How to Franchise Your Way into Retirement Bliss

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Let’s face it, everyone will reach their golden years at some point no matter how young of heart they might feel. Then again, if you don’t reach your golden years then something has gone terribly wrong and you’re likely not reading this article right now. So let’s speak to the seasoned individual who’s not quite done yet living life to their fullest. By the time AARP starts sending you literature you’ve seen and done a thing or two in life. The odds are high that everything did not go according to plan, but you’ve learned from it. Remarkably, at the time in life when persons know the most about life, love and business it is also the time they are considering winding down. So let’s ask the remarkable question of, what if you didn’t? What if right at the time when you know the most you took on a venture to secure a steady stream of income that would carry you into your golden years with class and style? It might very well be that right now is the perfect time in life to start a franchise and coast your way towards retirement bliss.

Retirement is Not All It’s Cracked Up to Be

Throughout senior centers around the nation, the same story plays out with regularity. A senior in their 60’s or 70’s shows up with the same story. Namely, “I retired 6 months ago and I absolutely hate it.” The stats are in and it seems like retirement is often not all that it is cracked up to be. Imagine a lifetime of action and movement to be with the stroke of a pen altered to endless amounts of time and little action. Retirement is often the life’s goal for an individual and it can come as a shocking revelation that this goal was found wanting.

It would seem that not only does a retiree’s life savings tend to stretch thin, but so does that sense of purpose and the pursuit of success. When a person has lived enough life to know most what contributes to success it seems oddly incongruent that they would then forfeit that venture. The average lifespan of an American citizen pushes 78 years with some going on to live another 20 plus years past that average. So what exactly does a seasoned professional in the early to mid 50’s think about throwing in the towel this early? Perhaps a franchise is the retirement answer you have been seeking.

Franchise Your Way into Retirement

Starting up a franchise requires a little work, grit and grind. Anyone who tells you otherwise isn’t telling you the full story. Ask yourselves 50 something citizens of America, do you have a little grit and grind left in you? I’m thinking the answer is an absolute yes and that’s great news for the franchise industry. You’ve lived life, you’ve managed people and you’ve taken your wins and losses. Now it is time to set up a steady stream of revenue that you deserve into your golden years.

Franchising affords one of the more predictable business models in the free market. Hundreds, if not thousands have gone before you and you have a little data on which to rely. The truth is that many franchises will not risk partnering with you if the data tells them you have a high likelihood for failure. Their reputation is on the line and they are not willing to let it suffer to secure a few easy franchise fees. If you do the research and partner with a reputable franchise you have a pretty good shot at success. More than success, you have a pretty good shot at a steady stream of income that not only provides profit, but purpose into this new season of life.

The Exponential Power of Franchising

Recent studies show that the average retired household might spend on average of $40,000 a year. That sounds fairly reasonable, but keep in mind that is just an average. Now imagine that $40,000 a year played out as you live into your 70’s, 80’s or even 90’s. That’s a lot of money to spend for a season of life where social security might be your primary source of income. So what if it wasn’t? Right now in your late 40’s and 50’s, you have everything you need to start building a successful network of franchises where each one will send you a steady stream of money long after you might have given up the day to day management. Franchises don’t just increase your earning power in retirement, but they increase it exponentially.

In Conclusion

For experienced professionals in the latter seasons of their careers, franchising poses a great opportunity to live like you want into retirement. Beyond just the extra income, but running a series of successful franchises in your 50’s and 60’s can also provide you with a fascinating opportunity to avoid the boredom and drudgery of retirement that most don’t expect. You’re done working your way up the corporate ladder and a corner office no longer excites you. So why not bring in some extra income while pursuing a passion project into your golden years.

Moreover, the franchises themselves are an investment. Should you need the cash for reasons of health or housing difficulties you can always sell them. The franchising world is larger that most people think and it extends far beyond hamburgers and pizzas. So perhaps it is time to start doing the research and find your passion project. One that you are ready for as a seasoned professional and just might need as you head into this new season of life. Whether you are dreading retirement for fiscal reasons or simply boredom, franchising just might be the solution for both.


In the Modern Gig Economy Why Not Make Your Gig a Franchise?

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The data is conclusive, the results are in and the gig economy is growing at a remarkable pace. Large and small businesses alike are outsourcing roles and responsibilities that were once corporate staples to freelancers looking for a gig. This ranges from IT support, marketing, personal assistants and more. Meanwhile,  workers in droves sick of the corporate structure are branching out into self employment by picking up these very gigs. For some it is a side income, but for others they have been able to make an entire living picking up these freelance jobs. The risk of not being able to find enough work is certainly there and many of the corporate benefits such as healthcare, paid time off and more are missing. However, the call to be the captain of one’s own destiny is too compelling for some. If you find yourself in a similar boat looking to branch out beyond your own horizon, perhaps it’s time to consider an alternative gig. This is a self-employed venture that comes with much of the same structure and support one might expect from a corporate structure, but with all the benefits of being master of your own destiny. Considering a gig this year? Why not step into the structured world of franchising and chart your own path into a future without precedent.

The Best of Both Worlds

There is a certainly duality to franchising that will make your head spin if let it. As a franchisee you are indeed your own boss. That being you said you represent a brand who will have a say over many things you do from how you cut the onion to what you wear to work. As an entrepreneur, your success will ride on your shoulders and your shoulders alone. That being said, you have an entire brand that is heavily invested in your success. They will lay out the formula and you need but follow it with gusto.

Many freelancers who flee the corporate world are often met with a rude awakening as to just how much they relied on the structure offered by their organization. From the time they start work in the morning to mitigating the distractions in the workplace, jobs can serve a basic function to keep workers on task. However, when you step into the world of freelancing in the gig economy it becomes the wild west out there where anything goes. It is entirely incumbent upon the freelancer to self-police and discipline themselves for productivity.

What if it didn’t have to be the wild west? What if you had a location to attend, employees to manage and a certain customer driven level of productivity to meet each day? If you consider franchising your gig, then in many cases you get the best of both worlds. You get to be your own boss within the structure of an organization. You could fall asleep at noon in your pajamas as you browse for freelance jobs. Or perhaps you show up to work to lead and inspire your employees as you always did. Except this time, they truly are your employees. You can flee the corporate world without fleeing the structure and familiarity it provides.

Your Gig Can Literally Be Anything

Another challenge to freelancing in the gig economy is that your gig is in many cases limited by your individual skill set. If you are talented at writing then you become a freelance writer. If you write code for computer programs then you are now a coder. It’s not an entirely bad set up as our skills should often dictate our work. We wouldn’t recommend quitting your corporate job to become a freelance musician if you can’t carry a tune or keep a beat. However, franchising is not limited in this nature as with a little skill and industrious spirit your gig can be anything that has even been franchised.

Whether you fancy yourself a baker, cook, businessperson or salesperson there is a gig/franchise for you. Even better, you can pick multiple industries in which to dabble. If you love wine then consider a spirits and wine store. If you love to cook consider one of the countless franchises that offer food. Your primary role as the franchisee is to oversee the success of the business based on the already proven formulas of success. You can literally have never eaten a piece of fried chicken in your life and then open up a series of KFC restaurants if you like.

This flexibility also allows you to choose a franchise in demand in your current market. Whereas we are unsure what the demand for a freelance saxophone player in Memphis, TN might be there is tons of market data on franchises. Your gig doesn’t have to be a guess. With well thought out reasoned and market driven data, you can choose the gig that your local economy demands.

So What’s Holding You Back?

If you currently find yourself stuck in corporate America it would be wise to take a look around and take stock. Are vital positions somehow disappearing and yet, the task is completed as usual. Perhaps what once took an entire team to complete now only requires one employee who spends a lot of time on the phone. The gig economy is growing and it is showing no sign of slowing down. It’s an economy in demand by both the employer looking to streamline cost and the employee seeking more individual freedom. Where demand and demand meet, you be certain this is a trend that will continue.

For most, the only thing holding them back is the insecurity of it all. How can you take out a mortgage when you don’t even have freelance jobs lined up for next month? What happens if you get sick and can’t work for a few weeks? Corporate America offers these types of reassurances, but so can franchising. Next month, America will still want to eat pizza so your established Domino’s franchise is a reliable source of income. Moreover, America will still want to eat their pizza if you are in bed with the flu. Just as long as you were not the one who prepared or delivered it.

Franchising offers the flexibility and freedom associated with the gig economy along with the structure and support of the established franchise. It really can be the best of both worlds. So if the gig economy appeals to you, but you are a little timid


5 Time-Tested Marketing Principles That Your Franchise Must Use

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Owning and operating a franchise is the best way to start an independent business. It is relatively easy to raise finance, as the lender knows that you have the backing of the franchisor’s proven model. Additionally, you will be provided with access to the franchisor’s operations manual. This is an invaluable tool that will guide you in nearly every aspect of your functioning.

Remember that your primary function as a franchisee is to promote the business of the franchisor and market its products. You are responsible for protecting the franchised brand and building up a loyal customer base for the franchisor’s products.

How can you establish the new business and attract an adequate number of clients? You will need to develop your marketing skills and ensure that your franchise is in a position to meet the requirements of its customers.

Here are five marketing principles that you can use to build up your business and set it on the path to success:

1. Marketing is about beating the competition

Regardless of the type of business that you operate, your customers are going to compare you with others who provide the same service or product. It is absolutely essential that you position yourself in a manner that places you ahead of the competition in the eyes of your clients.

The first step that you must take is to identify your competitors. Understand their business model and the methods that they use to attract customers. Don’t be a copycat, but at the same time, your business must be in a position to offer clients a value proposition that is greater than that which is provided by your rivals.

2. Differentiate yourself from the competition

When you are running a franchise, you will need to follow a standardized approach in most areas. But it is definitely possible to differentiate yourself. Here are some ways in which you can do this:

  • Employee training and attitude – each of your worker’s should have a deep understanding about the product that you sell or the service that you provide. Your clients will place great importance on the quality of the interaction that they have with your employees. Well-informed and courteous employees can be your greatest assets.
  • Offer a consistently high level of service – set the bar very high within your organization. Do all that you can to ensure that every customer is given the greatest respect. While mistakes will happen, it is up to you to acknowledge them and take corrective action immediately. Your clients will appreciate your candor and the fact that you made the effort to rectify the situation.

3. Understanding your customers’ needs

You must take out the time to understand your target market. Which is the customer segment that you cater to and what is the exact need that you fulfill? Getting this aspect right is crucial to the success of your business.

When you understand why a client buys your product, you will be in a position to work on enhancing its most important features. You must conduct some primary research to get this information.

Your objective should be that when your customer has a certain need or requires a solution to a particular problem that pertains to the area in which you operate, your business must be the one that first comes to mind. This is possible only if you have taken the trouble to understand what your clients are looking for and worked towards addressing those issues.

4. Measure the results that you achieve

Your marketing expenses will form a significant part of your total budget. While this expenditure is absolutely justified, you must keep track of how it is helping to establish your business and build up its reputation. Which activities provide the greatest bang for the buck?

Every marketing campaign that you conduct should lead to greater awareness about your business. Over a period of time, it should also result in more sales. Soon after you launch a marketing push, implement a program to gauge customer response. The feedback that you get will help you to take corrective steps and optimize your efforts.

Another way that you can measure the effectiveness of your marketing strategy is to see the effect that it has had on the competition. If your rivals try to copy you or introduce a variation of what you have done, you will know that you are on the right track.

5. Build strong relationships

People like to do business with those whom they are familiar with. It is important to establish and nurture long-term relationships with your customers. Try and find the best way to stay in touch with your existing clients as well as those you want to add to your customer list. You could do this through email, personal phone calls, or even individual meetings.

Once a customer gets to know you and trusts you, the likelihood of doing a greater volume of business will increase. In fact, strong personal relationships form the bedrock upon which many successful businesses are built.

Check with your franchisor

A large part of your marketing efforts will be based upon the guidance and inputs that you receive from the franchisor. It will be your responsibility to execute the marketing plan in a manner that provides the best results.

However, if you think that you need to take some steps that do not strictly adhere to the guidelines provided by the franchisor, it is best to check with them first. Their advice and the information that they provide can be invaluable in helping your marketing efforts to succeed. 



Photo by Nathan Dumlao on Unsplash

5 Ways to Select the Best Site For Your Franchise

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If your franchise needs to attract walk-in customers, you must select its location with great care. A choice made in haste or without taking every possible factor into consideration can lead to lower than anticipated sales and even business failure.

Every new franchise that performs well owes a large part of its success to its location. Your proposed site must be easy to access. If you expect customers to come by car, you must ensure that there is adequate parking. You must also ascertain that the site attracts the sort of customer that you are targeting.

It is very easy to go wrong with site selection. A neighborhood that sees a lot of traffic may not necessarily be good for your business. Similarly, paying a high rent does not mean that your sales volumes will be high.

What are the precautions that you can take when selecting a location? Although there is no way to be absolutely sure that a particular site is the most appropriate for your business, there are some steps that you can take to avoid making the wrong choice.

1. Study the area

Some franchises need to be situated at a place that sees heavy pedestrian traffic. This is especially true for restaurants and retail stores. If your business falls into this category, you would have to spend a substantial amount on rent. Opting for a lower-priced location that is in an area that attracts fewer people will result in lower business volumes.

But if your business involves a different type of activity, say, selling auto parts to trade customers, it would make more sense to select a site where the rent is less.

If you like a particular location, spend some time at the site and in the immediate vicinity. This will give you the opportunity to observe the level of traffic at different times. You should also make it a point to see how your competition is faring in the area.

If the territory already has a large number of businesses offering similar products, you may find it difficult to attract customers. On the other hand, this could prove to be an advantage as well. All that you would have to do would be to lure customers away from the competition. 

2. Speak to other franchisees

You can gather some very useful information by speaking to other franchisees selling the same product. Try and talk to those who have established their businesses in the recent past. Ask them how they went about the process of selecting a location. The intelligence that they provide can be invaluable.

It will be useful to ask other franchisees about the positive aspects of their location and its drawbacks. You can use what you learn from them to avoid making the mistakes they committed.

Of course, it is important to approach those franchises that are located at some distance from your territory. They should not be your competitors. If they are, they may not be willing to talk openly to you.

3. Don’t exceed your budget

Arriving at the amount that you are willing to pay as rent for your franchise location can be tricky. An expensive location will attract more customers and generate greater volumes of business. This will allow you to bear a higher rent.

On the other hand, a site in an area that attracts fewer people will probably get you a lower number of customers, but it will be cheaper.

Choosing between the two can be difficult. While it may be safer to opt for the site with the lower rent, this is not necessarily the correct choice. In fact, the general rule that you should follow is to select a location with greater potential. The additional sales that you generate will justify the extra expenditure on rent.

But don’t go overboard and lease a place that will stretch your budget. Remember that you are making a long-term commitment. If the location is inappropriate, shifting to a new place will be both expensive and cumbersome.

4. Patience pays

Your franchisor will be in a hurry for you to start operations as soon as possible. The real estate agent who is handling the property that you are interested in will also be keen to finalize the transaction.

Don’t give in to the pressure that is put on you. After all, it is your money on the line. Selecting a property is possibly the most important decision regarding your franchise. Take out the time to check if the location that you have selected will remain as attractive several years into the future. Is there any new development proposed for the area? Verify this with local, regional, or state authorities.

If a new road comes up and blocks access to your site, your business may suffer. Similarly, a new mall in the vicinity may draw crowds away from your location.

5. Understand the legal implications

The lease agreement for the property that you finalize is a crucial document. It is important that you have professional help that you can rely on. Your attorney should be an expert on real estate as well as franchising.

Study the agreement yourself and seek an explanation for the clauses that you don’t understand. Many of the points listed in the agreement will have a financial implication. You must spend time on this subject. If you don’t, you may get an unpleasant surprise months or years later.

Ascertain the costs that you will be responsible for. There will be utility bills and property taxes to be paid. There will also be other expenses like insurance, maintenance, and repairs. It is essential that you know which expenses you have to bear and how much it will cost you on a monthly basis.

Use your negotiation skills

Make sure that you see several properties. Don’t let the realtor or the landlord know your preference. If the landlord realizes that you have made a decision, you will find it difficult to negotiate the rent downwards. You should shortlist at least three or four properties. This will strengthen your bargaining position and allow you to drive the rent down.

The success of your franchise depends to a great extent on the degree of care with which you select a location. You must ensure that you give this issue the attention that it deserves. 

5 Simple Ways to Ensure That Your New Franchise Succeeds

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5 Simple Ways to Ensure That Your New Franchise Succeeds

 

Buying a franchise and starting off on your own can be a life-changing decision. For one, you will be committing a great deal of money, possibly a good portion of your savings. You would probably also borrow from a financial institution or a bank.

 

The pressure on you to make a success of your franchise would be great. Your ability to meet your repayment obligations to the lender would depend on how well your new venture does and the amount of cash that it generates. You would also have to commit your time and energy to the franchise. It is quite likely that you would have to work long hours, especially in the initial stages.

 

Most franchise owners are willing to do everything that is necessary to ensure that they get off to a good start and meet their business targets. But your success often depends on how carefully you have selected your new franchise and the manner in which you have conducted the due diligence exercise.

 

Here are some steps that you can take to shift the odds in your favor.

 

1.    Select the franchisor carefully

 

There are literally thousands of options that are available. How will you make a choice? Don’t make the mistake of using only financial considerations. Say, the budget that you have in mind is $100,000 (including the sum that you intend to borrow.) Your choice should not be limited to only those franchises that you can afford.

 

Instead, find a business that appeals to you. More importantly, you should have some skills or expertise that will give you an edge over the competition. This could even mean that you select a business that only requires half your budget.

 

Visit an existing franchise and see how the business operates. Can you imagine yourself running a similar enterprise? It is also a good idea to speak to several existing franchisees to gain an understanding of the issues that they face.

 

2. Select an appropriate location

 

If the franchise involves renting a physical retail location, your choice will play a large role in determining your business volumes. An outlet in a high-traffic area could cost more, but the greater sales could more than justify the expense.

 

Selecting a location should be a carefully considered process. If you happen to see a large number of people in the area that you are considering, you may think that the location is an ideal choice. But it may be wise to dig a little deeper. Are the crowds seasonal? Or are there a large number of students? A university or an educational institution in the vicinity may result in low footfalls for several months every year.

 

3. Seek advice from an expert

 

When selecting a franchisor, the range of options before you can be overwhelming. You could shortlist five or ten companies and then try to make a choice after studying their brochures or websites. But if you do this, you would be severely restricting your options. Additionally, it would be highly time-consuming to conduct a due diligence of even a handful of companies.

 

Remember that selecting the most appropriate franchisor is critical to your success. How can you make sense of the multitude of options before you?

 

Using the services of an expert can help you in making your decision. The Entrepreneur Authority, a franchise advisor, uses a structured process to guide you in selecting a franchisor that best meets your needs and your skill profile.

 

An added advantage is that the service is absolutely free. The Entrepreneur Authority is compensated by the franchisor if you decide to sign on.

 

4. Develop your people skills

 

The results that you achieve will depend to a large extent on your communication skills and your personal effectiveness.

 

You will need to develop leadership skills and learn how to motivate your employees. Carry out a frank self-assessment. Do you know how to build trust and inspire your team? Are you a good listener? Will you take out the time to train your employees?

 

Cheerful workers who are willing to put in their best can be your greatest assets. On the other, disgruntled and sullen staff will drive customers away.

 

Don’t neglect this vital requirement. If you are unsure about your ability to manage others, it may be worthwhile to spend some time in acquiring the skills that are needed to lead and inspire your team.

 

5.    Track your finances carefully

 

The cost structure in a franchise operation is higher than in an independent small business. You will have to make regular repayments towards the loans that you have taken to finance your franchise fee and to purchase fixed assets. Your employees will have to be paid and there will be a number of other administrative costs.

 

All these expenses will strain your finances, especially in the initial months when sales volumes are low. You will have to keep a close watch on your cash flow and ensure that you have the liquidity to meet all your commitments.

 

Even if you use the services of an accountant, it is essential that you remain completely involved in all financial matters. Monitoring your cash flow on a daily basis will provide you with the information that you need to cut costs and strengthen your financial position.

 

Follow the rules imposed by the franchisor

 

Finally, remember that you must follow the conditions laid down in the franchise agreement. Don’t try to save money by taking shortcuts or deviating from the franchisor’s stipulations.

 

It is your legal obligation to stay within the terms of the agreement. In extreme situations, breaking the rules could lead to your franchise getting terminated and result in large financial losses. 

How to Measure Customer Loyalty

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Entrepreneurs are in the business of selling something, whether it’s a product or service, which means you can’t afford to ignore customer satisfaction. In order to understand how customer satisfaction impacts your business, you have to measure it, and this is where most companies begin wandering off into unhelpful territory. If you want a real (and perhaps very sobering) view of customer satisfaction, read on.

Frederick F. Reichheld is a customer loyalty guru and a Fellow at global management consulting firm Bain & Company who cracked this difficult nut in his Harvard Business Review article, The One Number You Need to Grow. What he lays out is a very compelling case for what question you should be asking your customers, the scale you use to measure it, and the way you interpret the results. 

Every company wants to see great customer satisfaction scores, which inevitably leads them to include people who are only barely satisfied in their count of those who are satisfied. This simply isn’t helpful because those barely satisfied customers are highly likely to switch to a competitor and aren’t serving as brand ambassadors. Reichheld argues you have to begin by asking the right question, which is this: “How likely is it that you would recommend [company X] to a friend or colleague?” That’s it – that’s the only question you need to ask because it gets at the key customer-related driver of growth and profitability, which is customer loyalty, not satisfaction per se. Your most loyal customers are those who are willing to recommend your company to others.

Now comes the response categories, and the recommendation here is to use an eleven-point scale numbered zero to ten, where zero is the negative end of the scale (not at all likely to recommend) and ten is the positive end of the scale (extremely likely to recommend). People intuitively understand this kind of scale. The zero is obvious, and then respondents are left with a ten-point scale, and people rank things out of ten all the time. It’s easy and intuitive. 

Then comes the part where you interpret the results. Keep in mind there are two goals here: To identify the people who are your most enthusiastic, loyal brand ambassadors and to avoid the grade-inflation that makes most measurement attempts worthless. Reichheld argues for grouping respondents into three categories. Those who give answers of nine or ten are the gold standard. They are your active promoters. You want all your customers in this category. Those who give a seven or eight are passively satisfied, so while you benefit from them purchasing your product or service, they aren’t actively engaged in promoting your brand. Everyone who gives a six or lower are interpreted as detractors. They are not only likely to switch to competitors but might even be angry and actively working against your company.

The one number you need to grow is your net-promoters score – the percentage of your customers who are promoters minus the percentage of customers who are detractors. When you find ways to increase your net-promoter by simultaneously reducing the number of detractors and increasing the number promoters, your company will grow. 

If you’d like a more detailed treatment of this topic beyond the HBR article mentioned above, you might be interested in Reichholds related book, The Ultimate Question 2.0.

7 Productivity Hacks for Entrepreneurs

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When I recently wrote about 5 Time Management Hacks for Entrepreneurs, it immediately became clear to me that people were hungry for more, so I’ve put together a more extensive list of productivity hacks for entrepreneurs. These are all tactics, strategies, and tips that have been used by successful entrepreneurs to significantly boost their productivity. Which ones sound like they could work for you?

1. Plan in Smaller Increments

When every minute counts, organizing your day by hour or even half-hour increments simply isn’t good enough. Try using 15-minute or even 10-minute increments to plan your day – it will quickly reveal where and how you might tend to waste precious time. And yes, nearly all the productivity hacks listed here have to do with making the most of your time. 

2. Make Meetings Shorter

The dreaded hour-long default in many calendars mentioned above has resulted in the assumption that most meetings are going to run for at least an hour, but many successful entrepreneurs have found that most of their meetings can accomplish their agendas in far less, often as little as 30 or even 15 minutes.

3. Leverage Your Calendar

Most people live under the dictates of some kind of to-do list. You need one to know what you have to do, and prioritizing it can be something of an art, but if you stop at the list you’re missing out on operationalizing it. That’s where the calendar comes in. You have to figure out exactly when and where you’re going to actually do the prioritized tasks by putting them on your calendar. This will immediately show you what’s realistic in terms of getting things done each day and transform your to-do list from a pie-in-the-sky dream to concrete action plan. 

4. Establish a Consistent Morning Routine

Highly successful entrepreneurs tend to follow a strict morning routine. They get up at the same time every morning, and it’s usually pretty early. These morning routines often includes both exercise, which gets the blood flowing to your brain for increased focus, and checking in on various information sources in the form of blogs or social media feeds related to their business.

5. Disciplined Email

Constantly checking your email becomes a time-sink that can be hard to overcome. Successful entrepreneurs figure out how to tame the email beast. They ignore it completely when focusing on an especially important task. They also limit how often they check it – establishing three or four small blocks of time in day rather than being constantly dialed into it. 

6. The Art of Delegation and Saying No

Part of being a successful entrepreneur is putting together a great team of people – let them step and share the load. Anything that can be delegated should be delegated so you can focus on the most important work. Your ability to say “No” is also key – taking on more than is possible for you to do will hurt all your work.

7. Figure Out What Helps You Focus

Experiment with all sorts of different things to find out what sorts tactics help you focus when you need to. For some it’s listening to music. For others it’s being completely isolated away from distractions. Some need to be in a peaceful setting with lots of natural light and nature in view. Figure out what works for you and stick with it when you need to focus. 

These are some of the best productivity hacks you’ll find among successful entrepreneurs. None of them are rocket science, but they do take a consistent commitment to realize their full benefits. Do this and you’ll be on a solid path to success in 2017.

5 Time Management Hacks for Entrepreneurs

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One of our previous articles highlighted 5 Things That You Need To Be An Entrepreneur. It could have listed dozens if not scores of other useful things entrepreneurs need to have in order to be successful. Today it’s time to tackle one many people would rather not deal with at all: Time management. If you’re cringing right now, it’s probably a sign you need to keep reading. There are only 24 hours in a day, so here are 5 time management hacks to get the most out them:

1. Don’t Shortchange Yourself

Don’t try to squeeze more out of your day by giving up sleep, nutrition, or exercise because you’ll end up doing more harm to your time management than good. Peak performance on a daily basis for the entrepreneur can’t happen if your body isn’t in tip-top shape, which means getting enough sleep, eating a healthy diet, keeping yourself hydrated, and exercising on a regular basis. Shortchanging your health will only serve to cancel out all the other time management hacks on this list. 

2. Know Your Baseline

If your time management skills aren’t what they need to be, it’s worth doing an assessment so you know what you’re dealing with. MindTools has a handy online survey you can use: How Good is Your Time Management? You’ll find out if you just need a few tweaks or a major overhaul.

3. Prioritization Counts

When you’re sitting there looking at the list of things you need to do, how choose where to start? Your project management software can’t do this for you – you have to decide. This can be a major hang-up for many entrepreneurs. There are many ways to do this, which means you might end up trying several methods before you find the one that’s going to work for you. You can try author Stephen Covey’s (7 Habits of Highly Effective People) Time Management Grid, which is actually a modified version of the Eisenhower Matrix. For several more ways to prioritize, check out this article on the process.st blog.

4. Distraction Elimination

To get serious amounts of work done, you have to first establish some “sacred” blocks of time devoted solely to that. Some people make it an entire day while others carve out chunks of time on a daily basis. But it’s only going to work if you eliminate distractions, which means fully “unplugging” from social media, phones, email, and the Internet as a whole. It may also mean finding the right physical place as well – probably not the office.

5. Manage Your Workflow

Once you have the time and space to focus in on plowing through your tasks, you still need to actively manage your working time to get optimal results. One way to do this is optimize short breaks that boost productivity and keep you focused. Try Francesco Cirillo’s Pomodoro Technique, which has you working in 25-minute chunks punctuated with five-minute breaks.

Any entrepreneur can seriously up their game with these five time management hacks. You’ll turbo-boost your own productivity, and your business will reap the benefits.

5 Things That You Need To Be An Entrepreneur

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According to Inc.com, the United States has 27 million entrepreneurs. Some of these will succeed while a majority will fail. The actual number of small businesses that do not thrive is a matter of debate since most transition into a new form. Though there is no formula for entrepreneurial success, there are some things that can stack the decks in your favor.

Money

The number one reason that a new small business fails is because it is undercapitalized. Generally, entrepreneurial companies have very little staff, being solely staffed by the owner. Some may be able to maintain a worker or two. Paying yourself and an employee is a huge overhead and you will need enough money to keep this going, plus have three months of operational expenses saved in the bank. Some people are able to do this by keeping a day job and working their business at night. Others have an angel investor or take a loan against existing equity. No matter how you do it, you need to factor these expenses, labor hours and repayments into your budget and financial plans.

A Network

Your business cannot flourish if you keep it in a small bubble. You need people that love and support you. These individuals will become your inner marketing circle, creating the basis for most of your marketing. Social media has made it easier for a small business to gain a foothold on a small budget. You will want to use it to disseminate information, make your business a thought leader and educational resource, and recruit minds to your cause. If you have an extensive personal network then much of this can be accomplished without your business spending a cent. Use your friends and family to expand your social network.

A Practice Run

In any business, there is an amount of on-the-job training. Unfortunately, if you are the owner and sole employee, this training is hard won, costing you money and sales when you make mistakes. To take some of the pressure off, create a safe business to use as practice. An established direct sales organization like Amway can let you get your feet wet. If you lose a sale or two from lack of experience then there will be no dramatic hit to your business but you will gain very valuable skill. Bring these new skills into your own business and use them to create your empire.

A Business Plan

You may never look at it again but the process of business planning will make it so that you are not walking in the dark. The parts of a business plan include the mission and vision, the day-to-day operations, and your financial projections. Also, most investors and lenders will require a business plan before they give you any money. Take a look at the Small Business Administration for resources on developing a business plan.

The Right Attitude

Entrepreneurs are a unique breed. They are risk takers. It is one of the reasons that it is so hard to spiral in on failure statistics. Following Edison’s idea that there is no such thing as failure, only a thousand ways not to make a lightbulb, the entrepreneur never quits. Their daring attitude makes them change the way they do business, transforming one idea into another. Do a self-assessment and make sure that you have the right attitude to be an entrepreneur.

5 Steps for Keeping Your Company’s Cloud Secure

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Having your business on the cloud makes having strong security a top priority. Concerns about security are one of the big drivers behind the rise of hybrid clouds, as IT managers seek to navigate a happy medium between the cost savings represented by the cloud and the potential risk it brings. Moving to the cloud does introduce some new security concerns, but like any calculated business risk, these can be managed with a sound plan. Here are five steps you can take to help you keep your company’s cloud secure.

Get Professional Assistance

One of the most important steps you can take to secure your company’s cloud is getting help from a security expert. Securing every aspect of your cloud can be a complex process and is best done with input from experienced professionals. Whether its for help with threat intelligence analysis, securing public clouds or overall operational security, seeking assistance from a cloud security specialist will help you save time and avoid hassles.

Don’t Store Unneeded Data

If you don’t need data, don’t store it, says the PCI Security Standards Council. Many businesses collect information they don’t really need to maintain in their records, such as employee Social Security Card numbers and customer credit card information. By not collecting and storing unneeded information in the first place, you automatically eliminate a major security vulnerability. Avoid storing cardholder data and card verification codes, don’t print out data that doesn’t need to be printed and don’t leave servers with sensitive information physically unprotected or in the presence of unauthorized personnel. Use payment-enabled software or a third-party online payment processor to eliminate the need to collect credit card information.

Use Encryption and Strong Passwords

Strong passwords with long character strings and a mixture of small and capital letters, numbers and symbols should be a basic security step for securing all areas of a network, including easily overlooked vulnerabilities such as router connections.

Likewise, encrypting stored and transmitted data should be a standard practice. Make sure you secure your data at all points along your network, from the time your customers transmit it over your network all the way through exchanges with other communication channels such as email. Depending on how you collect and use data, you might choose from a variety of encryption options, including data-at-rest encryption, TLS/SSL encryption or an iterative cryptographic hash. Be sure your encryption is properly configured. Use good key management tools and procedures to optimize your encryption handling.

Keep Your Security Up to Date

Outdated operating systems and software apps leave your system more vulnerable to security holes hackers can exploit. Keep your security up to date by using the latest versions of operating systems and apps and a good antivirus program. Make sure all parts of your network as well as all devices connected to your network are secure. A single compromised device can introduce a virus into your entire system. If your employees use BYOD devices, make sure they follow your company security policy.

Schedule Automated Cloud Backups

One of the most crippling consequences of a security breach can be the loss of invaluable company and customer data. Mitigate this risk by scheduling automated cloud backups using an enterprise-grade cloud backup service. You can further harden your backup procedures by supplementing your cloud backup with physical backup procedures such as using discs, tapes or external drives. A best practice is to make three backup copies using two different media with one copy stored in a separate physical location in the event of an on-site disaster.