It is truly possible to achieve your dreams personally and financially. Learn 6 steps we can all take to turn our dreams into reality from franchising guru Terry Powell. Terry Powell has helped over 10,000 people invest in a franchise.Sign Up to Watch
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-What's up, guys? My name is Daniel McKenna. I'm the executive producer here at Thrive 15, and occasionally, I'm a literal ghost. And we're sitting down here with Clay Clark and Terry Powell. We're talking about franchising and having a big vision for your life, how to start a business and the six steps to achieving them. Ooh. Don't know who Terry Powell is? Check this out.
In order to go anywhere intentionally, you have to have an intentional goal in mind, and whether that vision is small or big-- hopefully big-- we're going to lay out six steps to actually achieving your dreams, achieving your goals, and Terry is going to tell you how to do that with franchising. Here at Thrive, we believe that knowledge without application is meaningless, meaning if you don't take something of what you've learned today, and then do something about it, today's lesson is going to be more meaningless than a dash cam on your treadmill.
-Terry Powell, how are you, my friend?
-Clay, good to see you.
-Hey, you too. Do you ever get called Terry Boom Boom Powell?
-Just mostly today.
-Mostly today. All right. Well, I am excited to be here with you, because you're a guy who's literally helped tens of thousands of people, you and your team, to become successful in the world of franchising. And it's just exciting to me, and we are talking today about having a big vision for your life and the six steps to achieving your dreams. And I want to read this quote, because this, in my mind, really exemplifies what we're talking about.
Helen Keller, who was an American author, political activist, lecturer, but she was the first-- this is amazing-- the first deaf, blind person to earn a bachelor of arts degree. Deaf and blind. I don't know how she would-- I mean, it's amazing to me that she was able to do what she did. It's amazing. But she said, the only thing worse than being blind is having sight but no vision.
And Terry, can you describe for me in your own words or your own idea of how important it is to have a big vision for your life, or what it means to have a big vision for your life?
-Yeah. It's something that's been close to my heart for a long time, and creating a vision is something that's very motivating and very empowering. And just from the standpoint of the word vision and having a vision gives the alignment around seeing. Of course, Helen didn't have sight, but she had a huge vision.
And so it's not about necessarily seeing things, but envisioning them. And that's really powerful when you can envision your future, and you can attract and be intentional about what that future will be. And once you understand the power of that, no matter how big the vision is, it'll never slow you down.
-In your own life, you didn't come from money. I mean, you basically are kind of a self-made-- what's your background? How did you start out? How did you first start there?
-Well, I didn't come from money, but I barely got out of high school. I was one of those people in high school that didn't do well and was always in some sort of trouble. So I remember I had not graduated the year before, mainly because I spent so much time in the principal's office. And Pop, who was the principal, called me down three days before the graduation, which I wasn't intending to graduate the second time, and reached under his desk, pulled out a cap and gown and threw it at me. He said, you're out of here, Powell. Tell your parents you're graduating. That's all they need to know. And I never went to college. So I sort of became an entrepreneur very early and developed a lot of different business models.
-When did you first have a vision for your life that you could do something big? Because today, I mean, you have close to 200 people on your team, 200 franchisees that are helping grow the business and helping people to start a business. When did you first have a vision that you could achieve not just an OK survival but when you could really thrive and do something awesome with your life? When did you first have that vision?
-I started at a pretty young age, and most of it I can attribute to watching my father being in the same position for the time he was 19 until he retired and not seeing myself go through that. And I was also very fortunate. I had some mentors early on. I had one particular gentleman by the name Mr. Robinson who took me under his wing and allowed me to be-- to have a lot more responsibility than a 12 or a 13 or a 14-year-old would in the business environment. And then he coached me and mentored me and really allowed me to see what can be done without
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-There's that one controversial book that some humans have read called "The Bible", and it says there in Proverbs 29-18 that says "where there is no vision, the people perish". And looking at it from a completely secular perspective, let's say, from your experience, I mean, you've been a franchise industry for years, what tends to happen to the entrepreneurs who don't have a vision for their life? What tends to happen to them?
-Well there are typically the ones that are on the failure rate side of the business. And in non-franchise businesses, entrepreneurs who launch their own businesses without a vision, about 52% of them are gone within the first five years. A lot of that has to do with the vision or lack of it. Not being able to see where they're going and getting mired down in the today, rather than developing the future around the vision.
In franchising, the vision really is about using the business model as a vehicle to create income, lifestyle, wealth, and equity. Because really, people own businesses for the byproduct of the results, what we call the lifestyle profile. What's the lifestyle profile that that business can develop for me? So income, lifestyle, wealth, and equity are the four major motivators.
The most successful people in any business if you look at what motivates them every day to get up and create that vision is they have a very clear plan about what their income, lifestyle, wealth, and equity goals are, not just for this year, but for three, five, and 10 years out.
-So for someone watching this, they might want to ask themself right now, what are your goals for income, your goals for your lifestyle, your goals for your wealth, and your goals for your equity?
-And these are goals we should literally take a timeout, maybe hit the pause button. Take some notes, write that down.
-Absolutely. It's that important. It literally will make the difference in your success of your business, and more importantly the lifestyle and the way that that business either consumes you or you use it as a vehicle to drive you.
-I've met through Thrive and in the years before, have met so many successful people, multimillionaires. And it seems like they all have their goals written down in a place where they can see them on a consistent basis. This is a big kind of step. It's kind of a big, I guess, before we get of these steps-- this is something big that everyone needs to do is to find your income, lifestyle, wealth, and equity.
And so now we're going to hop on to the six steps that every entrepreneur needs to take action to achieve their dreams. Six action steps every entrepreneur needs to take in order to achieve their dreams.
So the step one is to design your future proactively. Terry, in your mind, what does it mean to design your future proactively, let's say as opposed to reactively?
-Well, reactively, it means that you're subject to the circumstances of whatever happens. And you're sort of pushed or pulled or congealed along in a path that you're not invested in. To be proactive is to take steps and create new habits that are going to allow you to grow and proactively paint that picture, that vision, that future, actually create the intentions that are associated with it. And then attract the right types of results and the right types of relationships that will drive that vision.
-Terry, I remember years ago I intentionally decided, you know, I'm going to build these relationships. I wrote down a list of about 20 people that I wanted to have a solid relationship with. And it's been amazing. These are people I didn't know at all. How looking back now 12 years later, there are at least half of the people on that list that I'm very good friends with. And I didn't know them. I first had to cold call them or reach out to them or network with them.
And it's amazing how your life can change because the new people you meet, but it won't happen if you're not intentional. And so this is like a very important first step.
I had read this that the International Franchise Association actually reported, now this back in 2012, so a few years back, but it said that one out of every 12 companies has a franchise business model for their entrepreneurs to invest in. I mean, one out of 12 businesses out there that people work at is in some way a franchise related business.
-Obviously, franchising is just one way that people can design their future. But in your mind, what percentage of people do you come in contact with that actually are proactively designing their future and not just letting it happen?
-That's an interesting question from a percentage standpoint. I'd say there's about 20 to 25% that are proactively working and come to us proactively. And the rest are really seeking the coaching that allows them to see beyond the blind spots that are holding them back from that.
-So by even reaching out to you they're saying, hey, I maybe don't know how to cast a vision for my life and I don't really know how to do it. But I'm starting at step one by calling you guys. Why does so few people in your mind take the time out to design their future?
-Well it has a lot to do with the culture that we've developed in our society around employment and working for companies. And you know, the unfortunate part about it is that time and effort is really what's important when you're working for someone in a corporate situation. And when you shift from time and effort or you're involved in time and effort, being proactive and intentional is not necessarily something that's applauded.
So it's been held back because of some of the culture issues in corporate America. Going into your own business or exploring that you need to break free of that and be able to become proactive, break outside that mold and look what's outside as far as opportunity.
-Now moving on to step number two, determining where you want to go. Terry, you've met some of the most successful people in the world of franchising. In fact, you've met some of them when they had just a big dream. And you've seen it now where some of these franchisors-- the people who started the franchise itself-- have grown to have thousands of units. You've also seen people that bought an individual franchise-- the franchisees. And they've grown over time, too.
How important is it though, for franchise owners and business people to take that time out to determine where they want to go. I mean, how important is that as a kind of that step one in your mind?
-Well, you were talking about planning. I mean, there's all types of quotes about planning and how important it is. If you're failing to plan, you're planning to fail. And that's really the key. And being intentional about that and taking the time to map that out and create that path is a vital part of any success track, whether it be an entrepreneur, a franchisee, or even in the job market today. It's immensely more important than it ever has been before that you be intentional about the planning of where you're going.
-So you're saying if you're failing to plan, then you're planning to fail.
-So if you're watching this and you haven't planned out what you want to do over the next five, six years, you're saying that you're really going to plan to fail.
-Yeah. If you don't have a plan of where you're going, any destination will be OK.
-There was and interesting report on CNN Money where Jessica Dickler, she's actually one of the reporters there. And she wrote an article. And she said that the majority, or 56% of those that were polled said that they were not saving for retirement. Now I'm not necessarily advocating that people should save a lump sum for retirement. But she said they had no plan for how they're going to get through their later years in life.
Is that shocking to you at all that people don't have a plan at all to either retire or to earn money throughout their later periods of life there?
-That's not that shocking view when you also consider the number of people who don't even save money, or put money aside for retirement. So it's not shocking.
We've shifted our perspective on retirement and the need to have this goal of a nest egg and a time that we're going to retire and just sit back and have to sort of coast. We know it's important to our longevity now to continually strive to be productive and a contributor in society. So it's kind of let more people be OK with the fact that they don't have to have a large nest egg as far as retirement's concerned.
-Now for Thrivers out there who are watching this who say, OK. I have determined I'm going to be proactive. OK. I definitely know I want to go go where I need to go. I want to make a plan for where I want to go.
Is there an action step here? Do you recommended that somebody sits down on a blank sheet of paper and kind of writes out their goals in certain areas? Or what's something that the Thrivers can do out there right now, if they're saying, I really do want to determine where I want to go. I'm going to be proactive now. I'm going to do it.
What's an action step you'd recommend?
-Well, any step is an action step. The first step is the most important, is to be committed to the idea that you're going to start to make notes, create a journal, spend more time thinking about your thinking as it relates to where you're going, and writing down the elements of that that you want to make sure you capture. We have a lot of great ideas that come to our minds, a lot of great intentions that come into our minds. But if you don't capture those, you tend to lose the ability to implement.
-So you're kind of thinking, step one might be just to turn your thoughts into things, start writing down your ideas. Not just let them drift around, but to put them down on paper and put them in a journal, or put them somewhere you're going to see them all the time.
-And then start setting some proactive goals as to where you're going to be from an income and lifestyle standpoint. You know, year three and five years. Wealth and equity will come as a byproduct of that. And then determining what path you have, or options you have to attaining that income and lifestyle.
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