Tag Archives: advice

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

When I’m…

Most of the time, this blog is about you, or at least about something that I think could be helpful to you. Today, if you’ll indulge me since it’s my birthday, it’s mostly about me, although maybe there’s something you could take away as well.

When I was 12, The Beatles put out the Sgt. Pepper album. It had a little ditty called “When I’m 64” on it. While to most of us the song was brand-new, it turns out it was one of the first songs Paul ever wrote and was in The Beatles performance repertoire quite early on (they played it when their amps went out). It seemed kind of hokey to 12-year-old me and the lyrics about being old and losing my hair seemed very far off.

Well, that was in 1967, and if you can do the math, it’s 52 years later. So let’s see – I was 12 and if add 52 that’s OMFG – I’m 64! Well, happy frickin’ birthday, old man. Yep, the future is now. My hair is mostly gone too. I don’t, however, ask myself if I’m still needed (nor do I have Vera, Chuck or Dave as grandchildren). I also realize the song is about getting old together and is sung by a young person. 64, by the way, is still pretty young. That said, may I impart a little wisdom from this almost-aged one?

I try to live in the moment. I’ve made an effort to stop looking back and wanting things to have been different and I try not to look too far forward because things happen each day that affect what the future might hold. That’s not as easy as it sounds, at least not for me. When I do look back, I try not to think of things I would do differently as mistakes but as lessons. I’ve always been a pretty good student and have never had to repeat a class so learning those lessons thoroughly prevents the outcomes I might change from happening again.

Like most of us, I’ve experienced unbelievable joy and unbearable sadness. The trick isn’t, as some folks say, not to get too caught up in either. I think experiencing them fully is the best (and worst) part of being human. It’s when we stop feeling and are emotionally dead to the world that we have problems. I just try to remember that the highs and lows will pass and while each of those extremes affects us in some way, the changes they bring make each day more interesting than the last.

Mostly, what I’ve learned is exactly that: it’s about constant curiosity and learning. Growth and wisdom come from that learning and we’re all in this together, like it or not. Helping others to grow and to learn, as I set out to do as a teacher 40 years ago and still do now in a different way, assures that the world answers the “will you still need me” question in the affirmative. Does that make sense?

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Filed under Helpful Hints, Reality checks, Thinking Aloud, What's Going On

Foreign Flavors

This Foodie Friday, let’s think about the Black Cheese donut. Yes, there is such a thing although unless you live in Jakarta you’ve probably not sampled one. It’s a donut that’s glazed in chocolate icing and then rolled in parmesan cheese. No, I’m not making this up – you can find them at Dunkin’ outlets in Indonesia.

Then there is the Thai snack food of BBQ-flavored fish. They’re bite-sized – yum! You can buy a creamed corn pie (think apple pie but creamed corn) at KFC outlets in Japan or haggis-flavored potato chips in Scotland. If you want a brief around the world tour of some odd food products that will probably seem strange to those of us with American palates, click here and scroll through 46 of them.

The thing is that they’re not odd, not to the people in the areas where they’re made and distributed. As with most things, if there wasn’t demand the product wouldn’t continue to exist. The fact that they got made in the first place is a tribute to anyone who was involved in the process but for whom the product has no appeal. Ignoring our own prejudices is something that helps us succeed in business. Most of us aren’t the typical consumer of our product and, therefore, must keep an open mind where research or other data tells us that there is a market opportunity.

You might not need to be reminded that not everyone sees the world in the same way. One glance at the evening news or even your own social media stream will confirm that for you. Not everyone will love a Black Cheese donut but apparently, enough people do to justify their continued presence on Dunkin’s shelves. We need to try some flavors that are foreign and, even if we don’t like them, remind ourselves that others do.  Crab flavored Pringles might not be your thing. Maybe you prefer the Iberian ham chips. I had my first ketchup flavored chips when I was in Canada. They seemed like a good idea – ketchup goes on french fries which are potatoes, so… Well, they weren’t, but I don’t think any less of our Canadian brethren for making them popular.

Want to keep your business open? Keep your mind open as well. The flavor might only be foreign to you!

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Filed under Consulting, food

Becoming An Icon

What do you think of when you hear the word “icon”? You might think of those little squares on your smartphone screen that link you into an app. You might think of some other graphic that has meaning in the way that it looks. Or you might think about someone or something that is a symbol and is the object of uncritical devotion, as the dictionary defines it. It’s this last meaning that I want to address today.

Photo by Agnieszka Kowalczyk

You can probably think of several iconic brands – companies that are market leaders and offer great (read that as high-value even if they’re not high-cost) products to their customers. Disney, Apple, and others would qualify here. They have a lot of things in common despite their very different business sectors. They have strong branding that is unique in the consumers’ mind. The brand itself has a clearly defined meaning in those minds as well. Customers know what to expect and the reality of the product they receive usually beats those expectations.

Icons offer high value. Customers get their problems solved at what they perceive to be a fair investment of time and money. Icons are also very consistent – it’s a repeatable brand experience. Lastly, their positions are highly-defensible. It will be very hard for another brand to take its place. None of that is news to you, right?

The question I have is why don’t we think of our personal brands in the same way? Do we think about becoming an iconic business person, one that has a strong, unique branding in the business world? Are we consistent, offering all of those with whom we interact the same, high-quality experience? When people deal with us, whether they are partners, clients, suppliers, peers or employees, do they know what to expect? Are they excited about that prospect because they know a positive experience awaits?

In a world where we’re heading for a million corporations of one, your personal brand is becoming your corporate brand. Why not make it as iconic as you can?

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Filed under Helpful Hints, Thinking Aloud

Make Yourself Uncomfortable

I’ve been thinking about writing this rant for a few weeks now. I’ve refrained, hoping that what’s prompting it will go away but it hasn’t so today, I rant.

I spent nearly my entire professional career in some sort of advertising-related business. I sold media. I was a media publisher. I’ve bought advertising on behalf of consulting clients and my own businesses. I’m pretty well-acquainted with how the business works. It’s rare, therefore, that something ad-related surprises me but this has. Lincoln is running an ad called “Sanctuary” for its Navigator vehicle. It features Sarah Vaughan’s recording of “Make Yourself Comfortable,” a song I like from an artist I like as well. At least I used to.

I will be the first to admit that I don’t watch a ton of non-news or sports programming via traditional TV. You can pretty much find me on a news channel or sports channel if it’s old-school TV or a streaming service otherwise. I bring this up because what I’m about to rant about isn’t caused by my rapacious consumption of TV.

I have seen the aforementioned ad at least once every half hour for the last month. In fact, I’ve seen it far more often than that, often once every few commercial pods. I am now at the point where when I hear the thunderclap that begins the ad I reach for the remote. I am sick of the song. I have so tuned out the ad that I didn’t even notice that it’s Serena Williams sitting in the car. I could see this happening if I was on a ton of channels in lots of different programming but I’m not.  I’m about 10 more impressions from setting fire to the next Lincoln I see.

Who do I blame? Let’s see. First, the media buying agency who apparently has never heard of frequency-capping. When your ad is running every 10-20 minutes FOR HOURS on the same channel you’re well into overkill. Second, I blame whoever sold this schedule. Maybe it’s a ROS deal (run of schedule/station) and they’re just filling pods with creative to run up the bill. You might be making a few bucks but you’re losing at least this loyal viewer. Third, I blame the client. Aren’t you looking at the reports? Aren’t you running research that tells you reach isn’t increasing while frequency is off the charts? For the love of all that is holy – make another commercial – you’re killing me.

OK, I feel better. But if you’re a marketer and you’re not asking your people about frequency distributions and commercial wear out, do yourself and your prospective customers a favor: ask ASAP. Deal?

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Filed under Huh?

GSD

We’re starting down that road to another presidential election here in the US. There are a lot of people who want the job, apparently although having watched my way through “The West Wing” multiple times I’m not sure why. The plane maybe?

No, we’re not heading into the world of politics but one thing that struck me as I have been watching the various candidates making their cases is that there are an awful lot of good ideas being tossed around. Every candidate has a grand solution to one or more of the many things that can be improved here in the US of A. Of course, so did nearly every other person who has run for the office over the years. What they found is something that’s useful to any of us in business: good ideas aren’t enough.

I’m sure you’ve had many groundbreaking ideas in your business life. Maybe you even got the chance to try and bring them to life. The reality is that a good number of those ideas withered away because the strength of an idea isn’t really enough to make it happen. You need buy-in from all the stakeholders which means you also need some good persuasion skills. You might need money which means you need to be able to justify your brainstorm in dollars and cents for the money mavens. And of course, you need the leadership skills to make others understand your vision and work hard to implement it even if the value of that idea isn’t necessarily apparent to them until the very end.

Being great means Getting Stuff Done or as Elvis used to have on his belt buckle, TCB – Taking Care of Business. I had a boss who used to tell me I had 100 ideas a day and 99 were pure crap. I had to learn how to get that one great idea done. He was right (well, maybe more than 1 a day was pretty good). I became a much better manager when I learned not to fixate on the idea but to pay attention to the process so the idea could bloom. Yes, it’s like a garden – the great idea is just the seed and without a proper environment and lots of care it will wither and die.

So now you know that. I wonder how many of the candidates do?

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Filed under Helpful Hints, Reality checks

Finishing In Style

Let’s think, this Foodie Friday, about how dishes are “finished.” No, I don’t mean how you eat every last bit off of your plate. Instead, I mean those last few things you do as a cook when the dish is done but you’re adding what I would call a lagniappe of sorts – a little something extra at the end, almost a gift.

For example. Let’s say you’ve just cooked your guests some perfect steaks. Now you could certainly just let them rest and present them to your hungry diners or you could finish them in style. Maybe you make an herb butter which you allow to melt over the warm steak, adding another layer of richness and flavor. Maybe you provide a container of truffle salt, adding heady umami to the dish.

We’ve all been offered grated cheese to go on our pasta. That’s finishing in style in my book, especially if the cheese offered is correct for the dish itself and not just the same cheese for everyone (and heaven forfend that’s it’s grated ahead of time!).

Finishing in style can be as simple as offering a drop of true balsamic vinegar for aged cheese or even ice cream (don’t knock it until you’ve tried it). What I think it really shows is that the cook is willing to go the extra steps to make a meal memorable.

It’s the same in business. When was the last time you hand-wrote a thank you note to a customer for an order or sent a gift to a new client to welcome them aboard? When I joined my franchising network and finished training, a lovely bonsai tree showed up at my house to congratulate me. Did it make me work any harder? No, but sure showed me that I had exercised great judgment in joining the group that I had. That was finishing in style.

Business today is way too competitive for any of us not to think about the lagniappe – the something extra. How can we finish each transaction – each dish we prepare – in style?

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Filed under food, Thinking Aloud