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The Entrepreneur’s Source: Tax Day From a Different Perspective

The Entrepreneur’s Source ® offers tips at tax time.

Today is Tax Day and The Entrepreneur’s Source®, the nation’s leading career transition coaching franchise, is here to offer some advice for those who would like to explore alternative careers but may be intimidated by small business taxes.

Tax time is never easy no matter what position you’re in. If you’re an employee waiting around for your W-2, or if you’re the boss that’s handing them out, tax time will have its own set of stresses for you.   Good thing some national franchise leaders, like Firehouse Subs, Schlotzsky’s and Sonic, are stepping up with some sweet Tax Day deals to help ease the pain for all!

Regardless of your tax knowledge, if you’re browsing through the pages here at The Entrepreneur’s Source®, then you’re probably already at least considering career transition. This may be your first time considering what it’s like to face the IRS as the head honcho. It can be a frightening thought knowing you’re responsible for determining which of the seemingly hundreds of different IRS forms you need to use and fill out.

 

So, where do you begin?

  1. Have a solid support team in place. If you work with an Alternative Career Coach during your exploration, then you know what your business strengths and weaknesses are. That’s why having a solid support team is vital. If you’re a great salesman but a lousy accountant, then by all means, invest in a trustworthy CPA to handle it for you! There are a lot of lessons to learn your first year as a business owner. You don’t want one of those lessons to be “How to survive an IRS audit!”
  2. Invest in solid accounting software. If your franchise system doesn’t already offer some type of accounting software, it’s a good idea to invest in one for yourself. Sure, it can be a pain to set up, but it sure beats that last minute scramble for receipts and data. If you are using a CPA, he or she will surely thank you!
  3. Prepare throughout the year. You’ve made the transition into business ownership and now you’re charting unknown territory. You may already be out of your comfort zone, so why add the pressure of trying to file taxes for your business all alone? It’s a good idea to meet with your CPA regularly throughout the year and make sure you’re on the right course BEFORE tax time hits.
  4. Change your mindset. You’re the boss now. This is Your Career 2.0. Part of that is realizing tax season isn’t ALL bad! Change your mindset to reflect your new role as business owner. Here’s the cool thing, the Trump administration recently passed the Tax Cuts and Jobs Act – helping business owners secure more than 2.5 times the amount of tax cuts as employees.   Use those additional funds to re-invest in your company – rewarding great employees, buying new equipment, adding new features, etc.
  5. Education never ends. Now that you’ve got your new mindset in place, it’s time to make sure you’re educated. Part of being the boss is THINKING like the boss. That means being on the lookout for tax saving opportunities. Don’t know what to look for? Talk it over with your tax preparer, your franchise support service, or even other franchisees. Membership in a small business owners group in your community can be valuable in this department as well.

We all deal with change differently, but that’s where your career coach comes in handy. Your E-Source Coach will work to make sure you’re equipped to handle the career transition of your choice.

You’re starting a new business to fuel your own future, but you’re not all alone. Contacting a coach with The Entrepreneur’s Source® can help turn your dream into a reality…and help you avoid tax time nightmares by working with you to find your franchise match (get started now at www.franchisematch.com).

 

 

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The Entrepreneur’s Source: How To Stop Saying “Sorry” To Your Family (And Yourself!)

The Entrepreneur’s Source can help you go from Employment to Empowerment®.

Does this sound familiar: Wake up. Fight traffic. Work late. Drive home. Sleep. Repeat. For millions of people, this is a familiar routine. Now for some of those people, that routine works. But for many of them, there is a growing desire to break free.

According to Gallup’s State of the American Workplace 2017 poll, 53 percent of employees say a role that allows them to have greater work-life balance and better personal well-being is very important to them. To us here at The Entrepreneur’s Source® (TES), that figure seems a little low. After all, how many people have you ever heard say, “Gee, I wish I had been able to work MORE?”

How many times will you miss your daughter’s volleyball games because they happen on a weeknight and you just can’t make it from work? How often is your son the only scout without a parent at a weekend Family Camp because of your work pressures? How many times will you have to fight through the parental guilt and say, “I’m sorry,” and “I can’t”?

Finding that elusive work-life balance.

The fact is it’s hard to find a true work-life balance when you must do everything according to someone else’s schedule. It can be difficult to say yes to coaching your son’s little league team or being a part of your daughter’s karate carpool when your boss frequently walks in and asks you to stay late. Want to find a job with a flexible schedule? You might as well start searching for that proverbial needle in the haystack. Isn’t it worth looking into another way to work?

For over 34 years The Entrepreneur’s Source® (TES), the nation’s leading career transition coaching franchise, has helped provide tens of thousands of people with the answers and the opportunities they need to improve their lives.  Our process and coaches have helped people just like you leave behind the daily grind and take those crucial first steps toward FREEDOM. Your dreams don’t include sitting in an office, working your life away, while your family grows so used to your absences that they’re actually SURPRISED to see you show up for something!

Everyone is getting fed-up.

And it’s not just the baby boomer generation that’s gotten sick of the sacrifice. Here are some more key findings from that Gallup poll we talked about earlier. Millennials – that key demographic that now makes up more of the workforce than baby boomers and Generation X-er’s at many companies – are less likely to be “completely satisfied” than other workers in the following aspects of their job:

  • Vacation time
  • On-the-job-stress
  • Flexibility of hours
  • Chances for promotion
  • Relations with coworkers

And you want to talk about disengagement! That Gallup poll found that only 29 percent of millennials are engaged at work. In fact, only half of the millennials polled “strongly agreed” that they would be working at their current company in one year’s time.

The New Career Economy.

So, why this seismic shift? After all, many of those same polls will tell you these workers might not even be married yet or have any kids. Could it be that they are the first generation that saw their parents trade in their freedom for stability and thought, “That is NOT how I want to live my life!”

At The Entrepreneur’s Source® (TES), we call it “Battered Career Syndrome”. It’s the idea that you must keep the job you have at all cost, constantly sacrificing your family and your time. Baby boomers and Generation X workers are starting to feel it…but it seems like Millennials are catching on quicker because they were those very kids with the parents who always had to say, “I’m sorry. I can’t.”

Making a Change for the Better.

Breaking the cycle requires a lot of honesty, thought, and a willingness to step out of your comfort zone. Taking those first steps from employment to empowerment are not always easy, but they also aren’t as difficult as you might think. Most importantly, they can begin right from the comfort of your own home and they won’t cost you a single dime! Here’s how The Entrepreneur’s Source® (TES) can help you on your journey of self-discovery:

  • FranchiseMatch.com®Imagine the beginning of a new life in just two minutes. That’s all it takes with our exclusive FranchiseMatch® tool. It’s quick, it’s simple, and it’s free. It’s a five-step process that can help you discover options you never thought possible. FranchiseMatch.com® is a great place to begin your journey.
  • START A BUSINESS WEEKEND®This is the largest online franchising business expo in North America. You’ll be able to explore and compare over 170 franchising opportunities, learn from the business pros with our keynote speakers, and even discover funding options that can help take your dream of self-employment from “someday” to “right now”! Heck, you can do all of this from home in your pajamas if you want. You’re in control of that! Just go to http://www.startabusinessweekend.com to sign up for your FREE, all-access pass. The next expo is coming up May 17-19, so sign up now.
  • VIRTUAL COACHING EXPERIENCEWhat do Bill Gates, Phil Mickelson, and Oprah Winfrey all have in common with you? They’ve all used coaches in their professional careers. Asking for help, seeking guidance, and trusting a mentor are smart business decisions. The Entrepreneur’s Source® (TES)provides experienced coaches that won’t tell you what to do, but instead guide you along the way to discovering the best path for yourself.

If you’re ready for your Career 2.0, visit our website and look around. There are a lot of professional resources available to you there. It’s the first step to breaking the cycle of the daily grind. We’re not saying it’s not going to include hard work.

There will be some late nights; but these tradeoffs will be YOUR decisions. The Entrepreneur’s Source® (TES) can help put you back in control of your own destiny.   And if you’re ready to get started finding your franchise match, get started at http://www.franchisematch.com/.

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The Entrepreneur’s Source: Terry Powell’s 8 Tips To Find The Perfect Career Coach

Originally Published in Forbes, 3/5/18 The Entrepreneur’s Source: Terry Powell’s 8 Tips To Find The Perfect Career Coach 

I’ve been reflecting on Alabama’s win over Georgia in the college football national championship game, and I’m still marveling at how they did it. They were missing several injured stars and had fallen into a deep hole on the scoreboard. Further, Tua Tagovailoa, their freshman quarterback with no experience in any meaningful games during the season, was suddenly thrust onto the biggest stage. All Tagovailoa did was become the biggest star of that game, coolly throwing the winning touchdown in overtime and adding his name to college football lore.

But the fascination for me was to see head coach Nick Saban’s famed “Process,” his coaching philosophy, in action. Saban turns attention away from the end goal — like winning a national championship — by focusing on the little things. He preaches that doing those little things correctly, every day, will build confidence and lead to success.

Saban and his team invest in their players: teaching, supporting and encouraging them while keeping them focused on the moment. Because of Saban’s “Process,” the moment for Tagovailoa was never too big, even though he was a rookie. That’s why Saban was comfortable bringing him into the game.

In the new year, you may be looking for a great coach or mentor to help you either enhance your current career, further explore your entrepreneurial itch or direct you to something completely new. And, as someone who may be exploring entrepreneurship for the first time, it’s critical to find a coach who can help you focus on your possibilities and help you to explore your goals, needs and expectations in a safe space.

What qualities must this coach possess? After more than 30 years of helping people achieve their professional goals at The Entrepreneur’s Source, I have defined eight specific tips to help you choose the best coach:

  1. Your coach will have a direct interest in youThey will want to take the time to find out what your career 2.0 is so you can achieve your income, lifestyle, wealth and equity goals. That’s basic relationship and trust building. After all, it’s only your future you’re talking about. Don’t you want someone invested in your “why”?
  2. Your coach will uncover areas of strength, as well as opportunities for growth. If you truly want to stretch yourself, your career and your attitude, you must have someone who will work with you to explore every aspect of your professional life: work history, philosophy, skillsets and even professional relationships — and be candid about it. Having someone just tell you how wonderful you are is not coaching. Challenging your current thought processes and offering new ones is.
  3. Your coach will be experienced. Nothing teaches like experience, which teaches life-long lessons — some good, some awful. Be wary of those who talk a great game but have never been in the trenches where you are. A coach who has been where you have been, asking the same questions and looking for help along their career path is invaluable. They have the gravitas you need to help you conduct deep dives into the opportunities around you.
  4. Your coach will believe in you — maybe more than you do yourself. Coaches and mentors can see real potential in the people they lead, even though it may not be readily evident to those following. They will work to uncover your hidden talents or gifts being ignored in your current situation to maximize your confidence levels, positioning you for success.
  5. Your coach will provide clarity.There will be many voices during your transition clamoring for attention and claiming to be the best possible change for you. In these times, you will need to make sure you’re considering every option and not just being attracted for the wrong reasons. It helps to have someone provide the clear education, awareness and discovery you need to help you decide for yourself.
  6. Your coach will offer unbiased feedback. Far too often, people in coaching roles have ulterior motives and hidden agendas, trying to sway you into making a quick decision benefitting them, not you. Avoid them. A good coach provides you with every scrap of unbiased information, allowing you time to make a smart decision about yourpath.
  7. Your coach will not be afraid to give you a kick in the tail. Your search for career fulfillment won’t be quick or easy. Discouragement and doubt will creep in and rent space in your head. Your coach will not abandon you at times like these. In fact, they will become even more involved by encouraging you and challenging you to keep moving forward. They will have the tools and resources you need to provide candid dialogue, to refresh your search and to renew your march to the goal.
  8. Your coach will remain with you. You should not be just another number or transaction for your coach. They will want to remain in the picture for you after you have made your final alternative career choice just to help you with the details that always come with a significant transition. They will want to remain available to you to provide meaningful help, answers and contacts in support of you and your new opportunity.

While legendary sports coaches like Saban get all the buzz, there are so many other coaches out there who help others embrace possibilities and change their lives. Find your coach today, and make 2018 the year you become “you” version 2.0.

For more information on The Entrepreneur’s Source, please visit http://www.EntrepreneursSource.com/.

About The Entrepreneur’s Source®.  Established in 1984, The Entrepreneur’s Source has been North America’s leading alternative career coaching franchise dedicated to the entrepreneur for more than 34 years.  The Entrepreneur’s Source offers in-depth advice to individuals striving to become self-sufficient with the release of our new book, Your Career 2.0: A Survival Guide for The Battered Career and Investor SyndromeThe book is a thoughtful examination of how you can make your dreams of self-sufficiency a reality. Authored by Founder of The Entrepreneur’s Source Terry Powell and E-Source alternative career coaches, the book is a must-read for any individual who has ever considered taking the path less traveled and embarking on the journey to small business ownership.

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The Entrepreneur’s Source: Top (No-Brainer) Reasons to Put an End to YOUR Battered Career Syndrome

The Entrepreneur’s Source: Top (No-Brainer) Reasons to Put an End to YOUR Battered Career Syndrome!

Deciding to leave your current job to work for yourself and become self-sufficient  may not seem like a “no-brainer.”   And to be fair, finding the right franchise opportunity does require deep contemplation and significant due diligence.   However, once you weigh the pros and cons of sticking with a battered career or taking the leap into business ownership, you’ll find the right decision is a real “no-brainer!”

In our best-selling book, “Your Career 2.0: A Survival Guide for the Battered Career and Investor Syndrome” we talk about the vast number of people who feel trapped in their jobs, but think they have no other options available to them. We call it the “Battered Career Syndrome.” They keep thinking longevity equals corporate loyalty, and hang on hoping things will get better. But most of the time it doesn’t. They keep living paycheck to paycheck, at the whim of ownership, working more hours and earning far less than they could as a business owner. With the average American worker’s salary remaining pretty stagnant through the course of their career, many become disengaged and unhappy. They realize their salary is set, with no real hope of increases.

Further, the salary may be set, but how long will the job last? Consider, per the most recent US Census statistics, the median number of years a salaried worker has been with his or her company is just 4.6 years. Is there any guarantee those workers will make it another 5 or 10 years with the same company? What hope is there they’ll make it to retirement? “Hoping” to hang onto the job until retirement is not a plan.

Also – what if the worker is forced to retire early due to things not even in his control? Average Americans have LESS than $100,000 saved for retirement and the estimated average Social Security monthly benefit for a retired worker is LESS than $1,400. Plus, medical advances mean many of us will live longer. Anyone else afraid of out-living their money?

Is there a way out of “Battered Career Syndrome”?   If there was, does it feel like a “no-brainer” decision to follow that path? At The Entrepreneur’s Source, we say “YES” to both!

The Entrepreneur’s Source is the nation’s leading resource for franchising information, education, and exploration. We believe there has never been a better time for people to work for themselves! Among these people are baby boomers looking for encore careers, corporate warriors ready for a new challenge, recently laid off workers seeking a second career, and parents wanting to create a family legacy! TES has helped thousands of these folks realize their dream of self-sufficiency.

Entrepreneurs have more tools available to them today, helping them work smarter, not harder, which can help maximize growth and viability of their business, increasing its long- term endurance.   Plus, with powerful tools at their disposal such as Start a Business WeekendFranchise Match and the Virtual Coaching Experience, any entrepreneur who works with The Entrepreneur’s Source will be much more likely to invest in a franchise business that fits their skills and personality.

Just like many have personal fitness trainers for goal achievements, The Entrepreneur’s Source offers personal coaching for those who want to become self-sufficient. Each of our coaches uses proven strategies to help seekers find their capabilities and resources, while holding them accountable and empowering them to turn their dreams into their reality.

So, is it really riskier to start a business in today’s world where people have less job security, little upward mobility, and are working longer hours for less pay? If you could have greater control and influence over your work life, with the income, lifestyle, wealth building and equity you desire, would that be something you would want?   Of course!

Let’s work together to put an end to YOUR “Battered Career Syndrome”.  Now, that’s a REAL “no brainer!”

I personally invite you to begin your journey by visiting The Entrepreneur’s Source website – http://www.entrepreneurssource.com/about_us.html.

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The Entrepreneur’s Source: 10 Tips to Achieve Self-Sufficiency from Terry Powell

The Entrepreneur’s Source: Your Career 2.0 – 10 Tips to Achieve Self-Sufficiency from Terry Powell

Originally Published in Forbes, 2/8/182018 is well underway, the economy is booming, but millions of Americans are still anxious about their professional future. Job security has become a dark punchline, or an oxymoron, like “jumbo shrimp”.   The only real constant in business today is the “constant threat” of people being downsized, right-sized, or capsized, as corporations try to wring every bit of profit from their bottom lines. So, what’s the move here? Stay in a job with no guarantees, and a definite end-point, usually NOT of your choosing?

Maybe it’s time to take control of your professional life by creating “Your Career 2.0” – taking a deep dive into owning your own business. Risky? There’s risk in everything. If there weren’t, EVERYBODY would be working for themselves! But is it riskier to stay put, waiting for the inevitable blade, or to bet on your skill sets, drive, and desire for something better, to make a real career change. Toward that end, I’ve prepared ideas to help you start formulating a strategy toward “Your Career 2.0.”

Here are 10 Tips to Help You Achieve Self-Sufficiency

  • 1. Discovery- What are your passions? Are you willing to put the money, time, and effort into “Your Career 2.0?” What business would be the best fit for you and your goals? What are the challenges you will face? Are you even cut out to be your own boss? It’s all part of your “Discovery Process”, examining every angle, searching for real, gut-honest answers. This is one area you can’t be honest with yourself.
  • 2. Guidance- It never hurts to have another set of trusted eyes helping you on this process of self-sufficiency. That’s why I have a swing coach for my golf game. Doesn’t it make sense to have an adviser to help you in this journey? You will need someone who will look out for you, help you examine every aspect of opportunities in an unbiased manner, and point out the things you can’t, or refuse to see.
  • 3. See Your Success- I’ve always been a believer in “See it. Believe it. Achieve it.” We have the capacity to visualize our success, just like great athletes “see” the positive outcome of a play before it happens. So, what is your vision of success? Greater, disposable income? More time for family and friends? Enhanced lifestyle? “See” your success, then write your vision down to turn it into easily articulated goals…but be prepared to REALLY work to achieve them.
  • 4. Embrace the Danger- Five years from now, staying on your current career path, will your life be better, the same, or worse? What happens if I lose my job? Can I really build wealth and equity I want for my family in this job? These are some of the questions you must answer, with clear, unblinking resolve, to help you formulate the plans and goals to combat the fears, control your own destiny, and empower you to create “Your Career 2.0.”
  • 5. Be Open to Opportunities- You may have a real passion for cooking, and think owning a restaurant would be a great business opportunity. You’ve “locked on” to this to the exclusion of everything else. What’s the rush?  Take the time to examine ALL your options. Maybe even dip a toe into a side job you believe would be a great business to own while you’re still in the corporate world. You may find it’s not all you thought it might be.
  • 6. Celebrate Your Strengths- Take stock of your strengths: job successes, solid work ethic, accomplishments, high integrity, positive attitude, and adaptability, to name a few. Every one of those characteristics can be used in your strategy to “Your Career 2.0”, helping you write a powerful, personal success story.
  • 7. Career Choices- Being an independent business owner means it’s all on you, everything, including business and marketing plans, finding customers, dealing with vendors, etc. Usually, there’s no real support system, either. Franchising might be a better option. It offers the advantage of working from a set, proven system, and replicating that system, with a lot of internal/external support. However, franchising isn’t for everyone, and there are tools to help you find out if you’re even a fit to go that route.
  • 8. Overcoming Family Objections- It has been my experience that some of the biggest obstacles to “Your Career 2.0” are your own family, or friends. They can’t comprehend why you want to leave the security(!) of your traditional job and they voice their concerns. To combat their understandable misgivings, it is very important you share with them your process, helping them see your vision, and the careful, strategic, steps you are taking to realize that vision. When they grasp that, they’re much more likely to provide positive reinforcement and encouragement.
  • 9. Financing Your Future- Ah, the elephant in the room: funding your dream. There are MANY options, which don’t include asking a rich uncle for the money. Your 401K could be one way to go, as a “pro-active” investment. For example, even if you are younger than 59 ½, you can take loans from those dollars, without the 10% penalty (however, the money is taxable). Your financial advisor can show you how. Also, if you choose to buy a franchise, the franchisor could offer to finance the entire franchise fee, or significant part of it, as well as other costs, sometimes at simple interest.
  • 10. Beginner’s Mind- You must be willing to abandon all pre-conceived notions about business ownership, while being curious and open to new information. It’s all about exploration now, not decision-making. Also, never worry about failure at this stage as you examine different business ownership concepts. Remember, Edison tested more than 1,000 light-bulbs before he found the right one. But he also used each failure to learn more about the process, which eventually led him to illuminate the world.

Here’s to your success on your journey to “Your Career, 2.0”!!!!

For more information on The Entrepreneur’s Source, please visit http://www.EntrepreneursSource.com/.   About The Entrepreneur’s Source®.  Established in 1984, The Entrepreneur’s Source has been North America’s leading alternative career coaching franchise dedicated to the entrepreneur for more than 34 years.  The Entrepreneur’s Source offers in-depth advice to individuals striving to become self-sufficient with the release of our new book, Your Career 2.0: A Survival Guide for The Battered Career and Investor SyndromeThe book is a thoughtful examination of how you can make your dreams of self-sufficiency a reality. Authored by Founder of The Entrepreneur’s Source Terry Powell and E-Source alternative career coaches, the book is a must-read for any individual who has ever considered taking the path less traveled and embarking on the journey to small business ownership.

For more information about The Entrepreneur’s Source, please visit http://www.EntrepreneursSource.com/. The Entrepreneur’s Source is a trademark of TES Franchising, LLC.  All rights reserved.

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