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Archive for the entrepreneur coaching

Franchise Ownership- A Less Risky Business Proposition Part 2 of 12

May 7th, 2009 by admin No Comments

Opening a business can be a risky proposition, even in good economic times, starting a business is fraught with dangers and pitfalls.

A path that many entrepreneurs have chosen is instead to purchase a franchised business. In a franchise, you are purchasing someone else’s business; they have perfected the marketing, sales, operations, management, and provision of the product or service. Their system reduces the errors most small business are prone to encounter and increases the chances of long term success for the business owner. In a franchise, in exchange for an upfront fee and an ongoing royalty, the entrepreneur gains the rights to own and operate the business following the franchisor’s model, philosophy and most importantly-their system. The purchase allows the entrepreneur to use their trademarks/ service marks, market and distribute the franchisors products and services and use their system of operations.

Some of the advantages of a franchise are: 1) a proven business model, 2) training, education and support, 3) a clear road map / business plan, 4) financial assistance in financing the business. Franchising can be an effective route to successful business ownership if you do not mind following someone else’s plan. Franchises are very strict in setting rules of what the franchisee can and cannot do in the marketing and operating of the business.

Take time to read the fine print to ensure you know what you are committing yourself to in the franchise agreement and make sure you can live with those commitments. Since most franchise agreements are for 20 years or more, you will be in business together for a long, long time.

How Can I Make Your Day Better?

April 24th, 2009 by admin No Comments

One of the first lessons any business owner / entrepreneur learns is that you can never put a price on having great service partners. I’d like to share a story with you of an actual experience I have had with one my long time vendors. I have been doing business with Jim and his air conditioning firm for over 5 years. His prices are always competitive and his service is always excellent.
About a month ago, I had a problem with my AC system at my house. It was 8pm when I had arrived home and realized my AC was not working. I tried to turn it on and heard a loud bang and immediately saw smoke. I called Jim. When he answered the phone he said “Mr. Corrente, How Can I Make Your Day Better?” What a shock? Here I was calling him at 8pm, expecting to get his voice mail and have to wait until morning for assistance. We discussed the problem; he came right over, diagnosed the problem and scheduled me for service the next morning.

That is service! That is customer care! That is customer focus! For all of my readers out there who want a sure fire way to attract, retain and reward your customers, next time they call, follow Jim’s example and ask them “How Can I Make Your Day Better?”

5 Keys to Becoming a Successful Entrepreneur

April 17th, 2009 by admin No Comments

1) Be Humble and Ask, Don’t Tell- Even the most successful entrepreneur does not know everything about everything, keep an open mind when presented with new ideas and listen before you speak. People like to be asked not told, ask for an opinion, ask for permission, ask how to get it done, and ask for the order. Make the other person feel like they are working with you.

2) Do Your Research- Know your market, know your local laws and ordinances, know your competitors, know your suppliers. Learn why others have failed in that location, learn why others have succeeded. Just like on the battlefield, there is nothing more valuable than good, factual and reliable information.

3) Plan Slowly- Successful entrepreneurs plan out everything up front with care, diligence, and insight. Plan your pricing, plan your service delivery, plan your execution, plan your management, plan your accounting.

4) Execute Swiftly- The best laid plans are worthless if not executed in a timely manner. How many times have you had a great idea, started your research and put it on the shelf only to find someone else brought the same idea to the market and is making a killing?

5) Review & Revise If Needed- Review is a critical part of all business success, what works effectively today, may not be effective and efficient tomorrow. There is always room for improvement, efficiency and better service standards.

Business Success is Often Just One More Step Away

February 11th, 2009 by admin No Comments

Here are some success stories to keep in mind during those times in life when things seem a little impossible:

Dr. Seuss’s first children’s book was rejected by 23 publishers

Michael Jordan was cut by his high school basketball team

Henry Ford went broke 5 times before he succeeded

The University of Bern rejected Albert Einstein’s Ph.D. dissertation

Often times the road ahead is paved with gold, we just can’t see it under all of the bumps. Stay on the road, stay focused and keep pushing ahead, success may be just around the corner.

Family Business

January 28th, 2009 by admin No Comments

I recently became acquainted with a retiree who in his day, was a very successful business owner. Over the course of the weekend, he and I discussed some of my consulting clients and their challenges and opportunities. It was truly a pleasure to speak to this man and I look forward to learning more from him in the future.

As I was leaving his home, he gave me a book to read written by a man named Leon Danco, the title of the book is “Inside the Family Business”.

I’d like to share an excerpt with you:

” Who is this guy, this”enterepreneur”? Why and how did he get himself into this mess he is in?

He asks himself the same question night after night as he stares at the ceiling telling himself over and over that he’s really a hairy-chested rugged individualist, striking off on his own path, hacking out a trail never before traveled. He’s a hero, the bearer of the American Dream.

And from the other side of the bed, his wife looks at him and knows that he is scared half to death”

If that does not sum up the struggles and journey of an entrepreneur, I don’t know what does. we are all in it together trying to build and create our dream enterprise to provide us a living and sense of accomplishment. It is a wonderful and scary journey

Reply to Classy & Small Business Budgeting

January 6th, 2009 by admin 1 Comment

I always start the new year with a new budget. I use the prior year’s actual numbers and increase my expense projections by 3% (the average inflation rate) and increase revenue projections by 10% (a modest growth goal).

If I was just starting a business or creating a budget for the first time, I would speak to my landlord, accountant and neighbors to get some baseline figures for my budgetary expenses. For my income, I would rely on my income projections from my business plan.

An expense that must always be included in every business plan and budget for that matter is the category of owner’s compensation or owner distributions. Let’s make an assumption, that I would like the business to pay me $60,000 for my services over the course of year. I would then put $5,000. per month in my budget ($60,000 / 12 months= $5,000).

Each month I would treat my compensation, like any other bill that needed to be paid and try to get as close as possible to the payment I promised myself. In the months I did not make my minimum payment to myself, I would record that as money the business owes to me. When the business increased its revenues, I would pay myself the back pay owed.

Many business owners do the opposite, they do not plan how much they want to make, instead they plan how much they want the business to gross and take whatever is leftover. That method is not owners compensation, that is profit. I believe, profit should be an additional distribution on top of owners compensation. It is the pot of gold at the end of the rainbow so to speak that makes business ownership worthwhile.

As a business owner, you must make your compensation a priority. Afterall, you would not work for someone else for free, why are you working for your business for free?

Reply to Classy- I hope the information above gives you some insight on how to budget payments for yourself. The rest is up to you, commit to treat your compensation like any other expense, rent, electric, etc. If you can’t afford to pay yourself, maybe you need to be more aggressive on cutting other costs or reducing payments on credit card or other debts to free up some cash.

If you have additional questions, feel free to post them.

How about a small business & entrepreneur bailout

December 6th, 2008 by admin No Comments

Why isn’t the government talking about a small business stimulus package?

The SBA has always been touted as the small business owners friend. Although, I agree the SBA is a great resource for small business consulting, entrepreneur development training advice, counseling and local seminars, but for financial assistance the SBA always falls short. There was a recent comment on Fox Business News this week where the morning host had said that” if you can qualify for an SBA loan, then you don’t need an SBA loan”. Maybe it is time for the government to create some programs to help the little guy as well as the big, help young entrepreneurs, and start ups.

In one of my ventures, I have 17 people who rely on me for their income. I contribute to the local economy, pay my taxes, and do my part to keep the economy chugging along. In tough times like this, my resources are limited for raising additional capital or finding favorable loan terms.

Let’s take a portion of the bailout funds and create some SBA programs that actually help small businesses where they need it most, in their cash flow. I am not talking about a hand out, just less hurdles and more favorable terms.

Entrepreneur Advice -Opportunities in Today’s Economy?

October 28th, 2008 by admin No Comments

Absolutely, some very successful business started in the worst economic environments. Now is a great time for entrepreneurs to seize opportunities for the goods and services consumers and businesses demand. I knew a gentleman who owned a chain of liquor stores who once said ” when times are good,people drink to celebrate, when times are bad they drink to forget, either way times are always good in the liquor business”.

What do you think are some other recession proof industries?

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