As we enter 2019, TMG have nearly reached our 2 year anniversary!
When we first started in 2017, we had single let properties and 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. TMG acted on some great advice following an article in the YPN December Magazine where the author offered interesting suggestions on how to make your HMO standout (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).
One of the key takeaways from our mentor program is how fast we have accelerated as we have used contacts from our mentors 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/.
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).
In 2019, our team are going to join a mentor mastermind in London with 8 others who are involved partly or fully in property. 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 invest our time and finances into this program. 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!
Take Away Points
- Use your mentor and peers to learn from their experience to help propel you forward avoiding as many issues as possible;
- Use the one-on-one time to make you accountable;
- Tap into others knowledge and advice