unpack that just for a moment. Truly think about it when you were at school, did you know what you wanted to do? Did you have that period where you had to make choices about the future courses? Which always came at a very early stage into your high school career. Generally, you are asked at the end of the second year to specify what subjects you wanted to specialize in. And yet you seemed so far away from leaving school at those stage another four years perhaps to go. So of course, there was a lot of uncertainty, and you didn't really know what you wanted. So, you would generally take subjects that you were good at or had better grades in or maybe your friends where in it. But is that really what you wanted, looking back?
Did you go to university and choose a course there or did you go straight into the workforce? Did you really know what you wanted to do then? Did you really have a vision for your life, how you would like to see it pan out? You probably wanted to be wealthy and have security in your life. You probably felt like you wanted so many things, and then perhaps you left university. Did you go into the specialist area that you had studied at university, or did you choose another career, maybe you even dropped out? Remembering back to my time working in the corporate world, which I did for the first 10 years of my life and having brought in some graduate trainees into the business, and they had all sorts of discipline. I worked for a retail department store. I was the assistant general manager. And yet I would find that some of the workers were coming with things such as biology degrees.
What did such a degree have to do with retail? Did they have a desire to change their path? What I’m trying to ask where they still confused kids just trying to find their way, around a system they weren’t yet familiar with did that eventually lead them into a life they were too scared to leave as this was their comfort zone? And you got lucky and have gone through life always knowing what you want and are still sure. But here’s a personal story that led me into creating this video lawyer who I had working for me around 4 decades, and they were a very competent lawyer. Yet I remember him saying to me, just 20 years shy from retirement, that he absolutely hates this business because it fundamentally part of the business changed, but also, he just didn't like what he was doing. And he struggled on, he retired early at 60, but he never enjoyed, particularly in those latter years doing what he had chosen to do when he was younger. And I say chosen to do, but perhaps he followed in his father's footsteps.
I'm not sure, but I got the feeling that he was a lawyer, because his father was a lawyer. So that became the easy default route to go and do what your parents did because at least you’d have someone who could help you get your foot in the door. That’s why you tend to see quite a few generations in hard to brake into jobs such as actors, doctors, lawyers, politicians. So unfortunately, people don't really decide what they want as if they do what their parents do, they’d have someone to rely on when they become confused or lost, or maybe their parents even pressured into the career. So, therefore the first thing you must do is decide what you really desire, what is your dream life? What is it that would cause you to live truly live, to fill your life with passion and joy?
Too many people die in their own shoes or standing up. So, consider this the first task. But I want to set you is really deciding what you desire. You’re going to have to quantify this. Which is not so much about putting the plan in place and how you're going to achieve that, but just simply a quantifying what that will mean inevitably is going to involve having money. And it's going to involve having plenty money because whatever it is you want to achieve to have that total freedom, you're going to have to create a pot of money. And you going to do that in various ways, but that's not what I really want to discuss, discuss here. Now, what I want to discuss is quantifying what it is that you need in order to make that happen.
Whether that's traveling around the world, traveling to exotic locations, doing charity work in different countries. And in other words, having the income so that, that therefore allows you to do those things that you want, or maybe there's some material possessions that you want that to have. So, whatever that lifestyle looks like in order to help you achieve that, you're going to have to quantify that. And you're going to have to quantify that in financial terms. So, you're going to have to list all the different things that you want in terms of maybe material things, all the things that you, that is going to cost. What is your time in other words, what are you going to need to live on for that period Whether that be a short period or long period, what's the total cash amount of that? So, if you're a young person and you're going to live to a hundred, and you're say only 20 years old, then what's 80 years of income going to look like in order to sustain the lifestyle that you are looking to achieve. So that quantification is the part that is fundamental here. So do that quantification. And then we'll move on to the third stage here.
We talked about deciding what you really want, and we've talked about what is the financial implications of making that happen, but I just want to slow it down just for a moment. So often we see people striving for what they think they want often as items such as material possessions, fame, or fortune, but imagine working for everything that you want and then discovering, it's not really what satisfies you. I can think of people who buy very flash cars because they think that that's the car that they want. And then they discover it wasn't that big a deal that they didn't really want there's something else that they're searching for in their life.
Think of celebrities so often you see celebrities who achieve fame and fortune and have all the trinkets that go with that. And yet the discontented, they haven't really got what they wanted. So just take a moment to think about what you really want now that you're clear in your mind. And you've need to understand what the financial impact that will have on your life, such as what you will need to achieve such things in terms of financial terms. Now I'm not talking about the plan because we'll come to that later, but in terms of what will be financially needed to happen in order to achieve that lifestyle that you want. Now, you need to think of it, but why do you really want this What is it that is so important that you achieve this answering the big Y can be such a struggle for people, but having, knowing what that Y is, will help you as you drive it forward. And we'll talk about driving it forward a little bit more in the next segment.
It took me a while to discover what my driving forces and yet it was always there. And once I discovered it, it really helped me because I knew in the back of my mind, why I was doing this and why it was important to never give up. You see, when I was at school, I was ridiculed badly. I was told that I wasn't good at sports. My brother who was very good at sports was a mirror to what I was not. And in other words, people would see that he excelled in sports and would see that I did not. And so therefore I was told I was hopeless at sports. And in fact, I compounded it because I believed that. And therefore, didn't even try to become good at sports. I didn't, I wasn't that great academically, because again, I believed because people, my teachers and other people told me, I wasn't, my classmates told me that I was thick, that I didn't, I wasn't able to do the things that they were able to do that academically.
I was challenged and he couldn't achieve. And yet later in life, I discovered that academically I could Excel because in fact, I had done courses and I had passed certifications with flying colours. I even started a university course, and it was getting good grades. You see, I suddenly had belief in myself. I had suddenly decided to discard the, the, the, the lack of belief that other people had in me. And I said, you know what, Jim, you can do this. And I start to discover that I could do this, but it took me a long time. And what still drives me today is because I have got this vision of what I want my life to be. And I have not achieved that yet. I also have a driving force that I need to still prove to my classmates, that I can do this.
I need to prove to my teachers that I can do this. And yet, I don't know any of my teachers. I don't know any of my classmates anymore. So, but it's important because that's what still drives me. Now, I could go to a therapist, and I could say, you know, this doesn't matter. But the point is that I have dealt with the issues that at that period in my life brought me, but it still provides me with a driving force to keep me going today, to achieve the things that I want to achieve.
Now I ask do you trade your time for a set amount of income? So, let's assume in a scenario that you are working 40 hours a week and you get whatever that rate is, that clearly is probably a salary, but it may be an hourly rate? So, at that, whatever that amount happens to be times the 40 hours gives you the amount that you have income that you earn now, in order to increase this income, the only way you can do it is by working more hours. Now it may be that you are in sales or some sort of commission program or bonus program where this, your productivity of this amount. In other words, you can change this amount because you are on a percentage.
So, let's assume you maybe sell a car and you might get a certain percentage, but if you've maybe moved on and sold luxury boats, a much higher price item, then the amount of income that you're going to Aaron is going to go up because you've, you've upscaled into a higher price bracket of, items that you're selling. But nevertheless, whatever the scenario is, your income is limited by the number of hours that you work. And in other words, the only way that you can increase that is to be able to split yourself. But if you're working for somebody else, you can't do that. The only way to do that is in a business and once you have a business, then you can grow that business. And you can take your entrepreneurial talents, which we all have presents in some sort of way, and use those entrepreneurial talents and increase the amount that you can take in without being a slave to the number of hours that you work in. The last section, we talked about the need to move from being a wage slave, to being a business owner. And in order to do that, you probably are going to have to start a business on a part time basis. Now, clearly, I believe property is the best business to be in, but we'll talk about that in future videos. For the meantime, what I want to do is to focus on the process of taking yourself from starting a business, probably part time. In other words, you'll probably be an employee still while you do that,
And you're going to move into also a part time business. And so, this means that you bring your you're working, whatever the number of hours here is, which might be 40 hours. And then you'll be using, depending on what your work schedule is. But on a, a typical way, workshare for a lot of people that were there will be working nine to five or eight to four or whatever is during the day, Monday to Friday, and then they will have time off and that will be genuinely the evenings. So, you go the evenings and then you've got the weekends, and there's a sacrifice there in order to achieve more, you're going to have to sacrifice some of that terror time. And therefore, it's very important that you communicate. If you have a family with the rest of the family, what you're trying to do, and include them in as much of the decision-making process as possible, even though they may not be involved in the business, of course, if they can be involved in the business in some way, then it will help your workload in order to get the business off the ground.
And so, your first objective then is to go from a part time business to a full-time business. And the reality is at this stage, you're probably just going to still be on your own. So, this is a very difficult phase because in fact, what you're having to do is you're having to carry out every functional of the business, whatever that happens to be. So, whatever the business happens to be in. But then in addition to that, you'll have all the different functions of accounting and looking after, product for full fulfilment, whatever that happens to be, and all the different things in servicing the business. And there's only one person to come to, and that will be you. But if you want to grow the business to anything substantial, which you likely to need, if you want to achieve that lifestyle of choice, then you're going to need to move to the second phase of business development, which we'll cover next.
The second stage is to develop it from being a solo business. In other words, where you are in the business yourself and developing it into a business where there's other people helping you in that business and clear, there's lots of things that need to happen there. you need to create your vision. You've got to have your business plan, but let's not get into a huge amount of detail now. What we're looking at is to be able to transition from you, just being a full time. In other words, just times one to full-time times two to five people, and a lot of people will look at this and think, well, this is an expense, and clearly it isn't an expense to the business. And so, what you want is that these people to be net contributors to the business. And so therefore you're placing a value on what they're doing.
So, you may be moved from one-to-one another person. So, what, what is that person going to do to increase the value of the business, but also at a, to take the business forward to, you're going to have to decide what is it that you need that person to do that will then free up some of your time to then start thinking about the next stage of the business. And you were going to have multiples of these people, joining you in your business, which are then going to be able to help grow that level of income that the business generates and go into the bottom line.
Third stage of this development is to move to the lifestyle of choice. And this is where you're able to remove yourself from the business, from the day-to-day. And so therefore your main role then becomes looking after the vision of the business. And what you will find is that once you get to a certain level in the business and you, you will start to plateau and what got you there when need to change to take you to the next level. And so therefore when your business reaches its first hundred thousand, you will then probably be moving into the business where you're employing the first person, but then as you triple that turnover to £300,000, you're maybe then going to have your two to five employees in the business by that stage. But what's taking you from that hundred thousand to £300,000, then needs to move forward and change to take you from £300,000 to a million, because that then will change the focus.
And what took you from the hundred thousand to the £300,000 will not take you from the £300,000 to the million. So, you must continually realign your vision and think about where the business is going. And eventually what you're doing is you're looking to grow your business to the point where remember in the second section we talked about what is that financial number that we need to achieve. So, you're growing your business to that level to achieve that number. And therefore, once you've achieved that, and you've brought in people into key positions, you've managed to release your input to the business, which is one of the hard things that entrepreneurs find to do is to be able to say, I can rely on somebody else to do this because we all have the belief that we can do it better than anyone else. And yet, if we adopt that attitude, then our business will stagnate.
And so therefore we must get beyond that and we to be willing to trust, but that does mean selecting the right people and making sure you've got the right people in place in order to do that. And so, in that process, we then can move into our lifestyle of choice, where we're able to pull back and have the business systemized and you'll have to introduce systems but having key people in place that communicate together and help us achieve that business that works on its own. In other words, a sanctuary like a format of a franchise, think of a McDonald's, which is always used as the prime case of a business that works basically from a manual. In other words, they can take somebody into any part of their business and very quickly train them up and be able to run that part of the business. And that's what you ultimately need to achieve. And when you have that, and it works as a perfectly oiled machine, you can pull back and enjoy your lifestyle of choice.
I have for you a five-step action plan arising from the areas that we covered in this video. First decide what you really want. Second decide what it would take to achieve that. In other words, think of the monetary amount that you would need to accumulate in order to achieve that third revisit. This is this what you really want. Fourth, why do you want this and fifth, what is it that drives you I hope you found that helpful?