Is NOW a good time to start a business?

One of the most frequent questions I’m asked of late is whether it’s a good time to start a business. I believe there are two answers to this question.

My first response is addressed from the perspective of the person asking the question. It’s actually about asking questions of that person that determines whether business ownership is right for them, regardless of what’s going on in the world at a particular time.

First, I ask about why they’re interested in starting a business. I ask them to share with me their goals, experience and skillset. The next set of questions have to do with the capital they have available, their ability to secure additional capital, their adversity to risk, and of course, whether they’re replacing their primary source of income. I also inquire if they’re going to have a partner.

These are all typical questions to help determine whether the person is right for business ownership and if current timing is right for them based upon their circumstances. This leads us into the current state of the economy and if timing is right to actually start a business today. With the personal aspects determined and understood, the person will be better prepared to comprehend business ownership amidst current financial challenges and economic uncertainty.

To start a business today, there are several things to consider and to keep in mind:

  1. In difficult times, it’s important to understand current problems of the day. Finding solutions to those problems will help identify the type of products and / or services that will help a business thrive. For instance, we’ve recently seen the increasing popularity of take-out and delivery of food, so the timing for a business that focuses accordingly is right. Even more so if the business model includes a twist to ways other businesses haven’t been successful in pivoting toward, or at all.
  2. Simple is best. Optimum efficiency is key. Businesses requiring minimal space with a small staff will go a long way toward profitability, even in the worst of times. A franchise brand I represent, Pepperoni’s in Houston, TX actually opened a location in an old Fotomat. For those not familiar with what I’m referring to, Fotomat was an American retail chain of photo development drive-through kiosks located primarily in shopping center parking lots. This location is all of 800 square feet and has been retrofitted for take-out and delivery only. The revenue and profits are significantly higher than for a full-service pizza business, having realized double-digit year-over-year increases for the past four years.
  3. Understanding the competition is essential in order to find a niche within an industry segment. Customers are already familiar with a particular product or service, so finding a way to produce and deliver the same in a more convenient manner helps to jumpstart the new business. As was the case for Pepperoni’s, as they’ve thrived among popular industry giants such as Pizza Hut, Domino’s and Papa John’s.

Next, let’s look at the current business environment as there are multiple benefits for starting a business when the market is seeing less business openings than during other times.

  1. Starting a business today could be more cost-effective if outfitted with used equipment and furnishings. With a number of businesses closing due to being ill-prepared, under-capitalized or just mismanaged, there are numerous opportunities to secure all that is necessary to start a business. Further, as many businesses have been abandoned or locked out for non-payment of rent, some landlords may lease space fully equipped and furnished. With only a cosmetic facelift required, a business could be up and running quicker and cost-effectively.
  2. Banks and other financial institutions are in the business of lending money and then earning interest off the money they’ve loaned. That means, despite credit criteria being tightened in challenging times, they still need to loan money. Maybe even more so in difficult times as the pool of potential borrowers has been reduced. So, it’s a good time to negotiate for the best of terms. This applies to all financial agreements including credit card processing fees and even equipment leasing. The same is true of investors that may be looking to move money out of the stock market and into business ventures.
  3. Through the popularity of reality TV shows about flipping houses, we’ve become enthralled with the possibilities of purchasing a fixer-upper for X, renovating it for Y, and flipping it for Z. Now, I’m not suggesting starting or buying a business just to flip it, but the likelihood of selling a business after three to five years at a significant return-on-investment is great if the business had been started with a lower-than-normal investment. Or at that point, possibly the business owner has a business that is free and clear, affording the opportunity to explore other possibilities.

Provided the person is right for business ownership, starting a business during challenging times and even during a recession is a good idea provided one proceeds with caution and with diligence.

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Need proof that now is as good a time as ever to launch your business? How about this list of companies that were started during a recession? Microsoft. FedEx. Trader Joe’s. Hyatt. HP. Disney. IBM. And if that’s not enough of a motivator, how about these companies that launched right before very difficult economic times? Salesforce. Google. And Facebook that started just a few years before the Great Recession.

Have a great day. Make it happen. Make it count!

Adapt to Survive. Adapt to Succeed!

Over the weekend, I was reflecting upon how things have changed and disrupted business, and life as we knew it. Buzz words were thrown around, probably more so than for anything else except to give reason to necessary changes; the same changes that were needed to be made in order to adapt to a changing business world.

Ultimately, not adapting was reason for error, and for failure. But to some, it was “okay” because there was [false] justification – the pandemic. At other times, false justification includes a plethora of reasons, well, excuses. Hey, I’ve found myself falling into that trap at times, especially when others get in your ear as a way of justifying their own actions or inactions. Of course, some are just flat-out negative.

Definition of “adapt” – become adjusted to new conditions.

While large numbers of businesses have failed, many entrepreneurs responded to the challenges by adapting, innovating and creating to not only survive but also to thrive. Failure was not an option in their minds. So, why were they able to face the challenges head-on and succeed with their plans when others failed?

I believe the reason is quite simple. First, and possibly foremost, they remained positive and made sure their positivity was felt by their teams, and also their vendors & suppliers and all stakeholders within and around the organization. They made certain to ensure everyone was onboard for rough waters ahead, albeit with confidence being instilled by their leader.

Further, they succeeded because they buckled down on business fundamentals – customer experience, employee experience, and culture. They also tightened up on spending, watching pennies but not to the point of stepping over a dollar to pick up a penny. They were proactive in planning ahead, taking the time to understand and realize trends, affording them the time to negotiate, source elsewhere or to be creative.

They thought outside the box, acted swiftly and decisively, remained open-minded to possibilities and ultimately, not only kept afloat but were able to capitalize on opportunities. At times, they pivoted and created a new box, either as a new direction or as a complementing opportunity.

Essentially, they adapted to the times!

A quote by management guru, Peter Drucker comes to mind:

“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.”

If your business is still chugging along, congratulations are in order as you’ve survived to this point. However, just surviving is not what entrepreneurs work for, right?

With economic uncertainty and a new set of challenges ahead, it’s important, if not vital to be proactive in your actions. Below are 5 tips to help you adapt:

  1. Keep an eye out for changes and be alerted to shifts in market direction whether consumer or supplier centric. Be proactive in thinking about the ‘what ifs’ so that you’re ready to turn on a dime, as necessary.
  2. Accept the idea of change. Embrace change by being ready to act accordingly in a swift, decisive manner. If prepared to do so, any sense of hesitation will be minimized.
  3. Be open to possibilities. This may mean looking at things a bit differently in order to realize options and opportunities. After all, you’re an entrepreneur. Do not stop being one!
  4. Keep an eye on your competition while also keeping an eye on your industry. Know what’s going on in your local market. Be informed. Be aware.
  5. Be conscious of your mental health. Form alliances with fellow entrepreneurs and business owners. Open up to loved ones to ensure they understand what you may be going through. Sometimes a hug can change a mind-consuming burden into a glimmer of hope and optimism, and a clear mind.

Have a great day. Make it happen. Make it count!

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Weekly Review July 24-31, 2022

Just like an experience at your local café, I’ve planned for Acceler8Success Cafe to be conveniently located when and where you desire or need to relax, enjoy a cup of coffee, and catch up on some time for you. My goal is for Acceler8Success Cafe to be your virtual café, a place where you may frequently visit to enjoy a few minutes of leisure time to read, think and reflect about ways to improve and succeed in today’s crazy business world.

I strive for your experience to be memorable by providing learning opportunities, by presenting different perspective & insight, by spurring thought & reflection, by encouraging interaction, and by spotlighting topics that, quite frankly, may not be as front and center as they should or need to be.

Acceler8Success Cafe is open for business seven days a week. For the benefit of current & aspiring entrepreneurs, this daily newsletter is delivered each morning. As a way to jumpstart the week ahead, a weekly review is delivered each Sunday morning listing and linking to the articles you might have missed during the previous week. My objective is to provide an opportunity for you to begin your day and the week ahead informed and with ideas that possibly could accelerate your success.

So, before we jump into this week’s review, how about starting today with a smile? A positive thought? Your happy place? A tug at the child in you? And what better way than doing so than with Snoopy & Woodstock on this hot summer day!

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Take Action to Overcome Fear

Over the past two weeks we had addressed surviving a downturn in the economy, and yes, in a recession. Whether just on the horizon or already in it, the effects of a recession are quite real. Strategizing and implementing action plans are all fine and good and of course, absolutely necessary but can only be effectively accomplished by recognizing and addressing fears. Yes, fear as we are in scary times!

It’s tough enough working through a period of economic challenges than compounding the difficulties with fear. The after effect could be debilitating with potential catastrophic results. The fallout from the same would be widespread. As such, the likelihood of indecision, poor decisions, and procrastination is very high, significantly compounding problems even more.

Read the article for Monday, July 25th HERE.

Proactively Addressing Business Fears

Listing fears for your business, the various things that could possibly raise their ugly heads in challenging times, are all essential components to your action plan. In fact, they represent the reason for the plan and as such, make up the foundation from which your plan should be built.

Fears expressed by many to me in recent conversations are real (and challenging). Almost all have expressed fear of failure, fear of losing everything, and fear of losing the respect of others. I believe we can all agree similar fears have been on the minds of business owners and entrepreneurs at one time or another. Whether admitted or not, I believe that to be true.

Read the article for Tuesday, July 26th HERE.

Pivot! Pivot! Pivot!

When a business pivots, it means that it’s changing some aspect of its core products or services. Businesses might pivot to better meet customer demand, to shift their target audience to boost sales or some combination of both. Businesses may also pivot if the business model is not adaptable for the current environment, ergo within a pandemic.

However, the ability to pivot does not necessarily mean a commitment to pivot. And that’s exactly what I’ve realized long after writing and speaking about The New Normal. I’ve witnessed a number of restaurants quickly adapt to several new ways of doing business only to revert back to the old at the first glimmer of things returning to the way they were before.

Read the article for Wednesday, July 27th HERE.

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Pivoting to Success!

For some time now, I’ve been intrigued by a story of commitment that has stemmed from love of family. It’s a story of commitment to goals. It’s also a story of determination, dedication, and survival. The story I’m referring to is that of Fusun, Gonca and Arzu Esendemir. These remarkable sisters are the founders of Flatbread Grill and Thumb Bread.

Their journey as entrepreneurs began as a commitment to family. They have been faced with one seemingly insurmountable challenge after another. Yet, from the early days of difficulties with banks and landlords to the pandemic when they were preparing to open an additional location to the hard-pressed decision to pivot for survival, they have not only persevered, but they have also thrived.

Read the article for Thursday, July 28th HERE.

It’s Always Time to Celebrate Life

Funerals are always sobering events. Of late, even more so for me. It’s probably due to my turning 65 in August. OMG where has the time gone? But that’s a story for another day.

Yesterday, I attended the funeral of my son-in-law’s grandmother. It was a very nice service as one would expect for a woman who had lived a good life and was quite loved. Heartfelt words were spoken. There was sadness in the room, but more so for a dearly departed great-grandmother, grandmother, mom, aunt and friend and the memories rather than for a tragic passing.

As the spoken words settled in and as the last person to share his thoughts returned to his seat, music and a video started as a celebration of life. The video appeared to follow a chronological order from a young age to marriage to becoming a grandmother and then, a great-grandmother. Truly, it was a beautiful tribute.

Read the article for Friday, July 29th HERE.

Entrepreneurs & Weekends: Do What’s Best for YOU!

If you were to do a Google search for ‘entrepreneurs and weekends’ or any combination of words including both of these words, one would find more than could be read in a day that appears to have relevance. Although, that relevance is on both sides of the coin.

One side showcases the necessity and desire of entrepreneurs working seven days a week. The other side presents the case of work / life balance and necessary rest. Both philosophies could be looked at as the right way with a laundry list of successful entrepreneurs listed on both sides. If the lists were determined by reason or justification, additional lists would be required.

Read the article for Saturday, July 30th HERE.

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As we return from this weekend it’ll be August. That means there are four solid months left to achieve goals for the year (considering who knows what December will bring) while setting a foundation for 2023.

The road may be a bit bumpy for some, more so for others. Knowing who to turn to and when to turn to for guidance and help is important. Having resources at your disposal is also important.

So, if you hit a wall, for whatever reason, please feel free to reach out to me for assistance or even if you just need someone to talk to. Please do not hesitate.

You can reach me on LinkedIn, by email to Paul@Acceler8Success.com, or by phone or text at (832) 797-9851.

Learn more about Acceler8Success Group at Acceler8Success.com.

Have a great day, and week ahead. Make it happen. Make it count!

Entrepreneurs & Weekends: Do What’s Best for YOU!

If you were to do a Google search for ‘entrepreneurs and weekends’ or any combination of words including both of these words, one would find more than could be read in a day that appears to have relevance. Although, that relevance is on both sides of the coin.

One side showcases the necessity and desire of entrepreneurs working seven days a week. The other side presents the case of work / life balance and necessary rest. Both philosophies could be looked at as the right way with a laundry list of successful entrepreneurs listed on both sides. If the lists were determined by reason or justification, additional lists would be required.

Sure, times have changed, and the business environment has kept pace. A push for a 4-day workweek certainly appears counterintuitive to entrepreneurs working weekends. Yet, working remotely could be embraced by the entrepreneurs that desire to seemingly work 24/7 without having to ‘waste’ time commuting to an office.

On the flip side, is it possible for an entrepreneur, creative and innovative as is typical of a successful entrepreneur’s traits and characteristics to actually shut down for two or three (holiday weekends) days at a time? Or if they did take the weekend to enjoy some rest & relaxation, would that time be spent exclusively on non-business activities?

I guess we’d have to identify ‘business activities’ to have a true understanding. Apart from actually crunching numbers, drafting proposals, outlining strategies and reading reports, do business activities include spending time thinking about new ideas, reflecting upon decisions, thinking ahead and even reading business-related books & publications?

Is it possible for an entrepreneur to completely shut down for the weekend? And truly shut down without a glimpse at or about anything that is even closely related to business? Is it possible to clear one’s mind?

Further, considering an entrepreneur’s passion and commitment to his or her venture, is it really possible for them to turn on a dime and focus elsewhere?

I believe the true answer to these questions comes down to balance. After all, it’s impossible to run 24/7 without burning out and / or adversely affecting one’s health. That’s a given. By the same token, is it practical to completely shift for the weekend and then shift back just two days later?

And is it really two days or are we ignoring the often-recommended practice of preparing for the week ahead Sunday evenings? And when does the weekend start – Friday nights or Saturday mornings?

Yes, balance is the answer but also essential is developing one’s business in a way to not control the entrepreneur’s every waking minute. The entrepreneur’s mindset must also adjust to delegate accordingly. Building a team is key. As is developing the right culture.

Basically, there must be a Yin and yang structure within the entrepreneur’s mind to allow, ensure work and life co-exists, as opposed to a this or that scenario.

So, sleep a little later than usual this weekend. Work out a little longer and harder. Spend quality time with your loved ones. Grab an afternoon nap. Take a few hours for a leisurely lunch or dinner. Hit the links with your friends. Do it all or do nothing at all as that’s okay.

However, don’t feel like you have to do any of it and certainly don’t do things out of guilt or doubt or because some articles say you should do things a certain way and within a certain schedule. Do what makes you feel well-rested physically AND mentally. Do what you enjoy and what makes you happy.

And if entrepreneurship or your venture isn’t making you happy, it may be time to re-evaluate what it is that you do moving forward.

Make it a great weekend. Make it happen. Make it count!

About the Author

With more than 40 years of experience in franchise, restaurant, and small business management and development, Paul Segreto is a respected expert in the entrepreneurial world, dedicated to helping others achieve success. Whether you’re an aspiring or current franchisor, restaurateur, or entrepreneur in need of guidance, support, or simply a conversation, you can connect with Paul at paul@acceler8success.com.

About Acceler8Success Group

Acceler8Success Group empowers entrepreneurs, founders, and business leaders with personalized coaching, strategic guidance, and a results-driven approach. Whether launching, scaling, or optimizing a business, we provide the tools, mentorship, and resources to drive long-term success.

It’s Always Time to Celebrate Life

Funerals are always sobering events. Of late, even more so for me. It’s probably due to my turning 65 in August. OMG where has the time gone? But that’s a story for another day.

Yesterday, I attended the funeral of my son-in-law’s grandmother. It was a very nice service as one would expect for a woman who had lived a good life and was quite loved. Heartfelt words were spoken. There was sadness in the room, but more so for a dearly departed great-grandmother, grandmother, mom, aunt and friend and the memories rather than for a tragic passing.

As the spoken words settled in and as the last person to share his thoughts returned to his seat, music and a video started as a celebration of life. The video appeared to follow a chronological order from a young age to marriage to becoming a grandmother and then, a great-grandmother. Truly, it was a beautiful tribute.

What got me at this point was seeing my grandchildren’s faces on the screen, and my daughter’s, as well. It felt surreal. Certainly, as they are my son-in-law’s family, of course they would be part of the tribute. But what was really surreal is that I started to think about their faces on the screen at my own funeral. I found myself lost in thought as I visualized the faces of my other grandchildren, my other children, my wife, friends…

This funeral was sobering as it was intended. For me, it was even more sobering as my emotions ran wild, and well into the evening long after we left the service. I started running things through my mind much like I did when I was choking on a piece of bacon some ten years ago. I remember quite vividly, just before my great friend, Stan Friedman and one of his co-workers came to my rescue, my life was flashing in front of me at warp speed.

Eerily, based upon the timing, in yesterday’s Facebook Memories was a quote from Steve Jobs with my own thoughts that I had shared on several occasions over the years.

I wrote, “It seems there have been many recent events where a loved one has passed – whether it be in the family of a friend, that of a colleague or even hitting home in my own family, death has a way of stopping us in our tracks and makes us think, ponder, reflect… What if it were me? Which, of course stimulates the thoughts of what else do I want to do while still alive? What have I missed in my life? What have I put off, thinking there’s plenty of time to get it done? What should I do differently now and in the future? Yes, death makes one think, and in my case, it also had me reflecting upon the following quote by Steve Jobs and specifically, to “have the courage to follow your heart and intuition.””

“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.” – Steve Jobs

As things continued to run rapidly through my mind, I started to shift back to current times and the challenges ahead of us. Especially, as I had just read that the GDP Report signals the U.S. is in recession. I immediately reverted back to feeling old, that is until I came across (again, eerily) a quote that I had saved on my phone.

As I do every morning, I share an inspirational or motivational quote with each of my two daughters. I always try to choose a quote based upon things they may be going through in their lives. As such, they typically receive different quotes.

I strive to make sure the quotes are the first things they see each morning. Unable to do so the night before because they do drift off to sleep at different times and with their devices close by, I try to time sending the texts around 3AM. Certainly, I don’t want to miss sending the quotes, so I have saved quite a few quotes that I have found in my daily activities online. Choosing the appropriate ones, I have the quotes for the next morning all set so that when I wake up in the middle of the night, as I do most every night, I just hit send.

Truth be told, I look forward to receiving a heart or thumbs up as they see their quotes. As they do so immediately upon waking up, I know when they’ve started their day. I know I’m part of their morning which as we know is a new beginning each and every day.

Anyway, back to the quote I came across last night:

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This morning my eyes are wide open and I’m ready to move forward. I’m committed to helping others face current challenges amidst economic uncertainty. I’m also committed to accelerating several projects we’ve been working on here at Acceler8Success Group.

I may have a lot of years behind me, but I believe the best is yet to come. After all, I’m alive and as such, despite challenges, life is good. There’s no time to wallow in regret. Certainly, nothing will get done if being positive is not the word and action of the day. Yes, life is good. However, it is what we make it, right?

Have a great day. Make it happen. Make it count!

Pivoting to Success!

Making the decision to pivot, to truly pivot is a proactive decision. However, it must have commitment, firm commitment to follow through without any wavering and certainly, without looking back.

As I had mentioned yesterday, today I look forward to sharing a true story of what I believe is one of the most successful pivots of our time, of these challenging times. I cannot think of a better word than ‘commitment’ to describe this story.

For some time now, I’ve been intrigued by a story of commitment that has stemmed from love of family. It’s a story of commitment to goals. It’s also a story of determination, dedication, and survival. The story I’m referring to is that of Fusun, Gonca and Arzu Esendemir. These remarkable sisters are the founders of Flatbread Grill and Thumb Bread.

Their journey as entrepreneurs began as a commitment to family. They have been faced with one seemingly insurmountable challenge after another. Yet, from the early days of difficulties with banks and landlords to the pandemic when they were preparing to open an additional location to the hard-pressed decision to pivot for survival, they have not only persevered, but they have also thrived.

I cannot do justice to their story so I will share parts of various interviews. I’m certain, you’ll agree with me that this is a heart-warming story, and one that should be shared over and over again.

It should be shared with families facing difficult times. It should be shared with all who are trying to make the American Dream of business ownership a reality for them and their families. It should be shared with all who believe they can’t depart from a life of poverty. It should be shared with all aspiring entrepreneurs who lack the confidence to move forward.

It should be shared with all current entrepreneurs who are hesitant to change direction or take their businesses to the next level. It should be shared with young women everywhere to reinforce the reality that they can do anything they put their minds to, believe in and that they’re committed to seeing all the way through to achieving their goals.

It should be shared in schools everywhere. It should be shared in a book. It should be shared in a movie. It should be shared because it’s inspiring. It should be shared because it’s real. And it should be shared because it’s needed by so many people facing challenges and not knowing how to overcome them.

The Story

For 13 Years, Nothing Has Stopped the Esendemir Sisters and Flatbread Grill was the title of an article in QSR Magazine back in December 2020. It’s when I first became aware of the Esendemir Sisters and their intriguing story. It was written by Gonca Esendemir so I knew this was a story from the heart.

Gonca wrote:

“In 2007, at the height of an imminent economic recession, my sisters and I decided to open a fast-casual restaurant concept called Flatbread Grill. The three of us teamed up after our father was diagnosed with congestive heart failure. Our father needed affordable health insurance to have the surgery and afford the lifetime care that came with it. He was forced into early retirement as a result of his health problems.

I was a 24-year-old college student, struggling to earn my filmmaking arts degree when my restaurant journey began. At the same time, Arzu, my younger sister, who 23, had just graduated at the top of her college class with a double degree in business management and finance. Fusun, our older sister, had taken on the responsibilities of financially supporting both our parents. That is, until her corporate job laid her off. She decided to use her passion for food to open up a restaurant. Fusun asked Arzu for help, who then asked me if I wanted to join them. There was no fancy business plan, no meticulous strategy sessions, and no hiring of outside consultants. It was just the three of us with one goal: make enough money to save our father’s life and support ourselves.

The restaurant world was nothing new to us. We grew up inside our father’s two Turkish restaurants. Fusun helped run those restaurants when she was just 13. I spent my childhood playing with Barbie dolls while watching my mother perform prep work, wash dishes, and cook alongside my father and big sister. Both Arzu and I also worked multiple service jobs, including bartending and waitressing, at various foodservice establishments, to put ourselves through college.

Despite watching our father lose his restaurants growing up, we somehow believed this was a path we could navigate successfully. Our father mortgaged his home to finance Flatbread Grill, and my sisters used whatever savings they had. If we didn’t make this restaurant work, it meant homelessness for our family. Failure was not an option.”

Read the entire article HERE.

I read the article multiple times. I didn’t know them, but I was rooting for them. Although, I just knew in my heart they would succeed. A quote about courage came to mind…

Courage, I realized, was not the absence of fear; it was the absence of selfishness; putting someone else’s interest before one’s own. – Michelle Cohen Corasanti

I have never met any of the Esendemirs but I have connected with them on LinkedIn. Mostly, with Gonca. I love how she shares her thoughts and always responds to comments with thought. She doesn’t post just to express herself. Instead, I find that she’s sharing her story as it continues to evolve. She may not realize it, but she’s actually helping others that may be sitting on the sidelines, afraid to ask questions, to seek much needed assistance. You see, Gonca shares real-life experiences she and her sisters are living day in and day out.

The Pivot

Over the past two weeks or so, I’ve been sharing my thoughts on surviving the recession, whether looming on the horizon or actually here. Regardless, business owners must be prepared and take action without hesitation.

As I was gathering my thoughts for yesterday’s article, I saw that Gonca had shared a recent article about her and her sisters’ efforts as detailed in a local publication, “The Hoboken Girl”. The article, You Can Now Find Flatbread Grill’s Thumb Bread in Local Grocery Stores inspired me to write about pivoting as a proactive measure to survive challenging and uncertain times. After all, what Gonca, Arzu and Fusun had done was essentially the perfect pivot!

From the article:

“The pandemic pushed the Esendemir Sisters to shift their focus from the restaurant to their bread business. And since the trio opened their first restaurant during the recession, they knew what it was like to launch a new business in difficult times.

As Gonca said, “We go all-in on something,” and the sisters got to work securing baking equipment, a facility, and reworking the recipe to give the bread a longer shelf life. It wasn’t long before ShopRite reached out about selling Thumb Bread in its stores.

Thumb Bread is now available in select ShopRite stores across the East Coast. “Locally, you can find it in the Hoboken, Bayonne, Jersey City ShopRites. We also have other locations rolling out in the next couple of weeks,” Arzu said, including 8 NYC Gourmet Garage locations later this summer.”

Read the entire article HERE.

Gonca shared advice in the QSR article that should resonate loud and clear to business owners everywhere. It’s quite apparent that Gonca and her sisters continue to practice what they preach.

“I can offer no magic formula other than hard work, strategic thinking, and quick decision-making, even when all seems hopeless. My sisters and I didn’t focus on “trends”—we anticipated them before they happened. We focused on continually improving our operations, watching our food costs, focusing on quality and consistency, and paying attention to the customer experience. Smaller owner-operators are almost always cash strapped. They don’t have the luxury of taking risks or a/b testing to see what works. Things have to work when they are executed because mistakes can be costly. I learned this the hard way over the past 13 years. Even a small mistake can cost thousands.”

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Learn more about Thumb Bread HERE.

Have a great day. Make it happen. Make it count!

Pivot! Pivot! Pivot!

During COVID, marketers veered away from inventing buzz words to bastardizing perfectly good everyday words and phrases. So, among the many challenges and uncertainties of the time, we heard these words and phrases again and again and again. They were being used to identify and stress what was being described within the New Normal. Truth be told, I did ride the bandwagon and actually wrote an article for the restaurant industry of the same title. If you’re interested, you can still find it HERE.

There were a number of these words and phrases on the list of the most hated buzz words and buzz phrases of the COVID era including the ‘new normal’ itself. The list included bandwidth, end-user, granular, hack, ‘I did a thing’, ‘it is what it is’, influencer, jab, ‘take it offline’, ‘thought leader’, ‘we remain cautious’, WFH, zooming, and pivot. Although, I believe ‘pivot’ may have been the most appropriate word for the time. Albeit it was overused and, in many cases, misunderstood.

Defining ‘Pivot’

Friends Term: Pivot! Definition: Something Ross screams when trying to move a couch up some stairs. Today’s Term: It’s the same, but it’s something you scream when trying to find the right angle with your selfie stick.

If you’re one of the few people alive that doesn’t know about the Friends scene referred to above, or like me, you want to view it again and again, take a minute to check it out on YouTube. Actually, it’s a great way to start the day with a laugh, especially as this video is one with bloopers.

But make no joke about it. We can laugh about the word being overused. We can fret about it being used incorrectly. We can even snicker about it being used within a string of similar words (change, shift, spin, re-direct, etc.) resulting in a long run-on sentence as if doing so makes more of an impact or appears to make the person saying it, a thought leader or influencer.

What does pivoting mean in business?

When a business pivots, it means that it’s changing some aspect of its core products or services. Businesses might pivot to better meet customer demand, to shift their target audience to boost sales or some combination of both. Businesses may also pivot if the business model is not adaptable for the current environment, ergo within a pandemic.

However, the ability to pivot does not necessarily mean a commitment to pivot. And that’s exactly what I’ve realized long after writing and speaking about The New Normal. I’ve witnessed a number of restaurants quickly adapt to several new ways of doing business only to revert back to the old at the first glimmer of things returning to the way they were before.

Instead of staying the course and remaining committed to the plan and despite having been successful during this new normal, they abruptly reversed course having never been committed to the changes.

Now, as we’re again in the midst of challenging times and again with a great deal of uncertainty, I’m seeing these business owners frantically attempting to force square pegs into round holes by still trying to keep things the way they had been instead of evolving, and yes, pivoting.

Over the past two days, I’ve written two articles, Take Action to Overcome Fear and Proactively Addressing Business Fears. The basis of both was about taking a proactive approach to surviving through challenging times. My focus, as always was on playing to win as opposed to playing not to lose.

Making the decision to pivot, to truly pivot is a proactive decision. However, it must have commitment, firm commitment to follow through without any wavering and certainly, without looking back.

Tomorrow, as I continue to present ways to fight recession as a business owner and entrepreneur, I look forward to sharing a true story of what I believe is one of the most successful pivots of our time, of these challenging times. I cannot think of a better word than ‘commitment’ to describe this story. Be sure to check in tomorrow.

Have a great day. Make it happen. Make it count!

Proactively Addressing Business Fears

Yesterday’s article, Take Action to Overcome Fear apparently hit home across various segments of entrepreneurs and business owners. From founders to restaurant operators, from solopreneurs to independent store owners I received quite a few requests for examples of the questions and possible scenarios they should be addressing as part of their development of an action plan. I’m very pleased to see that yesterday’s message opened a few eyes and minds.

So, what is it that you fear right now for your business as well as the challenges and issues that you may be anticipating in the near future? List them all.

Listing fears for your business, the various things that could possibly raise their ugly heads in challenging times, are all essential components to your action plan. In fact, they represent the reason for the plan and as such, make up the foundation from which your plan should be built.

Fears expressed by many to me in recent conversations are real (and challenging). Almost all have expressed fear of failure, fear of losing everything, and fear of losing the respect of others. I believe we can all agree similar fears have been on the minds of business owners and entrepreneurs at one time or another. Whether admitted or not, I believe that to be true.

Okay, so it’s a given – all are afraid for the future, the outcome, the aftermath when the dust settles. Key right now is to address the gap from today to those potential points. Some questions to ask now should be about potential scenarios in the business itself, the things that would adversely affect the customer experience, employee experience, company culture, and ultimately, revenue & profits and business stability:

  • What would you do if you lost a senior member or two of your team? What if it were immediate?
  • At what point would you address sharp increases for goods & products? And, how? What about for frequent increases of the same items?
  • How would you handle an influx of negative customer reviews? What would you do if the reviews pointed back to a key member of your team, knowing that staffing has been problematic?
  • What would you do if a key product or two to your business were immediately unavailable? How about if unavailable for the foreseeable future?
  • How would you handle unexpectedly losing a business partner for an extended period of time? What would need to be done if that partner were you?
  • What would you do if a major piece of equipment were to break down? How about if the equipment is unrepairable and requires replacement? What if the part or replacement item were unavailable?

I’m sure these scenarios will spur additional ones in your mind. If you think the above are extreme scenarios that’ll just be addressed at the time of occurrence, think again. I’ve heard about these exact situations from business owners. Fortunately, no more than two situations were occurring at the same time but in all instances, they hadn’t really been considered before, at least to the extent of preparing for them. Most business owners expressed being caught off-guard and flat-footed.

Scenarios such as the ones listed above are further compounded (and complicated) by challenging times. As such, quick responses are not only necessary, but potentially vital to the future of the business. Thinking them through and defining potential action steps will help to act swiftly and decisively with much less interference with day-to-day business as might otherwise be the case. Certainly, it’ll help the business owner focus on the details necessary to survive challenging times.

One More Thing

Are you making decisions proactively based upon a plan, or reactively, which is often off the cuff or from the hip? Essentially, are you playing to win, or playing not lose?

After all, just playing defense (reactive) doesn’t win games as the best that can be hoped for is a tie-game. The worst-case scenario is a ball trickling through resulting in defeat. The only way to win is to play a solid game of both defense AND offense (proactive) according to a solid game plan, one that addresses all scenarios and possibilities!

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Action Plan

Revisiting yesterday’s article, next steps should be addressed with the following points in mind:

Prioritize which scenarios you believe would be most urgent to address. Outline various action steps that could be taken to thwart the problem. Define various things that could be done to minimize each potential challenge or issue according to your list. Detail counts!

Be proactive in all areas of your business by asking yourself hard questions. Do so by thinking about ‘what if’ scenarios. Being proactive will make decision-making much easier and the right decisions more likely. Be sure to think of both simple and extreme situations as with a comprehensive proactive plan in place, the element of surprise will have been eliminated. This will make the transition from problem to solution much easier and less stressful than otherwise.

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Assistance & Resources

The future may be a bit bumpy for some, more so for others. Knowing who to turn to and when to turn to for guidance and help is important. Having resources at your disposal is also important. So, if you hit a wall, for whatever reason, please feel free to reach out to me for assistance or even if you just need someone to talk to. Please do not hesitate. You can reach me via a LinkedIn message, by email to Paul@Acceler8Success.com, and by phone or text at (832) 797-9851. Learn more about Acceler8Success Group at Acceler8Success.com.

If you’re interested in having the Preparing for War: You vs. Recession series presented to your organization, either as a webinar, workshop or conference break-out session, please click HERE for more information. The program can be tailored to your business model, product, service offering and industry segment. It has been resonating quite well with franchise and restaurant brands. The series also works well as the structure for one-on-one coaching for business owners, founders, senior executives, and entrepreneurs – all according to well-defined goals. Complimentary initial consultation!

Have a great day. Make it happen. Make it count!

Take Action to Overcome Fear

According to Wikipedia, Fear is an intensely unpleasant emotion in response to perceiving or recognizing a danger or threat. Fear causes physiological changes that may produce behavioral reactions such as mounting an aggressive response or fleeing the threat. Fear in human beings may occur in response to a certain stimulus occurring in the present, or in anticipation or expectation of a future threat perceived as a risk to oneself. The fear response arises from the perception of danger leading to confrontation with or escape from/avoiding the threat (also known as the fight-or-flight response), which in extreme cases of fear (horror and terror) can be a freeze response or paralysis.

Further, fear is closely related to the emotion anxiety, which occurs as the result of threats that are perceived to be uncontrollable or unavoidable. The fear response serves survival by engendering appropriate behavioral responses, so it has been preserved throughout evolution. Sociological and organizational research also suggests that individuals’ fears are not solely dependent on their nature but are also shaped by their social relations and culture, which guide their understanding of when and how much fear to feel.

Note the highlighted and linked words above – mostly synonyms and other related emotions and emotional conditions. Do the definitions of Fear, along with the highlighted and linked words apply to your mindset as you faced challenges and uncertainty?

However, fear is sometimes incorrectly considered the opposite of courage. Because courage is a willingness to face adversity, fear is an example of a condition that makes the exercise of courage possible.

Yes, Recession. Yes, Fear!

Over the past two weeks we had addressed surviving a downturn in the economy, and yes, in a recession. Whether just on the horizon or already in it, the effects of a recession are quite real. Strategizing and implementing action plans are all fine and good and of course, absolutely necessary but can only be effectively accomplished by recognizing and addressing fears. Yes, fear as we are in scary times!

It’s tough enough working through a period of economic challenges than compounding the difficulties with fear. The after effect could be debilitating with potential catastrophic results. The fallout from the same would be widespread. As such, the likelihood of indecision, poor decisions, and procrastination is very high, significantly compounding problems even more.

“There’s nothing to fear but fear itself” is a very true statement. Unfortunately, that may be easy to comprehend but it’s certainly not easy to act upon. Fear often causes action to be taken reactively as opposed to acting in a proactive manner. Reacting based upon fear can start a domino-effect that is difficult to stop.

Negative momentum builds and can quickly spiral out of control. So, it’s imperative to realize fears, act decisively and move forward without allowing fear to cause paralysis in decision-making and in taking action. Play to win as opposed to playing not lose!

Action Plan

So, what is it that you fear right now for your business as well as the challenges and issues that you may be anticipating in the near future? List them all.

Prioritize which ones you believe would be most urgent to address. Outline various action steps that could be taken to thwart the problem. Define various things that could be done to minimize each potential challenge or issue according to your list. Detail counts!

Be proactive in all areas of your business by asking yourself hard questions. Do so by thinking about ‘what if’ scenarios. Being proactive will make decision-making much easier and the right decisions more likely. Be sure to think of both simple and extreme situations as with a comprehensive proactive plan in place, the element of surprise will have been eliminated. This will make the transition from problem to solution much easier and less stressful than otherwise.

Assistance & Resources

The future may be a bit bumpy for some, more so for others. Knowing who to turn to and when to turn to for guidance and help is important. Having resources at your disposal is also important. So, if you hit a wall, for whatever reason, please feel free to reach out to me for assistance or even if you just need someone to talk to. Please do not hesitate. You can reach me via a LinkedIn message, by email to Paul@Acceler8Success.com, and by phone or text at (832) 797-9851. Learn more about Acceler8Success Group at Acceler8Success.com.

If you’re interested in having the Preparing for War: You vs. Recession series presented to your organization, either as a webinar, workshop or conference break-out session, please click HERE for more information. The program can be tailored to your business model, product, service offering and industry segment. It has been resonating quite well with franchise and restaurant brands. The series also works well as the structure for one-on-one coaching for business owners, founders, senior executives, and entrepreneurs – all according to well-defined goals. Complimentary initial consultation!

Have a great day. Make it happen. Make it count!

Weekly Review July 17-23, 2022

Just like an experience at your local café, I’ve planned for Acceler8Success Cafe to be conveniently located when and where you desire or need to relax, enjoy a cup of coffee, and catch up on some time for you. My goal is for Acceler8Success Cafe to be your virtual café, a place where you may frequently visit to enjoy a few minutes of leisure time to read, think and reflect about ways to improve and succeed in today’s crazy business world.

I strive for your experience to be memorable by providing learning opportunities, by presenting different perspective & insight, by spurring thought & reflection, by encouraging interaction, and by spotlighting topics that, quite frankly, may not be as front and center as they should or need to be.

Acceler8Success Cafe is open for business seven days a week. For the benefit of current & aspiring entrepreneurs, this daily newsletter is delivered each morning. As a way to jumpstart the week ahead, a weekly review is delivered each Sunday morning listing and linking to the articles you might have missed during the previous week. My objective is to provide an opportunity for you to begin your day and the week ahead informed and with ideas that possibly could accelerate your success.

So, before we jump into this week’s review, how about starting today with a smile? A positive thought? Your happy place? A tug at the child in you? And what better way than doing so than with Snoopy as Joe Cool on these hot summer days. Of course, let’s not forget Woodstock as we could all use a close friend.

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Recapping the Series: “Preparing for War: You vs. Recession”

We started the week with the next-to-last segment of the series, Preparing for War: You vs. Recession. Over the previous week and a half, we had worked through the various things that entrepreneurs and small business owners can and should do to combat economic uncertainty and ultimately, the war against recession. There is no doubt, recession is on its way, if not already here lurking around every corner and already affecting us all.

Read the article for Monday, July 18th HERE.

Recession Prep Question: How will your mental health hold up during challenging times?

Tuesday saw us discussing the final segment of the Preparing for War: You vs. Recession series. Our focus was on YOU. That means, YOU the entrepreneur, the founder, the business owner, the leader, the CEO or whomever is charged with business performance and ultimately, the business succeeding according to defined goals. Especially in challenging times, how do we ensure that YOU perform at the highest level possible without stressing out and /or burning out?

‘Why’ is a question that is always asked by those left behind or hurt by suicides – the answer or answers would never make sense to someone who loves life. As such, I look forward to thoughts on this with hope the discussion continues. Thank you!

If you feel you have no one to talk to, contact me. I’m happy to help. You can reach out to me on LinkedIn, by email to paul@acceler8success.com, or feel free to call or text me at (832) 797-9851. I will respond as quickly as humanly possible!

Read the article for Tuesday, July 19th HERE.

“That’s one small step for man. One giant leap for mankind.”

Wednesday was the 53rd Anniversary of one of America’s greatest achievements. The photos shared were from the actual New York Daily News newspaper that I’ve kept secure since that majestic day. I love taking it out every year to read the articles, to look at all the unbelievable pictures, to remember the feeling of pride that was seemingly evident everywhere. And, without fail my own tears of pride run down my face – tears of American Pride!

Read the article for Wednesday, July 20th HERE.

Prayer to Combat Challenging Times: Let Us Pray!

On Thursday we discussed prayer as part of the strategy to face and survive challenging times. After all, prayer is an essential part of every world religion, including Christianity. Most people realize it has something to do with talking to God. Many hope that it might bring much needed assistance or comfort when facing difficult circumstances.

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Prayer offers new meaning, purpose, hope, and a sense of guidance or control. These perceptions may help instill a fighting spirit, which has been reported to be an important factor in healing. Prayer can enrich the quality of one’s life and also bring a feeling of peace. It made sense to include prayer in our efforts.

Read the article for Thursday, July 21st HERE.

Technology in Business: Invest and implement. Rinse and repeat. Again, and again until…?

Reflecting upon the recently completed series, I realized that I hadn’t touched upon technology and how it must be included in our goals to ensure we achieve those goals. Meaning… understanding what will be involved, doing the necessary prep work, and learning about and investing in technology that will help us achieve those goals.

As the world accelerates at break-neck speed towards “everything digital” it is vitally important and absolutely essential we stay on top of technology. This cannot be stressed enough! It is reality and is paramount to any type of business success. The key is not to look at this from a negative perspective. Instead, embrace it for what it is, and for what it can do to help grow your business.

Read the article for Friday, July 22nd HERE.

Productive Saturday Mornings

We wrapped up the week appropriately discussing how to be productive on the weekend while maintaining work / life balance. As I do every Saturday morning, I review some 300+ digital publications, blogs, newsletters & videos to which I subscribe. Most have been received in my email throughout the prior week. Upon receipt, I quickly skim and bookmark articles and information I find to be of interest and thus, worth reading with the understanding of learning, as opposed to a quick glance.

I am very focused on maintaining work / life balance, but I firmly believe there are things that can/should be done during some down time that could prove beneficial as the daily grind continues. They key is to maintain balance. With that in mind, I have found my Saturday mornings to be quite productive and worth my attention. A grind of a different kind but with similar productivity goals around success.

Read the article for Saturday, July 23rd HERE.

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Coming Soon

I’m excited to announce that the Preparing for War: You vs. Recession series will be released as a white paper. Stay tuned for more details.

Help is just a message, phone call, email or text away!

The future may be a bit bumpy for some, more so for others. Knowing who to turn to and when to turn to for guidance and help is important. Having resources at your disposal is also important. So, if you hit a wall, for whatever reason, please feel free to reach out to me for assistance or even if you just need someone to talk to. Please do not hesitate. You can reach me right here on LinkedIn, by email to Paul@Acceler8Success.com, and by phone or text at (832) 797-9851. Learn more about Acceler8Success Group at Acceler8Success.com and also at Entrepreneurship411.com.

Bring the series to your organization

If you’re interested in having this series presented to your organization, either as a webinar, workshop or conference break-out session, please click HERE for more information. The program can be tailored to your business model, product, service offering and industry segment. It has been resonating quite well with franchise and restaurant brands.

Motivational Video

“To anybody who’s reading this, I pray that whatever is hurting you or whatever you are constantly stressing about gets better. May the dark thoughts, the overthinking, and the doubt exit your mind right now. May clarity replace confusion. May peace and calmness fill your life.” – Diligent Motivation (on You Tube)

Have a great day (and week ahead). Make it happen. Make it count!