Richard

Gamification in education is a rising trend, and I am excited about it. The market is expected to reach over $30 billion by 2025 (Source). Given this significant rise, I decided to explore some business games that teachers could use to teach the next generation of entrepreneurs and investors. And I found some pretty great finds.

These business games provide an excellent way for students to learn business skills. Students can engage in activities like managing virtual companies and participating in simulated stock trading.

Further, by offering a risk-free environment, these games can facilitate the development of students’ entrepreneurial mindset and financial acumen.

And I can’t forget to mention that there are plenty of stats citing their impact:

• Challenge-based gamification in education leads to an increase of 34.75% in student performance (Source).
• Furthermore, students who were educated with challenge-based gamification performed better by up to 89.45% compared to those who only received lectures (Source).
• 67% of students found gamified learning more motivating and engaging than traditional courses (Source).

So, what are you waiting for?  Below are some of the games that I found while researching. From simulation to stock traders to card games, there are plenty of interesting games to discover.

Are you more interested in entrepreneurial games? Check out our list of great entrepreneurship games.

1. Products: The Card Game (Top trending pick)

Products: The Card Game teaches students how to pitch and invent products. The game is easy to play. Every round, an investor draws a Product card. Then, all the players have a handful of Feature cards to pitch as additions to the Product. By combining the cards, you end up pitching products like a “television for your BBQ set.” And it gets intense! Expect much shouting and arguing as people give their case to the investor.

Why I like it: It’s a quick and fun way to teach the class about inventing and entrepreneurship while being goofy. And it’s all in-person, so there are no phone and laptop screens to play.

Pros

• Encourages students to think outside the box.
• Get to practice pitching ideas and communication.
• A light-hearted approach to learning about inventing/entrepreneurship.
• Fosters teamwork and collaboration for large groups. 

Cons

• Does not delve into complex aspects like financial planning or market research.
• Pitches may be won more for humor than practicality. 

2. Monopoly (Top classic pick)

This classic board game teaches students to manage finances, make strategic decisions, and understand investments.

Why I like it: It’s a classic! Most students will already know how to play, and it is a great way to learn about business basics in a fun and interactive way.

Pros

• Teaches concepts like budgeting, investing, and managing money.
• Requires strategic thinking for property acquisition, negotiation, and risk management. 
• Get a hands-on, competitive learning experience. 
• It is a timeless classic.

Cons

• The gameplay can be LONG.
• Students will likely get frustrated or annoyed.
• It tends to oversimplify more complex principles. 
• It is fairly repetitive (i.e., roll, buy, repeat).

3. SimCity (Top economic pick)

In this simulation game, students can build and manage their own virtual city, making decisions about zoning, infrastructure, and budgeting.

Why I like it: It’s a great way to learn about urban planning and economic development.

Pros

• Provides education for city development, infrastructure management, and local economics.
• Foster critical thinking in a risk-free environment.
• Can customize scenarios with different city layouts.
• Offers a visual representation of urban development.

Cons

• The complexity can be overwhelming.
• Significant learning curve to grasp the game
• It doesn’t cover a wide variety of business aspects.
• Students may prefer building aesthetics versus learning. 

4. Lemonade Stand (Top simple pick)

This simple online game allows students to run their own virtual lemonade stand, learning about pricing, marketing, and inventory management.

Why I like it: It’s a fun introduction to the basics of entrepreneurship.

Pros

• It is simple easy-to-understand:
• Gives hands-on experience in pricing, marketing, and inventory management. 
• It is a realistic display of challenges faced by small businesses. 
• The game encourages ane engages. active participation.

Cons

• The game focuses only on a lemonade stand. 
• Does not go over many advanced business concepts.
• The gameplay is fairly repetitive. 
• Limited opportunities for team and collaboration.

5. Capitalism Lab (Top virtual pick)

This business simulation game allows students to run their virtual company, making production, marketing, and finance decisions.

Why I like it: It’s an exciting way to learn about the complexities of running a business in a competitive market.

Pros

• It is a comprehensive business simulation covering product, marketing, finance, and research.
• Learn about business ops and market dynamics through simulated gameplay.
• Players have to be strategic with their business strategies
• Provides educational value for entrepreneurship and business management. 

Cons

• It has a steep learning curve.
• Overwhelming for beginners. 
• It can be very time-consuming:
• Focuses primarily on single-player gameplay. 

6. Stock Market Game (Top stock market pick)

The Stock Market Game allows students to simulate investing in the stock market. They can learn about the basics of trading, risk management, and portfolio diversification. I think it is an excellent pick for financial-minded students!

Why I like it: I find this game great for students with a knack for financial concepts.

Pros

• It simulates real-life markets.
• Provides risk-free practice.
• Offers tutorials to help students learn.
• The game uses real-time live data

Cons

• The game can oversimplify market dynamics.
• Focuses on short-term trading versus long-term trading.
• Primarily focuses on stock trading.
• The game prioritizes individual performance over group teamwork.

7. Biz Builder Delux (Top retail pick)

In this mobile game, students can build and manage their virtual retail store, learning about customer service, inventory management, and marketing.

Why I like it: I think it is an excellent way to learn about the retail industry.

Pros

• Students can learn outside the classroom.
• Experience in managing retail stores, customer service, inventory management, and marketing. 
• Offers real-world challenges and decisions owners face.
• Keeps students motivated and investing in virtual businesses.

Cons

• The game includes in-app purchases.
• Overlooks aspects outside of retail management.
• Constrained by smaller screen size.
• Games may detract from other learning.

8. Airlines Manager: Tycoon (Top airline pick)

In this simulation game, students can run their virtual airline, making decisions about routes, pricing, and fleet management.

Why I like it: I love how this simulation game allows students to run their virtual airline,

Pros

• Covers airline complexities: route planning, pricing, and fleet management.
• Immerses in aviation challenges.
• Prompts informed choices for optimizing operations.
• Provides insights into aviation economics, logistics, and customer service.

Cons

• It may overwhelm new students due to its complexity.
• Requires significant time, with lengthy sessions.
• Access may be limited for some students.
• Focuses solely on airlines, possibly neglecting broader concepts.

9. Coffee Shop Tycoon (Top small business pick)

This simulation game allows students to run their virtual coffee shop, learning about customer service, menu planning, and budgeting.

Why I like it: I think it is a great way to learn about the food and beverage industry.

Pros

• Focuses on coffee shop business: menu planning, service, budgeting.
• Learn about active management.
• Realistic portrayal: sourcing, staff management.
• Offers engaging, immersive experience.

Cons

• It focuses solely on the coffee shop business, potentially neglecting broader entrepreneurship.
• Simplifies coffee shop management, reducing comprehensive understanding.
• Gaming distractions may reduce learning outcomes.
• Limited availability on specific platforms limits accessibility.

10. The Sims (Top competitive pick)

In this simulation game, students can create and manage their virtual businesses, from restaurants to fashion boutiques, to see how they fare in the competitive market. Of course, this is only one aspect of the entire Sims game.

Why I like it: I’m excited about The Sims because in the game, students can create and manage virtual businesses, such as restaurants and fashion boutiques, giving them a firsthand taste of the competitive market. However, the game is probably unsuitable for a class environment, as the business component is only a piece of the larger game.

Pros

• It exposes students to a variety of industries.
• It demonstrates business operations, including staffing and budgeting.
• Provides extensive tools for designing businesses.
• It engages and fosters critical thinking skills.

Cons

• Covers multiple industries, potentially sacrificing depth.
• Non-educational elements may reduce focus.
• Lengthy sessions require significant time investment.
• The open-ended nature may divert from learning goals.

11. RollerCoaster Tycoon (Top theme park pick)

Test your business skills by designing and managing your own amusement park, from setting ticket prices to hiring staff and keeping customers happy.

Why I like it: I love this simulation game because it lets students explore their creativity and decision-making skills in managing their amusement park.

Pros

• You can design and customize amusement parks for creativity.
• Students learn about pricing, finances, and customer satisfaction for success.
• Understand the entrepreneurship challenges of an amusement park.
• Make critical decisions for profit maximization.

Cons

• Lengthy sessions require significant time investment.
• Mechanics may overwhelm some players, especially newcomers.
• Primarily focuses on theme parks, potentially neglecting broader business concepts.
• Immersive nature may distract from educational objectives.

12. Game Dev Tycoon (Top gaming pick)

Step into the shoes of a game developer and build your own successful gaming company by creating and releasing hit games while managing finances and marketing strategies.

Why I like it: I’m drawn to Game Dev Tycoon because it realistically portrays the challenges faced by game developers, such as adapting to genre trends and achieving critical acclaim.

Pros

• Gain insights into game design, marketing, and financial management.
• Understand both the challenges and rewards of starting and running a gaming company.
• Offers decision-making, such as game development, staffing, and business expansion.
• The game offers a realistic portrayal of the video game industry.

Cons

• Limited relevance for students interested in other industries.
• Gaming distractions may lead to off-task behavior.
• Lengthy sessions require significant time investment.
• Focus on the video game industry may overlook broader business aspects.

13. Capitalism II (Top complex pick)

This complex business simulation game challenges players to build and expand their own business empire, from manufacturing to retail, while navigating economic trends and competition.

Why I like it: I like how comprehensive the game is and how it provides insights into the complexities of running a business.

Pros

• Covers various industries instead of one.
• Players must build business empires and navigate economic trends.
• It offers insights into the complexities of running a business.
• The game shows basic economic principles.

Cons

• Advanced mechanics may be daunting for inexperienced players.
• Lengthy sessions require significant time investment.
• Less accessible to students without prior knowledge.
• Depth may overwhelm players, detracting from the learning experience.

14. Railroad Tycoon (Top logistics pick)

Manage and expand a railway empire by building tracks, purchasing locomotives, and making strategic decisions to outmaneuver competitors and dominate the transportation industry.

Why I like it: I enjoy how in-depth they went into the railroad industry, and it makes me feel like I am a robber-barron or some mid-century railroad titan.

Pros

• Insights into the transportation industry: railway management, logistics, infrastructure.
• Challenges strategic decision-making: route planning, locomotive purchasing.
• Realistic portrayal of railroad tycoon challenges, practical insights.
• Learn about transportation evolution and economic development.

Cons

• Primarily focuses on the railroad industry, potentially neglecting broader concepts.
• Includes industry-specific terminology, may be unfamiliar or confusing.
• Lengthy sessions require significant time investment.
• Immersive nature may lead to distractions.

15. Theme Hospital (Top medical pick)

Test your business acumen by managing a hospital, from hiring staff and treating patients to balancing budgets and expanding facilities to keep the hospital running smoothly.

Why I like it: I thought this one was very interesting, especially from a managerial perspective.

Pros

• Insights into the healthcare industry: hospital management, patient care, budgeting.
• Challenges strategic decision-making: staff hiring, facility expansion, patient satisfaction.
• Realistic portrayal of hospital administration challenges, practical insights.
• Encourages problem-solving to keep the hospital running smoothly.

Cons

• Focuses solely on healthcare, potentially limiting relevance.
• Lengthy sessions require significant time investment.
• Complexity may overwhelm players, detracting from learning.
• Less accessible to students without prior knowledge.

16. Zoo Tycoon (Top animal pick)

Build and manage your own zoo by creating habitats, caring for animals, and attracting visitors to generate revenue and grow your business in this fun and engaging simulation game.

Why I like it: What is there not to like about Zoos! It’s a pretty fun game.

Pros

• Insights into zoological industry: zoo management, animal care, visitor attraction.
• Allows creative expression: design and customize zoos for creativity.
• Realistically portrays challenges faced by zookeepers, practical insights.
• Teaches animal conservation, habitat design, wildlife management.

Cons

• Focuses solely on zoo industry, potentially neglecting broader concepts.
• Lengthy sessions require significant time investment.
• Immersive nature may lead to distractions from educational objectives.
• Less accessible to students without prior knowledge of zoo management.

17. Restaurant Empire (Top restaurant pick)

Experience the challenges of running a successful restaurant business, from designing menus and managing staff to dealing with food critics and competing with rival eateries to become a culinary mogul.

Why I like it: This is probably one of the more challenging ones. Good thing I am a good cook.

Pros

• Insights into menu planning, staff management, and customer service.
• Hands-on restaurant management experience: practical insights.
• Portrays restaurant operations realistically.
• Teaches business strategy, marketing, and competition.

Cons

• Focuses solely on restaurant industry, potentially neglecting broader concepts.
• Lengthy sessions require significant time investment.
• Immersive nature may lead to distractions.
• Non-educational gameplay elements may reduce engagement.

18. Wall Street Survivor (Top finance pick)

This online investing game offers a realistic stock market simulation with virtual trading, research tools, and educational resources. Players can compete in leagues and challenges to hone their investing skills.

Why I like it: I enjoy the realism. It is kind of like fantasy football for investing.

Pros

• Learn about virtual trading, research tools, and educational resources.
• It lets students engage in decision-making and problem-solving.
• Provides supplementary materials for understanding investing.
• Students can compete to hone their skills.

Cons

• Simplified simulation may oversimplify market dynamics.
• Emphasis on short-term gains may not align with sound practices.
• Primarily focuses on stocks, neglecting other opportunities.
• Individualistic focus may reduce teamwork.

19. Startup Company (Top startup pick)

In this game, players are tasked with building and growing their tech startup, from hiring employees to developing new products and securing funding.

Why I like it: As someone who has been in startups, I can appreciate the attention to detail in this game.

Pros

• Contains real-world business obstacles like competition, providing practical learning.
• Students have to make strategic decisions on operations and product development.
• Learn insights into team management, hiring, and training.
• Immersive startup journey fosters entrepreneurial spirit.

Cons

• Simplified simulation may overlook business intricacies.
• Primarily focuses on startup challenges, neglecting broader concepts.
• Limited scalability may hinder the learning of advanced concepts.
• Gaming distractions may reduce focus on learning objectives.

20. Entrepreneur: The Beginning (Top old school pick)

In this game, players start their businesses and must navigate challenges such as competition, market fluctuations, and employee management.

Why I like it: This is a very general and old game. I included it in the picks for nostalgia.

Pros

• Encounter real-world business obstacles like competition.
• Make strategic decisions on operations, product development.
• Insights into team management, hiring, and training.
• Immersive startup journey fosters entrepreneurship.

Cons

• May overlook business intricacies.
• Primarily focuses on startup challenges, neglecting broader concepts.
• Limited scalability may hinder the learning of advanced concepts.
• Gaming distractions may reduce focus on learning.

21. Rise of Industry (Top industrial pick)

Players take on the role of a budding entrepreneur in the early 20th century, building and managing their industrial empire.

Why I like it: This game is really fun. However, it has a bit of a learning curve, and I am not sure how to incorporate it into my classes.

Pros

• Set in the early 20th century, insights into industrialization and economic development.
• Challenges players to build and manage industrial infrastructure.
• Teaches about supply chain management and production optimization.
• Encourages strategic decisions for growing industrial empire.

Cons

• It focuses on a specific historical period, potentially limiting relevance.
• The steep learning curve for inexperienced players.
• The lack of modern context may limit applicability to present-day entrepreneurship.
• Gaming distractions may reduce focus on learning.

22. Project Highrise (Top real estate pick)

This game challenges players to design and manage a skyscraper, making decisions on everything from tenant selection to building maintenance.

Why I like it: Real estate is an exciting thing to try out and play around with.

Pros

• Insights into urban planning and property management.
• Teaches real estate economics: property valuation and rental income.
• Challenges in facility management: building maintenance, tenant satisfaction.
• Allows creative skyscraper design, fostering architectural appreciation.

Cons

• Focuses on property management and skyscraper construction, potentially neglecting broader concepts.
• Lengthy sessions require significant time investment.
• Limited scalability may hinder learning beyond single skyscraper.
• Gaming distractions may reduce focus on learning.

23. Mad Games Tycoon (Top studio pick)

Players run their game development studio, managing everything from hiring staff to marketing their games to success.

Why I like it: Okay. Running a game development studio is a lot of fun but also a lot of work. I enjoyed all the challenges. I think students could learn a lot from the game.

Pros

• Experience the challenges and rewards of running a game development studio.
• Make critical decisions about game design, staffing, and expansion.
• Unleash creativity by designing and producing virtual games.

Cons

• Gaming distractions may overshadow learning objectives.
• Lengthy sessions require significant time investment.
• Lack of broader business context.

24. Merchant (Top historical pick)

In this game, players act like a medieval merchant, buying and selling goods to build a successful trading empire.

Why I like it: I liked how it took me back in time. It showcases almost the beginnings of trading and markets. The game might be good for an economic class.

Pros

• Set in a medieval setting, insights into historical trading practices.
• Teaches about supply and demand, pricing strategies, and market fluctuations.
• Challenges in navigating risks such as piracy and economic downturns.
• Opportunities for cultural exploration and understanding.

Cons

• It focuses on a specific historical period, potentially limiting relevance.
• May oversimplify aspects of medieval trade.
• A lack of modern context may limit applicability.
• Gaming distractions may reduce focus on learning.

25. Investopedia Simulator (Top real-world pick)

Investopedia offers a free stock market simulator that allows players to practice trading stocks, options, and other securities in a risk-free environment. It’s a great way to learn about investing and test out different strategies.

Why I like it: This game is fantastic for a personal finance class. It is a risk-free brokerage account, and they have this challenge where you can try to beat Warren Buffet.

Pros

• Realistic portrayal of the stock market, allowing practice in trading various securities.
• Risk-free environment for experimenting with investing strategies.
• Supplementary materials and tutorials for understanding investing concepts.
• Incorporates up-to-date market data for a dynamic investing experience.

Cons

26. MarketWatch Virtual Stock Exchange (Top investing pick)

MarketWatch’s virtual stock exchange game allows players to trade stocks, options, and mutual funds using real-time market data. Players can compete against friends or join public leagues to test their investing prowess.

Why I like it: I think this game would be great for a high school or collegiate class. It is another pick that would be fun, like a Fantasy football league.

Pros

Cons

• May oversimplify market dynamics and investment strategies.
• Emphasizes short-term trading over long-term principles.
• Primarily focuses on stocks, neglecting other investment opportunities.
• Gaming distractions may reduce focus.

27. Wealthbase (Top social pick)

Wealthbase is a social investing game that allows players to create virtual investment clubs with friends or join public leagues to compete against others. Players can trade stocks, ETFs, and cryptocurrencies to see who can build the most profitable portfolio.

Why I like it: I have always wondered if students could form finance or investing clubs in high school. Instead of trading $100 on a small brokerage and putting it all into meme stocks, I bet they could have fun doing group portfolio-building.

Pros

• Social investing with virtual clubs or public leagues fosters collaboration.
• Realistic portrayal of the stock market, trading stocks, ETFs, and cryptocurrencies.
• Provides educational resources for understanding investing concepts.
• The competitive element adds excitement to the learning experience.

Cons

• May oversimplify market dynamics and investment strategies.
• Emphasizes short-term trading over long-term principles.
• Primarily focuses on stocks, ETFs, and cryptocurrencies.
• Gaming distractions may reduce focus on learning objectives.

Interested in more innovation activities? Check out our recent review of some of the top innovation activities. 

FAQ: Business Games for Students

1. What are business games for students?

Business games for students are interactive simulations designed to mimic real-world business scenarios. They allow students to play the role of entrepreneurs, managers, or investors and make decisions that affect the success of their virtual ventures.

2. How do business games benefit students?

Business games offer numerous benefits for students. They provide hands-on experience in key business concepts such as decision-making, strategic planning, financial management, and teamwork. Additionally, these games encourage critical thinking, problem-solving, and creativity in a risk-free environment.

3. Are business games suitable for all ages and skill levels?

Many business games are designed to accommodate various age groups and skill levels. Some games offer simplified mechanics and tutorials for beginners, while others provide more complex simulations for advanced players. Educators can choose games that align with their students’ proficiency levels and learning objectives.

4. Can business games be integrated into the classroom curriculum?

Absolutely! Many educators incorporate business games into their curriculum to enhance learning outcomes. These games can be used as supplementary tools to reinforce classroom lessons in business studies, economics, finance, and entrepreneurship. They can also be used for group activities, projects, or competitions to promote student collaboration and engagement.

5. How can students access business games?

Business games are available on various platforms, including computers, tablets, and smartphones. Some games can be downloaded as apps from app stores, while others are accessible through web browsers. Additionally, educational institutions may have subscriptions to gaming platforms or provide access to specific games through their learning management systems.

6. Are there any costs associated with playing business games?

While some business games may require a one-time purchase or subscription fee, many educational versions are free or discounted for students and educators. Additionally, students can often access trial or limited-feature versions at no cost. Educators should explore different options to find games that fit their budget constraints.

7. How can educators ensure that business games align with learning objectives?

Before integrating business games into the curriculum, educators should evaluate the content and features of each game to ensure alignment with specific learning objectives and educational standards. They can also develop lesson plans, assignments, or assessments that complement the game experience and reinforce key concepts covered in the game.

8. Are there any student safety and privacy considerations when using business games?

Educators should prioritize student safety and privacy when using business games in the classroom. It’s essential to choose reputable games from trusted developers or educational platforms that comply with data protection regulations and provide secure access for students. Additionally, educators should establish clear guidelines for online interactions and monitor students’ usage to ensure a safe and positive learning environment.

9. How can students maximize the learning potential of business games?

To maximize the learning potential of business games, students should actively engage with the game’s features, experiment with different strategies, and reflect on their decisions and outcomes. They can also collaborate with peers, participate in discussions, and seek guidance from educators to deepen their understanding of business concepts and improve their gameplay skills.

Looking for more? Check out our list of easy entrepreneurial activities

The post Business Games to Try With Your Students appeared first on Due.

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Don’t underestimate the possibilities of growing a purpose-led community. It’s one of the most influential tools in the entrepreneur’s toolkit to help guide your business toward longevity and long-term happiness.

Because let’s be honest — no one wants to be unhappy in their business. In this article, you will learn the importance of building a community of shared purpose and how it impacts the continued success of your business.

Entrepreneurial success sits at the heart of purpose

I would like to see more purpose-led businesses being built in the world.

Purpose-led businesses are run by entrepreneurs who lead from the heart and with the conviction that their business is doing good in the world. The business solves an important problem — maybe one that is societal or environmental. Purpose-led businesses aren’t driven solely by profit but by the change the entrepreneur wants to see in the world.

Surprisingly, my entrepreneurial journey didn’t start with purpose. It began with the idea of starting a marketing agency and solving complex marketing problems. But as my business grew, I became less driven by profit and success. Over time, my main driver became purpose, or the value that I want to bring to the world. It doesn’t matter where you are on your business journey. You can take the alternative path and refocus your business on purpose.

Building a community of shared purpose-driven entrepreneurs helped me forge this path of success. It was their inspiration, advice, and support in tough times that got me to five years in business. Remember, 2 in 10 businesses fail in the first year of operating. If you’re past this point, you’re thriving!

When you forge a community of shared interests, you see more business projects aligned with your values, better collaboration opportunities and new service verticals emerging. Don’t underestimate the power of collaboration and aligning with other business leaders on purpose. Nurturing this community is a successful ingredient to business growth — equally compared to organizational, marketing and sales tactics.

Related: Why a Purpose-Driven Business Is the Real Key to Success

Identify your community

Who will you build your purpose-led community with? That question is answered by identifying your values and purpose as an entrepreneur.

Start the process by identifying the purpose of your business. It took me hours of reflection to narrow down my purpose and values, which then fed decisively into my business. Personally, my purpose is to forge meaningful connections, lead by example and support marketers and creatives on their path to climate work — and become an ecomarketer, someone who puts people and the planet at the center focus of all their marketing campaigns.

Understanding my purpose has equipped me to identify a community of like-minded entrepreneurs interested in sustainability. It also helped me to connect with them on a deeper level. When you have a shared purpose, community connections go deeper, from transactional to building a world collaboratively for the better.

Once you’ve identified your purpose, find your community. The LinkedIn community is a great platform to connect with entrepreneurs and to identify those who might share the same values as you. It’s truly the largest business networking social media platform in the world with 1 billion members. You can use the search function to identify members sharing and talking about similar topics to yours.

But being engaged actively in the community will help you identify those with common values. These individuals are pure gold and will help your business grow. They champion your ideas, connect you to opportunities and push your industry forward. Remember, identifying the group is only the beginning. As mentioned, your long-term success comes from fostering relationships with those having a shared purpose.

Related: 3 Reasons Why Purpose-Driven Businesses Can Help You Find Better Hires, Mentors and Investors

How to build a community of shared purpose

Once you’ve built the bridge, you can follow these three pathways to building a community of shared-purpose entrepreneurs.

1. Change of mindset: Long-term — To build a community, you must have the right mindset. First, put personal gain aside and focus on the community. You will be surprised to see that the community-first mindset leads to more authentic connections that build long-term business growth. It also focuses your sights on the future, building connections that last years and don’t stop at the end of a transaction.
2. Step up: Contribute — Contributing is another important step toward building a community of purpose-driven entrepreneurs. You can’t ask for value from others if you’re not willing to step up and give the value yourself. Meaningful connections are made by giving a helping hand, passing along business opportunities to your community and offering collaboration opportunities. To build a community of shared purpose, you must embody your values and practice them openly.
3. Pass the torch: Champion other entrepreneurs — Long-term entrepreneurial success comes from taking you out of the equation. Your growth goals, objectives and business strategy aren’t the most important things in the entrepreneurial circle. Champion others’ work, give referrals and forge meaningful connections.

Find entrepreneurs with the same values and a similar journey as yours. Then, work on forging a community of shared purpose with those entrepreneurs. It’s this one business tactic that will bring you longevity and long-term business success.

11. Collect Rents & Enforce Your Lease

New landlords inevitably fail to enforce their lease terms properly. They’ve been a renter for much of their lives, they’ve fallen for all those cultural stereotypes about mean landlords, so they buckle at the first sob story they hear from a tenant late on their rent.

Hear me well: people push boundaries. It’s human nature. Tenants will try and push your boundaries to see what you’ll let them get away with. If they can pay their rent two weeks late with no consequences, but their phone service stops working if they fail to pay on time, which bill do you think they’ll prioritize?

On the first of the month, send an automated email reminder. On the day before the rent officially becomes late, send a text or manual email reminding them that they’ll get hit with a late rent fee if you don’t receive the rent today.

When the rent officially becomes late, send an official eviction warning notice required by your state’s laws. Don’t freak out about it: they’ll still have ample time to bring the rent current. The eviction notice doesn’t say “get out” — it says “cure the violation or else I’ll file in rent court in X days.” You need to do this as soon as the courtesy period ends.

Don’t feel comfortable doing that like clockwork, every time? Don’t become a landlord. Invest in passive real estate syndications instead, or at the very least, hire a property manager.

12. Decide Whether to Hire a Property Manager

If you’re like most people, you’re busy. Do you really want to listen to tenant sob stories or field phone calls at 2 am when your renter clogs the toilet?

Consider delegating the day-to-day management to a property manager. Just beware that you’ll then have to manage the manager.

You’ll need to double check their tenant screening and selection, confirm how often they inspect the property, and make sure they’re serving eviction notices the day the rent officially becomes late.

A good property management company is worth their weight in gold. Unfortunately, the industry is rife with shoddy, unprofessional property managers.

Whether to hire a property manager isn’t always an easy decision. I’ve known real estate investors who actually hire the property manager first, before deciding to invest in a certain real estate market. Because without good property management, your returns will suffer, and an otherwise good property might lose money.

Pros & Cons of Becoming a Landlord

You now know how to become a landlord. But should you become a landlord?

Weigh the following pros and cons of becoming a landlord before committing your time and money.

Pros of Being a Landlord

I spent many years as a landlord, and it has a lot going for it. Consider the following upsides to owning rental property:

• • Ongoing and expanding passive income: Once you buy a property, it continues paying passive income forever. In fact, that income grows over time, as rents rise even as your mortgage payments remain fixed.
  • Appreciation: Even as you collect cash flow, your property also rises in value, at least in most cases.
  • Leverage: You can buy real estate assets with other people’s money. A lender covers most of the cost, and your renters pay down your mortgage balance. Plus, your cash flow grows disproportionately faster than rents, since your mortgage payment stays the same even as rents go up.
  • Tax benefits: Landlords enjoy dozens of rental property tax deductions. You don’t have to itemize your deductions, either — these come off your taxable rental income, so you can still take the standard deduction. Plus, you can deduct for depreciation and show a loss on your tax return even as you collect money in real life.
  • Predictable cash flow: As outlined above, you can accurately forecast a property’s cash flow before buying. Once you master this, you can avoid bad investments moving forward.

Cons of Being a Landlord

Rental properties aren’t all fun and games. There’s a reason I sold off my rental properties, after all.

Beware of the following drawbacks before you become a landlord.

• • High skill required: It takes knowledge to reliably make money on rental investments. And that knowledge requires dozens or more likely hundreds of hours to acquire.
  • Not truly passive: Rental investing requires labor. Sure, we talk about “passive income,” but rental income isn’t actually passive. It requires work to find good deals on rental properties, work to line up financing and close on them, work to renovate them and rent them out and to manage them.
  • Risk: Like all investments, rental properties come with risk. Risk that the tenant stops paying rent or destroys your property. Neighbors could also damage your property, or local “knuckleheads” (a euphemism if I’ve ever heard one) could vandalize it. There’s even a risk that the government will make lease agreements only one-way enforceable again, putting another eviction moratorium in place.
  • Legal liability: Your tenants or neighbors or contractors can sue you. I’ve been sued twice as a landlord, and it sucks. Even when you win, you still lose, because it costs you money, time, and stress to defend yourself.
  • Loan liability: When you borrow a rental property loan, you sign a personal guarantee. Fail to pay it back, and the lender can come after your personal assets such as your home, car, and baseball card collection.

FAQs About Becoming a Landlord

Still have a few questions about how to become a landlord?

Hopefully these will get you squared away.

Is becoming a landlord worth it?

It depends. If you have a passion for real estate and want to start a real estate side hustle as an investor and landlord, then absolutely. But if you just want to diversify your investment portfolio, there are much easier ways to do so. You can earn just as much (or more) passive income and appreciation from real estate syndications, or even real estate crowdfunding platforms, without the headaches.

Can you buy a rental property with no money down?

You can get creative with coming up with a down payment for a rental property. Theoretically you can buy a property with no money down. But that doesn’t mean it’s a good idea, as you might overleverage yourself and end up with negative cash flow.

Should I become a Section 8 landlord?

That’s a business decision you’ll have to make for yourself. On the plus side, Section 8 pays their portion of the rent on time every month. But the tenant doesn’t necessarily pay their portion on time (or at all). Worse, the annual inspection inevitably leaves you with thousands of dollars in repairs, which often aren’t necessary but writing up repairs is how Section 8 inspectors show their supervisors that they hit every property on their rounds.

Should I invest in local or long-distance rental properties?

It depends on whether your home city is a good market for rental investing. Many aren’t, in which case you have no choice but to look elsewhere if you want to invest in rental real estate.

Should I use the BRRRR method or buy turnkey rental properties?

If you invest long-distance, only buy turnkey properties. If you invest locally, you can consider buying fixer-uppers to follow the BRRRR strategy, but start small with cosmetic repairs. You add a whole new level of complications when you renovate properties.

Final Thoughts on Becoming a Landlord

First-time landlords tend to make the same handful of mistakes.

They underestimate operating expenses and overestimate rental cash flow. They lean too heavily on credit checks in the screening process, and don’t spend enough time checking on rental history with previous landlords or reliability with employers. And they don’t enforce their rental contracts when renters break the rules of the lease.

To be a successful landlord, you need to do better than other novices in the rental industry. Learn how to accurately budget for maintenance costs and major repairs, for vacancies and property damage. Aggressively stay on top of potential evictions — not because you enjoy it, but because you need to defend the boundaries of your lease to force good tenant behavior. Skip these expensive mistakes if you want to reliably earn positive cash flow.

Or skip them by investing passively in real estate instead.♦

What do you still want to know about how to become a landlord? What’s holding you back from becoming a landlord?

More Ideas to Help You Reach Financial Independence with Rentals!

Google has halted its plan to construct a fourth building for its Kirkland campus, according to a research report released Tuesday. 

The Broderick Group, which monitors commercial real estate in Seattle and Bellevue, noted the pause in its quarterly report of the Eastside office market. Google spokesperson Ryan Lamont did not confirm or deny the news but said Thursday, “We’re working to ensure our real estate investments meet the current and future needs of our hybrid workforce.” 

“Our campuses are at the heart of our Google community, and we remain committed to our long-term presence in Kirkland,” he said.

Google had planned a 760,000-square-foot campus with four buildings in Kirkland. It opened the north building in April 2021 and the second phase of the project in 2022 with a splashy eight-story building in Kirkland Urban that featured a dog lounge, movie theater and kitchenettes on almost every floor. At the time, it planned to open another building in 2023 and the last in 2025.

Now, Google has completed construction on the south building but has opted not to “build out the space” and to pause its plans for a fourth building in the complex, according to the report from the Broderick Group. 

Google also removed Tableau, a software company owned by Salesforce, from 120,000 square feet of space on its campus that Tableau had hoped to sublease. Google has also not built out that space, the Broderick Group said.

Lamont did not disclose how many employees Google currently has in Kirkland and how many had been slated for the fourth building that is now on pause. Google shed 12,000 jobs, or 6% of its workforce, in January 2023. The company also laid off hundreds of workers at the start of the year, though it’s not clear how those job cuts affected Google’s workforce in Seattle and Kirkland.

The Eastside office market overall has an 18.2% vacancy rate, compared to a rate of 5.7% in 2019, the report said. Tenant demand this year has exceeded the norm in the first quarter, the report said.

In the world of service businesses, your pricing model can significantly impact your business’s profitability and sustainability.

The most common types of service pricing strategies include hourly, project, value-based, and performance pricing.

Each strategy has unique merits and challenges, which we will explore in the following sections.

Hourly Pricing

Most people understand hourly pricing.

You provide a service and charge by the hour to complete it.

Advantages of Hourly Pricing

Hourly pricing is considered “fair” because you’re compensated based on your time on a project.

This strategy also allows for the flexibility to accommodate changes and additions to the project scope.

Disadvantages of Hourly Pricing

However, with hourly pricing, you can run into estimation difficulties, and it’s less predictable from a pricing model perspective (feast or famine).

Moreover, there’s only one hour in one hour. This presents challenges with scaling your business. You’ll always be trading hours for dollars.

Project Pricing

Project pricing is another common pricing model where you charge a set fee for a specific service or project.

Advantages of Project Pricing

Clients see Project pricing as attractive because it offers high predictability regarding cost.

They know exactly what they will pay at the outset, irrespective of the time you spend on the project.

Moreover, it allows you to leverage your efficiency; if you can complete the project faster than estimated, you can increase your effective hourly rate.

Disadvantages of Project Pricing

On the flip side, project pricing can be risky for service providers.

If the project requires more time and resources than initially estimated, it can affect your profitability.

Plus, it may lead to client disagreements if additional work is needed beyond the defined project scope, leading to (dreaded) scope creep.

Value-Based Pricing

Value-based pricing is a strategy where the perceived value of the service drives pricing rather than the actual service cost or market rate.

Advantages of Value-Based Pricing

One of the significant advantages of value-based pricing is its potential for high profitability.

If your service can deliver considerable value to your client, you can charge a premium price for it.

It shifts the focus from cost to the unique value you offer, allowing you to differentiate your services from competitors.

Disadvantages of Value-Based Pricing

However, one of the challenges with this pricing model is determining the value perception of your clients.

It requires a deep understanding of your clients and their willingness to pay for the value you provide.

Furthermore, it may be challenging to quantify the value of your service, especially for intangible benefits, which can lead to pricing disputes.

Performance-Based Pricing

Performance-based pricing is a strategy where your fees are directly linked to the results or performance your services deliver to the client.

Advantages of Performance-Based Pricing

The primary advantage of performance-based pricing is that it aligns the interests of the service provider and the client.

It creates a win-win situation where the provider is incentivized to deliver optimal results, and the client only pays for the achieved outcomes.

Additionally, this model can differentiate your services by demonstrating your confidence in delivering results, making your offer more attractive to potential clients.

Disadvantages of Performance-Based Pricing

However, the performance-based pricing model also comes with its share of challenges.

Firstly, defining what constitutes ‘performance’ can be tricky and can lead to disagreements.

Secondly, external factors beyond your control may impact the results.

Finally, this model can create cash flow instability, especially if payment is only made upon reaching certain performance milestones.

6. Never Make Housing Rules Involving Children

Several years ago, many property managers had policies such as “one bedroom for every child.”  If a single parent and a child shared a bedroom, for example, the property management would require them to lease a two-bedroom unit instead of a one-bedroom. Unfortunately, you can’t do this anymore, as it has since been ruled as discriminatory.

However, do not confuse this with local occupancy regulations. For example, some towns allow landlords to limit a two-bedroom apartment to four occupants.

Likewise, property managers can’t put families on one side of the apartment complex and people without children on the other.  Pets?  Sure.  Children?  No.

HUD has been aggressively pursuing discrimination cases for the last five years. In 2013, they launched a mobile app to help people report Fair Housing violations. They want to make an example of landlords and property managers, gain publicity for these cases, and win money in court.

Other Things You Can Do To Avoid A Hefty Fair Housing Lawsuit

Six situational tips won’t cut it. As a landlord, it’s your job to cover your behind as well as you can, and there are other things you can do to avoid a Fair Housing lawsuit, like:

Educate Yourself (And Your People)

If you’re a solo landlord, you must stay on top of fair housing law developments to avoid ugly surprises like lawsuits and complaints.  (Sidenote: You might also want to make life easier by using Spark Rental’s landlord app.)

If you have people on payroll, it’s also important to keep them in the loop. Remember, one mistake from one person can land your whole operation in hot water. 

Have Your Policies Lined Up

The first order of business in renting out is to get your policies in order and accordance with state and federal laws. The second order of business is applying them consistently across all tenants and applicants—no exemptions. 

This way, even if you are sued for Fair Housing discrimination, you can easily state that your policies are uniformly applied to everyone you deal with. However…

Always Consider Reasonable Accommodations

…there are instances where the law would call for reasonable accommodations. According to HUD, “a reasonable accommodation is a change, exception, or adjustment to a rule, policy, practice, or service that may be necessary for a person with disabilities to have an equal opportunity to use and enjoy a dwelling, including public and common use spaces, or to fulfill their program obligations.”

Reasonable accommodations include the following:

• • Installing ramps for wheelchair access
  • Modifying existing facilities for easier access by disabled persons
  • Allowing service or emotional support animals despite a “no pets” policy
  • Providing a reserved parking space close to the entrance for tenants with mobility impairments
  • Installing grab bars in bathrooms
  • Modifying kitchen cabinets for a tenant in a wheelchair
  • Allowing a tenant with PTSD to break their lease early without penalty if they need to move for treatment

However, as the word “reasonable” implies, there are limits. Again, as per HUD, you can deny any modifications that will cause you extensive financial or administrative burden. You can also deny a request if it’s not made by or on behalf of a disabled person. 

Document EVERYTHING

Though paperwork seems like a necessary evil, it’s a good friend when avoiding Fair Housing Lawsuits.

Always keep a detailed record of all interactions with tenants and applicants. Have them sign an official document if any decisions or concessions are made. Don’t leave things to chance here; always have a paper trail. 

Final Thoughts

Be very, very careful when advertising your rental unit and screening your rental applications. 

If there is even a suspicion that you may have rejected an application based on something other than their financial or credit history, expect a lawsuit.  If you show any inclination toward one group of applicants over another, expect a lawsuit.  Do not pass Go; do not collect $200.

So, apply these tips to avoid a Fair Housing lawsuit and save yourself from expenses and headaches.