What’s Your Game Plan for Life?

Once you have your Ideal Life concept articulated and you can confirm with some confidence where it is that you want to go, a Grand Plan will help you connect the dots between where you are now and your Ideal Life. The most important thing to do is, to the best of your ability, determine what the critical steps or benchmarks are to get from here to there. Write the steps down, then add a series of intermediary steps in between along with “time to completion” estimates.

Ideal Life Component/Category: Chose an area of your Ideal Life that you want to focus on (career, finances, personal development, health, relationships, etc.)

Status Today: Include a brief description of your current situation or where you’re starting from at this exact moment in time, in this particular category.

Major Benchmarks: Write out the major benchmarks that would form a logical path to lead you to achieving your ideal situation.

Intermediate Action Steps: Work out your first set of intermediate steps that can lead you to connect one benchmark to the next.

Estimated Time: Estimate how long it should take you to complete each action step. Commit to a reasonable timeline.

Ideal Life Realization: Lastly, finish off the exercise with a little reminder of what you’re working towards in the first place. What will signify for you that you’ve achieved your ideal situation or goal?

Intellectual Property: Don’t Let Someone Steal Your Business Idea!

Everyday that you avoid talking about your dreams is just another day that something incredible could have happened to help.

It’s amazing how some people avoid talking about what they do. Worse yet, sometimes when they have an idea for a business, or are in the process of starting something, they still feel like they need to keep quiet; sometimes they’re nervous, embarrassed, or just think their timing is premature. But isn’t this when you need help more than ever?

Here are a couple of the most common excuses about keeping quiet, and some advice on how to do just the opposite.

Someone will steal my idea!
Ideas are cheap – any entrepreneur will tell you that. Fortunately, most people are not entrepreneurs, and will never do anything with even the greatest of ideas they may hear. If you really think there is a serious threat, particularly regarding patents and inventions, talk to a lawyer and learn what you should and should not say, which will help to put your mind at ease.

I’m not ready to do anything with it yet
There are a million reasons why we procrastinate when making major life decisions, but when it comes to putting a really big idea into action, sometimes you just have to take a chance. If there is an idea that has been nagging at you for years, it might never leave you alone until you do something about it. Just take some baby steps and start talking to people. Things sometimes happen when you least expect them to.

I haven’t done enough research yet
Few people are ever totally prepared for launching a business or big idea – and that’s okay. The unspoken rule, particularly among entrepreneurs, is that you figure out most things along the way. So dive in and take every challenge as it comes – the unknown will soon be just another adventure to you.

What if people think it’s silly?
If confidence is your big stopping block, start working on it now. Without believing that you can make this thing fly, you’re going to have a hard time convincing anyone else of it. Now is the time to be bold and prove to the world that you are the next great thinker and doer – you’ll find that your enthusiasm can be really contagious.

I don’t want to risk losing my job
This is a very real, understandable fear. The first bit of advice in situations like this is not to quit your day job until you have a way to support yourself with your big idea or business. Projects like these always take more time to generate money than we expect. Second, don’t let your new business interfere with your responsibilities at work; at some point it will become a problem to balance both, and that’s when you leave. Third, in some cases, employers can actually be supportive of people trying to start their own companies, especially if they will not be direct competitors, and if the employees are not what you’d call “essential” to the operation of their businesses. Since this is not too common, however, be sure you know your employer’s attitudes about life after the company pretty well before spilling the news.

So, now that we’ve covered the big reasons you may have for hiding your dreams, just think about what you could gain from squawking. Give it a try – start telling everyone about your plans or thoughts and see what happens.

8 Tips to Get Media Attention

Nothing helps your business more than getting mentioned in a popular magazine, newspaper, blog, website or TV news segment. As I continue spreading the word about YSN.com, I’ve learned that journalists are in business too, and like you, they have pressures, deadlines, idiosyncrasies and yes, lives. If you think your life is stressful, follow around a journalist for a little while. Remember, as an entrepreneur, your stress is created internally, as you have decided to be “in charge.” Journalists are at the mercy of many others who often control their every move. So showing them that you understand and respect their jobs will give them the incentive that they need to give you the time of day, and sometimes even their friendship. To build the foundation for a favorable relationship with the media, consider these simple steps:

1. Why should they write about you?
Come up with a list of story angles that a journalist could use to write an article about you and your business. Decide what makes your story newsworthy. Are you unusually young for a business owner in your area/field? Have you started a company that is out of the ordinary, or provides a new or specialized product or service? Then, write down a list of attributes that could be used as “buzzwords,” or phrases, to describe you or your venture. Some examples might include: “woman business owner,” “Native American” or “cyberjunkie.” If you are doing your homework and reading your industry’s trade journals, newsletters and other publications, you should have no problem finding the industry catch phrases.

2. Build your own media list
Compile a media list of publications and media sources (newspapers, journals, radio shows, talk shows and news programs) that you believe are most likely to write a story like yours. Collect all of their vital information – complete company name, address, phone and fax – as well as a suitable contact person, if possible. Be selective. Don’t send info to people who clearly do not cover your industry, topic or share your audience/clients. Journalists are constantly bombarded with unsolicited press kits, so don’t waste their time (or your money) sending them literature on your business banking on the off-chance they might make an exception. There are too many publications, journals, organizations and news stations that will be interested in what you are doing to bother those who don’t. The worst thing you can do is provoke a journalist to request that you don’t contact them again.

3. Who do I contact?
For business publications, send media kits to the Managing Editor or Senior Editor. They are more likely to be the ones personally writing or overseeing feature stories, and are usually the best ones to review new story leads. For general interest publications, find the name of one of the editors who covers your field (contact information is usually available in a thin column called a “rote box” in the first few pages of a magazine or newspaper). Never bother the publisher since they’re usually a business manager of the company, not a journalist. Often publishers are not even located in the same offices as the editorial departments, and thus are most likely to disregard or misdirect your information.

4. When to pitch your story
Create your own media calendar to help you preplan PR campaigns. A good way to start is by studying your company/industry’s business cycles. When are your busiest months? If, for example, you provide a career-oriented service for students, your business cycles would peak around May and December, when students are most likely to be hunting for jobs. If you look at some of your media targets around these times, they too are probably keeping tabs on graduating students. This is when you most need them to know who you are.

5. Plan Ahead
Most major monthly magazines have a three month lead time. On your media calendar, keep track of your “target media months,” or months when you would like your information to appear in the press. Then from each of your target months, move two months backwards and note issue closing months. Then move one more month before and note press release due dates.If you are dealing with a daily or weekly publication, the best time to release information to them is usually closer to a few days or three weeks prior to publication, respectively. For any other distribution cycles, call the publication directly to inquire about their specific issue closings. Another good idea, while you have them on the phone, is to request a copy of their publishing calendar. Understanding when journalists are most likely to be interested in your story can save you a lot of time and greatly improve your chances of being mentioned or featured in an article.

6. Make yourself invaluable.
Be a resource to the media. If a journalist or editor calls you for information on your company, or even your industry, jump. Don’t appear too anxious, but give them everything they want and more – but keep it brief. If they say they’re on a deadline (and they’ll tell you), restrict your correspondence to brief faxes, voice mail or quick calls should they request that you contact them directly. The more attentive you are to their needs, the more likely they are to keep in contact with you. All journalists have their own group of people they consider personal sources for various issues; if you can become one of these people, sooner or later you are sure to be rewarded with some great publicity.

7. Follow up
Always follow up with a thank you letter for any article or interview that you receive – even if you are interviewed, and you do not appear in the article (which happens often), follow up and thank them anyway. It’s very easy to get frustrated after you have spent a great deal of time gathering or offering information and insight to a media agent and you do not get recognized for it, but don’t let that get in the way of good manners!

8. Keep in touch
Send your media contacts an occasional note or mailing as your company changes, expands or diversifies to let them know about the latest news. This is an excellent way for you to stay fresh in their minds and allow them to stay abreast of your progress effortlessly.

10 Ways To Get What You Want In Business

Learning how to be bold and direct, and demanding respect, fairness and attention is part of being a successful business person. This isn’t to say that there’s no place in the business world for being friendly and nice but being “too soft” can delay your progress. As someone once put it, “If you leave room for people to take advantage of you, they will.” Here are 10 tips to help get what you want, when you want, from the people you need most:

1. Keep a record of your goals and objectives. Refer to it often to ensure that you stay on track. Share this with someone you trust and have them help keep you in line.
2. Figure out what you want before you meet with people. You’re then more likely to remember your goal, form your discussion around it, and ultimately achieve it.
3. Let people know when you need help with something. Even if they can’t help you themselves, they’re more likely to find you someone else who can.
4. Don’t leave questions unanswered. If you have them, ask!
5. Don’t be afraid to walk away. If you feel you may be wasting your time, or could be taken advantage of, your willingness to go elsewhere may be what prompts someone else to take action in your favor.
6. If you want to solidify a deal or an agreement, or just protect yourself, write it down. A lot of people will try to backtrack from promises they make if there is no way of holding them accountable.
7. Tell people what you want from them. Do use some tact, but be direct. Most business people will respect you more for it.
8. Give people the best reason to want to help you. Being a good person is the first step. If people like you, they’re more likely to go out of their way for you.
9. Always think in terms of creating win-win situations. How can helping you help them? Figure this out first and you’re one step closer to getting what you want.
10. Believe in yourself and your business. If you truly think you have what it takes to succeed, make it happen.

Entrepreneurs: Where Do You Meet Investors?

You’ve probably heard it before, but it really is true. The best place to look for your first investors is almost always going to be your inner circle – friends and family. People who know you. From there, it’s all about friends of friends, or friends of colleagues – great referrals and contacts made by people who can vouch for you, your character and your business savvy. The next natural step is to more structured angel groups, or even venture capital forums. You’ll have to submit your executive summary, and maybe even a plan, for the chance to get invited to present to their group. This can be a great way to meet lots of prospects in one shot and get your feet wet with more formal, full time, and/or institutional investors (like VCs). But at the same time, realize you are still making a first impression, not to mention the fact that you’ll have to share your concept with a group or larger audience.

Some great networking places? Venture forums and VC mixers for sure – even if you’re not presenting. Most major cities have some sort of venture association that holds networking events. Also look into the Chamber of Commerce, the Junior Chamber (JCI) in your area, or better yet, the closest major city. Other great places are industry conferences and events. And if any of the major universities or colleges in your area hold business plan competitions or entrepreneurial events, definitely check them out too. Speaking of, your own alumni network is probably packed with its own possibilities.

Bottom line, always be making connects and let people know what you do and who you’re looking to meet. The best investors sometimes come from the most random of encounters. Also realize that raising money is a tough process that is totally unpredictable and comes with a very very steep learning curve. That’s another reason people say that you have to LOVE what you do… because you dedication and passion will certainly be put to the test.

10 Tips to Plan a Party on a Budget

Hosting promotional events is one of the best ways to market and generate publicity for your organization. Parties can be used to build or change your image, introduce new products or services and create goodwill between your company and its surrounding community. However, events aren’t always cheap, and startups or growing companies may not even include them in a marketing budget.

Here are 10 tips for creating inexpensive events that will allow you to gain exposure and goodwill for your business. If you’re seeking new ways to promote your brand, business, organization or cause, create a dynamic Organization Profile on the all-new YSN.com!

1. Volunteer your company’s services to help with a local, newsworthy event. Be particularly conscious of the media involved, because you may have a chance for a free “plug” on the air or in the newspaper. By investing your time in return for access to such exposure, you have the opportunity to publicize your company’s services to your community, region or state. In addition, you can capture the attention of your local leaders who are, more often than not, willing to refer you if you’ve contributed to their organization’s efforts. Again, try to be a part of an activity that is highly newsworthy and offer a unique skill or service that will capture the attention of a reporter.
2. Find out if a local organization (Lion’s Club, church, community center) will offer you the use of its facilities, such as an alumni organization, small business association or community group. As the rental of a site is often the biggest expense of an event, you will save a great deal of money by using donated space.
3. Become friendly with your local caterers. Food is another huge expense in staging an event, but is necessary – people love to gather in a group and nosh. Remember, the caterers in your community need exposure just as much as you do, and will likely be happy to offer you a discounted menu for the exposure they may gain at an event. Feature the new caterer in your mailings with a word of thanks.
4. Talk to a local restaurant owner and ask him/her if you can reserve a few tables on a night that isn’t very busy (Monday or Tuesday is usually best, but note that many restaurants are closed on Mondays). Send out flyers to publicize your mixer, and charge a minimal cover ($5) to cover your food costs. Buy a few plates of hors d’oeuvres and some pitchers of soda. Have a cash bar, and be sure to invite enough people to recover most of your costs! Remember though, events are a cost of doing business, and you may not always recover your expenses, so be sure that the publicity you will receive is well worth a few dollars. If you are staging something unique, such as a winter luau, be sure to invite the press.
5. Coordinate with other young entrepreneurs and stage an event as a group (e.g. an end-of-summer picnic) – this will allow each participant to contribute to costs and labor.
6. If you can only afford to invite and feed a small number of people, make sure you fill the event with friends, family and anyone else who will be willing to stay for a few hours in order to create the image of a large attendance. (Make sure they eat before they come if you are really tight on funds, so special guests can enjoy the food! It’s a lot to ask, but if they’re your friends and family, most likely they’ll make the sacrifice for you.)
7. Offer to stage an event with a portion of the proceeds going to a local charity or organization. Be sure to stage activities which are somehow related to your company. For example, if you run a day-care operation, hold a parent-child picnic with a cover charge of $20, with $5 going toward the purchase of books for the local children’s library or the March of Dimes. This is a win-win-win situation, as it will allow you to create goodwill in your community, funding for the organization and exposure among the press. Additionally, as organization executives will be thankful for your efforts, they will be more than happy to refer you to others.
8. If you wish to be involved in a trade show, barter your services for a booth space. (for example, you may be able to help with set-up or mailings). This may not work if the show is large, so be prepared to negotiate. No one has to know you are doing these activities – keep in mind that your primary objective is a spot on the floor, and sometimes there is sacrifice involved. Do what you must to get exposure. Besides, it will provide you with a good story for later on.
9. If you can’t pay, barter. This can’t be stressed enough. Bartering is a mode of survival for many small businesses. If done well, and if your time donation is large enough, you may even be considered a sponsor of the event.
10. Once you commit to an event, be sure to tell people about it in enough time to get the crowd you’re looking for. There is nothing worse than an empty event! Try to get listed in your local newspaper’s calendar of events (sometimes requires a lead time of a few weeks), post on the web, through online meetup boards, and tell all your friends and colleagues to tell their friends and colleagues. Word of mouth helps!

Why Franchising is Right for You

Over the next 15 years, the largest generation in history–the Millennials–will continue graduating from college and looking for new and interesting opportunities to launch their careers. Eager to make their marks on the world, pursue their entrepreneurial interests, establish their independence and enjoy a comfortable lifestyle, franchising might just be the ideal opportunity for graduates. Here’s why:

1. The basic premise of the franchise model is optimal for young people. As the International Franchise Association likes to say, “Owning a franchise allows you to go into business for yourself but not by yourself.” For young people who crave independence but require extra TLC when learning the ropes, franchising offers a great mix of both. Millennials adapt well to proven systems, structure and oversight–which were norms for them in their academic lives. Younger owners eager to embrace new opportunities often devour franchisee manuals, contracts and training materials, which many franchisers complain aren’t always given adequate attention. Younger franchisees are also far more malleable than the typical franchisee candidate, who may have decades of experience but needs to be retrained in a whole new style of doing business.

2. They’ve grown up with franchising. Young people today have grown up using and relying on products and services provided by franchises. Almost all have been franchise consumers, and many have worked for a franchise company. In the book McDonald’s: Behind the Golden Arches, author John F. Love writes, “One out of every 15 American workers got his or her first job from McDonald’s.” In this way, many young franchisees can build on experience they gained as franchise employees. And as any franchiser will tell you, those with previous experience and a passion to take on the responsibility of ownership often make some of the best owners.

3. Entrepreneurship is in their blood. It’s not uncommon for twentysomethings to have three, four or five small businesses already under their belts, and that means they’re earning experience, credit, cash and other valuable resources that can prime them to be more successful franchisees. Many others, who have yet to launch their own ventures, are thinking about it and aggressively preparing themselves to do so. Not only are business and entrepreneurship classes popular, but experts estimate that there are currently more than 200 franchise-specific courses being taught on campuses across the U.S.

4. “Helicopter parents” mean more family support. It’s not uncommon for boomers’ lives to revolve around their children, so much so that many have been labeled helicopter parents for their tendency to hover over every decision their kids make–even when their kids are in their 20s and 30s. Having taken such an active role, many are open to financing or assisting their son or daughter as they get into their own business–or at least co-signing the necessary loans. This isn’t to say recipients of such assistance don’t have any skin in the game, though. Anyone who has ever borrowed money or had others invest in them knows that the pressure that comes along with it, whether direct or implied, can be just as intense as if their own money was at stake.

5. They think big. Once upon a time, young people were content with finding a great job, settling down and starting a family. Today, everything is supersize, including their dreams and aspirations. Millennials are inventors, leaders and even broadcasters at a young age. They create videos that can be seen by millions, they start nonprofits that affect the lives of thousands in foreign countries, they launch companies from their dorm rooms that sell for hundreds of millions. This level of ambition has caused many franchisers to start looking at young people not only as the next great wave of franchisees, but also as the best new prospects for multiunit ownership. The head of ExxonMobil franchising once told me he likes younger prospects because they often have bigger goals. His average middle-aged candidate typically has aspirations of owning one, maybe two, units, whereas those in their 20s are more interested in building 10 or 20 stations and are hungry to learn how to become multi-unit owners from the beginning.

Young people today clearly have many reasons to consider franchising as a career path, and they bring a lot to the table as franchisees. Not every recent grad will make a good candidate, though, just as not every older candidate will. It is, however, about time that the franchise community and young people start to recognize how good they are for one another. After having worked with thousands of young people, I think it’s crazy that people are still questioning whether young people are ready for franchising. The better question is, Is the franchise industry ready for them?

Put it in Writing!!

“Put it in writing!”

You’ve heard it a hundred times. But as much as you may think it’s an overused business term, the truth is that the practice of actually putting things in writing is not. We all know that every important agreement and arrangement should be put on paper, but too often we get complacent, or even too embarrassed to ask for it.

Whenever we’re dealing with important business decisions, dividing responsibilities or working in any way with money or assets, nothing could be more critical than ensuring the terms are on paper. While it may be hard right now to think of anything affecting your most precious relationships, think again: Some of the worst situations occur when family, friends or people we know really well are involved in our projects.

No matter how close you may be to such people, introducing this kind of formality into a relationship is always difficult. You have to level with yourself, however, and ask some tough questions: How much are you willing to gamble with your future at stake? How much are you willing to lose?

No one ever expects things to get ugly, as we all start out with the rosiest of expectations. Unfortunately, relationships can turn sour, and often do. Sometimes people enter into an agreement with very different expectations, and having your agreements and understandings in writing helps to avoid the emotional and personal dynamics that come into play when things aren’t so wonderful. If you take care of the specifics beforehand, those difficult emotions will not interfere with the decisions about what must be done to resolve the situation when and if it comes to pass. (Or as some business lawyers say, “Plan the divorce before the marriage.”)

Thankfully, the solution is simple: Just put it all in writing. Any time you work with other people or companies, make sure that your agreement is outlined somewhere. (It’s a good idea for both of you to sign it as well.) Whether your agreement is on a napkin or drafted by a lawyer, it can be legally binding. Even an e-mail can serve as written proof should you run into difficulties. Be fair to yourself — and the future of your business – by nailing down the details.

How to keep legal agreements simple, low cost, or even free:

1. Keep a personal record of all significant conversations and meetings for later reference. This can be used to recall significant events, casual agreements, commitments, and even to settle disputes.
2. Discuss the details of any deals (if possible) with the party you are entering into the agreement with. Write out the terms and issues that you are most concerned about and why, and take it to a lawyer you trust. This will help them better understand your needs and substantially cut down on your drafting costs.
3. Get a sample contract from a book of forms, a stationery supply store, or a small business software program and use it as guide to create your own. There are also some great books available on the subject.
4. Visit a SCORE (Service Core Of Retired Executives) or SBA (Small Business Administration office) near you. One of the counselors should be able to guide you through the process or introduce you to someone who can.
5. Find a law student or lawyer friend to help you. At very least, you may be able to get a good referral and maybe even a decent deal.