He still remains involved with the operations team on running the stores and he communicates with his managers daily; however, they do the major lifting and he helps keep them focused in the right direction. With his focus on long-term growth and stability, Biakabatuka keeps a close eye on the real estate aspect of his businesses. He is interested in developing a long-term wealth building source that is regenerative and provides an on-going increase in equity.
Here are a few of tips for athletes looking to follow the path that he is blazing:
Tip 1: Build strong banking relationships.
As I have grown in the business, I have realized how important that it is to build a strong relationship with multiple banks as early as possible. Those relationships are critical. With more success, the bank’s confidence in you grows and you will be granted more favorable terms.
Tip 2: Take an accounting class and learn how to read numbers.
When you learn accounting, you start to learn the language of business and banking. Find a mentor who has experience and can help you understand how the small numbers correlate to businesses success. Learn everything that you can and stay very close to the numbers. This allows you to bring in a team and scale up without losing a grip on the important factors that shape your business.
Tip 3: Find the right people and trust them to do their job.
You can maximize your time and ability by building a great team. I was not effective when I was running the business day to day and trying to find deals. I lost a lot of early momentum by trying to do everything at once. You cannot operate the business and develop the business.