3 Steps Ahead of Business Ownership

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Many people have a dream of owning a business. It’s an American Dream!

However, whether doing so as an independent business or as a franchise there are important initial steps to take to ensure their dream-turned-reality starts off on the right foot.

Improve Financial Health

Review and analyze personal finances. As a first step, it’s essential to understand income coming in and expenses going out each and every month of the year. Think ahead to bills that come due quarterly or annually.

Plan a firm budget. The goal is to ensure living expenses are met for a minimum of one year after starting a business. If a vacation is planned during this period, it must be included in the budget. Pay off all short-term debt to the extent it’s possible and practical to do so.

If savings or income from investments are not allocated for living expenses, it’ll be necessary for personal income to continue through year one. Lenders will require a solid plan that is not dependent upon first year income from the new business. This may require a spouse or life partner continuing their employment while the business gets on firm footing.

Review credit reports for accuracy. Challenge all errors and keep records of the same. Organize all financial records including bank statements, investment account records and insurance policies – auto, health & life.

Consider working through the above with an independent financial coach who can provide valuable professional insight and perspective. From a confidential, non-judgmental position they can help resolve some issues requiring attention that may have initially appeared to have been barriers to business ownership.

How to Create a Business Plan

Network as Much as Possible

Meet with members of the local business professional services community – bankers, attorneys, financial planners, accountants, realtors. Share plans to start a business within the community. Develop a network of these professionals and keep them apprised of progress.

Attend and actively participate in networking events well in advance of commencing business operations. Networking provides great benefits from a very early stage including introduction of the business to the community, support from fellow business owners and assurance of a busy grand opening.

From visiting with business professional to attending local chamber meetings to participating in community functions, personal involvement starts to establish a long-term commitment to the community. Owning and operating a business is about establishing and building relationships. Do so as early as possible.

How to Start a Business: A Step-by-Step Guide

Be Honest with Yourself

Although working through due diligence is essential it’s important not to over-analyze to the point of procrastination… or even, paralysis. Taking the necessary steps outlined above should set a foundation of being well-informed and yes, a foundation of comfort and confidence, as well.

Weekly Review April 17-23

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With so much going on at Acceler8Success Cafe I know it’s easy to miss a newsletter or two, or possibly our Question of the Week slipped by without you noticing, or an announcement we may have made just seemingly got lost amongst the busy news feed. Well, just like an experience at your local cafe, I really want Acceler8Success Cafe to be conveniently located when you desire or need to relax, enjoy a cup of coffee, and catch up on some reading.

Okay, I may be going bit far with this, but my goal is for Acceler8Success Cafe to be your virtual cafe. A place where you may frequently visit to enjoy a few minutes to yourself. I’d like the experience to be memorable by providing learning opportunities, by presenting a different perspective & insight, by spurring thought & reflection, by encouraging interaction, and by spotlighting topics that, frankly, are just not as front and center as they should or need to be.

To that end, Acceler8Success Cafe is open for business daily, seven days a week. For the benefit of current & aspiring entrepreneurs, our daily newsletter will be delivered each morning. Our Question of the Week and an occasional announcement will be delivered at various times throughout the week. As a way to jumpstart the week ahead, we will also deliver a weekly review (today it’s on Monday but moving forward it’ll be delivered each Sunday morning. The review will include a recap of the previous week. My goal is to provide an opportunity to begin the week with information and new ideas that possibly could accelerate success.

Recap Sunday April 17 through Saturday April 23

Sunday April 17 – Happy Easter!

Monday April 18 – What Happened to our Dreams & Goals

Tuesday April 19 – 5 Considerations for Millennials & Generation Z Open to Franchising and Business Ownership

Wednesday April 20 – Nurture Your Business for Optimum Growth

Thursday April 21 – I am an entrepreneur. Go ahead. Say it!

Friday April 22 – Avoid Being Paralyzed by Fear

Saturday April 23 – The Path Ahead

Question of the Week: Is it possible, feasible, or even practical or reasonable to be able to or to expect to be able to deliver positively memorable experiences to customers at all times? If it can be done once, just once, can it be replicated for the next time, for the next interaction?

Announcing Acceler8Success Cafe Podcast

I’m excited to announce my return to podcasting after a seemingly long 18-month hiatus. Having started back in 2009, continuing for the next 10+ years and with several false starts over the past year, I’ve recently found the itch to return too great to ignore as business continues to change and innovate since the start of the pandemic.

The time is right to help current and aspiring entrepreneurs move forward and succeed as I believe the American Dream of business ownership, albeit more diverse in opportunities than ever before is stronger than it’s ever been.

Welcome to the Acceler8Success Cafe Podcast launching in May 2022.

Topics to include entrepreneurship, business ownership, franchising, restaurants, small business, business success, entrepreneurs, business acceleration, business incubation, and much more.

Podcasts will be scheduled for rebroadcast in Spanish with Erik Premont.

This podcast will complement our daily Acceler8Success Cafe newsletter at https://lnkd.in/ehBYCVAK

Acceler8Success Cafe podcast is a production of Acceler8Success Group where the primary goal is to connect the right people, brands and opportunities.

Sponsors include Benetrends Financial, Tribus Solutions, LLC and Waterman Steele Real Estate Advisors – all are Strategic Partners of Acceler8Sucess Group.

Conquering Fear

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photo credit: digitaldealer.com

Fear can only be realized as we’re able to admit being scared. It’s only with that admission and realization that we can work through fear and hopefully, overcome it. As fear is such a strong emotion that easily grips the soul, it takes time and patience to overcome such a grip. Little by little, fear can be replaced by courage gained from confidence that fear is just a challenge to be conquered.

Although, conquering fear does not have to be done alone. Instead, collaborative efforts aligned with common goals truly exemplify the phrase, ‘strength in numbers’ and it’s that strength that will make it easier to defeat fear. Easier said than done? Possibly, but the alternative is being overwhelmed by fear and that, we recognize, is not living…

Talk to a friend or a colleague today about your fears. Doing so will go a long way toward realizing that there truly is nothing to fear but fear itself.

The Greatest Destroyer of Business: Fear

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How I Conquered My Fears and Became an Entrepreneur

Have you ever dreamt of becoming an entrepreneur?

If you answered yes, what’s stopping you?

If it’s because you’re scared, then you’ve got company. Fear is the most common reason people fail to start their own businesses. Fear of the unknown, fear of failure, or fear of losing the steady income from their day job.

Of course, there’s a good reason for all of these fears. Around 50 percent of small businesses fail within five years, so it’s no wonder people hesitate to pursue their dreams of entrepreneurship.

Making the decision to become a full-time entrepreneur and go “all in” on my startup was one of the hardest but most rewarding experiences of my life. If you’ve got big ideas for a business but fear is holding you back, read about some steps you can take to move past those worries and start your entrepreneurial journey HERE.

“Do not fear mistakes. You will know failure. Continue to reach out.” Benjamin Franklin

Avoid Being Paralyzed by Fear

The Path Ahead

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Sometimes we can barely see across short distances such as is often the case with early morning fog. However, if we’re pointed in the right direction, having positioned ourselves just right, we’re aware of what lies ahead.

Whether it be from past experience, or by following a detailed map, or even by using our senses to realize points of reference, we must trust we’re moving in the right direction. Often, intuition kicks in prompting us to make slight changes in direction. We must trust that gut feeling and act accordingly — but we must prevent from wandering aimlessly off track and into the unknown.

Much can be said about life as a journey. It’s mostly clear sailing with occasional storms that can be navigated with minimal, yet steady effort. Until, of course, we’re faced with a category 8 hurricane or F5 tornado when just surviving becomes our primary goal.

We must have unwavering confidence in our plans and also in our abilities. We must listen to our intuition. We must make changes swiftly and decisively. We must make it happen. We must make it count!

“Confidence is something you create when you believe in yourself.” – Anonymous

7 Ways to Find the Right Direction in Life

Avoid Being Paralyzed by Fear

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“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 in hearing, “no” makes a salesperson drag out the sales process. Heck “maybe” is better than “no” is actually their justification.

However, the longer the salesperson hangs onto “maybe” the more time is wasted – time that could be used on realizing other opportunities including actually closing other sales. Of course, there are similar situations outside sales.

Doing nothing when a definitive decision is necessary is often due to fear in making the wrong decision. Not asking a question because of fear that the answer is not what you want to hear is just a delay tactic.

Fear causes wrong decisions, procrastination and so many different things that are certainly not progressive or proactive. Typically, it starts a domino effect of reacting, and like dominoes, once they start toppling over it’s difficult to stop the momentum… and quickly, it gets away from you. So, realize your fears, act decisively and move forward but don’t ever let fear paralyze you.

“Fear” as defined on 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.

In humans and other animals, fear is modulated by the process of cognition and learning. Thus, fear is judged as rational or appropriate and irrational or inappropriate. An irrational fear is called a phobia.

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.

Fear is sometimes considered the opposite of courage; however, this is incorrect. Because courage is a willingness to face adversity, fear is an example of a condition that makes the exercise of courage possible.

Fear can only be realized as we’re able to admit being scared, it’s only with that admission and realization that we can work through fear and hopefully, overcome it. As fear is such a strong emotion that easily grips the soul, it takes time and patience to overcome such a grip. Little by little, fear can be replaced by courage gained from confidence that fear is just a challenge to be conquered.

Although, conquering fear does not have to be done alone. Instead, collaborative efforts aligned with common goals truly exemplify the phrase, ‘strength in numbers’ and it’s that strength that will make it easier to conquer fear. Easier said than done? Possibly, but the alternative is being overwhelmed by fear and that, we recognize, is not living…

Talk to a friend or a colleague today about your fears. Doing so will go a long way toward realizing that there truly is nothing to fear but fear itself.

Facing Fear in a Traumatized World

I am an entrepreneur. Go ahead. Say it!

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Why is there reluctance to say, I am an entrepreneur? I’ve been asked that question many times. Heck, I’ve asked that question of myself on more than one occasion. It seems, at times we’re prouder to call ourselves, Founder or CEO or to say, I’m a business owner. Why is that?

Are those titles more respectful than, entrepreneur? Yet, we hear of late, we’re in an entrepreneurial economy. So, is that a bad thing or a good thing, and especially if we have a hard time fully admitting to entrepreneurship? Or should we just be entrepreneurial in how we approach our work, whatever that truly means?

Are we claiming to be in an entrepreneurial economy to justify the disappearance of the lifelong career at one company and this is just a way to say we need to create and prove ourselves over and over again, and forget the gold watch?

Back to the reference of being an entrepreneur… Is there a stigma of being a dreamer, always looking for something better, bigger, faster as opposed to what some believe is mundane, repetitive work with the security of a paycheck? Often, I hear it’s mostly due to yesterday’s immigrant mindset of being thankful to just have a job, yet it’s that same immigrant mindset that is the epitome of entrepreneurship.

 “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

We are living our fears.

Actually, I believe it’s because of fear — fear of failure, fear of what other people think, fear of the unknown, fear of the what if, fear of starting over, fear of change… But it’s when those fears are hit head-on and the adrenaline rush of success far outweighs those fears because you know, deep in your heart that you have a deeply ingrained talent that can and will make a difference.

Does that mean failures aren’t possible? Hell no, but it’s working through those failures, those blips, those aberrations that provide experience and resiliency to improve and innovate to make the next step, the next task, the next venture successful. That is entrepreneurship. And it’s when I don’t consider what I do as entrepreneurship, is when failure mostly occurs. Conversely, it’s when I focus on what I do as an entrepreneur, complete with that thinking outside the box and failure is not an option perspective, and when focused more on results as opposed to opinion of others, THAT is when success mostly occurs.

Yes, I’m an entrepreneur. My focus will stay as such as it is not only good for me, but also for my family and for those that rely on me to help them achieve their wishes, hopes and dreams! Why? Because I believe in possibilities, as without them, there are none.

Nurture Your Business for Optimum Growth

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Think of your entrepreneurial journey much like growing a tree. First, you decide what type of tree you’d like to grow. Next, you learn how best to grow it. You then cultivate the soil to provide a firm foundation, but with necessary room to grow. The seeds go into the soil and it’s time to begin growing. Over a relative time, care is provided along with water, fertilizer and other nutrients so the tree not only grows but grows strong.

“Nobody talks of entrepreneurship as survival, but that’s exactly what it is and what nurtures creative thinking.” – Anita Roddick

For a while it’s frustrating as you stare at the dirt wondering when the first signs of growth will penetrate through the surface — a breakthrough of sorts. Then, one day it appears through the surface of the soil and as fragile as it is you wonder how it had the strength to push through. You then care for the tree a bit more, nurturing it along as it grows and grows, branches sprouting out along the way.

At times, it may look a bit unhealthy, so you move it into more direct or less sunlight, maybe increase watering or add some new fertilizer to the soil around it. You may even relocate the tree to a bigger space, a deeper hole to firm up the foundation so it can grow stronger. And then, you see it blossom as it takes a new form with bright flowers, attracting visiting insects from far and wide. It’s beautiful, but you’re cautious as there are predators that may want to feed off your tree, destroying it along the way. So, you protect it with insecticide or even a cage around it to prevent it from being eaten altogether.

Once mature, your tree will only require periodic maintenance. Sometimes it’ll need to be trimmed and pruned to spur new growth, again making it stronger and stronger and more beautiful than ever. You then think, maybe I should plant another one, and then another? Possibly you can grow them to a certain point and then sell them. After all, you know the process. You’ve gone through the learning curve. You most likely still have some or many of the resources you used to grow the first one. There may even be something new that will help it grow faster.

You see, growing a tree is a process. It takes time. It takes perseverance. It takes care and thought at every step. And yes, it takes you staying involved and committed to, not only the process but to the desired results. If you quit or neglect your responsibilities, your dream and business will die, just as the tree would die.

10 Ways to Grow Your Small Business

5 Considerations for Millennials & Generation Z Open to Franchising and Business Ownership

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Franchising is not often considered by the approximately 139 million Millennials and Generation Z population (as of 2020). But, with so many qualified people looking to start or extend their careers, and on their own terms, every job option merits consideration.

First things first. Let’s understand who makes up this segment of the U.S. population that will make up the majority of the workforce for the next 30-40 years:

Millennials were the largest generation group in the U.S. in 2019, with an estimated population of 72.1 million. Born between 1981 and 1996, Millennials recently surpassed Baby Boomers as the biggest group, and they will continue to be a major part of the population for many years.

Generation Z is the most recent to have been named, and many group members will not be able to remember a time before smartphones and social media. However, the group already makes up around 20.35 percent of the U.S. population, and they are said to be the most racially and ethnically diverse of all the generation groups. 

The number of Baby Boomers, whose generation was defined by the boom in births following the Second World War, has fallen by nearly six million since 2010. However, they remain the second-largest generation group, and aging Boomers are contributing to steady increases in the median age of the population. Meanwhile, the Millennial and Gen Z generations continue to grow, and a big reason for this is the increasing number of young immigrants and refugees arriving in the United States.

Thanks to Adecco’s ‘Way to Work’ survey, which surveyed 1,001 Americans who are mostly currently in college or recently graduated and in their late teens to mid-20s, the primary differences between the two generations and how these differences might play out in the workplace have been identified. Three key takeaways, or differences between Millennials and Gen Z regarding work include:

  • Members of Gen Z are more concerned about the cost of education (21% of respondents), compared to Millennials (13% of respondents).
  • Millennials value stability (34%), while Gen Z puts more of an emphasis on finding their dream job (32%).
  • More Gen Zers follow their parents’ influence (42%), compared to their Millennial counterparts (36%).

So, what about business ownership and franchising, once the American Dream of Baby Boomers?

Here are five important considerations for Millennials and Gen Z open to this path of entrepreneurship:

Affordability. Most people between the ages of 18 and 35 cannot afford $800,000 for a brick-and-mortar business but a home-based business might cost between $40,000 and $60,000. There are a vast variety of franchises. Millennials and Gen Z can find one that fits their budget as well as their ideal income, lifestyle, wealth and equity.

Digital Minds. Both groups are digital natives who can capitalize on the Internet to grow their business. Every type of franchise can benefit from someone proficient in the cyber realm, whether that be growing an at-home business in pajamas, creating a digital work force or driving business with a creative social media campaign.  

Control. Some franchises have a web presence that is systemized from the top. If that’s the case, Millennial and Gen Z candidates need to decide if controlling the social presence is important to them or not, then choose a franchise accordingly.

Do Good. Many young people are as concerned their life work be meaningful and socially responsible as they are with money. A franchise allows Millennial and Gen Z candidates the opportunity to “do good” while being their own boss. Franchises exist for dog sitting, tutoring and healthy food, among countless options available for those looking align livelihood with their social mission. 

Difficulties. Both generations like their own voice on social media, their own marketing plan and are generally excited to execute their next big idea. Franchisors offer a replicable model so customers know what to expect. A Millennial or Gen Z candidates who decide to become a franchisee must be sure they completely support the system they choose.

21 Tips for Young and Aspiring Entrepreneurs

As the future of works rests on the shoulders of Millennials and Generation Z, changes to the work force will continue and most likely, not return to any semblance of what was common pre-pandemic. I guess the most important questions (concerns) for me are, Will Millennials and Gen Zers pull professional culture in opposite directions, or do both generations have common ambitions? After all, the workplace structure cannot be a work in progress forever.

What Happened to Our Dreams and Goals?

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I recently came across an interesting discussion in one of the LinkedIn groups that I found quite intriguing, and downright enjoyable to read. It wasn’t about franchising. Nothing about social media. There was no mention of business or entrepreneurship. Money or finances weren’t a major part of the equation. And, surprisingly, just a few mentions about current economic challenges. The discussion was actually about the concept of dreams and goals.

It was enlightening that there were well over one hundred responses in a relatively short period of time. Definitely a considerable amount when compared to other discussions within the same group. Often, the responses were being posted one right after the other. It seemed like people wanted to talk about their dreams and goals, almost as if they had been prohibited from doing so of late.

In light of the economic uncertainty surrounding us today, it seems the subject of dreams and goals has hibernated like a bear for winter. During good times, dreams and goals are out in the open, shared by many. Actually, bragged about by some, and the end results, often materialistic, flaunted by others.

It’s ironic that we’re taught that in order to achieve a goal, a key element in doing so is to enlist the assistance of people that can help us achieve the goal. Yet, in the current economic climate, discussions about dreams and goals have subsided, and have almost disappeared. It’s almost like we feel guilty to have such discussions at this time. Or, that we should just be thankful for what we have and dismiss our dreams and goals as frivolous.

What about the dreams and goals that are not financially driven or rewarding? Why have they been put on the back burner? Well, to all of this, I say “enough is enough.” Yes, enough of the poor me attitudes. Enough of the pity parties. And, enough of the social “rubbernecking.” (Social rubbernecking is when people excitedly talk about other people’s miseries – i.e., neighbor lost his job, their house was foreclosed on, he was having an affair – it’s just like slowing down to look at the horrific car wreck!)

NOW is definitely the time to put all the negatives aside and re-ignite the passion behind our dreams. It’s the perfect time to pull out those lists of goals and remember why we wrote them down in the first place. Why they’re important. How they’re important to people close to us. And how our lives would be positively affected upon achieving our goals and making our dreams come true.

Certainly, it’s time to face the realization that it’s up to us to make our dreams and goals a reality. They’re ours. We own them. No one can take them from us. To paraphrase a quote that I’ve seen many times (in many different forms) in discussions about success, “There are people that make things happen, some that watch things happen, and others that wonder what the hell happened?” Could you tell which group of people are most successful at achieving their goals and making their dreams come true?

And I’ll leave you with my favorite quote to ponder:

The best way to predict your future is to create it. – Abraham Lincoln

*Note: The basis of this post was originally published by the author January 2010. The similarities between the economic challenges faced in 2010 and in 2022 make this post, with minor edits very relevant today!

Happy Easter!

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Pope Francis attended the Easter Vigil in St Peter’s Basilica, focusing his homily on how the women of the Gospel help glimpse the “first rays of the dawn of God’s life rising in the darkness of our world,” and teach us to see, hear and proclaim the Passover of the Lord from death to life.

Present at the celebration were members of a small delegation from Ukraine, made up of representatives of the local government and the country’s parliament, whom the Pope met with just before the liturgy began.

The delegation included the mayor of Melitopol, Ivan Fedorov, now an exile. The Pope greeted him in particular during the celebration.

“In this darkness that you are living, Mr. Mayor, Parliamentarians, the thick darkness of war, of cruelty, we are all praying, praying with you and for you this night. We are praying for all the suffering. We can only give you our company, our prayer and say to you: “Courage! We are accompanying you!” And also, to say to you the greatest thing we are celebrating today: Christòs voskrés! Christ is risen!”

We can sometimes keep looking at life and reality with a downcast perspective, the Pope went on to say, and even write off the future, believe things will never change or improve, burying “the joy of living.”

Yet, the Easter hope we proclaim today is a call by the Lord to see life with different eyes and make the jump to really believing that “fear, pain and death will not have the last word over us.”

While death can fill us with fear and sadness, he said, we must remember that “the Lord is risen!” 

“Let us lift up our gaze, remove the veil of sadness and sorrow from our eyes, and open our hearts to the hope that God brings!”

The Pope added that we need to break free of moribund ways of thinking and behaving, where we can become prisoners of the past, lacking courage to to let ourselves be forgiven by God, to opt in favor for Jesus and his love.

We need to accept and encounter the living God who desires to change us and to change our world. 

“Yet the Lord is risen! Let us not tarry among the tombs, but run to find him, the Living One! Nor may we be afraid to seek him also in the faces of our brothers and sisters, in the stories of those who hope and dream, in the pain of those who we suffer: God is there!”

The Pope expressed his wish for a Church that can proclaim in the same way, with the same fervor, the joy of the Gospel, what all Christians are called to do “to experience the risen Christ and to share the experience with others” and the joy it brings. 

In conclusion, Pope Francis recalled how Jesus entered “the tomb of our sin” and “bore the weight of our burdens” restoring us to life. 

“Let us celebrate Easter with Christ! He is alive! Today, too, he walks in our midst, changes us and sets us free…For with Jesus, the Risen Lord, no night will last forever; and even in the darkest night, the morning star continues to shine.”

Full video of the Easter Vigil with Pope Francis.

*Note: This post has been shared in part from Vatican News. Read the full message HERE.

Wishing everyone a beautiful Easter Sunday filled with happiness, love, and faith. May you feel the love of God on this blessed day. Happy Easter!