What made him go it alone?
Jamie Elvin (pictured), director at Strive Mortgages, had been a mortgage broker for over 10 years and gained valuable experience as a mortgage advisor at Halifax before becoming an in-house advisor at a large high street estate agency. He spent seven years there and eventually became a mortgage services partner.
While Elvin had toyed with the idea of becoming self-employed and recognised the potential benefits of doing so, he was initially hesitant to leave the security of daily appointments and the steady stream of business provided by the estate agency in an employed role.
“As a top performer, I couldn’t imagine life outside of that setting and had intended to remain there for the foreseeable future,” he said.
However, years of alleged micromanagement and a lack of autonomy made him curious about other options. Seeking guidance from friends and former colleagues who had already made the jump and had enjoyed an improved work-life balance and business success, he began considering a change.
“After months of deliberation and a shift in mindset, I was ready to leave but unsure of my next steps,” Elvin recalled. “I asked myself, should I work for another company on a self-employed basis that offers support and a framework providing appointments and leads, or should I start my own company from scratch, facing the challenges of running a business without any initial source of appointments, but with uncapped potential and complete autonomy?”
He concluded that the latter option was more appealing, and the former would only be a temporary solution, leading him to want to start his own business eventually.
“I realised there’s no better time than the present to take the leap and begin my entrepreneurial journey,” Elvin said.
Taking the plunge
One of the first questions Elvin asked himself was how long he could realistically go without earning an income. Since most house sales take three to four months to go through, and the commission doesn’t follow for up to a month later, he realised that he might be without income for six months or more. He had to come to terms with that.
“Although I had no plans to earn the minimum, I wanted to hope for the best and plan for the worst,” he said. “Once I handed in my notice with my employer, I relentlessly worked on improving my networking on LinkedIn and other social media platforms. I shouted from the rooftops that I was starting my own venture, messaging hundreds of estate agents, IFAs, and other potential introducers, highlighting my credentials and explaining my proposition.
“I also actively participated in any social media forums I could, offering help and commenting on Facebook groups for local people seeking mortgage advice, posting videos and reels on social media, and doing all that I could to get my name out there.”
He also purchased some leads and experienced some success with the strategy. However, he did not want to solely rely on paid leads and instead wanted to focus his efforts on other areas of the business.
“Having arranged thousands of mortgages locally over the years, a few local agents with whom I had mutual clients were willing to hear me out and I had my first foot in the door,” Elvin related. “I was offered a trial run with a reputable local estate agent who would consider passing all their mortgages exclusively to me if things went well.
“Fortunately, they did, and I successfully secured mortgages for almost all of the initial leads they referred to me. As a result, I had secured my first agent and regular source of leads.
Growing the business and learning new skills
The biggest surprise for Elvin was the significant increase in referrals and recommendations that he received compared to when he was employed.
“Being actively engaged in promoting my business daily seemed to pay off,” he said. “By providing excellent service to my clients, I received numerous referrals, and there is nothing better than receiving an appointment or an enquiry from someone who has been referred to you. I came to realise the power of word-of-mouth, especially if you excel in your work.
“We’ve expanded in a short period of time by taking on new staff, and the first major mindset shift was making the jump from employed to self-employed.”
The next realisation, Elvin added, was to grow and expand the business.
“We needed to invest and spend time working on it rather than just in it. This meant recruiting new staff and changing our mindset from seeing wages as a cost to seeing it as an investment, while also being sensible about it,” he pointed out.
“I have also learned so many skills in a short period of time and have stepped out of my comfort zone. I now take more pride in my work than ever before and love the challenge of running a business. The world of blogging, using social media for business, networking, online marketing, and recruitment were all new to me, but I have constantly added new skills to my repertoire.”
Facing the challenges
One of the biggest challenges for Elvin has been finding time to juggle being a mortgage broker, which in itself can be a 40- to 60-hour week job, with the added responsibility of managing marketing, accounting, social media, compliance, and other tasks.
“There’s rarely enough time in the day to manage it all, which is why we decided to expand and bring staff on board,” he said. “When becoming self-employed, you envision flexibility with four o’clock finishes and working on a laptop on a beach. In reality, you’re just as busy as when you were employed, if not more. And if I’m not, I’ll be working on business development to make sure I get busy. Maintaining a work-life balance is a skill, one I haven’t yet mastered.”
Interestingly, working from home has also been a challenge for Elvin, who considers working five days a week from home long-term a struggle.
“Missing the ‘office banter’ and after-work drinks would have been tough to endure in the long term and should be a consideration for anyone looking to set up on their own,” he said.
Advice for anyone looking to set up on their own
Elvin’s first piece of advice to anyone looking to go it alone is to surround yourself with positive, like-minded people.
“While I've ‘gone it alone’, I’ve built a good support network of like-minded individuals who both challenge and support my ideas,” he shared. “Taking advice from people who have a negative and closed-off mindset won’t get you anywhere.
“But it’s also good to have people who challenge your ideas and critique your decisions. You won’t have the support of a manager anymore when you’re not employed, but having the support of like-minded people is key.”
Secondly, Elvin said it is important to make sure that there is enough money or means to get by for a predetermined period.
“It’s challenging enough running a business without the worry of being able to pay your bills, so make sure you’ve built yourself a buffer,” he stressed.
Lastly, mindset is everything, according to Elvin, pointing out that “the difference between dreams and reality is action.”
“If you’ve been successfully doing it while employed, why wouldn’t you be able to do it for yourself?” he concluded.
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