Category Archives: Thinking Aloud

A Beautiful September Morning

I was going to write about something else this morning but then I looked at the calendar. Today is the 18th anniversary of what is arguably one of the most significant days in America’s history, one whose aftereffects permeate a lot of our daily life here in the USA. Many of them are big and obvious. Wars that have gone on for nearly two decades as a result of that day and the financial decisions we’ve made as a country to support them that affect everything. The sometimes scary and intrusive security measures we’ve taken at airports and elsewhere. The suspicious looks some folks give to others based on their clothing or appearance.

What 9-11 changed in me was something different. My strongest memory isn’t of the smell that wafted northward to where I worked in midtown Manhattan nor is it the incessant sirens as first responders charged into lower Manhattan to try and save lives. My strongest memory is of how beautiful the September morning was and how it’s hard for me 18 years later to experience a crisp, clear morning with a clear blue sky without thinking of that horrible day.

I used to commute via train to my job. That morning, I was heading to the office before catching an afternoon flight to SF with a group of my NHL peers to meet with a client the next day. We had actually switched our flight. We were going to go out that morning on what became one of the planes involved that day but that’s another discussion. I vividly remember coming up the escalator out the Grand Central and looking up at the beautiful sky as we rose. As I left the station, the cool air hit me and I might have even said out loud “what a beautiful day for flying.” No clouds, no wind, no NYC smells, just clear blue air.

Within the hour, the world had changed. A co-worker ran into my office saying a plane had hit the World Trade Center. I said it must have been a small plane and planes had hit buildings in NY before. We turned on the TV as the second plane hit and realized that this was not an accident.

The rest of the day is a blur of making phone calls to check on friends, receiving phone calls from people checking on me, wondering how I’d get home since the trains and other transport was shut down, and helping my staff deal with the day. The one thing that still won’t leave me though is the memory of leaving the station and walking to my office on one of the most beautiful NY mornings ever, a wonderful day for flying.

No business points today. Please think about those who were lost on 9-11 and those first responders who are still paying the price for their bravery.

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Filed under Thinking Aloud, What's Going On

For Yourself, Not By Yourself

I left corporate America at the end of 2007. In the dozen years since I’ve worked for myself. Oh sure, I have always considered the clients for whom I consulted to be my bosses, but at the end of the day, I was on my own.

If any of you have been, or are, in a similar circumstance, you know that it’s both a liberating and terrifying feeling. There is the freedom to spend a beautiful day at the beach or on a golf course instead of working. After all, you’re the boss. Along with that freedom, at least for me, there was always guilt that I had taken the day to play or run errands rather than grinding it out as I had done for the 30+ prior years of my business life. I guess the Protestant work ethic applies even to Jews…

While I’m still working for myself, the last year I’ve not been BY myself. As a franchise consultant, I’m a part of a much broader network of several hundred other coaches. We share information, I have access to ongoing education about franchises and how to do my job more effectively, there is someone doing collections for me, and the network actually even finds leads for me if I want. I’m in business for myself but not by myself, as is the case with any franchise.

Candidates (people considering investing in a franchise) sometimes ask why they should go with a franchise instead of using their capital to start up their own business. The statistics answer that question for me. 90% of new businesses fail in anywhere from the first five years to as little as the first four months. 90% of franchises are still in business after five years. There is a reason for that, which is that you’re investing in a proven concept. The mistakes have been made, the operation has been refined, marketing plans have been tweaked, and all of that is being handed to you as part of your investment along with training that can last from a few days to weeks, with ongoing mentoring and education for much longer. Pretty spiffy, and a route I wish I had taken a dozen years ago instead of trying to figure it all out on my own.

So what can go wrong with a franchise? I think the two biggest sources of problems are when franchisees don’t follow the model or when they are undercapitalized. In the first case, ignoring the model is basically throwing away what you paid for and diminishing your success rate quite a bit. In the second case, ANY business will fail if it’s undercapitalized no matter how well-run it is. Counting on immediate cash flow to support the operation (or your ability to eat!) is short-sighted. That’s why franchising makes even more sense since there is a track record of what capital is needed to get the business up and running for the first few months. It’s actually so clear that the franchises put those costs in their Franchise Disclosure Document (item 7) and those are numbers I have and discuss with folks as they are looking at investing.

Being in business for yourself is great. It’s even better when you’re not by yourself. I can show you how to make that happen for you. Just click here and let’s get started.

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Filed under Franchises, Thinking Aloud

A Yankee In Tailgateland

Not only is today Foodie Friday but it’s also the day before the college football season begins in earnest. While I’ve always been a fan of the college game, it wasn’t until I relocated down here in the South that I fully understood the passion and deep community involvement my neighbors have with their college football teams.

Photo courtesy Jonathan Ray

If you’ve read this screed for any amount of time you know that I root for the Michigan Wolverines. That said, I hold season tickets for NC State, one of the local teams. Frankly, given what I’m about to write, I’m not even sure that the tickets are necessary but it’s the only way to get a decent parking spot so you can TAILGATE!

Yes, I’ve learned the joy of tailgating, which is something Southerners appear to do not only at football games but damn near everything else from hockey games to concerts. I suppose some of them are pre-gaming a funeral as we speak…

In any event, tailgating is BIG business all across parking lots. I’d seen some of it when I went to games at Michigan, but it’s NOTHING compared to what goes on here. I suspect that a good number of folks really do just sit in the parking lot without game tickets and watch on TV. The food is sometimes your basic hot dogs and burgers but there are incredibly elaborate spreads too. At some southern schools, there are $25,000 spreads put on for hundreds of people as well as repurposed shipping containers made into tailgating palaces.

What’s the business point today? Had someone come to me for a business idea in my previous life in the sports business, I would never have thought to look at tailgating. I would have been missing a fantastic, and still growing, business. It’s a good reminder that we need to get outside of our little bubbles. Yankees don’t really have anything like this at games up north and although I went to dozens of venues in the South for games, I was working and didn’t hang out in the parking lot.

Our personal bubbles restrict the news we see, the information we digest and the decisions we make. It isn’t until we break out of them, either purposefully or by accident as happened to me with tailgating, that we grow. As people say to me when offering some odd-looking pregame snack, try it – you’ll like it!

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Filed under food, Thinking Aloud