In this blog, I wanted to reflect on how TMG went from a standing start in 2017 to now a business in 2024 with 25 rooms across 5 HMO's plus many single lets.
When we first started in 2017, we had single let properties and some property management experience, but the team knew there were more opportunities available beyond single lets. We were also aware that there was an untapped world of experience and knowledge that we could learn from to propel us forward, and in a safer mode than if we went into the adventure alone. As a result, TMG founders joined a mentorship programme.
Via a mentorship programme, we were able to tap into the experience and wisdom of a wide range of people who had been in business for different lengths of time, came with different objectives and best of all, had different knowledge they could share. We had a 45 minute one-on-one sessions with our mentor each month so we could ask specific questions and gain advice that was specific to us. It enabled us to see the issues from a new angle, so we could approach the hurdle differently. We spoke to our mentor in these sessions as well as with our peers to debate our thoughts, and we always came away with an action point. Beyond these mentor meetings, TMG regularly read property literature and we have carried this onto today. TMG have acted on some great advice following that have been found in magazines such as an author offered interesting suggestions on how to make your HMO stand out (i.e. having a clear design, explaining what the purpose of each living space is and using light and dressing items to create the atmosphere you want to portray).
We would highly recommend a mentor program as it has accelerated our growth by using contacts from our mentors who we would never have met, and those we have networked with to create the TMG power team. We have found our trusted team through a number of sources and you can read more about our team on our website: https://tungstenmg.com/about-us/. We have kept the core power team since 2017 as the team know the end product we are aiming for and they offer the high level of tenant care that we alway strive for.
The benefit of talking through the business and next steps before taking action is that you may learn from other people’s mistakes. The key to business growth is to learn from others and not to repeat the unfavourable action. You can take guidance and adjust your chosen path. Many entrepreneurs think that they need to go out alone and not ask for help, which is counter productive, as reaching out to other makes you stronger and you can avoid making costly business mistakes.
The delicate balance of mentoring someone is not creating them in your own image, but giving them the opportunity to create themselves (Steven Spielberg).
Over the past few years our team have attended a number of networking events and mentor mastermind events which are partly or fully focused on property- some events have been business focused. The one-on-one monthly contact with our peers ensures that TMG remain accountable as we all have the best intentions but other commitments can distract us – this is why we invested our time and finances into this programs. To investigate this thought further please look at Property Magic 5th edition by Simon Zutshi who has a whole chapter on why the best investment is you!
Today, TMG have a secure and robust business that has remained stable through a global pandemic and the current turbulent economic issues. We have continued to offer safe and comfortable homes to a large number of tenants and this has been through our constant networking and contact with peers and mentor. Being able to speak openly and honestly to those who have walked the same path allows you to learn, grow and develop fast then if you were to go alone. A top tip from TMG is to try networking with peers who are not directly linked to your industry.
Remember Einstein said 'Insanity is doing the same thing over and over again and expecting different results'.
