Category: Entrepreneurs

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Entrepreneurs

Shattering the “Passive Income” Myth

passive-income.jpgPassive Revenue. The words jumped off the website page and hit me like a thunderbolt! I thought I even heard angels singing. It was the golden idol; the Holy Grail. My heart skipped a beat and went ka-ching!
As a freshly-minted solo entrepreneur, I had never heard two sweeter words. Passive Revenue. Just seeing that glorious expression instantly conjured up images of dollars magically dropping down out of the sky. Like some kind of gift from the Internet gods. Imagine, making money while you sleep! Why didn’t I think of this sooner? It all sounded too good to be true.
So, being a hard-nosed, cynical New Englander with a solid, Protestant Work Ethic, I felt compelled to do the due diligence. I took e-courses, attended teleseminars and read “Multiple Streams of Coaching Income.” I spent thousands (yes, 5 figures!) on coaching, classes, marketing materials and websites. I started building an opt-in list, began a blog, created information products, sent out ezines, wrote articles, and launched joint ventures. I listened to and learned from the finest online marketing gurus. Soon I became an Internet junkie, totally addicted to the concept of passive revenue, and its seductive cousin, multiple streams of income. I was hooked, and there was no turning back.
After a year of education, edification and execution, I felt I had most – if not all – of the puzzle pieces in place: Online shopping cart: Check. Autoresponders: Check. PayPal set up: Check. Squeeze Page: Check. Free offer: Check. Then, I finally went to bed one night thinking, “Well, I’m going to sleep now. Time to make some money!”
So this is the part of the story when I’m supposed to wake up to an in-box full of orders, right? Well, not quite. Sure, there were a few orders, but I was a long way from crashing any servers. While all the pieces may have been in place, this life-long career marketer had forgotten one key ingredient: Marketing. Duh! You would think a former television network marketing and promotion exec would remember that, passive or not, you gotta sell it, baby!
Where’s my passive revenue? What? You mean I need to market these products? I have to promote? I’ve got to make offers, and send out e-mail blasts, and work my list? I gave them a freebie, so why aren’t they pouring into my funnel? Huh? You want me to do teleseminars now? Speaking gigs? Radio interviews? What’s passive about that? That’s not passive. That’s downright…active! What happened to “if you build it, they will come?” Is this “Field of Dreams” or Field of Schemes?
As a newbie entrepreneur, I guess I didn’t know the secret handshake. But I get it now. You didn’t really mean passive revenue, right? Let’s face it. There’s nothing passive about it. Maybe we should call it Work Your Ass Off and Market Relentlessly Income.
I think I understand the concept now. If you want to make money on the Internet, you need to be active. Better yet, make that proactive. If you want those elusive multiple streams of revenue, you’re gonna have to hustle. Every day, in dozens of ways. Be smart. Get creative. Market like you mean it. Don’t “work” your list, build connections. Develop relationships. Sweeten your offers. Give more value. But, above all, get to work! Call it passive revenue if you want. It still sounds pretty cool. But we know what it really takes!

LouBortonePhoto.jpgLou Bortone is an award-winning writer and video producer with over 20 years experience in marketing, branding and promotion. As an online video expert, Lou helps entrepreneurs create video for the web at www.TheOnlineVideoGuy.com. In addition, Lou works as a freelance writer and professional ghostwriter, with a ghostwriting site at www.GhostwriteForYou.com and a blog at www.GhostwriteGuru.com.

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Business Ideas Entrepreneurs Entrepreneurship Franchise Home-Based Business How-To Guides

Franchisor Support: What can you expect from your franchisor?

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If you are considering a franchise as your next career move, you probably already understand a number of the benefits to being a part of a franchise system. However, as each franchisor will offer different levels of assistance, it can be confusing to someone trying to evaluate a potential franchise purchase.
Since the value of a franchise is that the system has been developed to have replicable results, you will want any system you evaluate to score high in those areas that are important to the success of your unit.
Location – Location – Location
If your franchise is going to be site-dependent, the franchisor should, at a minimum, provide guidelines for selection of a site and the general terms of a lease agreement applicable to this type of location. Some franchisors will provide company personnel who will help you search for and select a site while some even work with national real estate brokers to find the best properties. If your franchisor provides help in site selection and lease negotiation, you are working with a good company.
Build-out Assistance
A typical franchise will provide each franchisee with instructions for the design and lay-out of the store along with details of where to purchase the components. As group buying power an important benefit of being part of a franchise company, you should expect to pay less for these components as a franchisee than if you purchased them as a sole proprietor.
At the high end of franchisor build-out assistance are those companies with design groups who help the franchise design the store, sometimes with such high-tech devices as CAD (computer-aided design) systems. Also, some franchisors will even hire a construction team to do the build-out and then deliver the components right to the new business.
Initial Training
The majority of franchised businesses do not require a new franchisee to have previous industry experience, primarily because they believe they can train a person with good business acuity to run the business successfully. A good training program is therefore essential. Most franchise companies will bring the franchisee to corporate headquarters for classroom training and some will allow time for hands-on training at a nearby franchise unit or corporate store.
This initial training should cover all aspects of the operations of the business, including book-keeping, record-keeping, operations, recruiting and retaining employees, and finding customers. The franchisee should receive an operations manual and get answers to any remaining questions she may have so that she feels confident she will be able to get her business up and running.
Some franchisors will provide corporate or field personnel to work side-by-side with the franchisee during grand opening and during the first week of operations, ensuring the franchisee has mastered the training and achieves a comfort level with the business. Franchisors that are willing to train a franchisee’s manager along with a franchisee are providing a value-added service.
On-going Training and Assistance
A good franchise business will continue to improve and evolve with time and the addition of new units and on-going training is often a necessity. Similarly, a good franchisor will offer continuing educational opportunities to franchisees as well as providing on-going assistance as needed. Many franchisors provide a help-line for issues that come up in the field and some will make regular visits to the franchisee’s location. A company that provides conferences or other opportunities for a franchisee to connect with fellow owners has the best interests of their franchisees in mind as these opportunities allow for creative problem-solving, the sharing of best practices and can reenergize the business focus.
Marketing Expertise
Your franchisor should provide you with a complete marketing plan for your new business that covers grand opening through at least the first 3-6 months. Since the franchisor has every reason to want you to succeed, a savvy franchisor will do much more. Many will provide you with the actual marketing materials, professionally produced. These may include pieces such as posters, banners, direct mail postcards, newspaper ads, and maybe TV and radio spots, all of which can be customized for your location.
Permits, Compliances and Other Legal Issues
Depending on the type of business, you may also need assistance in dealing with local governmental agencies for various permits. If your franchise involves food or beverage, there are numerous health-code compliance issues you will need to handle. Your franchisor should provide help in these areas so that your opening is not held up waiting for permits to come through.
There are several ways to find out how the franchisor handles these support items. The first, of course, is that you will want to ask questions about each as part of your investigation into the business. The second step is to talk to existing franchisees about the support they received and how well prepared they were to open and run the business.
Be sure to ask these franchisees if they felt there was anything missing from the training and support they received and if there is anything they wish had been more complete or done differently. If the company you are investigating scores well with these franchisees, you can be confident you will be happy with the support they will provide to you.
KimberlyEllisPhoto.jpgKimberley Ellis is the President of Bison.com, a leading online resource for franchise and business opportunities. She has been quoted as an industry expert in USA Today, Wall Street Journal and a variety of local and regional publications regarding trends in business and franchising. Kim combines her entrepreneurial spirit with a diverse background in marketing and operation to help others succeed in franchising.

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Entrepreneurs

Why Sleep Is Not An Option!

enthusiastic.jpgAs i type this entry at 12:03am EST, i am again reminded what I love about owning a business. Its the freedom of knowing that if i want to do work in my home office at midnight and try to change my life and that of my family and employees, no one can stop me! And when i get on a thought trail in the middle of the night, I am hard to stop.
I have decided to sell businesses, buy businesses, fire people, hire people, change people’s reality for both the better and worse, all the while never once worrying about overtime, lack of access to my computer, cleaning crews or login procedures, you see, I own the joint! And it feels good.
For anyone considering starting a business, i will caution or encourage you that if you really have the stomach for it or a passion for an idea, you will be shot by an arrow that Cupid would wake up in sweats with fear of! I promise you that!
As a business owner, I never shut it down. I went on vacation at the end of year at a swank resort in Florida, have a $1000 a night suite for my wife and kids, a spa to die for, 2 pools, beautiful beaches, warm weather, sun and fun at my finger tips, miles of beach and the flattest ground known to man to run and the entire time i am thinking about my newest start up idea.
What will I call it? How will i fund it? Will I have partners? What URL should I secure? Which of my 6 development firms will i hire to build the site and do the optimization? Do i outsource it to my developers in India who are cheaper but challenged with their desire to be so literal? Do i write the content for the site or have someone else do it? What are my corporate objectives? And the parade of thoughts go one for 5 days and 4 nights!
And can i tell you, it was the best vacation i had in years. You see, a business owner is so adept at mental multi-tasking that i can play with my kids at the beach, have cocktails, talk to my wife, answer e mails, think about dinner reservations, plan the route of my morning run and which spa treatment by whom and never miss even the slightest detail! And they call me crazy! HAHA! I laugh at those bogged down with minute details! I am a big thinker. Big ideas. Big dreams! Always have been. Always will be.
The Blackberry is just a mechanical version of my brain. Calls, e mails, texts, schedules, documents, thoughts, web access. I look at my Blackberry as a mirror image. So you see, i live off of less than 5 hours of sleep a day. Any more and i am lethargic and grumpy because i might miss an opportunity to fine tune my global strategy or my opinion of a new hire or a suit i want to buy or a flight i need to take or a contact i need to cultivate… And the song goes on in my head all day and all night.
Pleasant dreams!!!! Enjoy them for both of us, because i am far too involved at this moment to sleep. I will have plenty of time to relax when i am gone!
EvanMorgensteinPhoto.jpgEvan Morgenstein: Entrepreneur, Consultant, Sports Agent, Motivational Speaker. Morgenstein started in the tech industry after graduating in 1987 from Syracuse University. Working for several partially owned IBM partnerships, Morgenstein learned from some of the best. He has parlayed that into a dominant company Premier Management Group in the celebrity talent and sports marketing industry.

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Entrepreneurs

Back to School Time Management

time%20management.jpgThe kids are headed back to school and it feels like you should have a lot of extra time on your hands. Why aren’t you able to accomplish all that needs to be done? Time management is a big struggle no matter what stage of life you’re in. As work at home moms, it is even more important that we manage our time wisely. Below are five tips on how you can accomplish more during the time the kids are in school.

1. Set your priorities
It’s important to map out not only what needs to be accomplished during the time that you have allotted each day, but also what things are most important. Make a list of the tasks that need to be accomplished and then rank them according to deadline, desire to complete, etc. Keep in mind that the more you can do while the kids are in school, the more time you’ll have with them the rest of the day. If at all possible, make time with you spouse and children the center of your day and try to work around it.

2. Schedule your time
Now that you know what order your list needs to be accomplished in, take the time to write out a schedule of how and when you will complete each item. This will give you a tangible way to see your progress each day. Your schedule doesn’t need to be set in stone – it needs to be somewhat flexible so that it doesn’t become burdensome. Having a plan of action will help you avoid distractions and accomplish more during the time you have available.

3. Delegate
Whenever possible, delegate tasks that can be accomplished by others. Have your kids stuff envelopes, have hubby print out business cards for you, and if you have a virtual assistant (VA), allow them to do some of the online work or phone calls for you. The best thing I’ve done for my business this last year is to hire a virtual assistant. She is fast, efficient and saves me a lot of time. I can be working with clients and making sales while she handles my article distribution and other tasks. The time saved is well worth the money spent.

4. Let the phone ring
Customer service is one of the most important parts of running a home-based business. Being available for your customers and being willing to answer questions is what will set you apart from the many other businesses out there. However, if you are working to accomplish a task that is important to your business it may be necessary to allow the phone to ring and the answering machine to handle some calls. I’m not suggesting that you ignore your customers, but that you use your answering machine for what it is – a message service. By knowing who has called and what they need, you can call your customers back when you have time to work with them without feeling rushed. Also, by knowing what your customers need before your speak with them you can make preparations ahead of time, thus spending less time on the phone and saving both yourself and customer time.

5. Take a Break
One of the biggest mistakes of work-at-home moms is to work too much. Because we are building our own businesses we feel that we will not succeed unless we’re working – or at least thinking about work twenty-four hours a day, seven days a week. This simply isn’t true. Taking care of yourself is one of the best things that you can do for your business. Focusing on something other than your business can give you clarity and help you avoid burn-out.

Running a home-based business while your children are in school is possible, but it does take efficiency and organization. It’s very important that you set your priorities and your schedule your time in a way that is flexible and that allows you to get the most accomplished in the time that you have available. Don’t get discouraged if it seems like you’re not accomplishing much some days. Rest, go easy on yourself and do your best.

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Entrepreneurs

Top 10 Business Plan Myths of Solo Entrepreneurs

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Don’t let these stop you from having a business plan for success!

A recent study of 29,000 business startups noted that 26,000 of them failed. Of those failures, 67% had no written business plan. Think that’s a coincidence?

Here’s the top 10 myths Solo Entrepreneurs often have about business plans. Usually, the reasons why they don’t have one. De-bunk the myths, and see how having a business plan for your solo business, can actually be easy and fun–and can jumpstart your success!

1. Myth: I don’t need a business plan–it’s just me!

Starting a business without a plan is like taking a trip in a foreign country without a map. You might have a lot of fun along the way, and meet a lot of friends, but you are likely to end up at a very different place than you originally set out for?and you might have to phone home for funds for your return ticket.

Solo Entrepreneur Reality: Successful Solo Entrepreneurs know that the exercise of creating a business plan, really helps them think through all the critical aspects of running a business, make better business decisions, and get to profitability sooner.

2. Myth: I have to buy business plan software before I can start.

Business plan software comes in many shapes and sizes, and prices. Many are more geared at small and growing businesses with employees.

Solo Entrepreneur Reality: Business plan software can be helpful but it’s not required. Software is more likely to help if you have a more traditional type business, like a restaurant or a typical consulting business.

3. Myth: I need to hire a consultant to write my business plan.

Consultants are an expensive way to have your business plan written.

Solo Entrepreneur Reality: Your business IS you – and you need to be intimately involved with the creation of your business plan. A better strategy, if you think you need professional help, is to hire a coach or mentor – someone who can guide you in what you need to do, not do it for you.

4. Myth: The business plan templates I’ve seen have all these complex-sounding sections to them. I guess I need all those?

The only time you need to follow a specific outline is if you are looking for funding.

Solo Entrepreneur Reality: Your business plan needs to answer ten basic questions – that’s it! Don’t make things more complicated than necessary.

5. Myth: My business plan needs to be perfect before I can start my business.

If you wait for everything to be perfectly detailed, you may never start.

Solo Entrepreneur Reality: If you have at least a first draft that answers those ten basic questions, you are ready to launch your business! Make your business plan a living, evolving document. In the startup stages, review and update your plan every 2-3 months. As you grow and stabilize, you can slow down the review cycle to every 6-12 months. All business plans should be reviewed and updated at least once a year.

6. Myth: I have to do everything I say I’m going to do in my business plan, or I’m a failure.

Many Solo Entrepreneurs never start because of this myth which leaves them feeling that the success of their future business suddenly rides on each stroke of the pen or click of the keyboard!

Solo Entrepreneur Reality: Think of your business plan as a roadmap for a trip. Expect to take some detours for road construction. Be flexible enough to take some exciting, unplanned side trips. And don’t be surprised if instead of visiting Mount Rushmore, you decide to go to Yellowstone, if that turns out to meet your vacation goals better!

7. Myth: A good business plan has a nice cover, is at least 40 pages long, must be typed and double-spaced?

Business plans intended for investors, such as a bank or venture capitalist, must meet certain requirements that such investors expect.

Solo Entrepreneur Reality: As a Solo Entrepreneur, your business plan need only satisfy YOU. It might be scribbled on a napkin, on stickie notes on your wall, or consist of a collage of pictures and captions. It might be all in one document or scattered among several mediums. As long as you know it in your head and heart without having to look at it, and and it is easily accessible to you when you have doubts, that’s all that is necessary.

8. Myth: I don?t need a loan – so I don’t need a business plan.

YOU are the investor in your business – and would you invest in the stock of some company without seeing a prospectus?

Solo Entrepreneur Reality: Seeing your plan in black and white (or color, if you prefer!), can give a whole new view on the financial viability of your business. If ‘doing the numbers’ seems overwhelming, remember you don’t need fancy spreadsheets. Just lay out a budget that shows where all the money is coming from (and going), and have an accountant review it for additional perspective.

9. Myth: My business plan is in my head – that’s good enough.

I don?t know about you, but I sometimes can’t remember what I planned yesterday to do tomorrow, if I don’t write it down!

Solo Entrepreneur Reality: There is a real power in writing down your plans. Some schools of thought advocate that the act of writing a plan down triggers our subconscious to start working on how to manifest that plan. And, of course, it’s a lot easier to remember when you have it in front of you. And a lot easier to share and get feedback from your non-mind reading supporters.

10. Myth: Friends and family are the best sources of feedback and advice on my business plan.

If your brother is an accountant and your best friend is a market research expert, then this might be true.

Solo Entrepreneur Reality: As well meaning as our friends and family can often be, they just aren’t the best way to get honest, objective guidance. Instead, seek out folks that have specific knowledge that will help you, are willing to be candid with you, and that have a genuine interest in helping you succeed. A business coach is one resource to consider!