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Start the New Year Strong – Avoid Entrepreneurial Burnout

Now that 2018 is upon us, it’s time to make good on your resolutions. As an entrepreneur (or soon-to-be business owner), you want your company to succeed. This requires a lot of hard work. It also requires dreaming big. Without those two elements, it’s very difficult to move forward. Unfortunately, being an entrepreneur means having to shoulder a big load. And, that can easily lead to burnout. The passion turns sour. It’s no longer a challenge but a burden. The good news is, it doesn’t have to be a reality.

Make 2018 a Great Year for Your Business

If you want 2018 to be a success for your business, you must avoid certain personality types. Additionally, you’ll have to keep the fire going inside. Entrepreneurs are complex people. They love to dream and can easily leap from one to another. What’s more, they really love to work and work hard. The reward is simply too good a feeling. But, even the hardest workers, the most disciplined business owners can fall victim to burnout.

Being an entrepreneur is no mean task, and definitely isn’t meant for the fainthearted. Entrepreneurs have too much to do and a lot to prove, not just to their competitors, but also themselves. Dealing with the daily challenges and frustrations that come from running a business operations can take a toll on any sane person’s mental and/or physical health. —All Business.com

In fact, this is actually one of the biggest (if not the single biggest challenge) entrepreneurs face. Long weeks with plenty of nighttime hours devoted to work takes its toll. Eventually, you feel less connected to personal relationships. And, strangely enough, less in-tune with your own business.

How to Avoid Entrepreneurial Burnout

Entrepreneurial burnout is a real thing. It’s a trap entrepreneurs unwittingly set for themselves. They don’t even know it’s happening until it’s too late. All of a sudden, there’s little to no reward. Things seem dull and routine — even monotonous. Fortunately, there are ways to avoid entrepreneurial burnout:

Avoid falling into a rut. Okay, so one of the biggest challenges to running a business is to set and stay on schedule. But that very strategy can also turn against you. It goes from smart scheduling to rut and does so without warning. Seemingly out of the blue, you feel like you’re just doing the same thing over and over. So, change environments and scenery. And, do so regularly.
Schedule regular breaks. Make no mistake about it, both long and short breaks are necessary. You not only need to get out of the office on a daily basis, you need to get away from the office regularly. And, take actual time away from the business. A simple weekend getaway without any work offers amazing refreshment.
Stay away from time wasters. You probably fall prey to time wasters. Social media is a great example because it’s so prevalent. Or, it could be constant chit-chat. Whatever wastes your time, identify these and you’ll lessen the burden of feeling unproductive.
Always be clear about what you want. Losing focus is a big problem. But, there are simple ways to deal with it. Every day should bring you closer to your next goal. But, if you’re unclear about that end, you don’t know where to begin. So, work with others and be cognizant of where you want to go next.
What does it take to succeed as an entrepreneur as quoted by Tony Robbins. I listened to a great interview with Tony Robbins recently, and when asked about the characteristics that it takes to succeed, Tony shared in his interview:
1. HUNGER … dig deep to successful people, Steve Jobs, Bill Gates, Mark Zuckerberg … you will find that they are HUNGRY to achieve and push beyond the pain
2. Having a Mission larger than you … your WHY. Why do you do what you do? Pride of ownership, mission, joy, being able to give to our kids and others more than ourselves
3. You have to become Obsessed with Strategies or a Plan to succeed. For example; if you say you want to enjoy life on the beach and you start running North … you’re going the wrong direction because the beach are South! The right strategy can save you a decade and lots of losses.

How do you avoid burnout? What other things do you use to stay focused and excited? Please share your thoughts and experiences by commenting and joining the conversation!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Common Franchise Pros and Cons

August 5, 2018 No Comments

Franchises are a great way to get into business. But, these models aren’t for everyone. There certainly are pros and cons to the systems, regardless of industry. However, it’s an effective way to start a company and it’s a quite popular method. For instance, there are approximately 400,000 franchises in the United States alone, according to the International Franchise Association. These employee nearly 10 million people and range across 75 different industries. But, is it for you? Most Common Franchise Downsides Okay, let’s begin with downsides of owning a franchise. Perhaps the largest can easily be capital expenditure or start-up costs. Some are quite large but others are relatively inexpensive. Along the same lines are the fees. You’ll pay for marketing materials, royalty payments, and more. Speaking of costs, you might be subject to sole vendor sourcing. Meaning you must purchase certain materials and supplies from approved vendors. If buying an existing business doesn’t sound right for you but starting from scratch sounds a bit intimidating, you could be suited for franchise ownership. New franchisees can avoid a lot of the mistakes startup entrepreneurs typically make because the franchisor has already perfected daily operations through trial and error. —Entrepreneur.com You must also comply with the proprietary standards, set by the franchisor. Now, you might have some flexibility with said standards, but it’s usually limited. Additionally, you could also be locked into a contract. Then, there’s the ongoing success of the franchisor. In other words, the “parent company” must continue its track record. And then, there’s always risk involved with any endeavor. Biggest Franchise Advantages Of course, franchises have plenty of upsides. If they didn’t, there’s no way these models would routinely demonstrate such high levels of success. People simply wouldn’t waste any time (or money) and the entire notion would eventually disappear. But, franchises do largely succeed. So, here are the biggest franchise advantages: It’s an already established brand. Here’s what attracts so many entrepreneurs to buying franchises — it’s a known quantity. Consumers are already familiar with the brand and its products and/or services. Which means you don’t have the burden of establishing it from scratch. Marketing and operation support. Another big benefit is that you’re not out on your own. You receive marketing and operational support from the franchisor, which is a huge plus. Proven system of employee training. Along the same line is there’s already a working system in-place for employee training. You don’t need to work your way through trial and error to refine a workable training system. Access to proprietary operating methods. Speaking of an in-place system, you also don’t have to try to peel back the veil to learn how the system works. You’ll get all the information you need to open and run the business with actionable guidelines. What other franchise pros and cons would you add to the list? What are your thoughts about buying a franchise? Please comment and share your ideas! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How to Reassess Your Workspace Needs in a Hybrid Workplace Environment

August 4, 2022 No Comments

Hybrid work schedules have become quite common. And, as the nearby quote from Harvard Business Review points out, hybrid workplaces are increasingly becoming more popular and might even be dominant in just a few years to come. If your business has begun to adopt this model or has already moved to this type of schedule, then you’re probably wondering how to increase its benefits for your business. One way to do this is to reassess exactly how much space your business needs to operate and perform its best without undue waste. Hybrid Workplace Advantages There are a number of advantages of hybrid workplaces. First and foremost is obviously employee satisfaction, as happier team members generally do better jobs and that of course benefits your bottom line. Another advantage is not having as many on-site materials and tools. In other words, it’s not necessary to have as many individual offices or cubicles, and/or PCs and printers as well as other peripherals. By all indications the future of work is hybrid: 52% of U.S. workers would prefer a mix of working from home and the office, saying it has a positive impact on their ability to be creative, solve problems and build relationships. Global research tells us 72% of corporate leaders plan to offer a hybrid model, and only 13% say they expect to decrease their real estate footprint in the next year, suggesting that organizations will continue to leverage their workplaces within a hybrid work future. —Harvard Business Review Additionally, a hybrid work model means that employees can better balance their personal and professional lives, which again comes back to their satisfaction and that is extremely advantageous to any business. What’s more, a hybrid workplace doesn’t always require as large of a physical footprint, which allows you to downsize and therefore save on your monthly expenses. How to Reassess Your Workspace Needs in a Hybrid Workplace Environment The very first thing you need to know is if a hybrid work environment will indeed work for your business over the long term. This will be fairly easy to assess if you’ve already adopted the hybrid model for several months or longer. But, if it’s still fairly new to your business, this evaluation might require quite a bit more time in order to make an informed decision If you are in a situation that has benefited from a hybrid work model for a substantial amount of time, then you can start to ask yourself where it’s possible to downsize and where it’s necessary to expand. For instance, you may not need as much physical office space but need to invest a little more in technology. Another consideration to take into account is your future plans to grow your business. If the hybrid model is only sufficient but not realistically scalable for your company’s future endeavors, then, of course, it’s best to play to your strengths rather than trying to force any other type of working model that just won’t produce the same outcome. What other considerations would you add to these? Please take a moment to share your own thoughts and experiences so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Less Texting More Face Time Equals More Success in Business

September 12, 2017 No Comments

No, I am not talking about the Facetime application … I am talking real, live one-on-one face time! Texting has become as normal a standard in our world as eating and sleeping, and in some cases it has become more important to some people than eating or sleeping! With texting, the level of trust is low. Texting does not allow for relationship building and real relationship building is required to develop trust. Texting only provides tentative, at best, minimal trust. It’s important to understand that low trust does not translate to success in business! Why Personal Contact Always Beats Out Texting in Business Ok, I am as guilty as anyone using text to communicate. Texting is an efficient and immediate form of communication that allows the sender and recipient to respond on their own terms. It’s very convenient. The benefits of texting are numerous, but the problems that texting develop or cause are now beginning to surface as we track data; auto accidents, pedestrian accidents, sleeplessness, lack of productivity, poor communication skills … and now less success in business due to limited and poor planning! Texting has its place, but not while walking, driving, during meetings, or especially at the dinner table. You want to improve your relationships with family, friends, and business associates, along with clients/customers? Call them, meet them for coffee or lunch, and build a relationship with eye-to-eye contact instead of sending texts. We never talk any more: The problem with text messaging – From CNN Tech Web site By Jeffrey Kluger As texting use rises, the phone call is becoming a dying institution American age 18-29 send an average of nearly 88 text messages a day Psychologists worry social skills in young texters won’t develop Habitual texters may hurt relationships, miss out on new ones Because texting is convenient and can be done almost anywhere, it tends to substitute proper planning in advance for last minute texting to coordinate meetings, directions, critical information, etc. Recently, it hit me why last minute texting is a pet peeve of mine. Why? It minimizes our need to plan because we expect immediate responses. So why plan in advance when you can text at the last minute? Is it not more convenient? Does this rationalization sound familiar? Let me provide a real-world example. When texting or cell phones didn’t exist, we all had to plan out our days, our travel, our meetings … our whole day-to-day life. It required goal setting and developing a plan because there was no cell or text to connect at the last minutes. We had to pre-plan even if the plan was just meeting someone for lunch, or meeting someone at an event. Today, I hear many people say, “We’ll figure it out; I’ll text you.” Real success occurs when you plan in advance by writing down your goals and when you have a plan to achieve those goals. Or in the case of meeting or connecting with someone, you plan in advance so that you minimize the use of text while driving to the meeting! Achieving Your Goals Statistics show more than 70 percent of people never have goals. And, only 28 percent say they have some kind of goals, with just a meager 2 percent having written goals. Moreover, it’s estimated that this 2 percent controls over 90 percent of all income. Goals require planning. This includes planning your weekly business calendar of priorities which are part of your strategy to achieve you goals. So, if you have a plan, you can easily set a meeting and location based on your schedule. If you have no plan, and your plan is to “figure it out and text” at the last minute, then your potential for success diminishes greatly. Align your plan with your goals, by scheduling your plan in a calendar. Instead of texting for directions or meeting locations or times at the last minute, usually while driving and walking, pre-plan your meeting in advance and call or e-mail the information. Then use the time while driving to clear your mind and prepare for your meeting. That will produce far more effective and successful meetings than texting at the last minute. “By failing to prepare, you are preparing to fail.” –Benjamin Franklin Try this for 2 weeks Take 1 hour to plan your week by pre-scheduling all the priorities you need to accomplish in your plan for achieving your goals for the next two weeks. Put each priority in your schedule under a block of time. Allow time for travel, meals, errands, family, work outs, etc. (This takes thinking in advance, but by pre-planning, you will address any logistical challenges in preparing your plan and be able to adjust prior to your meeting or event.) Call and use your voice to communicate your plans with those you are meeting. When you get to the meeting or event, avoid texting and focus on eye contact and listening to your client, customer, vendor, or associate. In doing so, you will have less stress, higher productivity and greater success … with less aggravating, last minute, in between traffic lights and phone call texts … I guarantee it! So, put down your mobile device and start planning for Less texting and more real face time that will help you succeed in business!