Felix Cash is an experienced property developer who has built several companies. In Bytestart today he offers advice for people wanting to start their own business.
Introduction
2023 has seen a spike in UK rent rates. This means that being in the property business can be profitable. Yet, setting up a successful property portfolio and company requires knowledge. Felix Cash, a veteran in property development, shares some insights from his journey.
Background on Felix Cash
- Felix began with a driveway construction company in 1999 named Terrafirma Paving Ltd.
- Over the years, he started various property companies like Phoenix Residential Homes Ltd and Luxurylife Developments Ltd.
Hard Work is Key
- Success doesn’t come easy; you have to earn it.
- Starting young, Felix learned the value of strong work ethic – showing up early, finishing late, and always looking for more to do.
- Starting your own business requires juggling many roles. It’s challenging but rewarding.
- Mistakes and failures will happen; it’s a part of the learning process.
Tips on Setting up a Property Company
- Investment Advice:
- If you have savings, invest in property.
- Understand the full costs, including stamp duty, capital gains tax, and landlord’s insurance.
- Begin with one property, understand its profitability, then expand.
- Always ensure proper financial management. Get expert advice or ensure meticulous self-planning.
- Location Matters:
- A property’s success often depends on its location.
- Consult with family, friends, and look into the area’s planning regulations before deciding.
- Starting Without Much Money:
- If you don’t have a lot of capital, invest time in building skills and save money.
- Starting a limited company can be a good step.
- Saving money might not seem trendy, but it’s essential for future investments.
Life Balance and Networking
- Your health is crucial. Overindulgence in substances like alcohol can lead to personal and business downfalls.
- Regular exercise can be beneficial.
- Networking matters: Be polite and maintain good relations when socializing, as you never know who you might meet and how they can assist in your business journey.
In a nutshell, success in the property business requires hard work, wise investments, a keen eye for location, maintaining a balanced lifestyle, and effective networking.