Kiss your Boss Goodbye!

On July 24 in the Deseret News paper in Salt Lake City Utah Alan Hall wrote an article which gave great information on how to become an entrepreneur.  The article was titled, “Kiss your boss goodbye – its time to become an entrepreneur”.

He sums up what many of us have wanted to tell our boss but was too afraid to do.  Usually we wait until we are fired or hate the job and boss so much we cannot stand it.  For many of the chicken hearted we wish we could tell the boss, “Goodbye” but we just cannot pull the trigger.  Usually fear holds us back and keeps us caged into our own little world.

To get rid of the “fear” you only need knowledge. 

Alan Hall gives a few suggestions I full agree on. 1) Keep your job until the time is right.  2) Determine your purpose, your vision, your strategy.  3) Test your assumptions.  4) Evaluate a products viability.  5) Evaluate and test a plan to sell your product and collect revenues.  6) Determine if you can make a profit.

I also suggest you start small and take baby steps as you test your market.

If you do those things most of the fear will go away.  You will always have butterflies but true fear will be eliminated.  Is it time to “Kiss your boss goodbye?” 

Start working on your plan, follow instructions and before you know it, it will be time to make your move.

Home Health Care is HOT!

This link is an article from a health magazine.  You might be interested.  The Title of the article is:

Home care franchises are hot! hot! hot!

http://www.healthcarefinancenews.com/news/home-care-franchises-are-hot-hot-hot

I represent 24 of these companies if anyone is intereste in learning more.  My services are free to my clients.

Veteran to Entrepreneur

As was reported in the IFA online newsletter: Mark Kelly spent 25 years as a fighter pilot and served in Iraq and Afghanistan before retiring from the U.S. Air Force in 2009. After entering civilian life and earning a master’s degree in engineering management, the retired colonel started looking for opportunities to run a small business and asked a franchise consulting company like mine, to help him with ideas. One of those ideas was computer services franchisor TeamLogic IT. TeamLogic is one of hundreds of franchises that responded to the International Franchise Association’s “Operation Enduring Opportunity” campaign, which urges franchisors to hire and recruit 75,000 veterans and spouses and 5,000 wounded vets by 2014. It is one of the 400 plus franchises I represent. On May 1, Kelly, 51, and his Air Force veteran-wife, Dawn Kelly, 50, opened their first franchise in Colorado Springs, Colo. The couple felt the chain matched Dawn’s “strong skill set” as a former Air Force computer analyst with multiple professional IT certifications, husband Mark says. No matter your talent, I believe there is a franchise for everyone. Do you have the desire and passion to be an Entrepreneur? If you do, call me.

Creative business financing

What is the best way to finance a new business?  There are a few great options but at this time a 401k roller might be the most popular. 

Here are a few thoughts from Guidant Financial, one of the top funding sources in the USA.

“We have seen significant growth in our business since the end of 2008 and early 2009 when the markets collapsed,” said David Nielssen, Guidant’s co-founder and chief executive. “What is interesting is that today’s small-business and franchise buyer is aware of the credit crisis, and they are investigating their funding options much earlier in the process.” Between 2009 and 2011, he said, the number of inquiries at Guidant increased by 196 percent.

Companies like Guidant and DRDA, a Houston-based accounting firm, facilitate the process of rolling over funds from a 401(k) to purchase stock in your own company. “Rollovers do not operate on a debt model,” Mr. Nielssen explained. “They allow a person to invest in a business without paying interest, making payments or having a payback window.”

The plans frequently go by acronyms like BORSA (Business Owners Retirement Savings Account) or ROBS (Rollovers as Business Start-ups), and they do not incur the taxes and penalties associated with early distributions from a 401(k). (If you consider using this type of financing to purchase a business, be sure to engage experienced professionals who are familiar with setting up and administering these types of plans, which are subject to compliance with both the Internal Revenue Code and ERISA law.)

There are upfront fees to begin the process, as well as annual fees to have the plan administered, so a bit of analysis is needed to determine whether it is a cost-effective option. According to Suzy Granger, business development officer at DRDA, clients are required to invest a minimum of $50,000 from a 401(k), with the typical rollover amount coming in around $150,000. The average rollover at Guidant is $174,000, according to Mr. Nielssen. In any transaction, the funds from a 401(k) rollover may be sufficient to complete the purchase, or they can be used in conjunction with other sources of financing like cash, Small Business Administration loans or other debt instruments.

Do your homework and look at all your options but 401k rollover should be one looked at carefully.

Lee Iacocca

Any supervisor worth his salt would rather deal with people who attempt too much than with those who try too little."

--Lee Iacocca,
American businessman

Words that Guarantee Failure

 

Those who fail to achieve goals signal their intent to fail by using this common phrase. Make sure you aren't falling into the same trap.

People who fail to achieve goals almost always signal their intent to fail by using three little words:

"I will try..."

There are no three words in the English language that are more deceptive, both to the person who says them and the person who hears them.

People who say "I will try" have given themselves permission to fail. No matter what happens, they can always claim that they "tried."

People who hear "I will try" and don't realize what it really means are fooling themselves, by thinking there's a chance that the speaker will actually succeed.

People who really and truly achieve goals never say "I will try."

Instead, they always say "I will do" something–or, better yet, "I must do" whatever the task is.

As a wise man once said: "Do, or do not. There is no 'try.'"

Philosophy of Life

The following is the philosophy of Charles Schulz, the creator of the 'Peanuts' comic strip.

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You don't have to actually answer the questions. Just ponder on them.

Just read the e-mail straight through, and you'll get the point.


1. Name the five wealthiest people in the world.

2. Name the last five Heisman trophy winners.

3. Name the last five winners of the Miss America pageant.

4 Name ten people who have won the Nobel or Pulitzer Prize.

5. Name the last half dozen Academy Award winners for best actor and actress.

6. Name the last decade's worth of World Series winners.

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How did you do?

The point is, none of us remember the headliners of yesterday.

These are no second-rate achievers.

They are the best in their fields.

But the applause dies..

Awards tarnish..

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Here's another quiz. See how you do on this one:


1. List a few teachers who aided your journey through school.

2. Name three friends who have helped you through a difficult time.

3. Name five people who have taught you something worthwhile.

4. Think of a few people who have made you feel appreciated and special.

5. Think of five people you enjoy spending time with.

Achievements are forgotten.

Accolades and certificates are buried with their owners.

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Easier?


The lesson:

The people who make a difference in your life are not the ones with the
most credentials, the most money...or the most awards.

They simply are the ones who care the most.

''Be Yourself. Everyone Else Is Taken!"

The happiest of people don't necessarily have the best of everything;
They just make the most of everything they have.