There is a lot of talk about the Australian property market crashing, would that take my business with it and what can I do to help my audience (and stay in business) if that did happen?
Hi guys, Ryan here from Instructions Not Included, the show where I talk about me and my journey to making a decent income online. There’s a lot of different aspects of that I talk about and today I want to chat a little bit about what would happen if my market completely crashed.
If this is your first time tuning in then you may not know but I run a mildly successful website called onproperty.com.au which is an Australian property investing website.
I do a lot of general information, I do a lot of interviews on there and I make money through selling access to my membership site where I find certain types of properties as well as recommending people and referral fees for recommending people to a buyer’s agent who is a friend of mine.
Something that a lot of people have started talking about lately is the potential for an Australian property bubble, an Australian subprime crisis, the big shark, whatever you want to call it there’s a lot of people out there who are now starting to say that the Australian market is a way of a price that it’s got similar markets to what the Japanese market had before it crashed, what the Irish market had before it crashed.
And then there are a lot of people out there who are protecting the crash of the Australian Property market.
This is all speculation at the moment so I don’t know if it’s going to happen. I’m doing research, getting in contact with people, trying to line up interviews so we can talk about this more and understand it more.
I definitely don’t understand this topic enough to say yes the market is overpriced and it’s going to crash.
I recently did a video on just talking about the Australian property bubble and it was me reading through a few articles talking about what I think about it and just kind of talking about it. That video has gone gangbusters as it has done better than almost any other video that I have in that short amount of time.
It’s my number one video for the last 28 days so I’m just going to go into my stats now as I talk to you guys and check this out. It has done way better than I expected it to do. It is just a little video that I created – nothing really serious but it has done a lot of use.
But this is something that I need to think about, it is something that my buyer’s agent friend Ben needs to think about, something that I guess everyone in this industry needs to think about.
What happens if this is true and it is a property bubble? How is that going to affect my business? For me more importantly I’m thinking about well how’s that going to affect the people that follow me and how can I help them? I want to understand this so the people who follow me – my audience I can give them the best insight the best advice as quickly as possible before all of this stuff happens.
If I look at views last 28 days then this has had almost over 2,000 views and it’s about 1,000 views ahead of my second most popular video.
I’m just trying to work out when I actually uploaded it because I don’t even think it’s been out for 28 days. It’s only been out for half of the month and it’s already got almost double the number of views as my second most watched video.
So that’s pretty crazy in terms of lifetime views it’s probably not going to be up there. Because I got videos that have had 12,000 views and stuff like that. But it’s getting out there like within probably two months it’ll be in the top 10 of my most viewed videos ever.
However, this is just something that I need to start thinking about, “What happens if the market crashes?” And this is the really interesting perspective on me, Ryan. Because a lot of business people might be saying, “If market crashes how am I going to protect my business?” Whereas I am so passionate about this topic, I’m so passionate about my community, about the people that I’m helping my thought process goes like this – “If the market crashes yes that’s probably going to affect my business.
I’ll probably be able to scrape through and survive but I’m not too worried about that.
But I think about if the market crashes how is that going to affect my audience and what can I do now to prepare them for this so that they can make money they can exceed if and when the market crashes.”
I think so many people approach business that if this happens how we’re going to protect our business. And I’m thinking about I don’t care about my business, I care about the people who follow me, I care about the legacy that I have, how can I help the people that follow me. And if that means it’s going to affect my business then so be it but I want to help those people.
Therefore that’s something that I’m dealing with at the moment, trying to think about at the moment. Is it something that I think is going to happen in the next year? No, I don’t think it’s going to happen in the next year. But is it something that will probably happen in the future? There’s definitely a possibility out there that this could happen in the future.
I’m not a hundred percent sure how this is going to go down but I definitely wanted to chat about it, put it down in the podcast as part of my documented history that this is something that I’m thinking about, this is something that I want to help my community with and this is something that I think if I start talking about this, start warning people.
Not really warning people but making them aware of it and helping them by saying if this happens here are some things you can do. Then I think that this is the best long-term strategy for my business because that’s going to give me the reputation that I need moving forward.
If I don’t want to exit this market in the next year, if I want to be in this market for the next 5-10 years then my reputation and what I say today matters. Therefore I want to say the best thing with the best knowledge that I have to help my people now no matter how it affects my business. And that’s just the truth of it.
I am trying to be of high integrity as possible with my business and seriously help people. I think in the long run that’s going to be the best decision that I can make.
That is something that I need to think about and as I’m thinking about that as I’m talking about it now I do think this means that other parts of my business I will need to focus on like other niches and things like that. I’ve got other niches like public speaking and I’ve got a niche site that I started.
I also want to start a podcast on home-schooling just for fun. But I definitely need to start thinking about other revenue streams from other websites. This is great because I have been thinking of just spending a couple days a week on On Property anyway as it only really needs a couple of weeks of my time.
I’m working with my virtual assistant to take over more of the admin tasks for On Property so there will be less of those for me to worry about. Therefore I’ll spend more time creating content for the site and then creating content for other websites as well.
I’m getting really passionate about video, about audio and less so about writing so I just think that that’s the future.
I look at my own web habits and I just see myself doing a lot more searching on YouTube rather than on Google now and so YouTube is really my first search engine now and Google is becoming my second search engine except for specific topics where I don’t think I’m going to find the answer on YouTube then I might go to Google. But I’m doing probably more searching on YouTube than on Google or if anything it’s very close to 50/50.
I’m focusing on video a lot and I’ve just invested in a lighting kit and so I spent about $150 or a bit less on a three-point lighting kit. I’ve invested in that and eventually if I can build up enough buffer in my business I will also invest in a DSLR camera and some better audio equipment but that’s potentially down the line and I’m not 100% sure.
That’s where I’m at, at the moment. There could be a market crash in the future, in the near to medium future, probably not next week, probably not in the next year but probably within five years or something. It would-would be a good chance of this sort of thing happening – not a good chance – good chance is the wrong word – there is a chance that this could happen.
It is just something I need to think about, something I need to start preparing for because if it does happen I’m not ready to go back to work for someone else and with the large majority of my income coming from one website I do want to spread that out and spread my risk.
I think I talked about in the last episode but the strategy that I’m moving towards I’m calling it phase two of my business because I’m kind of out of survival phase is that I want security – I want to build up security of income, passivity of income and then I want to improve my production quality and get more production out the door and more videos and things like that. So I’m working on those things – security of income, passivity of income, I should probably add to that diversity of income as well as it is something that I want to work towards.
I’m having a great time in my business. I am doing very well financially but I’m well aware that the world doesn’t stay the same that the world changes, that tomorrow my circumstances could change and I’m trying the best to think about and prepare for that. So you will hear more from me about this topic as I think about it, mull it over and take actions towards it.
I wish you the absolutely the best in your business. Go out there, make a splash in the world, be integrit, help people like I’m trying to help people. And if you want instructions you know what to do – go and buy some furniture.
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