Kiss your Boss Goodbye!

On July 24 in the Deseret News paper in Salt Lake City Utah Alan Hall wrote an article which gave great information on how to become an entrepreneur.  The article was titled, “Kiss your boss goodbye – its time to become an entrepreneur”.

He sums up what many of us have wanted to tell our boss but was too afraid to do.  Usually we wait until we are fired or hate the job and boss so much we cannot stand it.  For many of the chicken hearted we wish we could tell the boss, “Goodbye” but we just cannot pull the trigger.  Usually fear holds us back and keeps us caged into our own little world.

To get rid of the “fear” you only need knowledge. 

Alan Hall gives a few suggestions I full agree on. 1) Keep your job until the time is right.  2) Determine your purpose, your vision, your strategy.  3) Test your assumptions.  4) Evaluate a products viability.  5) Evaluate and test a plan to sell your product and collect revenues.  6) Determine if you can make a profit.

I also suggest you start small and take baby steps as you test your market.

If you do those things most of the fear will go away.  You will always have butterflies but true fear will be eliminated.  Is it time to “Kiss your boss goodbye?” 

Start working on your plan, follow instructions and before you know it, it will be time to make your move.

Home Health Care is HOT!

This link is an article from a health magazine.  You might be interested.  The Title of the article is:

Home care franchises are hot! hot! hot!

http://www.healthcarefinancenews.com/news/home-care-franchises-are-hot-hot-hot

I represent 24 of these companies if anyone is intereste in learning more.  My services are free to my clients.

Veteran to Entrepreneur

As was reported in the IFA online newsletter: Mark Kelly spent 25 years as a fighter pilot and served in Iraq and Afghanistan before retiring from the U.S. Air Force in 2009. After entering civilian life and earning a master’s degree in engineering management, the retired colonel started looking for opportunities to run a small business and asked a franchise consulting company like mine, to help him with ideas. One of those ideas was computer services franchisor TeamLogic IT. TeamLogic is one of hundreds of franchises that responded to the International Franchise Association’s “Operation Enduring Opportunity” campaign, which urges franchisors to hire and recruit 75,000 veterans and spouses and 5,000 wounded vets by 2014. It is one of the 400 plus franchises I represent. On May 1, Kelly, 51, and his Air Force veteran-wife, Dawn Kelly, 50, opened their first franchise in Colorado Springs, Colo. The couple felt the chain matched Dawn’s “strong skill set” as a former Air Force computer analyst with multiple professional IT certifications, husband Mark says. No matter your talent, I believe there is a franchise for everyone. Do you have the desire and passion to be an Entrepreneur? If you do, call me.

Creative business financing

What is the best way to finance a new business?  There are a few great options but at this time a 401k roller might be the most popular. 

Here are a few thoughts from Guidant Financial, one of the top funding sources in the USA.

“We have seen significant growth in our business since the end of 2008 and early 2009 when the markets collapsed,” said David Nielssen, Guidant’s co-founder and chief executive. “What is interesting is that today’s small-business and franchise buyer is aware of the credit crisis, and they are investigating their funding options much earlier in the process.” Between 2009 and 2011, he said, the number of inquiries at Guidant increased by 196 percent.

Companies like Guidant and DRDA, a Houston-based accounting firm, facilitate the process of rolling over funds from a 401(k) to purchase stock in your own company. “Rollovers do not operate on a debt model,” Mr. Nielssen explained. “They allow a person to invest in a business without paying interest, making payments or having a payback window.”

The plans frequently go by acronyms like BORSA (Business Owners Retirement Savings Account) or ROBS (Rollovers as Business Start-ups), and they do not incur the taxes and penalties associated with early distributions from a 401(k). (If you consider using this type of financing to purchase a business, be sure to engage experienced professionals who are familiar with setting up and administering these types of plans, which are subject to compliance with both the Internal Revenue Code and ERISA law.)

There are upfront fees to begin the process, as well as annual fees to have the plan administered, so a bit of analysis is needed to determine whether it is a cost-effective option. According to Suzy Granger, business development officer at DRDA, clients are required to invest a minimum of $50,000 from a 401(k), with the typical rollover amount coming in around $150,000. The average rollover at Guidant is $174,000, according to Mr. Nielssen. In any transaction, the funds from a 401(k) rollover may be sufficient to complete the purchase, or they can be used in conjunction with other sources of financing like cash, Small Business Administration loans or other debt instruments.

Do your homework and look at all your options but 401k rollover should be one looked at carefully.

Lee Iacocca

Any supervisor worth his salt would rather deal with people who attempt too much than with those who try too little."

--Lee Iacocca,
American businessman

Words that Guarantee Failure

 

Those who fail to achieve goals signal their intent to fail by using this common phrase. Make sure you aren't falling into the same trap.

People who fail to achieve goals almost always signal their intent to fail by using three little words:

"I will try..."

There are no three words in the English language that are more deceptive, both to the person who says them and the person who hears them.

People who say "I will try" have given themselves permission to fail. No matter what happens, they can always claim that they "tried."

People who hear "I will try" and don't realize what it really means are fooling themselves, by thinking there's a chance that the speaker will actually succeed.

People who really and truly achieve goals never say "I will try."

Instead, they always say "I will do" something–or, better yet, "I must do" whatever the task is.

As a wise man once said: "Do, or do not. There is no 'try.'"

Philosophy of Life

The following is the philosophy of Charles Schulz, the creator of the 'Peanuts' comic strip.

___________________________________________________________

You don't have to actually answer the questions. Just ponder on them.

Just read the e-mail straight through, and you'll get the point.


1. Name the five wealthiest people in the world.

2. Name the last five Heisman trophy winners.

3. Name the last five winners of the Miss America pageant.

4 Name ten people who have won the Nobel or Pulitzer Prize.

5. Name the last half dozen Academy Award winners for best actor and actress.

6. Name the last decade's worth of World Series winners.

_________________________________________________________

How did you do?

The point is, none of us remember the headliners of yesterday.

These are no second-rate achievers.

They are the best in their fields.

But the applause dies..

Awards tarnish..

_________________________________________________________

Here's another quiz. See how you do on this one:


1. List a few teachers who aided your journey through school.

2. Name three friends who have helped you through a difficult time.

3. Name five people who have taught you something worthwhile.

4. Think of a few people who have made you feel appreciated and special.

5. Think of five people you enjoy spending time with.

Achievements are forgotten.

Accolades and certificates are buried with their owners.

_________________________________________________________

Easier?


The lesson:

The people who make a difference in your life are not the ones with the
most credentials, the most money...or the most awards.

They simply are the ones who care the most.

''Be Yourself. Everyone Else Is Taken!"

The happiest of people don't necessarily have the best of everything;
They just make the most of everything they have.

War hero to Entrepreneur!

As was reported in the IFA online newsletter: Mark Kelly spent 25 years as a fighter pilot and served in Iraq and Afghanistan before retiring from the U.S. Air Force in 2009. After entering civilian life and earning a master’s degree in engineering management, the retired colonel started looking for opportunities to run a small business and asked a franchise consulting company like mine, to help him with ideas. One of those ideas was computer services franchisor TeamLogic IT. TeamLogic is one of hundreds of franchises that responded to the International Franchise Association’s “Operation Enduring Opportunity” campaign, which urges franchisors to hire and recruit 75,000 veterans and spouses and 5,000 wounded vets by 2014. It is one of the 400 plus franchises I represent. On May 1, Kelly, 51, and his Air Force veteran-wife, Dawn Kelly, 50, opened their first franchise in Colorado Springs, Colo. The couple felt the chain matched Dawn’s “strong skill set” as a former Air Force computer analyst with multiple professional IT certifications, husband Mark says. No matter your talent, I believe there is a franchise for everyone. Do you have the desire and passion to be an Entrepreneur? If you do, call me.

Going undercover?

Inc. magazine did an article talking about “Great bosses don’t need to go undercover”. It is well worth reading and entrepreneurs can learn a lot about how to be a great boss. Go to this link and enjoy. http://www.inc.com/jay-steinfeld/great-bosses-dont-go-undercover.html

Can I be an Entrepreneur?

More times than I can count I hear comments like: “I would love to own my own business but what if I fail.” “It has always been my dream to do my own thing and be the boss but how do I dare quit my job and lose my paychecks?” “I know more about this business than the owner and I should just quit and compete against him.” “I hate my job.” “I hate my boss.” “This job is taking me nowhere.” “The owner is not utilizing my skills and my talents are being wasted.” Every “want to be” entrepreneur have their own reasons why will never be a business owner. To be an entrepreneur there has to be a passionate reason to become one. If you do not have a great reason or a deep passion for being the owner, a person will just float through life doing today what they did yesterday and again tomorrow. Find me a successful business owner and I’ll show you a person who is passionate about his/her product or service. I’ll show you a risk taker who knows how to work hard, gives customer service and most importantly had a good reason for getting out of the corporate grind. Everyone has fear of the unknown, but an entrepreneur controls the fear by doing the homework needed to satisfy the unknown and then taking a calculated risk. But most importantly they never give up. Give me a successful entrepreneur and I’ll show you someone who has had a few failures, but they have learned from each. In the end, in my opinion there is nothing more enjoyable than running your own successful business knowing it is your own baby.

Hope with Change!

For almost four years now we have heard of Hope & Change. From what I can see the world of entrepreneurship has been changed for the worse. Small business and small business creation is and has been struggling like never before. Financing for small business is harder than ever before. Entrepreneurs who struggle, risk everything hoping for rewards of getting rich are vilified and made to look evil.

Rich job creators are punished for being wealthy. We are told by the press and some that the wealthy are not paying enough. I have NEVER seen a poor person create one job. I have never seen one person on welfare pay 5% of their income for taxes let alone 50% of their income to the government. Some want the rich to again pay 70% like they did at one time.

If we want entrepreneurship to succeed, we need to make “Change” happen. There is nothing wrong with wanting to become rich. Those individuals are needed to make America prosper again. Those are the real job creators, not the government.

I do have “Hope with Change.”

Blind Men & Elephant

I do not know who wrote this poem, but they were wise. It tells of the importance of not making assumptions and doing your homework before judging.

It was six men of Indostan
To learning much inclined,
Who went to see the Elephant
(Though all of them were blind),
That each by observation
Might satisfy his mind.

The First approached the Elephant,
And happening to fall
Against his broad and sturdy side,
At once began to bawl:
"God bless me! but the Elephant
Is very like a wall!"

The Second, feeling of the tusk
Cried, "Ho! what have we here,
So very round and smooth and sharp?
To me `tis mighty clear
This wonder of an Elephant
Is very like a spear!"

The Third approached the animal,
And happening to take
The squirming trunk within his hands,
Thus boldly up he spake:
"I see," quoth he, "the Elephant
Is very like a snake!"

The Fourth reached out an eager hand,
And felt about the knee:
"What most this wondrous beast is like
Is mighty plain," quoth he;
"'Tis clear enough the Elephant
Is very like a tree!"

The Fifth, who chanced to touch the ear,
Said: "E'en the blindest man
Can tell what this resembles most;
Deny the fact who can,
This marvel of an Elephant
Is very like a fan!"

The Sixth no sooner had begun
About the beast to grope,
Than, seizing on the swinging tail
That fell within his scope.
"I see," quoth he, "the Elephant
Is very like a rope!"

And so these men of Indostan
Disputed loud and long,
Each in his own opinion
Exceeding stiff and strong,
Though each was partly in the right,
And all were in the wrong!

If you are looking at a franchise, new business venture or joining a new religion, get all the facts before rendering a decision. Making snap judgments can cause bad decisions. Getting all of information can tell you if you are looking at an Elephant or if it is in your imagination.

3 Words Guarantee Failure

SALES SOURCE | by Geoffrey James
Mar 19, 2012

3 Words That Guarantee Failure
People who fail to achieve goals signal their intent to fail by using this common phrase. Make sure you aren't falling into the same trap.

People who fail to achieve goals almost always signal their intent to fail by using three little words:
"I will try..."

There are no three words in the English language that are more deceptive, both to the person who says them and the person who hears them.
People who say "I will try" have given themselves permission to fail. No matter what happens, they can always claim that they "tried."

People who hear "I will try" and don't realize what it really means are fooling themselves, by thinking there's a chance that the speaker will actually succeed.

People who really and truly achieve goals never say "I will try."
Instead, they always say "I will do" something–or, better yet, "I must do" whatever the task is.

As a wise (though fictional) guru once said: "Do, or do not. There is no 'try.'"

Follow your Dream!

Successful entrepreneur Alan Hall listed his twelve traits to become an entrepreneur. The first trait he suggested and maybe the most important was to “follow your dream.” Over a few months Alan goes into more depth about each of those he listed his Deseret Newspaper articles. It would be worth getting on line and reading his comments as he wrote them starting in January of 2012 from the newspaper in Salt Lake City, Utah.

I am giving my own take on his 12 entrepreneur traits. First was to follow your dreams. Personally I do not think the dream has to be specific to any one idea. Dream about becoming an entrepreneur, owning your own business and controlling your own destiny is your first step. It is never too early to start.

Most of us were introduced to becoming a small business owner when we were young. I started about at the age of 6 when I learned collecting pop bottles was a real money maker. My parents encouraged me and by age eleven I had advanced into selling Christmas Cards door to door. Most little kids sell lemonade, candy or vegetables from the parent’s garden. We all have to start somewhere. Hopefully we can start early in life.

Usually pressure is put upon the children and they are told education is important for us to get a real job. If parents are smart they would teach the children to cultivate their entrepreneur talents as they get their education. I was once told by a very wealthy person, “the richest people in the world are entrepreneurs but with an education.” If we don’t develop both talents, we will just become educated persons working for entrepreneurs.

Don’t hold yourselves back and for sure don’t hold your children back from achieving everything that can be had. It is never too late or too early to start.

One of my Entrepreneur Mentors

One of the most successful Entrepreneurs in Utah for the last 40 years has been a person by the name of Alan Hall. He has started small businesses and made them large. Besides being a guest writer for Salt Lake City’s Deseret News newspaper he has been a mentor for many people both young and old. He has been a venture capitalist, is the co-founder of an investment firm and was the founder of MarketStar Corp.

In his last article in the Deseret News on February 14th 2012 he gives 12 traits for being a successful entrepreneur. Below are the 12 traits, but to learn more, read the local newspaper as he writes about each of these traits in more detail.

1. Follow your dreams.
2. Take a risk.
3. Make a sacrifice.
4. Be persistent.
5. Know your customer.
6. Sell to survive and prosper.
7. Take care of your customers.
8. Hire the right employees.
9. Value your employees.
10. Establish a winning culture.
11. Call upon mentors.
12. Communicate constantly.

What would be a Great Business to Start?

Here is something for us all to think about when considering what would be a good business to start.

The headline in the Wall Street Journal last week was written by Conor Dougherty. Conor wrote, “Americans are spending on home improvements.” The article reinforces what I have been seeing over the last couple of years: 1) “People are remodeling instead of moving” 2) Most of today’s renovations aren’t sweeping: They are more likely to feature new lighting or updated kitchen cupboards” -The kind of repair on the smaller scale many contracts do not like to touch because it is too small. 3) ”Individuals now spend more on home improvements than builders do on new home construction.” Dougherty even reported that families who are under water on their mortgages are investing in their homes “for reasons that are mostly emotional.”

Every repossessed home has dozens of things needing repair. Homeowners are spending on their most important asset their home, if they are staying in it, selling it or buying used, they are fixing and improving the special place they live.

If you want to start a business, consider the service industry. You could do well while serving people in some way, either working on their computers, repairing homes or helping the elderly be comfortable in their old age while living in their own house.

Mediocrity?

How satisfied are you with your job? It was reported that in 1987 sixty one percent of those working were satisfied with their jobs. Recently, the last study showed only 45% was satisfied with their jobs. I suggest to those not satisfied, do something about it.

Walter Russell said, “Mediocrity is self-inflicted. Genius is self-bestowed.”

If you and I are content with mediocrity, then we get what we deserve. If we want to be happy with our job or profession then we need to strive for our dreams. Only you can self-bestow happiness on yourself. No matter where you find yourself in life, you control your own destiny.

If you decide being an entrepreneur is something you want to be, do your homework, but not give up until you are successful. I do not have any studies on business ownership, but I would venture to guess that the percentage satisfied owners are over 90%. That is the reason once you have become one, you will never go back to working for others.

Too young to be a Millionaire?

When is it too young to start becoming a millionaire?

Here is a link from Forbes talking about 7 different young men who have become millionaires before the age of 22. All of them did it will little money and all within the last year or two.

You don't need a lot of money. Check this out.


http://finance.yahoo.com/career-work/article/112341/how-to-make-1-million-before-you-graduate


If these young people can come up with an idea, so can you. Don't talk about it, DO IT! It might be your first step into becoming a millionaire.

Hate being interviewed for a job?

Don’t you hate being interviewed for a job? What is worse is doing it when you know more than the young person interviewing you.

A few years ago I had a break in between businesses I had help create. My wife asked me, “What are you planning on doing?” I had no idea! Usually I have had a number of businesses ideas I had been working on, but at this time there was nothing. My wife suggested I should work for someone else and get a pay check like everyone else. I thought, why not? I would have a pretty good resume and some great company would be lucky to have me, right?

I filled out a resume and I have to say, it looked pretty good, especially for a college drop-out. I had started a number of successful companies and knew the inside workings of a business. I had hired, fired, met payrolls, raised money, sold products, marketed and was great a giving customer service. My next step was to send my resume to those businesses who could use someone with my skills.

I wasn’t expecting what followed next. I realized that I would be sending my resume to HR departments and that younger people with little experience in life was going to interview me. I realized that young people would end up being my boss. I would be reporting to a boss! The thought hit me like a ton of bricks. A wave of emotion swept over me. It was a feeling I hated and knew could never happen. I hadn’t had a boss for over 25 years and I knew it was something I hated.

No interviews for me! I decided to use my knowledge to start a business and franchise consulting business. After all, who know more about franchising than me? Well, I guess there might be some and maybe a lot, but I just don’t know of many.

If you hate the thought of being interviewed, start a business and be the boss. Most will never regret the decision of being the owner. Once you have been one, you’ll never want to go back.