Featured Coaching Training: Six Steps To Achieving Your Dreams
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.
Featured Coaching Excerpt - Notes & Transcript, Part 1
Lesson Nugget: Not relying on the franchise systems can be very dangerous, stick to the plan and everything will be fine.
Recommended Reading: Millionaire Next Door: The Surprising Secrets of America's Wealthy - Stanley and Danko
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-Let's say I bought a pizza franchise, because I ate there, the food was awesome. I heard about it online and I talked to different people. Maybe a coach recommended it to me. I have basically decided that it was the great idea to buy this pizza franchise and learn how to start the business. But then this little thing called doubt starts to creep in.
I've been in business for a month, not too many customers are coming in. So I have a little bit of doubt. Maybe spend a little less on advertising this month and last month. How dangerous is that little slippery slope of doubt creeping in in the world of franchising?
-It's very dangerous. And that's where franchisees get off track on how to start a business and they don't rely on the business model and the systems associated with that to really work for them. They start getting creative and having doubts and they start modifying. That's where some of those fears come in around their faith in what continuing to invest is about.
In the earliest months of the business, you don't just make the initial investment. You continue to invest in that business to grow it. You're investing in marketing so that the business comes in in the future. And then you start to pull back.
-This is a question I'm going to ask you, because you see this. And one thing that's great about what you do-- I don't think we talk enough about and people don't realize this-- is you help people literally go from poverty to prosperity. You think about all of the people you've worked with throughout your career, how many people you've helped go from near-poverty to prosperity. How many people now are affording family vacations that couldn't before because of the help you and other franchise owners have helped them-- the success you've helped them achieve? But I hear this false belief all the time-- and I used to have it, too-- is that the rich get richer, you have to have money to make money, it's not possible to be successful.
But yet, when you read the book calledTheMillionaireNextDoor, which is an in-depth research into America's millionaires, we're finding that over eight out of 10 millionaires out there are self-made. In your mind, how important is it for people to know and understand that you can achieve success regardless of the background you come from. In your mind, is this a doubt area, a lack of faith area you see a lot?
-Well, a lot of people buy into the myth that you have to have money, you have to have wealth in order to be able to do something else or go into your own business. The reality is that the proof shows that that's not the case. And it's about creating an environment that allows you to grow and develop greater returns, greater profitability, grow your income.
It's not about having it before you start. And that comes from the belief standpoint. And most people, when they aspire-- that 75% of the adults aspire to be self-sufficient, most of the time they're working on a plan that should go out to disprove the fact that that's possible.
-I met a guy on the airplane yesterday. Awesome, this guy I'm talking to him-- and I think I want to ask you what you would say to this guy. I want to tell you this story here. We're on the airplane, I'm talking to him, and I say, what do you do for a living? He says, I climb poles, cellphone towers.
I said, how tall? Well, I don't know-- 300 to 600 feet. 600 feet is my average, I'm known for the 600-foot tower. So what you do? I carry a six-foot piece that needs to be replaced and I carry it up there, I put it on there, and I come back down.
And I said, is it hot up there? Oh yeah, it's about 115 sometimes up at the top. It depends if you're in Arizona or Texas. And I'm thinking, this guy has got to have a ton of fearlessness. He's got to be diligent, he's got to be hard-working.
I ask him, when do you get up? He said, oh, well I'm usually work five weeks. Then I'm off for a week. And I usually get up when it's still dark. That way, the poles aren't as hot.
And he's explaining this whole thing and I'm thinking, this guy has what it takes to be a successful franchise owner. And I said, well, what's going on with your mom and dad? Give me your background. And he says, well, my dad's been incarcerated my entire life-- never really met the guy. My mom has been food stamps, poverty her whole life.
So I'm just doing this so I don't make minimum wage. And so if you're talking to that kind of person who maybe is going, OK, I'm crazy enough, I'm on thrive, I'm watching this. I kind of want to start a business, but they have a little bit of that doubt. What would you say to that person right now who's battling that doubt and that lack of faith , that they can do it?
-Well, that depends a lot on the individual. But the primary message would be that it's OK to have those fears and doubts. Everyone has them, that's where you start from. It's a matter of where you want to go from there.
And to encourage them to, at least or at the very least, explore their possibilities. Don't go out with the intention of saying, I'm going to go invest in a business or a franchise. But go out and create an environment where you can discover what other options and possibilities you have in a safe space without
Learn how to start a business on Thrive15.com
Featured Coaching Excerpt - Notes & Transcript, Part 2
Lesson Nugget: It is possible to go about investing in a franchise on your own, just make sure you do research first.
Startabusinessweekend.com: Discover new franchise opportunities by The Entrepreneur's Source.
Franchise.org: A source for franchise info by the International Franchise Association.
CLAY CLARK: In the world of franchising, if I'm somebody who wants to discover the possibilities, what can either your company do, or what are some other ways I can-- what's the step one I can take. If I want to discover the possibilities that are out there, in a safe space, as you mentioned, what are some specific things that I can do?
TERRY POWELL: Well, it depends. If you want those possibilities to be limited to your current perception or knowledge or feelings about what you think you would like to do or not, then you can go do that on your own. You can buy a handbook with thousands of franchises. You could to a franchise expo and wander around for hours.
But if you really want to create, if you want to look at exploring possibilities, things you haven't thought of before, having a coaching environment where you're going to get to look beyond your blind spots, see beyond your perceptions--
We have a program, could-- could the myths of franchising be keeping you from becoming a legend? Most people have these myths that they make in their mind about what it is or what it isn't. And that's what's keeping them from becoming a legend.
CLAY CLARK: What is the website someone can go to if they say, OK, I want to hire a coach. What's maybe a website they can go to? And then, if they do want to go meander around a conference or a trade show, what's a trade show they can go to?
TERRY POWELL: Well, the best way to start is to get a sense for the coaching of our businesses, to use our virtual coaching experience, which is entrepreneurssource.com. If you want to just to look at some opportunities, every other month we have a virtual expo called Start a Business Weekend.
CLAY CLARK: Oh, wow.
TERRY POWELL: And you can go to startabusinessweekend.com and learn more about that, where they'll be hundreds of opportunities that you can explore. So there's different ways you can do it within--
CLAY CLARK: And let's say that I go-- I don't want to deal with the coach. I just want to go to the actual physical, brick and mortar trade show. What are some incredible trade shows?
TERRY POWELL: Well, there are fewer and fewer of those these days. There's some that are promoted in conjunction with the International Franchise Association.
CLAY CLARK: OK.
TERRY POWELL: And those are typically going to be the best ones, and they're in various parts of the country.
CLAY CLARK: The International Franchising Association is, like the-- sort of like the most highly credible organization in the world a franchising.
TERRY POWELL: Right.
CLAY CLARK: You kind of want to look for that endorsement, maybe?
TERRY POWELL: Yeah. It's the trade association for the franchise world. And a lot of good information there, if you go to franchise.org you can connect with them.
CLAY CLARK: Franchise.org is a great resource.
TERRY POWELL: Correct.
CLAY CLARK: Now, Terry, I appreciate you sharing 1/10 of 1/10 of 1/10 of 1/10 of what you know about franchising here today with us. Because I think if I'm considering buying a franchise, it can be scary. And I appreciate you clarifying all that. And again, I just thank you for being here.