From retirement-averse baby boomers to Gen Y-ers disillusioned with the corporate world, a growing number of people are starting businesses out of their homes in a wide range of industries.
The latest U.S. Census statistics on non-employer firms -- defined to include home-based businesses and those run by one or more individuals -- show that the number of self-employed reached 20.4 million in 2005, an increase of 4.4 percent from the previous year. Additionally, home-based businesses constitute 53 percent of all small businesses in the United States, according to NASE.
Experts are predicting that economic factors will drive the growth of home-based businesses even farther in 2008. "I believe we're heading into a difficult period," says Terri Lonier, author and founder of workingsolo.com. "Traditionally, in these times, more people turn to self-employment because traditional jobs are more difficult to come by."
But Americans are not just leaving the workplace because their fear of the ax has heightened. The standards that have defined the American workplace for years are finally being uprooted. Not only are fewer Americans working out of the office to avoid long commutes, but the structure of the 9-to-5 workday has also largely disappeared. More people are working non-traditional hours in order to spend time with their families, and many are taking advantage of increasingly mobile technology, allowing them to work not just at home, but virtually anywhere.
"Technology is not only there in terms of functionality, but it has dropped in price," Pratt says. "Now, anyone with any kind of entrepreneurial interest can functionally operate a business, and on their own terms."
The ease of connectivity is also allowing people, particularly baby boomers, to enjoy the benefits of their retirement while also having the freedom to run a business. "It used to be [in retirement] you had a full life of work, got your gold watch and traveled," Pratt says. "Now you put your BlackBerry in your pocket and go travel."
One of the trends experts are observing among boomers is that they no longer want a traditional retirement path. Instead, many see their 60s as a time to finally pursue their passions, and as such, they are increasingly joining the ranks of home-based business owners.
According to Pratt, many baby boomers are entering the retirement era with a dark image of corporate America, which is affecting their decision to be self-employed. "The employer was supposed to take care of you in terms of retirement and health," Pratt says. "If employers are not doing that anymore, is there incentive to have someone telling you what to do, or is there incentive to take your knowledge and start a business?"
On the other end of the spectrum, young people -- Generations X and Y -- are also questioning the workforce they are about to enter. "The younger demographic is finding that they don't want to go to work for somebody," says Fairbrother of the NASE. Instead, they are creating opportunities for themselves outside of the traditional workplace.
For a generation that was raised on computers and the Internet, Lonier says the growth of younger home-based entrepreneurs is not all that surprising. "This group grew up in households where being self-employed or having multiple jobs within one career was very common," she says. "They see having their own business and being entrepreneurial as a very natural extension of their personal interests."
From an article on www.Inc.com titled “Escape from Cubicle Hell”
- Jeff Gordon - coaching millionaires in the making!
- Jeff joined The Entrepreneur’s Source because of his desire to help people achieve their career dreams! He is a graduate of the E-Source Academy, an intense and rigorous training on coaching, franchising and self-employment options. He continues to attend more than five hours of weekly training to hone his coaching skills so that he can better serve his clients. Jeff has over twenty-eight years Information Technology experience, performing Quality Assurance testing. Concerned with job uncertainty, industry instability and downsizing, he took matters into his own hands. Jeff found a career that made his dreams come true, coaching individuals like you to achieve their dreams. You owe it to yourself to explore all of your career opportunities…
Wednesday, April 22, 2009
Wednesday, April 15, 2009
Working with a coach
by Brian Miller - Today’s economy is changing more rapidly than ever before. The pace of change is mind boggling. This means that small to midsize business owners need to remain competitive to survive and even thrive. Business owners often lose sight of their goals which at times is a result of their inability or unwillingness to see beyond their blind spots and take immediate action. Working with a Business Coach can help entrepreneurs and small business owners thrive and leap ahead of their competition even in a downturn economy . Business Coaches help their clients reposition their money to maximize revenue growth while everyone else is shrinking back. Unlike consultants, good Business Coaches bring a plethora of business management skills, rapid impact strategies and a “systemized" approach to their clients. The insight and value a Business Coach brings to the table is measurable in increased profits and return on investment.
Business Coaches brings awareness, education and accountability to their clients. Awareness of what’s working and what’s not, education on the rapid impact strategies that will improve performance and a partner to hold the client accountable to meet the goals established for growth.
The most effective Business Coaches start by building a sense of trust with their clients. Once this trust is established, the client feels comfortable to open up and talk about their challenges of running their business. This level of trust and communications allows the business coach to help the business owner establish a clear direction and strategic objectives for the business.
The strategic objectives might include implementing and/ or improving the sales and revenue generating part of their business to impacting the financial performance and ROI of the company. A solid Business Coach will make sure a system is in place to measure and report key activities in the business so everyone knows how their efforts are either making or breaking the business. Leadership and management are often key areas Business Coaches target as well. In short, the Business Coach helps the owner understand the difference between working ‘on’ the business versus ‘in’ the business.
Business Coaches brings awareness, education and accountability to their clients. Awareness of what’s working and what’s not, education on the rapid impact strategies that will improve performance and a partner to hold the client accountable to meet the goals established for growth.
The most effective Business Coaches start by building a sense of trust with their clients. Once this trust is established, the client feels comfortable to open up and talk about their challenges of running their business. This level of trust and communications allows the business coach to help the business owner establish a clear direction and strategic objectives for the business.
The strategic objectives might include implementing and/ or improving the sales and revenue generating part of their business to impacting the financial performance and ROI of the company. A solid Business Coach will make sure a system is in place to measure and report key activities in the business so everyone knows how their efforts are either making or breaking the business. Leadership and management are often key areas Business Coaches target as well. In short, the Business Coach helps the owner understand the difference between working ‘on’ the business versus ‘in’ the business.
Tuesday, February 10, 2009
Dispelling The Myths About Owning a Franchise
Dispelling The Myths About Owning a Franchise
By Terry Powell
So you have a dream of becoming an entrepreneur. You’ve reached that point in life where you want your own business. That’s great; you’re taking a step toward having more control over your future. And you’ve considered franchises as one possibility, but you’re ready to dismiss it. From what you’ve heard, they’re a bad idea that usually can’t or don’t work out.
The problem is, what you’ve heard is largely false. A number of misconceptions about franchising exist, and if you accept them at face value, there’s a good chance you’ll be robbing yourself of an opportunity that can not only be financially successful, but personally satisfying. Before you make up your mind, it helps to know the facts:
Myth 1: I’ll Only Become Successful By Finding The Right Business
Many of us equate “right” with what we’re already good at. But that doesn’t mean you need to limit yourself. Define your transferable skills from the corporate world – delegation, people management, marketing, whatever. If you had them in one type of business, you can easily move them to another.
Myth 2: I Can only Be Successful Doing Something I Love
Believe it or not, businesses based on an owner’s background have the highest failure rate. Your franchise business is a vehicle to the lifestyle you’re seeking. If you limit your choices to what you’re familiar with or good at, you’re placing yourself at a major disadvantage, because you’re ignoring a huge number of possibilities that are outside your realm of past business experience.
Myth 3: I’ll Instantly Know The Right Opportunity When I See It
Many people want to fall in love with their business at first sight. That’s an emotional decision, not a career choice. You have to take the time to learn about the details and nuances of the opportunity to understand its potential. You simply can’t do that when you make a determination based on just what you feel today.
Myth 4: I Can’t Be In A Business I Know Nothing About
Of course you can. It’s instinctively natural to want to remain in our comfort zone and stick to areas we have experience in. But as a franchise owner, your business is running and growing your business, no matter what it is. Remember, you have transferable skills. That’s your strength. You can hire people who know the details. Your road to success is buying into and learning the system, which is already a positive working model, then using your talents to make it grow.
Myth 5: There’s No Freedom In A Franchise. Corporate Dictates Everything.
This is one of the most pervasive beliefs. In fact, there’s tons of room for individuality. The franchisor “dictates” only one thing: the basic system; the framework, if you will, that’s already proved successful. Beyond that, you’re in charge. You’re managing your business. You decide whom to hire and fire, how to market your location and how to promote it regionally. Keep in mind that the franchisor wants you to succeed, because if you don’t, it doesn’t. It’s not a complex relationship, but one of the clearest examples of those win-win situations you’re always hearing about.
Myth 6: Franchises Stifle Creativity
Again, this is patently untrue. The only limitations you have are, once again, those that have already been proven to generate income. This might include signage, uniforms, formulas, protocol, and so on – the basics that allow you to represent the brand and your own location as professionally as possible. But it’s completely up to your imagination to think up new ideas and make suggestions to corporate. In fact, most franchise parent companies encourage suggestions, because it’s where they many of get their best ideas. McDonald’s corporate, for example, didn’t come up with the inspiration to start selling breakfast. The concept of the Egg McMuffin was developed by a franchisee.
Myth 7: I Can’t Afford A Franchise
Sure you can, if you look at it for what it is: an investment in your future. Most franchises can be established for well under $100,000, and some can be set in motion for as little as $12,000. Your only expenses to the parent firm are a one-time franchise fee and weekly or monthly royalties, which are usually determined on a case-by-case basis. Beyond that, your out-of-pocket expenses are the same as they’d be for any business – salaries, local advertising, etc. The difference is you have the support and training of the franchisor network, which will also help you ramp up to full speed far more quickly that you could on your own.
Myth 8: I’ll Have to Quit My Job to Become A Franchisee
Many franchise concepts are specifically designed for people who are working other jobs. In fact, approximately 70% of all franchise owners are passive rather than full-time investors.
Can franchises still fail? Sure they can. But the vast majority of the time, over 95%, this is due to the owner deciding to deviate from the system and attempting to cut corners by using inferior materials or altering formulas. The key to making it as a franchise is consistency. If you don’t adhere to the groundwork, which, once again, is in place because it works, your chances of success will drop dramatically. You want to leave the habits from the corporate world where they are, and bring along your marketable and transferable abilities.
All told, there are over 760,000 franchised business in the country, which account for over 18 million jobs nationwide, or one out of every seven in the private sector. They produce $1.53 trillion (yes, trillion with a “t”) in total economic output and represent $506.6 billion in private-sector salaries. Those are figures it’s tough to argue with. Perhaps it’s time to stake your claim.
Education Is Everything
Once you select a franchise investment opportunity for yourself, your education is provided. But what about the decision itself? Even though there are thousands of franchisors to choose from, they can all be rendered down to about 70 different industries.
Not a huge number, but it can still be a bit daunting. How do you research them, and more importantly, how do you choose one?
First, get some basic information from organizations like the International Franchise Association. It will also put you in touch with professionals who can offer support, answer questions and provide leads.
Next, consider using a franchise coach from an organization called The Entrepreneurs’ Source. With a 23-year history in franchise placement, they’re specially trained to take you through a discovery process to help you define your lifestyle, goals and dreams. When you’ve identified what you want your lifestyle to look like, it will be easier to pick the right business concept to support that lifestyle.
Once you’ve narrowed down your choices, take the time to contact current and former franchisees to pick their brains. Most are happy to help. You’ll quickly pick up tips about what to do and, more importantly, what not to do.
.
For more information on franchising, call Jeff Gordon 1 866-661-9791 Toll free.
By Terry Powell
So you have a dream of becoming an entrepreneur. You’ve reached that point in life where you want your own business. That’s great; you’re taking a step toward having more control over your future. And you’ve considered franchises as one possibility, but you’re ready to dismiss it. From what you’ve heard, they’re a bad idea that usually can’t or don’t work out.
The problem is, what you’ve heard is largely false. A number of misconceptions about franchising exist, and if you accept them at face value, there’s a good chance you’ll be robbing yourself of an opportunity that can not only be financially successful, but personally satisfying. Before you make up your mind, it helps to know the facts:
Myth 1: I’ll Only Become Successful By Finding The Right Business
Many of us equate “right” with what we’re already good at. But that doesn’t mean you need to limit yourself. Define your transferable skills from the corporate world – delegation, people management, marketing, whatever. If you had them in one type of business, you can easily move them to another.
Myth 2: I Can only Be Successful Doing Something I Love
Believe it or not, businesses based on an owner’s background have the highest failure rate. Your franchise business is a vehicle to the lifestyle you’re seeking. If you limit your choices to what you’re familiar with or good at, you’re placing yourself at a major disadvantage, because you’re ignoring a huge number of possibilities that are outside your realm of past business experience.
Myth 3: I’ll Instantly Know The Right Opportunity When I See It
Many people want to fall in love with their business at first sight. That’s an emotional decision, not a career choice. You have to take the time to learn about the details and nuances of the opportunity to understand its potential. You simply can’t do that when you make a determination based on just what you feel today.
Myth 4: I Can’t Be In A Business I Know Nothing About
Of course you can. It’s instinctively natural to want to remain in our comfort zone and stick to areas we have experience in. But as a franchise owner, your business is running and growing your business, no matter what it is. Remember, you have transferable skills. That’s your strength. You can hire people who know the details. Your road to success is buying into and learning the system, which is already a positive working model, then using your talents to make it grow.
Myth 5: There’s No Freedom In A Franchise. Corporate Dictates Everything.
This is one of the most pervasive beliefs. In fact, there’s tons of room for individuality. The franchisor “dictates” only one thing: the basic system; the framework, if you will, that’s already proved successful. Beyond that, you’re in charge. You’re managing your business. You decide whom to hire and fire, how to market your location and how to promote it regionally. Keep in mind that the franchisor wants you to succeed, because if you don’t, it doesn’t. It’s not a complex relationship, but one of the clearest examples of those win-win situations you’re always hearing about.
Myth 6: Franchises Stifle Creativity
Again, this is patently untrue. The only limitations you have are, once again, those that have already been proven to generate income. This might include signage, uniforms, formulas, protocol, and so on – the basics that allow you to represent the brand and your own location as professionally as possible. But it’s completely up to your imagination to think up new ideas and make suggestions to corporate. In fact, most franchise parent companies encourage suggestions, because it’s where they many of get their best ideas. McDonald’s corporate, for example, didn’t come up with the inspiration to start selling breakfast. The concept of the Egg McMuffin was developed by a franchisee.
Myth 7: I Can’t Afford A Franchise
Sure you can, if you look at it for what it is: an investment in your future. Most franchises can be established for well under $100,000, and some can be set in motion for as little as $12,000. Your only expenses to the parent firm are a one-time franchise fee and weekly or monthly royalties, which are usually determined on a case-by-case basis. Beyond that, your out-of-pocket expenses are the same as they’d be for any business – salaries, local advertising, etc. The difference is you have the support and training of the franchisor network, which will also help you ramp up to full speed far more quickly that you could on your own.
Myth 8: I’ll Have to Quit My Job to Become A Franchisee
Many franchise concepts are specifically designed for people who are working other jobs. In fact, approximately 70% of all franchise owners are passive rather than full-time investors.
Can franchises still fail? Sure they can. But the vast majority of the time, over 95%, this is due to the owner deciding to deviate from the system and attempting to cut corners by using inferior materials or altering formulas. The key to making it as a franchise is consistency. If you don’t adhere to the groundwork, which, once again, is in place because it works, your chances of success will drop dramatically. You want to leave the habits from the corporate world where they are, and bring along your marketable and transferable abilities.
All told, there are over 760,000 franchised business in the country, which account for over 18 million jobs nationwide, or one out of every seven in the private sector. They produce $1.53 trillion (yes, trillion with a “t”) in total economic output and represent $506.6 billion in private-sector salaries. Those are figures it’s tough to argue with. Perhaps it’s time to stake your claim.
Education Is Everything
Once you select a franchise investment opportunity for yourself, your education is provided. But what about the decision itself? Even though there are thousands of franchisors to choose from, they can all be rendered down to about 70 different industries.
Not a huge number, but it can still be a bit daunting. How do you research them, and more importantly, how do you choose one?
First, get some basic information from organizations like the International Franchise Association. It will also put you in touch with professionals who can offer support, answer questions and provide leads.
Next, consider using a franchise coach from an organization called The Entrepreneurs’ Source. With a 23-year history in franchise placement, they’re specially trained to take you through a discovery process to help you define your lifestyle, goals and dreams. When you’ve identified what you want your lifestyle to look like, it will be easier to pick the right business concept to support that lifestyle.
Once you’ve narrowed down your choices, take the time to contact current and former franchisees to pick their brains. Most are happy to help. You’ll quickly pick up tips about what to do and, more importantly, what not to do.
.
For more information on franchising, call Jeff Gordon 1 866-661-9791 Toll free.
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