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.

Failures lead to Success!

Crawl before you walk. Do not bite off more than you can chew. Do not feed a baby steak.

These are all old wise tales which are very true in every sense of the word. This is especially true for business owners and entrepreneurs. Those people who try to start too fast or go after something too big too quickly, usually fail. We all have to start somewhere, but I suggest start at the beginning. Worse than not starting at the beginning is not starting at all. Too many people talk the talk but never back it up by walking the walk.

I suggest to you, just don’t talk but find a way to start. Start small, but start. It is better to have ten small failures before success, than one large failure and never try again. Most entrepreneurs have failed multiple times before achieving success.

Failure is only failure when we quit. If you are going to make mistakes, make them small failures, learn from them and then try again but just take a different route.

Franchisors at or near Bankruptcy

Here is a list of franchisors that have filed bankruptcy, or are reported close to filing bankruptcy. Notice how many of them are food related. In my opinion it would be a smart move to NOT open a food related business (with a few exceptions). There seems to be more safety in non food related type businesses. It is reported franchising in general has a 75% success rate by end of year five. Food related will probably be much lower.

Anyway here is the list of those franchisors at or near Bankruptcy.

• Perkins
• Marie Callender’s
• Giordano’s
• Friendly’s
• Souper Salad
• Dippin’ Dots
• Sbarro
• The Little Gym
• Fatburger (Fatburger parent company not part of bankruptcy
• Mrs. Fields/ TCBY

Elevator Pitch

What is an elevator pitch? In 20 seconds or less it is explaining what you do for a living. It is hopefully interesting enough where the person you are giving it to will be intrigued and will ask you for your business card.

Successful entrepreneurs try to give their elevator pitch twice a day. It is best done face to face but over the phone can also be successful. This means most good business owners will need to be talking with a few new potential clients every day. A good way to start a conversation, which can lead to an elevator pitch, is to ask others what they do for a living. Generally they will ask you the same question.

Be prepared by always having a couple business cards with you.

Good successful business owners will market themselves or their companies 1 to 2 hours every day. If you are not talking with customers, clients or people on a daily basis you need to get out of your comfort zone and do it. Remember 2 elevator pitches a day will keep the doctor away.