Author: grsjones

As Robert Kiyosaki pointed out in his fantastic book “Rich Dad, Poor Dad”, income generating assets provide healthier bottom-line results than even the best traditional jobs. The thought is how assets might be acquired so that the jobs you hold can eventually be shed. The question is why do most folks working for others not think about or implement this type of strategy? How many individuals work all their lives and end up not having enough to enjoy a peaceful retirement, while others build up income producing assets that provide security. Even more difficult to understand is when individuals are let go of their positions they have nothing to lean on when it comes to producing income. There have been Corporate Executives let go of their positions after years of service and think what do I do now, should I try and jump back in the work force (difficult), what to do with their time, where to find income, etc, etc.

• Why most do not get or want to know how they can get their money to work for them?
• Why do most seek out the standard path of working for others and having their futures depend on those that do not look for their input?
• Why end up having to job hop through your career to get to your dream spot?
• Why end up at the end of your career not satisfied with what you have accomplished?

These are questions everyone should ask themselves and look to make a plan to off-set the downside of each. The saying “The poor and the middle class work for money while the wealthy have money work for them” correlates with the message of “income producing assets” and why we should all learn about the options to enhance our futures.

So, what are your options when it comes to income producing assets, rent out property, buy a business, or buy a franchise, to which there are other methods, but the three mentioned stand out. For those not having the experience, time or confidence to look into the options, one should seek out help to learn what they can accomplish so they are not walking out the door of their employer with nothing to lean on. Find a real estate contact, business broker or franchise expert who will guide you to opportunities that will not only give you financial assistance but will bring more to your life to keep it fulfilled.

Rich Dad, Poor Dad brings forth a simple message (and an easy read) but the message is very effective if implemented. Most would benefit if they consider implementing multiple revenue streams into their lives and following what the wealthy most often put into effect.

Alone we can do so little; together we can do so much.” – Helen Keller

Now more than ever is it important for organizations to work together for the betterment of the entire operation. And, when I say teams, I’m talking about all types of teams whether in the office or virtually.

Research shows that collaborative problem solving leads to better outcomes and people are more likely to take calculated risks that lead to innovation if they have the support of a team behind them. Working in a team encourages personal growth, increases job satisfaction, and reduces stress.

Why is it vital to promote and execute teamwork?

• Teamwork motivates unity in the workplace – your team environment promotes an atmosphere that fosters friendship and loyalty.
• Teamwork offers an open door for differing perspectives and feedback – allows for individuals to brainstorm collectively which leads to more efficient problem solving.
• Teamwork provides improved efficiency and productivity – workloads are shared which takes the pressure off individuals and equates to finishing projects in a more timely manner and on schedule.
• Teamwork provides great learning opportunities – learn from one another’s mistakes. You are able to avoid future errors, gain insight from differing perspectives, and learn new concepts from more experienced colleagues.
• Teamwork promotes workplace synergy – mutual support shared goals, cooperation and encouragement provide workplace synergy.

Not everyone processes information the same way, some people like to jump into problem-solving mode immediatley, while others prefer time to gather their thoughts and consider multiple options.

How to create a team environment

• Lead the Way – You need to promote a team working attitude within yours.
• Give Your Teams Target – By setting clear guidelines of what you expect them to achieve, you’ll soon see them working as one towards a common goal.
• Provide Regular Team Rewards – One of the best ways to motivate a team is to create a rewards program.
• Make Every Meeting a Team Meeting – When your employees are aware of how each team member’s role works, they will be abler, and more willing, to help.
• Set Up Team-Building Activities – By seeing which members of your team work well together during these activities, you’ll be better able to place your staff in effective groups for working as teams.
• Open Up Lines of Communication – A team that gets along is more likely to work well together.
• Consider Your Office Layout – Does your office formation promote the team-working culture you’re looking for?

Conclusion

As you can see, promoting a more team-working culture among your staff doesn’t have to be difficult. If you lead the way and make a few changes here or there, you’ll soon see employees working together.

A nice percentage of businesses do well, are happy and accomplish their goals. But not all meet with success. At the core there are several unique reasons businesses struggle, below are a few main reasons why.

They do not really want to own a business

To succeed in anything, you need to have a deep desire/commitment, and sometimes business owners are not fully committed to being their own bosses and running a business. Being tired of a boss or having a bad day at work are not reasons to explore ownership. Starting a business can have a profound impact on your personal, professional, and financial life, and as such, should not be taken lightly. Again, business ownership is not a way to get out of a bad career path or wanting to have more time for yourself.

Low commitment or effort

Owning a business is a big commitment. Whether it’s full-time or semi-absentee basis, you must commit the hours necessary to succeed and/or hire a strong manager. You must thoroughly run thru due diligence to understand clearly what is expected and the effort needed to achieve your goals. If you cannot commit the time and effort required with business ownership, or at least the industry you are exploring it may not be right for you.

Personal Skills

If you have a hard time in your current role due to a lack of some basic skills such as communications, management, operations, sales, and time management then those deficits will follow you into business ownership. The greatest skill deficits are typically in management and sales which will make it very difficult for some business owners. If you cannot sell or manage and those are core to the ownership, then results will not be stellar. While completing the due diligence, get clear on what the necessary key skills are, and be honest with yourself. If you don’t have them, starting a business may be a mistake.

Underestimating the Investment

Running a business requires money. Working capital (money to keep the business running) is crucial until the business turns cash flow positive. Lack of working capital often results in under preforming because when you try to run a business without the proper capital you damage the business. Having enough money to put money into sales and marketing the business is vital and a must. Poor financial planning leads to poor execution that dooms many businesses.

Picking the Wrong Industry

Some people often fall in love with a business and want it at all costs. They fall for companies/industries that are red hot at the time, but there is a significant difference between thinking a brand is cool and operating the business. You should align your interests, strengths, and skills to the product or service that you are looking at. Dive into learning everything that is needed to run the business and what is expected of you . If you are not comfortable and excited to do the necessary tasks, it is probably not the right fit.

Poor due diligence

The ability to conduct thorough due diligence is essential when looking at business ownership. Reviewing the financial records, vendors lists, debt, employee turnover, systems, training, etc., are extremely important and you should have your accountant, or financial advisor involved to help go through the details. Pay particular attention to past marketing efforts and what additional efforts you can bring forth to create additional revenues going forward. One other very important point is that being a business owner, you must get highly involved in the community that your business exists. Whether its guerrilla marketing, community events, social media efforts, or business group involvement, you must participate to have a successful business.

****Looking for help to determine your business ownership options, contact me at Joshco Partners.

The five main reasons why employees quit:

• Burnout: 40%
• Company going through organizational changes: 34%
• Lack of flexibility: 20%, Instances of discrimination: 20%, Contributions and ideas not being valued: 20% (three-way tie)
• Insufficient benefits: 19%
• Well-being not supported by the company: 16%

What the job switchers are seeking:

• Ability to work remotely according to personal preference: 40%
• Better compensation: 37%
• Better management: 31%
• Better company reputation: 29%
• Better work-life balance: 26%
• Flexible work schedule: 24%

So what options are out there for the Switchers?

1. Stay with their current company and see if things change

• This option would mean working with the current staff and executive team to make changes.
• Will they be open to improving your compensation?
• Will they permit working remotely?
• Will they allow flexible work schedule?

2. Find employment with another company

• Can you secure the “right” position that matches your skills and goals?
• Will your search allow or expose everything you need to know about the company’s work culture?
• Will the new position put you in a position to grow?
• What changes will occur in the future with the companies current structure?

3. Get into business for yourself

• Can you find a business that excites you and one that has market demand?
• Do you have the capital to invest in a business?
• Where do you find help to assist in your search?
• Do you have the skills and confidence to make it happen?

The above questions are just the tip of the iceberg when considering your options and all should be given serious thought prior to making a decision. It’s always best to get help/support from individuals or companies that can assist and those that have the experience/expertise in aiding those looking to make a change.

“The action of working with an individual or group in order to achieve something”

Business today is all about collaboration and especially in these times of remote home based employees. Did you know that 86% of employees believe workplace failures are due to a lack of collaboration or ineffective communication. So why do companies find it so hard to implement Collaboration within their own structure? Let’s take a look at how to improve so organizations can actually excel at Collaboration.

So we have all heard the term “team player” and especially when companies are interviewing for positions to hire. That term is easily spewed by the company heads but can be difficult to execute if not taken seriously. Stanford researchers Priyanka Carr and Gregory Walton found that simply feeling like we’re working as part of a team makes us more motivated to persevere in difficult tasks. Across five experiments, participants who thought they were solving a puzzle with others worked on it 48% longer than those who thought they were on their own.

Three activities that stand out when improving Collaboration:

*Trust – Teamwork is based on relationships and for those relationships to work, there must be trust

*Self Awareness – Ask for feedback, good and bad. One must understand that we all have weaknesses and can improve

*Tolerance – You will be working with all types of personalities and backgrounds to which you may not always see where they are coming from

Having Collaboration means:

• Having a great Training program and a System to follow
• Employee Connection with team members that can mentor or help shape those that are in need of support. They can give advice about an employee issue, or some wisdom that comes from another employee’s experience.
• Recruit and have continuous training. Good help is hard to find, and it’s getting harder and harder to keep good employees. Keep your employees informed and updated on promotions, marketing programs, company updates, etc. Hold refresher and advanced training sessions.
• Communicate consistently. Brainstorm with your team, your communication style will largely dictate what kind of work culture you have, and culture has a lot to do with success or failure.

Many businesses were forced to adapt during COVID, Corporate-level management had to reach out to help employees, strengthen the team concept that makes for a successful Collaborative environment. It was a reminder that surviving and thriving in adversity is the best preparation for future success.

Life after Retirement, is it better or worse?

According to a recent survey 1 in 5 folks think their golden years are worse than they expected. Sometimes this feeling is brought on by the transition from working to retirement and the feeling like they have suffered a detachment. It doesn’t have to be that way for those who want to break the mold and take hold of their future.

The happiest retirees are those who have discovered and built a more meaningful life for themselves and found ways to invest their time. Today, many over 50 years of age are starting their own business and putting their life and their financial future in better shape.

There is a correlation between age and success, research by Age UK shows. More than 70% of businesses started by over 55-year-olds last more than five years, compared to 28% among younger entrepreneurs. In the U.S., the U.K., Ireland and Australia, the age group is launching more start-ups than any other cohort.

That stat comes from Elizabeth Isle, founder of the Global Institute of Experienced Entrepreneurs. She started the Institute at age 70.

A high number of those 50 plus business owners are fulfilling their time, energy and dreams through Franchise opportunities!

America has 11 million small-business owners 55 and older, according to the U.S. Small Business Administration, who have to balance their dreams of running a successful business with their goals of being able to retire comfortably financially.

Those over 50 have taken advantage of owning Franchise businesses due to the support that comes from a Franchise System and the many options/industries that the Franchise space brings to market. When people think of a franchise business, the first thing that comes to mind usually is a popular fast-food chain such as McDonald’s.

But the actual range of franchise opportunities extends well beyond restaurants – including options as diverse as home healthcare, business consulting, bird feed retailing and real estate.

That range is good news. It means that aspiring entrepreneurs can not only find a potential franchise business that matches their personal interests, but they also can find one that fits their budget, which may not be the case with a fast-food restaurant.

“There are a lot of different options out there for folks, and it depends on what they’re looking to achieve,” says Eric Stites. CEO and managing director of Franchise Business Review (FBR), a market research firm. “I see people all the time that are in their mid-50’s or so, and they’re thinking about their eventual retirement.

Franchising can give them a good 10-to-15-year window, where they can work hard for five years to get the business up and running. Then, they can kind of scale back a little bit and still own the business but not have to work as hard and still have that residual income long term in retirement.”

Anyone that has an interest in Franchise opportunities should turn to an organization or individual who knows the Franchise space very well. Let them help you understand the in’s and out’s of buying a Franchise concept. Just like todays top athletes, get yourself an agent who will represent your best interests and help you find the best organization to join.

For all you Investors looking to buy a business!

Franchise resale prices are higher than those of non-franchise resales!

Lets face it, individuals looking to start/buy a business are investors. Whether you are an owner/operator, semi-passive or passive, you are investing money for future return.

What most investors don’t consider when investing in a business model (but should) is the “Resale” value if they decide to sell. Here is some food for thought, “Franchise Resales” are proving to be more lucrative than non Franchise businesses that are on the market.

A study conducted at Palm Beach Atlantic University’s Rinker School of Business has documented that franchise businesses fetch more at resale than non-franchise businesses. Three PBA Rinker School faculty researchers examined 2,159 business resales that occurred over a decade. From the data, they determined that franchise resale prices were 1.5 times as much as those of non-franchise businesses. Small businesses in the franchise industry’s food/restaurant (non-grocery) category sold at .5 times higher price than other personal and professional small business categories

Franchise resales are big business in the 21st Century, and investing in such an opportunity presents certain advantages over independent business.

Advantages:

• You’re investing in a brand and system that has a track record
• Success in a product or brand that has been well received by the marketplace
• Brand recognition
• Instant cash flow
• Fully trained staff (if applicable), Franchise systems have detailed training for employees of the system
• Marketing support
• Bank support, most banks look favorably towards lending to Franchisees of established Franchise systems with track records

Most investors consider the up front investment to return of that investment over time but should also consider the Resale value once the end is in sight.

Psychologists have long known that success is fueled by grit, passion, and a growth mindset—a deep-seated conviction that you can excel at a new pursuit.

But grit—a combination of perseverance and determination—rises through middle age and peaks in your 70s, as do a number of other helpful intellectual traits. Harvard and MIT researchers who tracked the cognitive skills of 48,000 people over time found that while mental processing speed is already on the downswing by the time you depart college, your ability to perceive the emotional state of other people and your vocabulary, comprehension, and aptitude for math keep climbing until at least 50. Though short-term memory declines after age 35, the mind’s accumulation of facts and knowledge peaks around retirement age. In many ways, that’s when your mind is best suited to dominate on the job.

Such an overabundance of determination may be unusual, but gritty, later-life professional success is not. Starting a business later in life may be the smartest thing you have ever done for yourself.

How to Stoke the Fire

1. Make It Meaningful
Once you pass the half-century mark, avoid work you don’t find compelling. The pandemic provides the perfect occasion to ditch—or be fired from—a position that doesn’t do much beyond keeping the lights on and the fridge full. “When you lose that just-OK job, you have the opportunity to take a big risk,” says Boden. “Take all the good from your past ventures and throw them into the future.”

2. Move Your Body
“Physical activity is very important to keep the gray and white matter in your brain more functional,” says Sigmundsson. His studies show that successful older people are all physically active, including everyone mentioned in this article. Anything that gets your heart pumping, such as walking, swimming, yoga, biking, or weights, will do the trick.

3. Fight Weakness
Which is lowest: your grit, passion, or growth mindset? Help nurture your weakest trait by surrounding yourself with people and deadlines that bolster it. If your entrepreneurial passion is fading, find an enthusiastic business partner and/or join a professional group. Talk to a source that can help you find that right entrepreneurial opportunity.

“The person who risks nothing, does nothing, has nothing, is nothing, and becomes nothing. He may avoid suffering and sorrow, but he simply cannot learn and feel and change and grow and love and live.”
Leo Buscaglia (1924 – 1998) American Author & Professor.

“Avoiding danger is no safer in the long run than outright exposure. The fearful are caught as often as the bold.”
Helen Keller (1880 – 1968) Deaf and Blind American Author, Activist and Lecturer

“Security is mostly a superstition. It does not exist in nature, nor do the children of men as a whole experience it. Avoiding danger is no safer in the long run than outright exposure. Life is either a daring adventure, or nothing.”
Helen Keller (1880 – 1968) Deaf and Blind American Author, Activist and Lecturer

Politics is bubbling over into nearly every aspect of our lives, and the Corporate office is not immune. Corporate politics has been around forever, and it can be a detriment to ones career and future success. How many times have you been caught up in the bosses misuse of information, peer jealousy, and the old fashion “Rumor Mill”.

Overall, 55% of employees say they partake at least somewhat in office politics, with most of those doing so to advance their careers. The study found that 76% of workers believe that office politics affect their efforts to get ahead, up from 56% who felt that way in 2012. Gossiping and spreading rumors is the most popular form of office politicking. According to Accountemps’ survey, 46% of employees polled said it is the behavior they see most often. Gaining favor by flattering the boss, taking credit for others’ work and sabotaging co-workers’ projects are among the other, more common forms of office politics employees say they witness.

Do any of these look or sound familiar?

• Gossip Hound
• Credit Thief
• Flatterer
• Saboteur
• Lobbyist
• Manipulator

Take control, working for yourself is one way to leave the workplace politics behind. Since the pandemic hit our lives over the past 15 months, more and more individuals are starting small businesses and controlling their destiny. What this creates, is ones ability to use power and social networking within your own workplace to achieve changes that benefit you and your company. Think how much you could focus and accomplish without the Corporate baggage and disruptions that politics create everyday.

If you are interested in leaving the Corporate Silos, Hierarchies, and Manipulation behind, think about your small business options. Start on your own with a great idea, or work with a great and financially sound Franchise model that fits with your skillset. Both can help you leave the Corporate politics behind and allow you to take control of your future. To help with investigating your options, be smart and work with a firm that has the ability to look at all options and provide information.

If you would like to discuss your options, please contact me to have a discussion about your future.

Several reasons to make a life changing decision!

There is a long list of reasons for you to look at starting a business. I’m sure you have heard several of them, like “I want to make more money” or “I’ve always dreamed of being my own boss” but the reality is different people start businesses for different reasons.

Reasons to start a business

• Make more money
• Do things better
• Pride in ownership
• Expand skills
• Lower taxes
• Create jobs for others

But, one stands out from all the others, Independence.

Yes, Freedom is the promise of entrepreneurship, and on average, most business owners point to independence as the main driver to building a business. The International Entrepreneurship and Management released stats from a global survey of early-stage business owners and Independence was the most common answer for starting a business.

• Within the 25 countries, the study looked at, an average of 38% of beginning business owners cited independence as a motivation.
• Independence served as a reason for 35% of entrepreneurs in the US and 39% in the UK.
• In Australia and Japan, 57% of beginning owners pointed to independence as their motivator.

Owning your own business means being your own boss, deciding when you work, how you work, and what you work on.

Of course, business owners still do need to do their research and look at the market demand. But when you become the business owner, you choose how to do that. It gives you greater autonomy.

For those interested in business ownership and would like to discuss what options may exist, please contact me to go through our process to determine what may be a good fit.