Business Basics are NOT Sexy

Posted by wallycarmichael on May 14, 2019

This, like other business related topics, is not a particularly sexy one. But sexy is just fun to look at. It does not make your business money. Well, not unless that is your business. If not, you need this nerdy info to grow your business and gain profits well into the future. You know, for your kids, kids. That would be your grand-babies.

Today I’d like to share with you the three keys to business development and how you can put the right bricks in place to build a solid foundation.

Some business owners have all the right bricks, while others have bricks they no longer need or are not ready for, yet. It’s my job to show what bricks you need right now today and where to place them.

I hear Ya! “OK, enough with the damn bricks already.”

There are three main areas of business development:

  • Innovation
  • Quantification
  • Orchestration

When done well, these three areas will help you build a solid foundation for your business. And a solid business will allow you to live your Best Life rather than spend all your time in the office. You want to hang out and connect with your family more right?

Let’s talk about each one of these for just a minute.

Innovation

Innovation should not be confused with creativity, which is the expression of ideas. Innovation is taking these ideas and putting them into ACTION. This is where a large amount of your focus should be in the beginning and even throughout your business’ entire lifespan.

Quantification

This, of course, refers to the numbers. We are talking about the value of your innovation. The best way to gauge this is by your customer response. Look for positive responses for what you are doing right and keep doing more of that. Look for negative customer responses to find out what you’re doing not so great and fix it. This will enable you to keep growing and progressing with the needs of your customers and business climate.

Orchestration

Once you’ve had a chance to find what areas are working, you can narrow down those areas and concentrate on making them your stand-out ideas. You shift your focus here to get the most out of your business and to meet the needs of your customers.

We can help you work through these three areas to put together your franchise prototype during your FREE test drive.

What do you feel is your TOP Business related issue?

I will personally work with you for a few weeks to fix that.

Yup, no charge. Hit me up.

Wally

Scaling your business requires a Franchise System

Posted by wallycarmichael on May 7, 2019

Have you ever considered how big you want your business to be some day? I bet you have.

I’ve heard it said that when you start a business, you should start it with an exit plan. Meaning, you should build your business so it’s ready to sell some day.

To many business owners, that’s like having a baby with the idea of putting him/her up for adoption some day. It simply does not compute in the young mother’s/father’s (business owners) mind.

So here’s a better thought…

Build your business as if you’re going to turn it into a franchise some day.

While franchising is not required to grow your business, a franchising system is. Let me explain.

In order for your business to grow, you must have systems in place. You must have everything and more listed below before you can even consider growing your business. These basic needs are required from day one for any business. That is if you want to actually make a profit some day, let along grow.

And rather you want to grow your business or not, having a franchise model in place will certainly make your life as a business owners so much easier.

Here’s a few things to consider about setting up a franchise system within your business.

  • Business Format Franchise
  • The Franchise Prototype
  • Franchise Prototype Standards

Business Format Franchise

The business format franchise came from an earlier model called the “trade name” franchise. The big change was in the rights. During the “trade name” days the franchise owner only had marketing right’s. Now franchise owners have owning rights to the entire business including systems. This has allowed for a shift in focus to go from the quality and name recognition of the products carrying the business to sales techniques that carry the business.

The Franchise Prototype

It was really the franchise prototypes that allowed for the changes to be made that help today’s franchises really shine with the techniques developed by the owners instead of the corporation. This can make a significant difference in the success of the franchise as the owner can custom tailor their marketing and promotions to the direct needs of their local target customers.

Franchise Prototype Standards

Now, the above being said, no one in their right mind would purchase a franchise if the parent company didn’t have a solid plan of action set up to ensure the prospective success of the business. So, there are a few standards that are put into place that helps jump-start the process of opening a successful franchise.

Build model of prospective customers/clients, suppliers, creditors and employees who will consistently offer high quality work.

  1. Build a user-friendly model that can be used by individuals of any skill set.
  2. Build a defect-free model.
  3. Build a model with Operations Manuals.
  4. Build a model that will provide guaranteed, consistent results.
  5. Build a model that encompasses the same branding in color, dress and facilities codes.

These are all ways the parent corporation makes sure their brand stays the same and in the front of the minds of customers. When you are purchasing a widely-known brand you will attract customers just for being you.

If you’re having trouble rapping your head around this idea, I have several training videos in my eLearning System that will go in much deeper detail.  

Take a guided tour of my system at Abundance & Prosperity Business Mastery eLearning System.

Then book a Live Business Breakthrough Session with me. I know I can find $10k to $50 or more in your business in just 45 minutes. Put me to the test.

Expanding the Life of Your Business

Posted by wallycarmichael on April 30, 2019

Today I’m going to talk about the life cycle of a business and how to get the most out of each cycle while also extended the lifespan of your business.

The four different stages of a business life cycle are:

  • Infancy
  • Adolescence
  • Growing Pains
  • Maturity

We’ll talk a little about what each of these cycle’s means and how they can each help expand your business’ lifespan.

Infancy

This is generally considered the technician’s phase, which is the owner. At this point, the relationship between the business and the owner is that of a parent and new baby. There is an impenetrable bond that is necessary to determine the path your business will follow.

The key is to know your business must grow in order to flourish. You cannot stay in this stage forever.

And this is the toughest stage for most business owners to take on an advisor, coach or consultant. Because in this phase, many new business owners think they know what’s best for their baby. Things are still new and the baby is developing. Notice I said developing, not growing.

Adolescence

In this stage you need to start bringing your support staff together to delegate leverage to and allow growth to happen. The first line of defense is your technical person as they need to bring a certain level of technical experience. This cycle really belongs to the manager though. The plan stage needs to start and a relationship should be built with the entrepreneur to plan for the future.

Like an adolescent child, this is where you will start being tested by your business personalities (technician, manager, entrepreneur) and other employees. Be firm and stick to the plan.

Growing Pains

There’s a point in every business when business explodes and becomes chaotic. This is referred to as growing pains. It’s a good problem to have, but a problem nonetheless. You are often faced with a number of choices:

  • Avoid growth and stay small
  • Go broke
  • Push forward into the next cycle

I see too many business owners who buy into the idea the business must grow before it’s profitable. This is simply not true. Your business can grow and profit at the same time. But if I have to choose between the two, I chose profits over growth every day of the week and twice on Friday. Which is great for me because I chose not to work on Friday, Saturday and Sunday.

Maturity

The last cycle is maturity, though this doesn’t mean the end of your business. Your passion for growth must continue in order for your business to succeed. You need to keep an entrepreneurial perspective in order to push your business forward.

If you’re not the entrepreneur in your business, find someone who is and work with that person.

You see how all three of these cycles are connected and depend on a strong foundation for each one of them for your business to be, and continue to be, successful. All three of your key roles must also work together to work through these cycles.

As you already know, you might be the technician, manager or entrepreneur. You might think you’re all three. But that is not sustainable for continued growth and profits.

If you’re having trouble putting your business life cycles together and figuring out which of the key roles you fit into, take a guided tour of my Abundance & Prosperity Business Mastery eLearning System.

Then book a Live Business Breakthrough Session with me. I know I can find $10k to $50 or more in your business in just 45 minutes. Put me to the test.

Choose Your Dream Team

Posted by wallycarmichael on April 23, 2019

Today I’d like to chat about the different types of support staff you need and what makes them so important.

There are essentially three key roles that need to be filled to set your business up for success:

  • The Technician
  • The Manager
  • The Entrepreneur

All of these roles need to be played simultaneously by different people with the right talents. It’s all about balance.

The Technician

This person represents the present and all that needs to be done for the physical aspects of the business building process. They are the “doer”. This is usually the most visible person of the entire operation.

In many cases this person is you, the business owner. Well at least this was you before you decided to quit working for others and start your own business. Before you’re your entrepreneur seizure.

The Manager

This person represents the past and works to fix problems through learning from past mistakes. They are the practical side of the business and is in charge of putting together the business and overseeing the planning.

The Entrepreneur

This person represents the future and the vision for the business. They are responsible for the creative side of the business and are always considering ways to enhance products/service, business image, branding and more.

You can be one, but not all

All three of these characters are essential in the success of any business and to build a solid foundation from the start, you need to work harder to find the right people to put in these roles.

In the beginning you may find yourself in all three of these roles. In order for your business to grow and profit you must separate yourself from two of the three roles as much as possible.

Obviously, you need to be one of these key people, but ensure you find the role that fits your skills and talents, not necessarily what you THINK you should be doing.

This may be a hard process for you as you will need to relinquish some control over the business and instill trust in people to allow them to do their jobs.

Remember, our business coaches can help you through this entire process and teach you how to avoid falling victim to e-myths when you try our FREE test drive.

Are You Aiding & Abetting E-Myths?

Posted by wallycarmichael on April 16, 2019

Let me start out todays lesson with a true story.

I attended a networking event a few weeks ago. This event included business owners and soon to be business owners of various industries. There were about 120 people in the room.

Among the speakers was a guy who had owned a business for about 4 years. He proudly told the crowd “In just 4 years, my company’s revenue has grown to $55 Million.” The crowed cheered.

When the cheering died down, he admitted, almost as proudly, “But I’m still just as broke as I was when I opened the doors.” He went on to say, “Be prepared, because as business owners, that’s your fate as well.”

I call Bull-Shit.

What I mean is, that is the fate of most businesses. But that does not have to be your fate. Some, like this business owner, believe you can grow or you can profit. But you can’t do both. Again, BS.

You can grow and profit at the same time.

We are going to embark upon a journey through the world of e-myths and debunk them to help you avoid falling into the e-myth trap.

First, let’s take a minute to talk about what an e-myth is. An entrepreneurial myth, or e-myth, is an assumption that anyone can succeed at business with:

  • Desire
  • A plan
  • Some capital
  • Projected a targeted profit

This sounds great, but it just is not realistic. Think of starting a business as a marathon. Sure, everyone starts out of the gate at record pace, but after a few miles people start slowing and some drop out entirely. Building a successful business takes stamina, agility and resilience.

The reality is that there are many different facets to a successful business and none of them can be ignored if you plan to find success. And by success I mean profits, not just revenue.

“Revenue feeds your ego. Profits feed your family.”

Let’s take a minute to talk about entrepreneurial seizure. This defines the roller coaster of emotions that comes with starting, nurturing and the potential failure of a business.

The emotions that occur, in order, are:

  • Exhilaration
  • Exhaustion
  • Despair
  • Sense of self-loss

This is usually caused by the e-myths and assumptions we talked about. You can get your hopes so high on instant success that even the smallest lag and you are sent into an emotional tailspin. This is also brought on by the stark realization that you can’t do it all and will need help in the areas where you don’t have the knowledge. Now, faced with limited choices you may feel like you need to back out and hide, but don’t do this.

You are not alone. Rather your a Broke Multi-Million Dollar Business or a Broke $100k business, it’s not your fault. Regardless of your amazing technical skills in your craft, chances are, you know very little about actually running a profitable business.

That’s where we come in. We can help.

Use our FREE test drive to get the business coaching you need to avoid feeling overwhelmed and defeated.