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The Entrepreneur’s Source Franchise Friday — Are you Today’s Franchise Candidate?

The Entrepreneur’s Source Franchise Friday: Are you Today’s Franchise Candidate?

“The list of reasons why people today are quitting their jobs to start a business is very lengthy—people are working more hours with fewer resources for less pay.  But, when I ask clients the reason they want to start a business, the number one response isn’t money; it’s lifestyle. Being their own boss, controlling their own destiny and earning unlimited income potential is all great, but the priceless possibility of being able to have the life balance they can’t achieve in corporate America is often more important to aspiring entrepreneurs.”

Meet the Expert:

On last week’s Franchise Friday show, a weekly podcast discussing franchising, entrepreneurship and small business ownership, host Paul Segreto was joined by The Entrepreneur’s Source franchise coach Susan Mell. Susan has 30 years of experience as a business owner—her first business in the wireless industry included four retail locations, 42 employees and $3 million dollars in annual sales.

Across the past 12 years, Susan has become a successful multi-unit franchisee, with eight franchise locations and five independent contractors throughout the country. She is passionate about helping people achieve their dreams of self-employment through helping them to discover franchise opportunities that they would not discover on their own.

Susan shared her insight on today’s franchise candidates, and why people are deciding to forgo corporate America in favor of business ownership.

What Does Today’s Franchise Candidate Want:

In the past, many franchise candidates used franchising and small business ownership as a way of achieving their financial dreams and goals.  Today, many franchise candidates are more focused on achieving goals and objectives related to lifestyle. The franchising industry has been making a shift in order to understand the mindset of today’s franchise candidates.

Aspiring franchise candidates must establish their ILWE (Income, Lifestyle, Wealth and Equity) goals in order to determine not only what wealth means to them financially, but also in terms of lifestyle. There are many possibilities when it comes to franchise business ownership, whether they aspire to create a business where they can build equity, have an appreciating asset, build a legacy they can leave to their family, get their children involved, or even eventually become a semi-absentee owner and create some residual income.

Breaking Up with Corporate America:

It’s difficult to think that way when you come from corporate America. As a franchise coach, I’ve seen clients whose creativity and ability to dream was taken away from them, and to get it back takes time. What I do as a franchise coach is to help my clients achieve that ability to dream again and to make that shift out of corporate America. When I talk to franchise candidates and ask them if they’ve ever considered self-employment, most of the time they will say yes, but they haven’t done it because they didn’t know how to take the first step.

I call myself a tour guide—I help open up doors of possibilities and provide a step-by-step, organized and educational experience so aspiring entrepreneurs don’t feel so overwhelmed with all the new information.  I provide a safe environment where they are not pressured to make any decisions, but instead can just explore what is out there and see what doors open up.

How to Take the First Step:

For more information on taking the first step toward entrepreneurship, visit http://www.entrepreneurssource.com/

Tune in at 10 AM ET every Friday for more insight on franchising, entrepreneurship, and small business ownership on Franchise Friday at http://www.blogtalkradio.com/franchisefriday

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The Entrepreneur’s Source Franchise Friday — 5 Reasons Aspiring Entrepreneurs are Leaving Corporate America

The Entrepreneur’s Source Franchise Friday — 5 Reasons Aspiring Entrepreneurs are Leaving Corporate America

On last week’s Franchise Friday show, host Paul Segreto was joined by self-employment and The Entrepreneur’s Source Coach Susan Mell. Susan’s background includes 30 years of experience as a business owner—her first business in the wireless industry included four retail locations, 42 employees and $3 million dollars in annual sales.

Across the past 12 years, Susan has become a successful multi-unit franchisee, with eight franchise locations and five independent contractors throughout the country. She is passionate about helping people achieve their dreams of self-employment through helping them to discover franchise opportunities that they would not discover on their own.

Susan shared her insight on today’s franchise candidates, and why people are deciding to forgo corporate America in favor of business ownership.

The Corporate America to Entrepreneurship Movement

We’re seeing an ever growing segment of the population, including Baby Boomers that are realizing their retirement funds are not going to take them through the Golden Age like they planned.

People in corporate America are tired of staying in positions where they are working more hours with fewer resources and less pay. They have experienced the loss of a job, or are tired of the extra workload without the extra pay or recognition.

5 Reasons Aspiring Entrepreneurs are Leaving Corporate America – The Entrepreneur’s Source Franchise Friday

  1. Lifestyle is the new wealth. When I ask clients the reasons they want to start a business, the number one reason isn’t money; it’s lifestyle. Being their own boss, controlling their own destiny and earning unlimited income potential is all great, but the priceless possibility of being able to have the life balance they can’t achieve in corporate America is often more important to aspiring entrepreneurs.
  2. People are feeling unappreciated by corporate America.  You do a really great job, you have all these accolades and win all these awards, but at the end of the day, a new CEO can come in, a company can get acquired, private equity can change direction and people just don’t feel appreciated anymore.  Again, it’s not all monetary here, more of it is about the way people feel about their time and self-worth.
  3. There is no such thing as corporate loyalty. I hear that every day—clients talk about the companies they’ve worked for and felt they really did a great job for and felt loyalty to, but they didn’t feel that loyalty back. Peoples’ lives are in transition; they are worried about paying bills, supporting their family and paying for their kids’ college tuition make us realize we have to be pushed to make a change.
  4. Starting a business creates unlimited income potential for you and your family. You can either wait for someone to give you money and potentially take it away, or you can take control. Everybody has to decide for themselves when the right time is.  I have been an entrepreneur for 31 years and I haven’t waited for anybody to give me money in a long, long time.
  5. People feel they are reaching their financial peak in corporate America. I have a 44-year-old client that he feels he is no longer employable because he’s been so well compensated that other companies aren’t willing to match or exceed that compensation. He feels that since he has reached that in corporate America, the only way to earn more money is to go out on his own.  Executive recruiters often tell me by the time employees get in their fifties, employers are sometimes not able to help those people find a position.

How to Take the First Step

As a franchise coach, I help my clients achieve the ability to dream again and to make that shift out of corporate America. I feel there are more possibilities out there for taking control of your destiny through business ownership, and people are taking advantage of the opportunities.

However, we often have to be pushed to make a change.  Sometimes you have to have difficult things happen for you to get outside your comfort zone.  It’s easier said than done.

For more information on taking the first step toward entrepreneurship, visit http://www.entrepreneurssource.com/

Tune in at 10 AM ET every Friday for more insight on franchising, entrepreneurship, and small business ownership on Franchise Friday at http://www.blogtalkradio.com/franchisefriday

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The Entrepreneur’s Source Reviews the Steps to Entrepreneurship on Franchise Friday

The Entrepreneur’s Source Reviews the Steps to Entrepreneurship on Franchise Friday

The digital space allows us access to research the steps it takes to transition from employee to entrepreneur, but the problem is one could get caught up in so much detail and the mass volume of information that exists online and never actually get started.

Entrepreneur coach and coauthor of the book Making the Jump Into Small Business Ownership, Jeff Levy helps individuals clarify their goals and values so they can properly evaluate self-employment career options. As the first guest on The Entrepreneur’s Source Franchise Friday show, Levy shared his vast insight into small business ownership in today’s world and provided aspiring entrepreneurs wisdom into what it takes to become an entrepreneur through the franchise industry.

For those faced with the choice between entrepreneurship or employee, what are the first steps they should take? Below is an excerpt from Jeff Levy’s Franchise Friday show.

  1. Number one is the mindset—If you want to take care of your family and your security, you really have to be thinking about something where you’re in control, not somebody else.
  2. The next step is really about creating the picture of what it is you’re trying to work for. What are your income, lifestyle, wealth and equity goals? I’ve learned so much in the last decade in my association with The Entrepreneur’s Source regarding this process. It’s tough going in your own business. It’s not going to be easy. There’s going to be challenges and unknowns but what gets you through that is the vision of what’s most important to you in your life which includes of course, your financial security, your family, your health, spiritual things.
  3. The next step would be to work with a coach. The Entrepreneur’s Source has coaches that are well-trained and have some excellent tools to help set up your vision of what you want your life to look like.
  4. After that, I think really comes the personal evaluation of what your skills are. What do you bring to the table? Do you have marketing skills, management skills, financial skills? You have to identify what the business is, what the business opportunities are and how well those business opportunities provide a toolkit for you to achieve those important goals.

That’s my thought as to what the steps are and it’s a process. You don’t wake up one morning and the light bulb goes off. I think you have to work at it to figure out that primary vision, your primary purpose, what your current skills are, what you’re missing and what business will help you pull that all together as the achievement of what you’re looking for.

For more than 30 years, The Entrepreneur’s Source has been helping individuals take the first steps toward entrepreneurship through franchise business opportunities. Franchise Friday builds upon that foundation of assistance and success through the sharing of expert advice from respected franchise industry professionals.

Hosted by Paul Segreto, CEO at FranchisEsource Brands International, Franchise Friday is a weekly conversation covering the many aspects of franchising, entrepreneurship and small business.

There will be live tweeting during each Franchise Friday show through the hashtag #franchisefriday. All Franchise Friday broadcasts are also available on demand post-show.

Franchise Friday airs every Friday at 10 AM ET at http://www.blogtalkradio.com/franchisefriday

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The Entrepreneur’s Source Reviews the Importance of Mentors

The Entrepreneur’s Source Reviews the Importance of Mentors

Mentors are necessary at any age—especially for aspiring entrepreneurs.

Entrepreneur coach and coauthor of the book “Making the Jump into Small Business Ownership,” Jeff Levy helps individuals clarify their goals and values so they can properly evaluate self-employment career options. As the first guest on The Entrepreneur’s Source Franchise Friday show, Levy shared his vast insight into the world of franchising and entrepreneurship with Franchise Friday host and CEO of FranchisEsource Brands International, Paul Segreto.

Below is an excerpt from his Franchise Friday show on his advice regarding why entrepreneurs need mentors, and how to build a mentor/mentee relationship.

What is a Mentor?

A mentor is not someone you pay. A mentor is not someone who has necessarily a formal relationship with you. Mentors come out of a mold of people who care.

They like to give back. They like to see other people successful and they’re willing to donate their time for someone who is genuinely interested in learning and in learning how to improve themselves.

I’ve been very, very lucky in my life and I could identify four people that have been mentors and I was maybe smart enough to realize that I needed to be a sponge from these people, to learn from them, to take their graciousness of wanting to help me. When I work with folks today, one of the key questions I ask is, “Do you have a mentor?”

How Do I Find a Mentor?

Sometimes you have to seek that personnel. A mentor is someone who will know something about the industry that you want to enter into, that you want to grow into, the business you want to do. They typically are not competitors. They don’t have the dog in a fight. They’re not trying to sell you something. They just want to see the next generation move up.

I would approach someone who you respect and say, “Look, I’m genuinely respectful of you and what you’ve accomplished. I would like to spend some time with you. I won’t be overbearing but could we get together once a month? Coffee is on me. Breakfast is on me. I’d like you to be able to give me some thoughts on things that I’m dealing with in my career.” 

Why Do I Need a Mentor?

Mentors are really important. I still mentor today on the third most senior in terms of years served. I mentor at the business school at Seattle U. From a mentor perspective, it is one of the most fulfilling things we could do for those of you who want to be a mentor. From a mentee perspective, it’s a genuine relationship with another human being that is priceless.

“We’re fortunate in today’s digital society that it doesn’t even have to be anymore somebody that’s right in your neighborhood. One of the greatest success stories in franchising started out with that type of relationship. Of course, I refer to Fred DeLuca, the founder of Subway. It was working with a mentor that round up, sphering him on the right track and working through what was initially a failure and of course, turned it into one of the largest franchises in history,” said Paul Segreto, CEO of The Entrepreneur’s Source.

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The Entrepreneur’s Source Reviews How to Overcome Roadblocks to Entrepreneurship

The Entrepreneur’s Source Reviews How to Overcome Roadblocks to Entrepreneurship

Last week on Franchise Friday, host Paul Segreto was joined by Isabell Estes, franchise owner of The Entrepreneur’s Source in Tulsa, Oklahoma.

Prior to opening the Tulsa branch of The Entrepreneur’s Source, she worked several years in marketing and public relations for Tele-Communications Inc., Tulsa Public Schools and TV Guide.

Isabell also had her own public relations and marketing consultancy called Estes Communications. She opened The Entrepreneur’s Source in order to assist others in what she did for herself.

During her Franchise Friday show, Isabell shared advice for aspiring entrepreneurs looking to open their own business, and how to avoid two major roadblocks to success: risk and crabs in the basket.

How to Minimize Risk:

When I was looking at pursuing entrepreneurship, it was scary because I had it pretty good. I had been at my position long enough that I had beyond two weeks of vacation time and a steady paycheck, but I still just needed something more.

So, I put pencil to paper and figured out our financial picture so that my husband and I knew exactly what to do if I couldn’t make it on my own.

I said to my husband, “Here’s the worst case scenario. But, we could survive and all that.” I looked at the facts, and what our financial situation was, and we determined a plan of action.

I minimized our risk by understanding our financial situation and what it would take to invest. I had an idea of how we were going to make money, do the marketing and control our expenses. There was a planned effort: I didn’t do this by myself. I asked other business owners, “What would you do differently or what do you think you could have done better?”

How to Avoid the crabs in a basket:

When there’s one crab in a basket, you have to put a lid on because it is able to crawl out itself. But, if you have several crabs in the basket, you don’t have to worry about a lid. All the crabs are trying to get out of the basket, and are pulling one another down. This means none of the crabs make it out of the basket.

In pursuing entrepreneurship, there will be people out there that, because of their fears or because they want to do it themselves, will attempt to drag you down. You must be confident enough to say, “This is my dream and I’m going to do everything that I can do to make this happen.”

Arm yourself with facts and figures. Remind yourself that negative people ,or even people who are well meaning but drag you down, often have a vision for themselves, but aren’t willing to just go ahead and go for it.

Make sure you’re balancing out your positive and negative influences so that you can accomplish what you want to accomplish.  Most importantly, surround yourself with people who want you to be successful and who want to help you to achieve your dream.

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