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All posts by The Entrepreneur's Source

The Entrepreneur’s Source Asks: Should You Stay or Should You Go?

The Entrepreneur’s Source Asks: Should You Stay or Should You Go? As 2019 gets underway and with the worst year for U.S. stocks since 2008 in the rear-view mirror, thousands of employed Americans are hitting the “reset button” and going back to being uncertain about their professional futures. The only real constant in business today is there is no such thing as “job security” in the corporate world, as corporations are only loyal to their bottom lines.

The lack of control in today’s “Yes-Boss Culture” and the constant threat of being downsized, right-sized, or capsized have  71% of workers in the United States either actively looking for new jobs or putting the topic at the top of their mind and hoping for something better.

So what’s the move here? Job hopping with no guarantees and a definite endpoint, usually not of your choosing?  Staying put, waiting for the inevitable blade? Waiting to be told, “We’re eliminating your department/position”? Or betting on your skill sets, drive, and desire for something better to make a real career change?

We must run our careers differently. It’s time to take control of your professional life by creating  Your Career 2.0® and taking a deep dive into exploring business ownership. 

Terry Powell, the CEO and Visionary Founder of The Entrepreneur Source®, North America’s leading career and franchise business coaching company, says, “We want people to stop settling for the ‘New Normal!’ Job security is a thing of the past. Working longer for less is what the corporate world demands today.”

Should I Stay or Should I Go?

At The Entrepreneur’s Source®, we call this ‘The Battered Career Syndrome®,’ and for too long, Americans have bought into the notion that they can’t leave a job and must make constant trade-offs to keep it. But it can be done, and all it takes is an unflinching look at your current position, and the Income, Lifestyle, Wealth, and Equity (I.L.W.E.) goals you could have by becoming your own boss!”

The Entrepreneur’s Source® can offer that education, awareness, and discovery through Your Career 2.0® and our network of award-winning alternative career coaches. They are highly trained, and many have been right where you were: at the same career crossroads, choosing to become empowered rather than just employed. They have the “cred” to shepherd you on your Journey of Discovery.

If you would like the opportunity to gain more control over your professional life while enjoying the Income, Lifestyle, Wealth, and Equity you deserve, The Entrepreneur’s Source® wants to talk to you.  Just complete all five steps of FranchiseMatch® to take the first step toward your new alternative career.

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The Entrepreneur’s Source: How To Successfully Define Your Franchising Goals

How To Successfully Define Your Franchising Goals. Written by Terry Powell, Visionary Founder of The Entrepreneur’s Source. Originally Published in Forbes: Oct 23, 2018.

Many people dream of starting their own businesses, and a lot of people follow those dreams through franchising. It’s a business model that people love, and for good reason. When you invest in a franchise, you’re investing in a proven business model.

But before you invest in a franchise, you need to get to know it first, and even more so, you need to know yourself. What are your goals, needs and expectations? Furthermore, have you thought about what your income, lifestyle, wealth and equity (ILWE) goals are? These are all great questions to ask yourself as you explore business ownership.

It takes a lot of time, soul-searching and number-crunching to fine-tune these goals. I know; I’ve coached countless franchise owners on this. But if you want a quick crash course, zero in on the following.

Income

Think of this as your short-term earning goal. What do you want to be earning in a year or two, during the early stages of being a franchise owner? Whatever franchise you invest in, ideally, it’s going to be something in which you can achieve the type of yearly income you’re seeking. If, for instance, you have modest income goals for the moment, a franchise that takes a while to ramp up and see profits might work out fine. If your income goals are pretty substantial, then clearly the franchise you invest in should generate revenue that reflects that.

Lifestyle

How do you see your day-to-day life once you’re a franchise owner? Do you see yourself immersed in your business, working from sunrise to sunset and potentially weekends? Or do you see yourself delegating key tasks to great people you hire, letting managers and employees do most of the heavy lifting so you have more time to do the things you enjoy most?

Everyone has their own ideas, often based on where they are in their lives and how involved they want to be when running a business. But not all franchise businesses will allow you to live the way you want. So, whatever franchise you choose, make sure it’s going to offer you the freedom and flexibility you need for the lifestyle you want.

Wealth

You’re probably wondering how “wealth” is different from “income.” These are your long-term earning goals. For instance, you probably want to earn enough income in the short term so that you can put a healthy amount of it aside and grow it through investments.

You also want to think ahead and ask yourself if you want one franchise or if you want several (which connects us back to “lifestyle”), since owning several will likely lead to far more wealth.

Equity

These goals involve debt. Nobody wants debt, of course, but when you invest in any business, you’re likely going to carry some. How much debt are you comfortable carrying, especially if you own more than one franchise? How fast do you want your debt to be paid off?

Those are also some important questions, and it’s a strategy that you’ll want to develop to help make sure that your “wealth” goals are achieved. That’s because the equity side of the equation involves the assets you’d like to build through your new business. The quicker you can eliminate debt and take ownership of more of the business (including the building, inventory, etc.), the stronger your equity.

It all sounds easy enough, I realize, but franchising is a commitment. Outlining your ILWE goals correctly is vital as you explore business ownership. Do that, and you can find the right franchise match.

Take the first step. Use Your Career 2.0® and The Entrepreneur’s Source® as your Guide. 

The Entrepreneur’s Source® can offer the education, awareness, and discovery through Your Career 2.0® and our network of award-winning alternative career coaches. They are highly trained, and many have been right where you were: at the same career crossroads, choosing to become empowered rather than just employed. They have the “cred” to shepherd you on your Journey of Discovery.

If you would like the opportunity to have more control over your professional life, while enjoying the Income, Lifestyle, Wealth and Equity you deserve, The Entrepreneur’s Source® wants to talk to you. Just go to http://www.entrepreneurssource.com/about_us.html to take the first step toward your new alternative career.

And for those of your interested in Your Career 2.0®: A Survival Guide for the Battered Career Syndrome®, please visit, https://www.amazon.com/Your-Career-2-0-Survival-Battered/dp/1501025848.

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The Entrepreneur’s Source: Kick-start your vision for 2019

So here we are at the end of yet another year, and what a year it has been. We take great pride in the fact that our company and our outstanding team of Alternative Career Coaches from The Entrepreneur’s Source® (TES) have had a direct, positive impact on the lives of tens of thousands of people for more than 30 years.

As we head into the new year, TES will continue to impact thousands by offering education, awareness, and discovery on an unbiased platform to help all individuals who seek self-sufficiency reach their income, lifestyle, wealth, and equity goals they desire (and deserve!).

Kick-start your 2019 vision for the life you’ve always wanted for your family and yourself. If you missed any of our most informative articles, now is your chance to catch up!

Here are the 10 Most Impactful Things You’ll Ever Read in 2018!

If you would like the opportunity to have more control over your professional life, while enjoying the Income, Lifestyle, Wealth, and Equity you deserve, The Entrepreneur’s Source wants to talk to you. Just go to http://www.entrepreneurssource.com/about_us.html — to take the first step toward your new alternative career.

 

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The Entrepreneur’s Source Asks: Is It Smart To Open A Franchise With Your Children?

Originally Published in Forbes: Nov 7, 2018. The Entrepreneur’s Source Asks: Is It Smart To Open A Franchise With Your Children?

Many businesses don’t start off as family businesses. They become family businesses about the time the parent is thinking of retiring. Then, instead of selling the company to a stranger, he or she sells or hands over ownership to the kids, and with a second generation at the helm, you have a family business.

Franchised family businesses often work out differently. Many adults buy franchises when they already have a substantial career behind them, and they’re looking for a second act. Often, they already have children who are grown up — and perhaps looking to advance their own careers. That’s why you and your adult kids may be wondering: Should we buy a franchise together?

The answer is maybe — but maybe not. As the visionary founder of alternative career coaching franchise The Entrepreneur’s Source® (TES), I have seen many parent-child teams buy franchises and go on to have wildly successful businesses. I’ve also watched parent-child teams purchase franchises and later discover that going into business together was the last thing that they should have done. So, before you make any decisions, you’ll each want to ask yourselves a few questions.

What are we each bringing to the franchise?

One of you may feel that you have more money to invest in the franchise, and another of you may feel you have more time. Or maybe you both want to invest an equal amount of time and money. There’s no right or wrong way to go about it, but obviously this is going to go better if you both feel you have something to add to the partnership.

Are you both equally enthusiastic?

I hope so. In my years in franchising, I’ve encountered parent-child partnerships where it’s clear that one person is more excited about being a franchise owner than the other. Two friends, colleagues or acquaintances would probably never start a business together if one was enthusiastic and the other wasn’t, but when it comes to family members, whether a parent and child or two spouses, sometimes the dominant personality will drag the other along, insisting that this is going to work out well.

Maybe it will, but if one of you seems less than enthused about investing in a franchise, you might want to reconsider going into business with one another. The excitement should be shared by both individuals.

Do you enjoy spending time with each other?

This, too, is very important. You love each other, but are you able to spend a significant amount of time with each other and, more importantly, work with each other? Will you be fine seeing each other throughout the day, every day — and then continuing this outside of the workplace, like at your son or granddaughter’s soccer game — and seeing each other over the holidays? These are important questions to consider.

Do you both respect each other?

You love each other, but do you respect your family member as a businessperson? That’s so important. If you respect each other’s abilities, you’re going to lessen the chances that you’ll be critical of one another — and you’ll more likely stay in your own respective lanes.

For the right parent and child team, owning a franchise is an excellent idea.

Owning a franchise together can offer both generations and your family’s future generations the opportunity for economic stability. Family is forever, as the saying goes, but if you pick the right franchise and you both have a solid partnership, you may always have your business’s income stream, too.

Are you interested in learning more?   The Entrepreneur’s Source® wants to talk with you. Just click on this link http://www.entrepreneurssource.com/contact.html to get started.

 

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The Entrepreneur’s Source Coaching Success Story

The Entrepreneur’s Source Coaching Success Story: Career Transition Coach Ken Cave And Lee Putman – Patience Is A Virtue

The franchise model isn’t the dream; the franchise is simply the vehicle that gets you to the dream.

That’s one of the basic tenets of The Entrepreneur’s Source® experience . Here’s an example: Not too many kids dream of one day changing diapers, disposing restaurant cooking oil, or picking up dog poop for a living! But here’s what makes The Entrepreneur’s Source so successful in helping make the dream of thriving self-employment a reality for so many: We understand — and eventually help YOU understand — that the type of business you choose is less important than its ability to get you where you want to be…helping you achieve your ideal Income, Lifestyle, Wealth and Equity (I.L.W.E).

For nearly 10 years, Career Transition Coach Ken Cave has been helping people do just that.

“The vast majority of clients would not have picked the businesses they start,” said Cave. “That’s the value we bring to our clients. We understand what our clients are looking for and then provide the education, awareness, and discovery needed while exploring the possibilities. ”

As it turns out, that’s exactly what he did for with Lee Putman.

Lee is the President of his own commercial cleaning franchise in Indianapolis, and right now he’s working on the dream. Before that, he was a lot like many of you — traveling across the country working in corporate sales until one day he realized, “I don’t want to travel anymore!” That’s when he began to think about owning his own business.

Lee began working with his coach, Ken, who helped him begin his Journey of Discovery. “For me, it was a good process. I was learning about what excited and motivated me, but also what didn’t! That was just as important,” Lee says. “For example, I wanted something that didn’t require a ton of direct employees. I wanted a local business, and I wanted flexibility as I went down the road.”

After careful consideration, Lee decided on a commercial cleaning franchise which is North America’s leading provider of green commercial cleaning and janitorial services, and provides several different franchise opportunities. “When Ken first presented this possibility to me, it wasn’t jumping off the page at me,” says Lee . “But, the more I looked into it, I realized that it checked all the boxes.”

The Entrepreneur’s Source is different because we do not broker or sell. We just help people explore and coach them through the process,” says Cave. “The Entrepreneur’s Source process empowers our clients to look at business models they would have never thought of on their own or may have prematurely dismissed.”

Lee is happy he went on the “journey,” and he’s happy to have Cave along with him. “He’s a very good listener. He was genuinely interested in my long-term success. Ken was not trying to sell me a franchise; he wanted to make sure I made a good choice.”

Cave sees the process both ways — from the coaching and the client perspective. “As a coach, you need good listening skills. You also need to be able to probe further and not just take at face value what you are told. You need to dig deeper into the “why” or the motivation of what your clients are saying.”

On the flip side, there are certain expectations of clients as well. “Clients need to have the desire or an entrepreneurial itch to take control of their own destiny, but maybe more important, they need to believe in themselves.

“Ken challenged me to see some things I didn’t see in myself,” Putman says.

He continued, saying he was thankful he went on the journey with Ken because it changed his life. “I have control of my own fate. No one is going to downsize me at 61 years old. I have complete control of my career.”

Lee has been so happy with his coaching experience , he’s recommended Ken Cave and The Entrepreneur’s Source to at least three other people. “If you desire to be in business, I think this is a great process.

If you’re interested in moving forward and learning more about yourself, and the vehicles that can help you arrive at your ultimate destination, contact The Entrepreneur’s Source. Even the most life-changing journeys begin with that single step.

 

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