Before diving headfirst into tower renting, you should ask yourself: Is the tower business right for you?
And honestly, the answer depends on what your personality is like.
Tower renting is perfect for people who are real estate enthusiasts and want to compete in highly specific niche markets. It’s not a common business to be in, which means it’s an excellent opportunity if you’re the type of person who likes to make your own way and come up with your own ideas.
The mind of a salesperson.
Although a specific career background isn’t a necessity for getting started in the tower business, having sales experience definitely couldn’t hurt either. A major part of getting renters for your tower will be up to how hard you can push for clients.
Again, the difficulty of the business really depends on your personality. If you don’t thoroughly enjoy real estate, then maybe you should consider pursuing a different career.
The ability to raise funds.
As with other types of real estate, you’re going to need money to get started in the tower business. As we’ve written previously, building a tower can be pretty expensive – and you’re going to need cash before you can build something.
There are multiple ways to secure the funds for your project:
- Go into debt.
- Get investors.
- Fund the project yourself.
Again, the choice you make will really depend on your personality. If you aren’t comfortable allowing other people to be involved in your real estate project, then perhaps securing a loan from a bank will make you feel more comfortable.
Either way, these are the kinds of choices you will be required to make.
Renting tower space is NOT a get rich quick business. It’s a long, stable process of waiting patiently each month for your rent. But that’s what makes it such a great investment.
Tower renting is such a desirable business because it provides so much stability to you as an entrepreneur. However, if you’re the type of person who prefers to gamble with long-shots instead of making calculated long-term financial decisions, then this business is not for you.
If the above examples didn’t make you sob uncontrollably, then there’s an excellent chance that the tower renting business is a perfect fit for you.
If you don’t mind contacting prospective clients, raising funds, and waiting for monthly income – then you’re only a couple of steps away from setting up a real tower business.