March 23, 2022 • 34 mins
Possibilities, Options & Dreams: Ep-8 “Exploring Vehicles to Your Success”, Chapter 4 Your Career 2.0
Podcasts https://entrepreneurssource.com/podcasts/
On this episode of the "Possibilities, Options & Dreams" Podcast, Melissa and Tamara do a deep dive into Chapter 4 of "Your Career 2.0, A Survival Guide for the Battered Career and Investor Syndrome"
Welcome to the top career ownership podcast!
Now you can watch or listen on the go to the industry’s most insightful minds on all things business and career ownership. We hope you’ll tune in regularly!
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Based on the best-selling book for successful and emerging entrepreneurs "Take Ownership of your Career 2.0, A Survival Guide for the Battered Career and Investor Syndrome" POD – Possibilities, Options & Dreams fosters meaningful connections, empowering aspiring entrepreneurs to identify, pursue and achieve their dream of self-sufficiency.
Chances are that you are interested in this Podcast because you are among the 75% of the population that is seeking self-sufficiency. Most likely you have a desire to find a better way and to improve your current situation. Perhaps you are tired of being a victim of the Battered Career Syndrome® or the Battered Investor Syndrome® which keep people going back to hopeless situations with the expectation that this time around they will be different–that the job and the stock markets will go back to the heydays enjoyed in years past.
Quotes:
“So even if your dream feels unrealistic, it doesn't really matter. Let's start figuring out how we can get there. Let’s look at vehicles for success, If you've got this dream, we can look at what others have done to pursue theirs, right. And it doesn't need to be anything magical or brand spanking new. You don't need to be a genius to come up with that. Just you know, very pragmatically, what have successful people done to achieve their goals, their needs, their expectations in order to pursue their income, lifestyle, love and equity goals, right?”
Tamara Loring
“Today is all about chapter four, “Your Career 2.0” . On our past Podcasts we have discussed, the journey of discovery. This Podcast reviews: your goals, needs and expectations. What are you looking for out of your career and life in general? What are the different obstacles and common barriers that we can put in front of ourselves and stop us from moving forward?
Melissa Pang
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Unknown (00:27):
Welcome back to the possibilities options and dreams
podcast with the entrepreneurssource where we empower
individuals, individuals toidentify, pursue and achieve
their dreams of selfsufficiency. Melissa and Tamara
here to kick off today'spodcast. I am the member
relationship strategist here atthe entrepreneur source. I've
(00:48):
been here for five years and Iwork with our franchisor member
network and love what I do everysingle day. This is Tamara
Loring. She is our brandideologist. And I'll let her
explain in her own words whatthat is.
I appreciate that because Iusually get that. People say,
wait a minute, what you're theideologists. What that is, does
(01:10):
that even mean? So? I just feelreally fortunate, you know,
we're in the business ofpossibilities, options and
dreams and as an ideologist, Ireally just get to ideate what
that looks like, right? Whatcould a better and brighter
future look like? Let's dreamlike when we were kids, and
nothing was impossible. So as anideologist, right, I get to work
in that space, and just helppeople create a better and
(01:32):
brighter future for themselvesand their families. So I'm
appreciate being here today.
Well, so happy to have youtomorrow, I always bring so much
value, she is the embodiment ofpossibilities, options and
dreams. So what better platformto have her on than the pod
podcast. And so today, I'mreally excited because, again,
we're going to go in and exploreyour career 2.0, the book of the
(01:58):
entrepreneur soars. It's asurvival guide for the battered
career and investor syndrome.
And today is going to be allabout chapter four, which is
making your eu 2.0. Real. And upto this point, we've gone
through and discussed, you know,a journey of discovery,
essentially, where we talk aboutthe different circumstances
(02:21):
outward or inward, that wouldkind of provoke someone to look
at this and kind of push someoneto look at what else is there?
And then going inward and seeingwhat actually does make up my
YouTube point, what do I lookfor? What are my goals, needs
and expectations? And what am Ilooking for out of my career and
(02:44):
life in general, and then again,looking at different obstacles
and common barriers that come upfor people that we can maybe put
in front of ourselves. And sonow we're here at a very
exciting point, where we'regoing to talk about how do I
actually make my YouTube point?
Oh, real?
And what are some vehicles?
Actually, what's the choosingthe right vehicle, that's gonna
(03:07):
help me get to my dream? So withall that being said, what does
thateven mean? Yeah, I mean, you
know, we all have a dream, Ibelieve, worthwhile pursuing,
but you know, many of us, youknow, will dream maybe, and then
we'll stuff it, you know, in thecorner and not pursue it,
because we really just don'tknow how to get there. But you
know, here are theentrepreneurs, we just have an
amazing opportunity for us todream and just explore what's
(03:30):
possible. So even if your dreamfeels unrealistic, it doesn't
really matter. Let's startfiguring out how we can get
there. And so we'd like to callthose vehicles for success,
right? So if, if you've got thisdream, let's figure out what
others have done to pursuetheirs, right. And it doesn't
need to be anything magical orbrand spanking new, right? You
(03:52):
don't need to be a genius tocome up with that. Just you
know, very pragmatically look atokay, you know, what, what have
successful people done toachieve their goals, their
needs, their expectations inorder to pursue their income,
lifestyle, love and equitygoals, right? So if you think
about the different vehicles forsuccess, I'm sure you'd be able
to come up with them yourself,right? Because the one we hear
(04:13):
up all the time is the one wehear in school, right? Work
hard, study hard, so that youcan get a job right now
attractive for some people notso attractive for others, right?
So these vehicles aren'tinherently good or bad, but it's
a possibility. Right? What othervehicles are out there? Right?
Well, we often hear abouttalking people talking about
(04:35):
investments, right? And eveninvestments have a lot of
different strategies, right? Itcould be stocks and bonds. It
could be real estateinvestments. It could be the
popular one nowadays, rightcryptocurrency I don't know
anything about it, but you know,that could be an investment
strategy. And then of course,business ownership right. Now
(04:55):
people will often say yeah,yeah, but I'm not gonna
entrepreneur that's not for me.
So what I would love to do isfor us to just unpack them a
little bit more and talk aboutthe pros and cons of every
single one. But I would love toleave us with a thought or, you
know, to not prejudge thesevehicles, you know, because so
(05:16):
many times people say to metomorrow, you're in that space,
like, what is the perfect, youknow, business? Or what is the
perfect franchise? And, youknow, they hate my answer,
because every time they asked methat, I say, I don't know. And
they're like, wait a minute,you've been doing this for 20
years? How can you not know whatthe perfect business is? And I
often equated to, you know, it'skind of forcing me to say, which
(05:39):
mode of transportation isbetter? Is a plane better than a
car? Is a car better than abicycle? Well, it depends,
right? I mean, if your goal isto fly from the East Coast to
the West Coast, I would notrecommend a bicycle will take
you forever to get there. But ifyour goal is to get more in
shape, well, then maybe taking aplane is never going to help you
(06:00):
get to your goal. So when youlook at these different
vehicles, maybe that littleanalogy helps you to kind of
really think about like, whatare my personal goals, forget
what everybody else is doing.
Let's look at it like a mode oftransportation, which mode of
transportation is going to bemost likely going to help me to
achieve my goals.
So I love the analogy ofvehicles, because I think it
(06:22):
just so perfectly portrays thecareer piece of it. But it gives
a really great picture of, andthis is what I was thinking, a
vehicle that maybe served you upto this point, AKA your you 1.0
Maybe it was one of those thingsthat you just listed, maybe
isn't serving you anymore. Andso now it's time to upgrade, or
(06:45):
look for something different.
And what I love is, you don'tlet's say, okay, when you take
the vehicle analogy, I was usinga sedan, it was a five
passenger, you know, it kind ofgot me around, I was able to do
all the things I wanted to now Ineed more space, maybe I have
more passengers with me, I needmore room in the back, or
whatever it is. So now I'm goingto look for a different kind of
vehicle. And again, it's not bador good. My first vehicle wasn't
(07:09):
bad or good. It just now isn'treally serving me the way that
it did. And that's what I loveabout these things is job market
investment, business ownership,none of them are good or bad.
But just is one now able toserve me more than the one that
I was using previously.
Right? I mean, it's a mindsetchange, right? And it takes the
(07:31):
pressure off, because I think somany people, you know, want to
get it right. And it's like, Ihave to find the perfect thing
as if it's going to be permanentand forever. And once you start
thinking, Wait a minute, it'sjust like a mode of
transportation. You know, it'slike, just because I'm in a car
doesn't mean that's the onlymode of transportation I can use
for the rest of my life. Hey, ifI want to get on my bike, I can
(07:53):
throw the bike in the back ofthe car and then do both, right.
So I mean, you know, once youstart thinking about it, I mean,
it does seem kind of silly thatwe put so much pressure on
ourselves, but it just relievesus and allows us to kind of look
at things for what they are,right? So you know, even if you
look at the job market, hey,look, you know, people look at
me, and they say, how can youstay at a company for 20 years?
(08:13):
And I'm like, wow, when your dayjob is your dream job? Right?
Why move, but it doesn't meanthat this is the only thing I
get to try for the rest of mylife. If it doesn't serve me any
longer. I mean, look, it's hardfor me to imagine not to be
associated with theentrepreneurs source. But you
know, then I know that there'sso many other possible vehicles
out there, right? So100%, it just is so nice to look
(08:35):
at the fact that I can do andachieve those things that I want
to do my YouTube point, oh,that's all possible. And I just
need to I can just explorewhat's possible with these
different vehicles, as we'recalling them, you know, like,
(08:55):
maybe up to this point, like yousaid, the job market has been
that vehicle for me, and I'veenjoyed a steady income, I've
really enjoyed the structure ofit, I, you know, enjoy that
environment. But now I'm kind ofthinking, You know what, with
everything that's been going on,it's not actually as stable as I
thought it was, or, you knowwhat I really don't, I really
(09:18):
would like to start creating myown schedule a bit more. And the
work that I'm putting in, I'm areally hard worker, that those
hours that I'm putting in, I'dactually like for those to come
back and actually serve me asopposed to someone else. So now
it's like, okay, that Job wasgreat. But now I'm looking for
something more.
(09:40):
Right. Right. And, you know,like we said, pros and cons to
everything right? I think likeyou said, you know, yeah,
definitely tempting, right, thatbiweekly paycheck, it gives a
sense of security. The otherthings we hear is I have to have
a job because I need medicalinsurance like Okay, so is the
job the only way to get moneyMedical insurance or benefits,
(10:01):
or, you know, now that theexchange can people or business
owners actually secure betterand benefits or medical
insurance through the exchange.
So, you know, what we need to dois always pursue and seek the
truth, right? What is really,really true or what is a false
perception appearing real. Whenpeople say that I need a job
(10:22):
because it's secure, as theperson who's been right sized,
downsize, I don't know, call itcap size, whatever you want to
whether it's really that secure.
I mean, they actually lackcontrol, because how many
employees were asked, Do youwant to be part of a merger and
acquisition and oh, by the way,we gonna, you know, get rid of
(10:43):
half the workforce, right? Sothat sense of security is maybe
not the reality. So you know, Imean, again, there's some people
like myself, I've been in a jobfor 20 years, great, but there
are other people who feel like,you know, they just tired up
this hamster wheel, becauseevery two or three, four years,
they need to change jobs. And,you know, I know that age
(11:05):
discrimination is illegal, butso many of our clients who are
in the 40, yeah, 40s 50s, oreven 60s feels like, you know,
they're just being replaced withyounger counterparts for people
who are willing to do the job ata fraction of the price, and we
have less experience. So youknow, those are some of the
realities that people who arelooking for a job and the
current workforce are facing. Soagain, you know, neither right
(11:28):
or wrong, but those are just therealities of the job market.
Right. Um, so yeah, I'm tryingto think if there was anything
else that comes to mind as itrelates to the job market, and I
think, you know, there are tradeoffs, right. So one of the
things now I remember that youwere saying is, if you're gonna
work hard, you want to havesomething in return. And for the
(11:50):
most part, when you have a job,there's no equity play, and
right, so you work hard forsomebody else. And that's what
you get the paycheck for, whereif you were a business owner,
maybe you'd be able to buildequity in that business for
yourself. So you know, tradeoffs, for sure.
And just on that the job aswell, I think a lot of people go
into it, like you said, we gothrough school, kind of hearing
(12:12):
the same narrative of, you know,go through school, get your
degree and get a great job andmake money, and then you're
going to retire, and you're seton this very, this path, that is
that society is kind of laid outfor you. And in the beginning, I
think, you know, we talked aboutincome, lifestyle, wealth and
equity. And in the beginning, Ithink people look at the job as
(12:34):
that's what's gonna help me getthe income, because that's the
piece that they're reallyfocused on. But as you go on,
and like you're saying, theseclients, we're getting to their
40s 50s 60s 70s, younger, youknow, 30s, they're seeing, you
know, what, there's somethingmore than just the income. What
about my lifestyle? What aboutthe wealth piece of it, and to
your point, the equity. So it'slike, that's when you start
(12:55):
seeing people say, you know,what, maybe this junk vehicle
that I've been using up to thispoint, has really only gotten me
so far. Now it's time to kind oflook at what else is out there.
Yeah, yeah. And I mean, I thinkthe last few years, just really
shining a light on that, right?
Where people started workingfrom home. Now they got used to
that. They like the flexibility,sometimes not so much, right?
Because they've got grandkidscrying in the background, what
(13:16):
have you. But you know, peoplehave really taken a hard look at
what is important in life, andisn't just the income and all
those trade offs is worth it? Orwould I be willing to maybe even
work for less, but I have theflexibility to work from where I
want to and when I want toright? So employers also have
had to go through a mind shiftbecause, you know, attracting
talent, and this environment hasjust been become very different
(13:39):
to what it was two years ago,three years ago. I mean, you've
probably heard about the greatresignation, right? Where you're
thinking like, Wow, so manypeople are leaving their jobs,
and they don't even know whatthey're going to do next. But
they you know, what theycurrently were doing is no
longer serving their life'spurpose.
So I think that I mean, we couldtalk for hours about the job
market. There's so much there.
Yeah, I would love to get yourthoughts on kind of that next
(14:01):
piece that we spoke about, whichis investments. And you know,
that is another vehicle that alot of people actually have seen
success with. Some people havenot seen success with it, but
it's a very it when you thinkabout income, lifestyle, wealth
and equity, taking ownership. Ithink that's something that
comes to people's minds prettyquickly, you know, investing
stocks, you mentionedcryptocurrency, which is a big
(14:22):
deal these days, which again, Idon't really know anything about
either. But you want to talk abit more about that, and maybe
some of the pros and cons andwhat that looks like, as a
vehicle that someone might use.
Sure, sure. Yeah. You know, and,again, nothing bad or good about
it, you know, but it depends onyour risk tolerance, right. So
for many, investing in the stockmarket, or other kinds of
(14:43):
investments are reactive type ofinvestments, right? Your 401k Or
your retirement funds are anexample and that you have a
financial manager managing theassets and you basically what do
you do? You kind of put yourfinger in the air like, I hope
this is gonna work. So I thinkwhat frustrates people About
that, especially if they're nota day trader or something like
that is the lack of control,right? Hope is not a strategy.
(15:07):
So great to have a diversifiedportfolio. But I think what
people want and a yearning foris a little bit more control
something that they can actuallyaffect. So, you know, could it
be a good investment strategy?
Sure, but it's passive versusactive. The other investment
strategies, right, talking aboutthat being a little bit more
(15:28):
hands on, the one that comes tomind, as opposed to the stock
market would be real estateinvestments, right. But even
there, there's so many differentvariations, right. So when you
talk about risk tolerance, andwhat people doing, you've got
the people who acquire an asset,and maybe they want to flip a
house, you know, generate cashthat way. And then you've got
the long term investor,investors who maybe acquire
(15:50):
assets, not so much so that theycan flip the property around and
then make some money, but togenerate long term cash, cash
flowing assets. So you know,even if we looked at all those
investment vehicles, they'reprobably we could spend days,
the unpacking most of them. ButI would say, for the most part,
it's either risk or lack ofcontrol that makes people shy
(16:12):
away from that, or maybe they dohave those investment
strategies, but it's just partof a diversified portfolio, it's
not the thing that's going to bethe way they spend 40 hours or
50 hours of the working week.
Exactly. And I also look atthat, as you know, when you look
at people using investment andinvestment strategy as a
(16:34):
vehicle, I think, again, eitherit's not good or bad. But what
is who's the kind of personwho's going to kind of take that
risk to your, to your point, andmaybe it's going to be someone
who feels like they have moreexperience, maybe they have a
background in finance, or abackground in that kind of
thing, they've had a previousjob, so they feel more
(16:54):
comfortable doing that. And samewith the real estate, you know,
someone who kind of has thatbackground has that experience,
it's not going to be I think,oftentimes, the everyday person
who's feeling like, oh, therejust has to be something else.
They might look at real estate,or they might look at investing.
But they might then say, again,obstacles, barriers, things come
(17:16):
up, where you say, that's just areally hard place to break into,
is that what I want to do, andthey might just go back to
revert to their, you know, jawcomfort, or whatever their
comfort zone, which is anotherthing, so I don't have anything
to add there. And if you doawesome, the next piece, though,
is what what I get reallyexcited about, and that is the
business ownership. And I knowagain, there's no bad or good,
(17:36):
but there's a lot withinbusiness ownership as a great
vehicle. For people.
I mean, fear of the unknown iswhat's going to keep people from
pursuing any of these investmentstrategies, right? The job just
feels more secure, because Ithink we hear so much about it
growing up and as kids. So youknow, if we heard more about,
you know, real estateinvestments, or investments,
(17:57):
maybe we'd all feel the job,it's just because we don't know
about it. But you know, as likewith anything in life, if you've
got a great mentor or greatmethodology that you can put
face, it's just one step at atime. And anything you've never
done before will be fearfuluntil or scary until you've done
that, right. And the same is Iknow, we're going to start
talking about business ownershiprights, so many people, myself
(18:19):
included, I remember thinkingthat I would love to be my own
boss, or I would love to have myown business. And immediately as
I had those thoughts, the otherpart of me would say, but you're
not an entrepreneur, you don'thave anything worthwhile to take
to the marketplace, you know,nothing that you can capitalize
on, therefore, you cannot be anentrepreneur, right. So we have
this head trash and our mind'sgoing on all the time and the
(18:41):
limiting beliefs, right. So whatI love about what we do is we
just say, Stop for a second. Andjust let's learn about it, let's
just have a childlike curiosityabout what is really, really
true. And the more informed youbecome, the more educated you
become, doesn't necessarilyeliminate the fear. But at the
very least, you can see the pathto getting there. Right. So
let's talk about the differentbusiness ownership. Vehicles,
(19:05):
right? When you think about it,same like with the other
investment strategies, businessownership comes into in so many
different forms, right? You'vegot independent businesses,
you've got existing businesseswhere maybe the owner wants to
sell for various differentreasons. And then what I like to
call America's best kept secretfranchise businesses, right?
(19:25):
People tend to think, oh, no, Idon't want to be part of that.
Because, you know, I really amnot interested in french fries
and fast food. And it's like,wait a minute, that is just one
sector right there. What 18different industry sectors and
just franchising alone. So, youknow, but as you look at the
different businesses, too, theyall come with pros and cons. I
(19:46):
mean, if you think about anindependent business, right.
Sounds exciting. I own it, youknow, I it's 100% me, that's a
pro. And that's a con too. It'slike yep, it's 100% on you,
right? So whether you fail orwhether you need to do some
research and whether there'ssome growing pains, it's all on
you. But is it worth it? I mean,look at any great invention
(20:10):
today, right? Thank goodness,there was a maverick, who
thought it would be worth it?
You know, I think what thegeneral public sometimes doesn't
realize, though, is the road tosuccess comes with a lot of
failures. One of the famousEdison quotes is, I haven't
failed at 10,000 times, I'vejust figured out 10,000 ways in
which it doesn't work. And, andthat's really the heart of the
(20:33):
warrior of an entrepreneur,right? They have that tenacity,
and that grit, just to kind offigure it out that the vision is
strong enough that even thoughthe obstacles in the way, most
people would quit, they justhave a way to, to persevere and
see it to fruition, right. So ittakes a very special person to
(20:53):
be a genuine entrepreneur and anindependent business owner.
100%. And like you said, it'slike, very exciting to think
about, it's very exciting tosee, and also, when you see
people's successes, who they youknow, these entrepreneurs who
have gone from zero to now, youknow, millions are the, you
(21:14):
know, have wild success on manydifferent levels, it's very easy
to say, Wow, that's soglamorous, but to your point,
that person has worn all thehats of it, marketing,
operations, sales, you know,done all the things, and to your
point, found all the ways to notdo it so that it can succeed.
And, you know, kind of gonethrough all that. And then, you
(21:35):
know, you talked about theexisting business piece of it,
you know, someone has started abusiness brought it to a certain
level, and now they're lookingto exit. And so now you have
someone who, okay, maybe thattakes away a little bit of the
risk, because, again, you're nothaving to build everything,
figure out what works, whatdoesn't, you can come into a
(21:55):
business that is essentiallykind of ready to go, you know,
it's already moving, there'salready some good momentum
usually, and so you can kind ofget in there and get to work.
But to your point, with theindependent business, you know,
there are still so many movingparts, it's not just going to be
(22:17):
step in and just kind of reapthe rewards. There's a lot of
work, do you have to revampthings? Do you have to change
out teams, you now are, again,that still independent owner of
the business, but still a greatopportunity for someone who has
that entrepreneurial mindset isnot quite at that, let's start
(22:39):
something from scratch, butstill wants to be in business
for themselves. Right? Imean, you may have repeat
customers, right? Maybe theyalready have the systems in
place. So the things that youwould need to consider is okay,
you know, one, what is themotivation for the person to
want to sell the business willget out of the business, right?
And they're legit reasons as towhy people want to retire,
right? Maybe, you know, they'veworked hard their whole life.
(23:03):
And now it's time to just relaxa little bit, that is one
motivation, or, you know, maybethey've just not been able to
really capitalize on thebusiness, and they're working
way too hard for the ROI, right.
For some people, that is theopportunity to take a business
and turn it around, because theysee the potential, right. So it
(23:24):
really just depends on theinvestor of the person who wants
to purchase the business to dothat eyes wide open, what is the
motivation of the seller? Why doI want to do it? And questions
to ask themselves? Right? Hasthis the current owner built up
goodwill? And will that goodwillgo with the current owner? And
would I need to start fromscratch again? Or is that
(23:46):
something that, you know, I cantake over? So people businesses
are bought and sold every singleday and some regretted and for
some, it's the best decisionthey've ever made in their life.
So you know, as you think aboutthe vehicle, like you said,
there's some pros with it,because somebody else has
already seen it through the rampup, hopefully, you've got a
business that has good momentum,and you know, so you can just
(24:08):
leverage what's already exists.
So, yeah, definitely someopportunity there also.
Absolutely, and, and thenhopping into the kind of that
third realm of, of businessownership and self sufficiency.
And that's something that as yousaid, the best kept secret, it
seems sometimes, but that'sfranchising, and again, talking
(24:32):
through what that looks like.
And again, also reiterating noneof these are inherently bad or
good. It's just exciting to beable to learn and educate
yourself and be able to educateothers about what's possible
with each of these. And thensomeone can make a choice and
choose between them what isactually going to fit my income,
(24:54):
lifestyle, wealth and equity.
And that is What that takingownership is because now it's
not a frantic, oh my gosh, Ineed a job. Oh my gosh, I need,
I should start investing now.
I'm already too I'm past my, youknow the date that I should be
investing and I should probablyhave already bought houses by
now and all these things. Youknow, I should have started my
business 10 years ago. So that'sme going on a tangent. But
(25:18):
getting back to franchising,what are some of the things that
you see around franchising thatcan make it a great vehicle for
someone?
Yeah, look, business ownershipis not for everybody. And
franchising, quite frankly,isn't for everybody, right? I
always say, like, if you've gotthis inventor, or this Maverick,
or this person who's got thisidea that they want to take to
(25:38):
the marketplace, the last thingthey should do is try to follow
somebody else's system. But forsomebody like myself, who had
that entrepreneurial itch,right, I knew I wanted something
for myself and a job, per se wasnot going to do that. Because,
like you said before, theopportunity to build wealth and
equity just wasn't there for ana job. Franchising can be an
attractive model, because youactually leverage somebody
(26:01):
else's idea. And franchisingoften makes franchising work is
the fact that they have a paintby number approach, right? They
have a proven system, areplicatable, duplicatable
system. I don't even knowwhether those are English words,
but but you get my point, right.
And we have an acronym in our,in our system that we like to
refer to and we say what doessystem stands for? Save yourself
(26:24):
significant time, energy andmoney. And really, that is one
of the advantages of an afranchise system where it's kind
of like a recipe, right? Ifyou've got a, somebody who's got
an amazing chocolate chip cookierecipe, I don't need to invent
it, I don't need to figure itout. I don't need to measure all
the right things. What I need todo is follow the steps. And if I
(26:45):
follow them exactly right, guesswhat I'll have, I'll have the
opportunity to bake an amazingchocolate chip cookie, also. And
really, if you think aboutfranchising, that's an easy way
to think about that. And thenthe other thing that people like
about franchising, once theystart exploring it is it gives a
sense of community, right?
(27:06):
Because you're become a part ofa community, you're part of a
system, and franchising, afranchisor can only work if they
have successful franchisees. Soinherently, for that to work,
you need to createinterdependent Win, win win
relationships. So again,franchising, not necessarily for
everybody, but for somebody whowants to be in business for
(27:27):
themselves, but not bythemselves, that may be an
attractive option to look at.
And like I said, you know,people tend to think fast food
and french fries. But oh mygosh, that is one industry
sector. They're literally if youcan think of a business and an
industry, chances are, there's afranchised version of it in that
industry sector. So like the wayI feel, I have so many
(27:47):
opportunities, I can participatein over 80 different 90
different industry sectors, butmy life is not going to be long
enough. I just need to figureout the vehicle that's going to
work for me right now. Maybe forthe next five or 10 years,
right? I don't even worry aboutlike it's the perfect vehicle
forever and ever and ever. It'sjust like you said, where you're
at, at this phase in your life,you said something like, you put
(28:09):
the pressure on yourself, likemaybe I should have done this,
maybe I should have done thatalready. Do you know what it
reminds me of that Chineseproverb, right? The best time to
plant a tree probably would havebeen 10 years ago. But you and I
can't do anything about thatnow. So what is the next best
time? The present? Right? So ifyou get educated about it, and
you look at the differentvehicles, hey, just use it as a
short term strategy for now forthe next five years or from now
(28:33):
for the next 10 years. Right? Ithink it becomes more digestible
that way and less fearproducing, right? It's like,
okay, nothing's forever. It'sjust my best next move. And then
I can always change or add to itor diversify.
Right. And, you know, we'retalking about, you know, how to
make your YouTube point. Oh,real. And so these are just some
(29:00):
of those hows, you know, thatmaybe people haven't explored
before? Or maybe they've thoughtof some of these things and then
said, Nope, not possible. Not inmy wheelhouse. Not in my
experience, like you said, fearof the unknown, but just taking
the time to explore thesedifferent things. And I hope
that, you know, today we're ableto kind of dive into some of the
(29:23):
different pieces of each ofthese vehicles. Being able to
kind of learn about them, as Isaid, is it takes out that
feeling of being overwhelmed orthat feeling of, I could never
do that. That's not for me, Isaw that person be successful,
but I can't do that. I thinkreally when you hone in on
(29:44):
again, income, lifestyle, wealthand equity goals, and you
understand this, I am so excitedthat I can achieve this and now
it's just which of these isgoing to work for me and not
attaching it has to be businesson If it has to be a job, it
could be any of them. And itdoesn't need to fit into one
bucket either, right? It's goodor bad, right? I mean, looking
(30:07):
and learning about things youdon't know anything about or
have never considered beforewill be daunting, right and
overwhelming. But the thing is,it doesn't need to be if you
align yourself with somebodylike a clear ownership coach,
they can help you kind of justlike we did today, explore the
different options, explore thedifferent vehicles, you know,
and the other thing is, don'tlet fear stop you in your
(30:29):
tracks. There's a I don't knowwho came up with the fear
acronym, but you just mentionedit, right? What if what you
believe and think is only falseevidence appearing real? Would
that make a difference, right.
And I believe that most peopleget stopped in their tracks by
fear, because they're scared ofmaking a bad or wrong decision
(30:51):
for themselves and theirfamilies. And I get that, right.
But that fear of making a bad orwrong decision is what stops
people from pursuing theirdreams all together. So if we
could actually give ourselvespermission to dream, if we could
give ourselves permission tolearn, and realize that as human
beings, we don't always have theability to make the right
(31:13):
decision. But what we have is wehave the ability to make an
informed choice, and then get towork so that it becomes the best
decision we've ever made. Notright. So getting a perfect is a
goal that's always going toelude us. But if we know that we
can take baby steps, of course,correct baby step course
correct. You will be amazed atthe progress you make when you
look back 10 years and you'relike, wow, right? Yeah.
(31:36):
So and Exactly. I think, youknow, we we put on ourselves,
how do I know this is the rightdecision, and to your point,
being able to take out thatpressure? And actually just let
yourself think, okay. Just whatam what is it that I would love
(31:56):
to be doing, you know, 10 yearsfrom now? Or what is it that I
would really like for my familyor for myself or for my kind of
life. And then taking thosesmall steps, digestible steps,
you know, it's not just jumpingoff a cliff, okay, and then just
hoping your parachute Oh, that'snot what this is about. It's
(32:17):
really exciting. And that'swhat's cool is when you kind of
take out decision making mode,and you can start looking at it
as it's a choice, I'm making thechoice, I'm taking ownership of
it, and I'm able to really kindof take that control, then
that's when it's reallyexciting. And you can look at
all of these kind of with,again, a new, an open mind, and
(32:40):
a kind of a new mindsetperspective that, again, will
change how you look at all ofthese vehicles. And to figure
it all out by yourself. I am sograteful, so grateful, like I
thank my lucky stars. Not onlythat I live in a wonderful
country where we can participatein the economic economy. I would
(33:04):
like to say that, right? I'mstill learning. But it's also
the people that we surroundourselves with, right? People
who see possibilities as opposedto just obstacles, people who
are entrepreneurial mindedpeople who our wealth creators
and people who creating alegacy, right? So it's not like
fiction, I can actually see itevery single day. And I'm so
(33:25):
grateful that I get to be aroundpeople like that. And I hope
that I get to pass it on to soif somebody feels like, I just
need to read a book, or I justneed to figure it out by myself.
No need to do that. Thankgoodness, we get to interact. If
you're even slightly intriguedabout like, can I to pursue my
goals, needs and expectationsand figure out what my income,
lifestyle wealth and equitygoals are, align yourself with a
(33:47):
coach, just have a conversation,no decisions need to be made.
It's just learning and educatingyourself about what's possible.
Amen. And that no, I hope thatwe have kind of covered this
making your YouTube point oh, ina in a way that does maybe
provoke some people to think alittle bit more closely at what
(34:09):
your income level wealth andequity goals are, and to kind of
revisit maybe some dreams andsome things that you thought
about maybe a year ago, you 10years ago, and kind of revisit
that to let yourself dream andlet yourself kind of think,
Wait, there might be somethingmore here so that's what I
would. That's what I wouldchallenge everyone to do. You
(34:32):
know, just give yourself thespace to learn and educate
yourself. And who knows wherethat could lead
Welcome back to the possibilities options and dreams
podcast with the entrepreneurssource where we empower
individuals, individuals toidentify, pursue and achieve
their dreams of selfsufficiency. Melissa and Tamara
here to kick off today'spodcast. I am the member
relationship strategist here atthe entrepreneur source. I've
(00:48):
been here for five years and Iwork with our franchisor member
network and love what I do everysingle day. This is Tamara
Loring. She is our brandideologist. And I'll let her
explain in her own words whatthat is.
I appreciate that because Iusually get that. People say,
wait a minute, what you're theideologists. What that is, does
(01:10):
that even mean? So? I just feelreally fortunate, you know,
we're in the business ofpossibilities, options and
dreams and as an ideologist, Ireally just get to ideate what
that looks like, right? Whatcould a better and brighter
future look like? Let's dreamlike when we were kids, and
nothing was impossible. So as anideologist, right, I get to work
in that space, and just helppeople create a better and
(01:32):
brighter future for themselvesand their families. So I'm
appreciate being here today.
Well, so happy to have youtomorrow, I always bring so much
value, she is the embodiment ofpossibilities, options and
dreams. So what better platformto have her on than the pod
podcast. And so today, I'mreally excited because, again,
we're going to go in and exploreyour career 2.0, the book of the
(01:58):
entrepreneur soars. It's asurvival guide for the battered
career and investor syndrome.
And today is going to be allabout chapter four, which is
making your eu 2.0. Real. And upto this point, we've gone
through and discussed, you know,a journey of discovery,
essentially, where we talk aboutthe different circumstances
(02:21):
outward or inward, that wouldkind of provoke someone to look
at this and kind of push someoneto look at what else is there?
And then going inward and seeingwhat actually does make up my
YouTube point, what do I lookfor? What are my goals, needs
and expectations? And what am Ilooking for out of my career and
(02:44):
life in general, and then again,looking at different obstacles
and common barriers that come upfor people that we can maybe put
in front of ourselves. And sonow we're here at a very
exciting point, where we'regoing to talk about how do I
actually make my YouTube point?
Oh, real?
And what are some vehicles?
Actually, what's the choosingthe right vehicle, that's gonna
(03:07):
help me get to my dream? So withall that being said, what does
thateven mean? Yeah, I mean, you
know, we all have a dream, Ibelieve, worthwhile pursuing,
but you know, many of us, youknow, will dream maybe, and then
we'll stuff it, you know, in thecorner and not pursue it,
because we really just don'tknow how to get there. But you
know, here are theentrepreneurs, we just have an
amazing opportunity for us todream and just explore what's
(03:30):
possible. So even if your dreamfeels unrealistic, it doesn't
really matter. Let's startfiguring out how we can get
there. And so we'd like to callthose vehicles for success,
right? So if, if you've got thisdream, let's figure out what
others have done to pursuetheirs, right. And it doesn't
need to be anything magical orbrand spanking new, right? You
(03:52):
don't need to be a genius tocome up with that. Just you
know, very pragmatically look atokay, you know, what, what have
successful people done toachieve their goals, their
needs, their expectations inorder to pursue their income,
lifestyle, love and equitygoals, right? So if you think
about the different vehicles forsuccess, I'm sure you'd be able
to come up with them yourself,right? Because the one we hear
(04:13):
up all the time is the one wehear in school, right? Work
hard, study hard, so that youcan get a job right now
attractive for some people notso attractive for others, right?
So these vehicles aren'tinherently good or bad, but it's
a possibility. Right? What othervehicles are out there? Right?
Well, we often hear abouttalking people talking about
(04:35):
investments, right? And eveninvestments have a lot of
different strategies, right? Itcould be stocks and bonds. It
could be real estateinvestments. It could be the
popular one nowadays, rightcryptocurrency I don't know
anything about it, but you know,that could be an investment
strategy. And then of course,business ownership right. Now
(04:55):
people will often say yeah,yeah, but I'm not gonna
entrepreneur that's not for me.
So what I would love to do isfor us to just unpack them a
little bit more and talk aboutthe pros and cons of every
single one. But I would love toleave us with a thought or, you
know, to not prejudge thesevehicles, you know, because so
(05:16):
many times people say to metomorrow, you're in that space,
like, what is the perfect, youknow, business? Or what is the
perfect franchise? And, youknow, they hate my answer,
because every time they asked methat, I say, I don't know. And
they're like, wait a minute,you've been doing this for 20
years? How can you not know whatthe perfect business is? And I
often equated to, you know, it'skind of forcing me to say, which
(05:39):
mode of transportation isbetter? Is a plane better than a
car? Is a car better than abicycle? Well, it depends,
right? I mean, if your goal isto fly from the East Coast to
the West Coast, I would notrecommend a bicycle will take
you forever to get there. But ifyour goal is to get more in
shape, well, then maybe taking aplane is never going to help you
(06:00):
get to your goal. So when youlook at these different
vehicles, maybe that littleanalogy helps you to kind of
really think about like, whatare my personal goals, forget
what everybody else is doing.
Let's look at it like a mode oftransportation, which mode of
transportation is going to bemost likely going to help me to
achieve my goals.
So I love the analogy ofvehicles, because I think it
(06:22):
just so perfectly portrays thecareer piece of it. But it gives
a really great picture of, andthis is what I was thinking, a
vehicle that maybe served you upto this point, AKA your you 1.0
Maybe it was one of those thingsthat you just listed, maybe
isn't serving you anymore. Andso now it's time to upgrade, or
(06:45):
look for something different.
And what I love is, you don'tlet's say, okay, when you take
the vehicle analogy, I was usinga sedan, it was a five
passenger, you know, it kind ofgot me around, I was able to do
all the things I wanted to now Ineed more space, maybe I have
more passengers with me, I needmore room in the back, or
whatever it is. So now I'm goingto look for a different kind of
vehicle. And again, it's not bador good. My first vehicle wasn't
(07:09):
bad or good. It just now isn'treally serving me the way that
it did. And that's what I loveabout these things is job market
investment, business ownership,none of them are good or bad.
But just is one now able toserve me more than the one that
I was using previously.
Right? I mean, it's a mindsetchange, right? And it takes the
(07:31):
pressure off, because I think somany people, you know, want to
get it right. And it's like, Ihave to find the perfect thing
as if it's going to be permanentand forever. And once you start
thinking, Wait a minute, it'sjust like a mode of
transportation. You know, it'slike, just because I'm in a car
doesn't mean that's the onlymode of transportation I can use
for the rest of my life. Hey, ifI want to get on my bike, I can
(07:53):
throw the bike in the back ofthe car and then do both, right.
So I mean, you know, once youstart thinking about it, I mean,
it does seem kind of silly thatwe put so much pressure on
ourselves, but it just relievesus and allows us to kind of look
at things for what they are,right? So you know, even if you
look at the job market, hey,look, you know, people look at
me, and they say, how can youstay at a company for 20 years?
(08:13):
And I'm like, wow, when your dayjob is your dream job? Right?
Why move, but it doesn't meanthat this is the only thing I
get to try for the rest of mylife. If it doesn't serve me any
longer. I mean, look, it's hardfor me to imagine not to be
associated with theentrepreneurs source. But you
know, then I know that there'sso many other possible vehicles
out there, right? So100%, it just is so nice to look
(08:35):
at the fact that I can do andachieve those things that I want
to do my YouTube point, oh,that's all possible. And I just
need to I can just explorewhat's possible with these
different vehicles, as we'recalling them, you know, like,
(08:55):
maybe up to this point, like yousaid, the job market has been
that vehicle for me, and I'veenjoyed a steady income, I've
really enjoyed the structure ofit, I, you know, enjoy that
environment. But now I'm kind ofthinking, You know what, with
everything that's been going on,it's not actually as stable as I
thought it was, or, you knowwhat I really don't, I really
(09:18):
would like to start creating myown schedule a bit more. And the
work that I'm putting in, I'm areally hard worker, that those
hours that I'm putting in, I'dactually like for those to come
back and actually serve me asopposed to someone else. So now
it's like, okay, that Job wasgreat. But now I'm looking for
something more.
(09:40):
Right. Right. And, you know,like we said, pros and cons to
everything right? I think likeyou said, you know, yeah,
definitely tempting, right, thatbiweekly paycheck, it gives a
sense of security. The otherthings we hear is I have to have
a job because I need medicalinsurance like Okay, so is the
job the only way to get moneyMedical insurance or benefits,
(10:01):
or, you know, now that theexchange can people or business
owners actually secure betterand benefits or medical
insurance through the exchange.
So, you know, what we need to dois always pursue and seek the
truth, right? What is really,really true or what is a false
perception appearing real. Whenpeople say that I need a job
(10:22):
because it's secure, as theperson who's been right sized,
downsize, I don't know, call itcap size, whatever you want to
whether it's really that secure.
I mean, they actually lackcontrol, because how many
employees were asked, Do youwant to be part of a merger and
acquisition and oh, by the way,we gonna, you know, get rid of
(10:43):
half the workforce, right? Sothat sense of security is maybe
not the reality. So you know, Imean, again, there's some people
like myself, I've been in a jobfor 20 years, great, but there
are other people who feel like,you know, they just tired up
this hamster wheel, becauseevery two or three, four years,
they need to change jobs. And,you know, I know that age
(11:05):
discrimination is illegal, butso many of our clients who are
in the 40, yeah, 40s 50s, oreven 60s feels like, you know,
they're just being replaced withyounger counterparts for people
who are willing to do the job ata fraction of the price, and we
have less experience. So youknow, those are some of the
realities that people who arelooking for a job and the
current workforce are facing. Soagain, you know, neither right
(11:28):
or wrong, but those are just therealities of the job market.
Right. Um, so yeah, I'm tryingto think if there was anything
else that comes to mind as itrelates to the job market, and I
think, you know, there are tradeoffs, right. So one of the
things now I remember that youwere saying is, if you're gonna
work hard, you want to havesomething in return. And for the
(11:50):
most part, when you have a job,there's no equity play, and
right, so you work hard forsomebody else. And that's what
you get the paycheck for, whereif you were a business owner,
maybe you'd be able to buildequity in that business for
yourself. So you know, tradeoffs, for sure.
And just on that the job aswell, I think a lot of people go
into it, like you said, we gothrough school, kind of hearing
(12:12):
the same narrative of, you know,go through school, get your
degree and get a great job andmake money, and then you're
going to retire, and you're seton this very, this path, that is
that society is kind of laid outfor you. And in the beginning, I
think, you know, we talked aboutincome, lifestyle, wealth and
equity. And in the beginning, Ithink people look at the job as
(12:34):
that's what's gonna help me getthe income, because that's the
piece that they're reallyfocused on. But as you go on,
and like you're saying, theseclients, we're getting to their
40s 50s 60s 70s, younger, youknow, 30s, they're seeing, you
know, what, there's somethingmore than just the income. What
about my lifestyle? What aboutthe wealth piece of it, and to
your point, the equity. So it'slike, that's when you start
(12:55):
seeing people say, you know,what, maybe this junk vehicle
that I've been using up to thispoint, has really only gotten me
so far. Now it's time to kind oflook at what else is out there.
Yeah, yeah. And I mean, I thinkthe last few years, just really
shining a light on that, right?
Where people started workingfrom home. Now they got used to
that. They like the flexibility,sometimes not so much, right?
Because they've got grandkidscrying in the background, what
(13:16):
have you. But you know, peoplehave really taken a hard look at
what is important in life, andisn't just the income and all
those trade offs is worth it? Orwould I be willing to maybe even
work for less, but I have theflexibility to work from where I
want to and when I want toright? So employers also have
had to go through a mind shiftbecause, you know, attracting
talent, and this environment hasjust been become very different
(13:39):
to what it was two years ago,three years ago. I mean, you've
probably heard about the greatresignation, right? Where you're
thinking like, Wow, so manypeople are leaving their jobs,
and they don't even know whatthey're going to do next. But
they you know, what theycurrently were doing is no
longer serving their life'spurpose.
So I think that I mean, we couldtalk for hours about the job
market. There's so much there.
Yeah, I would love to get yourthoughts on kind of that next
(14:01):
piece that we spoke about, whichis investments. And you know,
that is another vehicle that alot of people actually have seen
success with. Some people havenot seen success with it, but
it's a very it when you thinkabout income, lifestyle, wealth
and equity, taking ownership. Ithink that's something that
comes to people's minds prettyquickly, you know, investing
stocks, you mentionedcryptocurrency, which is a big
(14:22):
deal these days, which again, Idon't really know anything about
either. But you want to talk abit more about that, and maybe
some of the pros and cons andwhat that looks like, as a
vehicle that someone might use.
Sure, sure. Yeah. You know, and,again, nothing bad or good about
it, you know, but it depends onyour risk tolerance, right. So
for many, investing in the stockmarket, or other kinds of
(14:43):
investments are reactive type ofinvestments, right? Your 401k Or
your retirement funds are anexample and that you have a
financial manager managing theassets and you basically what do
you do? You kind of put yourfinger in the air like, I hope
this is gonna work. So I thinkwhat frustrates people About
that, especially if they're nota day trader or something like
that is the lack of control,right? Hope is not a strategy.
(15:07):
So great to have a diversifiedportfolio. But I think what
people want and a yearning foris a little bit more control
something that they can actuallyaffect. So, you know, could it
be a good investment strategy?
Sure, but it's passive versusactive. The other investment
strategies, right, talking aboutthat being a little bit more
(15:28):
hands on, the one that comes tomind, as opposed to the stock
market would be real estateinvestments, right. But even
there, there's so many differentvariations, right. So when you
talk about risk tolerance, andwhat people doing, you've got
the people who acquire an asset,and maybe they want to flip a
house, you know, generate cashthat way. And then you've got
the long term investor,investors who maybe acquire
(15:50):
assets, not so much so that theycan flip the property around and
then make some money, but togenerate long term cash, cash
flowing assets. So you know,even if we looked at all those
investment vehicles, they'reprobably we could spend days,
the unpacking most of them. ButI would say, for the most part,
it's either risk or lack ofcontrol that makes people shy
(16:12):
away from that, or maybe they dohave those investment
strategies, but it's just partof a diversified portfolio, it's
not the thing that's going to bethe way they spend 40 hours or
50 hours of the working week.
Exactly. And I also look atthat, as you know, when you look
at people using investment andinvestment strategy as a
(16:34):
vehicle, I think, again, eitherit's not good or bad. But what
is who's the kind of personwho's going to kind of take that
risk to your, to your point, andmaybe it's going to be someone
who feels like they have moreexperience, maybe they have a
background in finance, or abackground in that kind of
thing, they've had a previousjob, so they feel more
(16:54):
comfortable doing that. And samewith the real estate, you know,
someone who kind of has thatbackground has that experience,
it's not going to be I think,oftentimes, the everyday person
who's feeling like, oh, therejust has to be something else.
They might look at real estate,or they might look at investing.
But they might then say, again,obstacles, barriers, things come
(17:16):
up, where you say, that's just areally hard place to break into,
is that what I want to do, andthey might just go back to
revert to their, you know, jawcomfort, or whatever their
comfort zone, which is anotherthing, so I don't have anything
to add there. And if you doawesome, the next piece, though,
is what what I get reallyexcited about, and that is the
business ownership. And I knowagain, there's no bad or good,
(17:36):
but there's a lot withinbusiness ownership as a great
vehicle. For people.
I mean, fear of the unknown iswhat's going to keep people from
pursuing any of these investmentstrategies, right? The job just
feels more secure, because Ithink we hear so much about it
growing up and as kids. So youknow, if we heard more about,
you know, real estateinvestments, or investments,
(17:57):
maybe we'd all feel the job,it's just because we don't know
about it. But you know, as likewith anything in life, if you've
got a great mentor or greatmethodology that you can put
face, it's just one step at atime. And anything you've never
done before will be fearfuluntil or scary until you've done
that, right. And the same is Iknow, we're going to start
talking about business ownershiprights, so many people, myself
(18:19):
included, I remember thinkingthat I would love to be my own
boss, or I would love to have myown business. And immediately as
I had those thoughts, the otherpart of me would say, but you're
not an entrepreneur, you don'thave anything worthwhile to take
to the marketplace, you know,nothing that you can capitalize
on, therefore, you cannot be anentrepreneur, right. So we have
this head trash and our mind'sgoing on all the time and the
(18:41):
limiting beliefs, right. So whatI love about what we do is we
just say, Stop for a second. Andjust let's learn about it, let's
just have a childlike curiosityabout what is really, really
true. And the more informed youbecome, the more educated you
become, doesn't necessarilyeliminate the fear. But at the
very least, you can see the pathto getting there. Right. So
let's talk about the differentbusiness ownership. Vehicles,
(19:05):
right? When you think about it,same like with the other
investment strategies, businessownership comes into in so many
different forms, right? You'vegot independent businesses,
you've got existing businesseswhere maybe the owner wants to
sell for various differentreasons. And then what I like to
call America's best kept secretfranchise businesses, right?
(19:25):
People tend to think, oh, no, Idon't want to be part of that.
Because, you know, I really amnot interested in french fries
and fast food. And it's like,wait a minute, that is just one
sector right there. What 18different industry sectors and
just franchising alone. So, youknow, but as you look at the
different businesses, too, theyall come with pros and cons. I
(19:46):
mean, if you think about anindependent business, right.
Sounds exciting. I own it, youknow, I it's 100% me, that's a
pro. And that's a con too. It'slike yep, it's 100% on you,
right? So whether you fail orwhether you need to do some
research and whether there'ssome growing pains, it's all on
you. But is it worth it? I mean,look at any great invention
(20:10):
today, right? Thank goodness,there was a maverick, who
thought it would be worth it?
You know, I think what thegeneral public sometimes doesn't
realize, though, is the road tosuccess comes with a lot of
failures. One of the famousEdison quotes is, I haven't
failed at 10,000 times, I'vejust figured out 10,000 ways in
which it doesn't work. And, andthat's really the heart of the
(20:33):
warrior of an entrepreneur,right? They have that tenacity,
and that grit, just to kind offigure it out that the vision is
strong enough that even thoughthe obstacles in the way, most
people would quit, they justhave a way to, to persevere and
see it to fruition, right. So ittakes a very special person to
(20:53):
be a genuine entrepreneur and anindependent business owner.
100%. And like you said, it'slike, very exciting to think
about, it's very exciting tosee, and also, when you see
people's successes, who they youknow, these entrepreneurs who
have gone from zero to now, youknow, millions are the, you
(21:14):
know, have wild success on manydifferent levels, it's very easy
to say, Wow, that's soglamorous, but to your point,
that person has worn all thehats of it, marketing,
operations, sales, you know,done all the things, and to your
point, found all the ways to notdo it so that it can succeed.
And, you know, kind of gonethrough all that. And then, you
(21:35):
know, you talked about theexisting business piece of it,
you know, someone has started abusiness brought it to a certain
level, and now they're lookingto exit. And so now you have
someone who, okay, maybe thattakes away a little bit of the
risk, because, again, you're nothaving to build everything,
figure out what works, whatdoesn't, you can come into a
(21:55):
business that is essentiallykind of ready to go, you know,
it's already moving, there'salready some good momentum
usually, and so you can kind ofget in there and get to work.
But to your point, with theindependent business, you know,
there are still so many movingparts, it's not just going to be
(22:17):
step in and just kind of reapthe rewards. There's a lot of
work, do you have to revampthings? Do you have to change
out teams, you now are, again,that still independent owner of
the business, but still a greatopportunity for someone who has
that entrepreneurial mindset isnot quite at that, let's start
(22:39):
something from scratch, butstill wants to be in business
for themselves. Right? Imean, you may have repeat
customers, right? Maybe theyalready have the systems in
place. So the things that youwould need to consider is okay,
you know, one, what is themotivation for the person to
want to sell the business willget out of the business, right?
And they're legit reasons as towhy people want to retire,
right? Maybe, you know, they'veworked hard their whole life.
(23:03):
And now it's time to just relaxa little bit, that is one
motivation, or, you know, maybethey've just not been able to
really capitalize on thebusiness, and they're working
way too hard for the ROI, right.
For some people, that is theopportunity to take a business
and turn it around, because theysee the potential, right. So it
(23:24):
really just depends on theinvestor of the person who wants
to purchase the business to dothat eyes wide open, what is the
motivation of the seller? Why doI want to do it? And questions
to ask themselves? Right? Hasthis the current owner built up
goodwill? And will that goodwillgo with the current owner? And
would I need to start fromscratch again? Or is that
(23:46):
something that, you know, I cantake over? So people businesses
are bought and sold every singleday and some regretted and for
some, it's the best decisionthey've ever made in their life.
So you know, as you think aboutthe vehicle, like you said,
there's some pros with it,because somebody else has
already seen it through the rampup, hopefully, you've got a
business that has good momentum,and you know, so you can just
(24:08):
leverage what's already exists.
So, yeah, definitely someopportunity there also.
Absolutely, and, and thenhopping into the kind of that
third realm of, of businessownership and self sufficiency.
And that's something that as yousaid, the best kept secret, it
seems sometimes, but that'sfranchising, and again, talking
(24:32):
through what that looks like.
And again, also reiterating noneof these are inherently bad or
good. It's just exciting to beable to learn and educate
yourself and be able to educateothers about what's possible
with each of these. And thensomeone can make a choice and
choose between them what isactually going to fit my income,
(24:54):
lifestyle, wealth and equity.
And that is What that takingownership is because now it's
not a frantic, oh my gosh, Ineed a job. Oh my gosh, I need,
I should start investing now.
I'm already too I'm past my, youknow the date that I should be
investing and I should probablyhave already bought houses by
now and all these things. Youknow, I should have started my
business 10 years ago. So that'sme going on a tangent. But
(25:18):
getting back to franchising,what are some of the things that
you see around franchising thatcan make it a great vehicle for
someone?
Yeah, look, business ownershipis not for everybody. And
franchising, quite frankly,isn't for everybody, right? I
always say, like, if you've gotthis inventor, or this Maverick,
or this person who's got thisidea that they want to take to
(25:38):
the marketplace, the last thingthey should do is try to follow
somebody else's system. But forsomebody like myself, who had
that entrepreneurial itch,right, I knew I wanted something
for myself and a job, per se wasnot going to do that. Because,
like you said before, theopportunity to build wealth and
equity just wasn't there for ana job. Franchising can be an
attractive model, because youactually leverage somebody
(26:01):
else's idea. And franchisingoften makes franchising work is
the fact that they have a paintby number approach, right? They
have a proven system, areplicatable, duplicatable
system. I don't even knowwhether those are English words,
but but you get my point, right.
And we have an acronym in our,in our system that we like to
refer to and we say what doessystem stands for? Save yourself
(26:24):
significant time, energy andmoney. And really, that is one
of the advantages of an afranchise system where it's kind
of like a recipe, right? Ifyou've got a, somebody who's got
an amazing chocolate chip cookierecipe, I don't need to invent
it, I don't need to figure itout. I don't need to measure all
the right things. What I need todo is follow the steps. And if I
(26:45):
follow them exactly right, guesswhat I'll have, I'll have the
opportunity to bake an amazingchocolate chip cookie, also. And
really, if you think aboutfranchising, that's an easy way
to think about that. And thenthe other thing that people like
about franchising, once theystart exploring it is it gives a
sense of community, right?
(27:06):
Because you're become a part ofa community, you're part of a
system, and franchising, afranchisor can only work if they
have successful franchisees. Soinherently, for that to work,
you need to createinterdependent Win, win win
relationships. So again,franchising, not necessarily for
everybody, but for somebody whowants to be in business for
(27:27):
themselves, but not bythemselves, that may be an
attractive option to look at.
And like I said, you know,people tend to think fast food
and french fries. But oh mygosh, that is one industry
sector. They're literally if youcan think of a business and an
industry, chances are, there's afranchised version of it in that
industry sector. So like the wayI feel, I have so many
(27:47):
opportunities, I can participatein over 80 different 90
different industry sectors, butmy life is not going to be long
enough. I just need to figureout the vehicle that's going to
work for me right now. Maybe forthe next five or 10 years,
right? I don't even worry aboutlike it's the perfect vehicle
forever and ever and ever. It'sjust like you said, where you're
at, at this phase in your life,you said something like, you put
(28:09):
the pressure on yourself, likemaybe I should have done this,
maybe I should have done thatalready. Do you know what it
reminds me of that Chineseproverb, right? The best time to
plant a tree probably would havebeen 10 years ago. But you and I
can't do anything about thatnow. So what is the next best
time? The present? Right? So ifyou get educated about it, and
you look at the differentvehicles, hey, just use it as a
short term strategy for now forthe next five years or from now
(28:33):
for the next 10 years. Right? Ithink it becomes more digestible
that way and less fearproducing, right? It's like,
okay, nothing's forever. It'sjust my best next move. And then
I can always change or add to itor diversify.
Right. And, you know, we'retalking about, you know, how to
make your YouTube point. Oh,real. And so these are just some
(29:00):
of those hows, you know, thatmaybe people haven't explored
before? Or maybe they've thoughtof some of these things and then
said, Nope, not possible. Not inmy wheelhouse. Not in my
experience, like you said, fearof the unknown, but just taking
the time to explore thesedifferent things. And I hope
that, you know, today we're ableto kind of dive into some of the
(29:23):
different pieces of each ofthese vehicles. Being able to
kind of learn about them, as Isaid, is it takes out that
feeling of being overwhelmed orthat feeling of, I could never
do that. That's not for me, Isaw that person be successful,
but I can't do that. I thinkreally when you hone in on
(29:44):
again, income, lifestyle, wealthand equity goals, and you
understand this, I am so excitedthat I can achieve this and now
it's just which of these isgoing to work for me and not
attaching it has to be businesson If it has to be a job, it
could be any of them. And itdoesn't need to fit into one
bucket either, right? It's goodor bad, right? I mean, looking
(30:07):
and learning about things youdon't know anything about or
have never considered beforewill be daunting, right and
overwhelming. But the thing is,it doesn't need to be if you
align yourself with somebodylike a clear ownership coach,
they can help you kind of justlike we did today, explore the
different options, explore thedifferent vehicles, you know,
and the other thing is, don'tlet fear stop you in your
(30:29):
tracks. There's a I don't knowwho came up with the fear
acronym, but you just mentionedit, right? What if what you
believe and think is only falseevidence appearing real? Would
that make a difference, right.
And I believe that most peopleget stopped in their tracks by
fear, because they're scared ofmaking a bad or wrong decision
(30:51):
for themselves and theirfamilies. And I get that, right.
But that fear of making a bad orwrong decision is what stops
people from pursuing theirdreams all together. So if we
could actually give ourselvespermission to dream, if we could
give ourselves permission tolearn, and realize that as human
beings, we don't always have theability to make the right
(31:13):
decision. But what we have is wehave the ability to make an
informed choice, and then get towork so that it becomes the best
decision we've ever made. Notright. So getting a perfect is a
goal that's always going toelude us. But if we know that we
can take baby steps, of course,correct baby step course
correct. You will be amazed atthe progress you make when you
look back 10 years and you'relike, wow, right? Yeah.
(31:36):
So and Exactly. I think, youknow, we we put on ourselves,
how do I know this is the rightdecision, and to your point,
being able to take out thatpressure? And actually just let
yourself think, okay. Just whatam what is it that I would love
(31:56):
to be doing, you know, 10 yearsfrom now? Or what is it that I
would really like for my familyor for myself or for my kind of
life. And then taking thosesmall steps, digestible steps,
you know, it's not just jumpingoff a cliff, okay, and then just
hoping your parachute Oh, that'snot what this is about. It's
(32:17):
really exciting. And that'swhat's cool is when you kind of
take out decision making mode,and you can start looking at it
as it's a choice, I'm making thechoice, I'm taking ownership of
it, and I'm able to really kindof take that control, then
that's when it's reallyexciting. And you can look at
all of these kind of with,again, a new, an open mind, and
(32:40):
a kind of a new mindsetperspective that, again, will
change how you look at all ofthese vehicles. And to figure
it all out by yourself. I am sograteful, so grateful, like I
thank my lucky stars. Not onlythat I live in a wonderful
country where we can participatein the economic economy. I would
(33:04):
like to say that, right? I'mstill learning. But it's also
the people that we surroundourselves with, right? People
who see possibilities as opposedto just obstacles, people who
are entrepreneurial mindedpeople who our wealth creators
and people who creating alegacy, right? So it's not like
fiction, I can actually see itevery single day. And I'm so
(33:25):
grateful that I get to be aroundpeople like that. And I hope
that I get to pass it on to soif somebody feels like, I just
need to read a book, or I justneed to figure it out by myself.
No need to do that. Thankgoodness, we get to interact. If
you're even slightly intriguedabout like, can I to pursue my
goals, needs and expectationsand figure out what my income,
lifestyle wealth and equitygoals are, align yourself with a
(33:47):
coach, just have a conversation,no decisions need to be made.
It's just learning and educatingyourself about what's possible.
Amen. And that no, I hope thatwe have kind of covered this
making your YouTube point oh, ina in a way that does maybe
provoke some people to think alittle bit more closely at what
(34:09):
your income level wealth andequity goals are, and to kind of
revisit maybe some dreams andsome things that you thought
about maybe a year ago, you 10years ago, and kind of revisit
that to let yourself dream andlet yourself kind of think,
Wait, there might be somethingmore here so that's what I
would. That's what I wouldchallenge everyone to do. You
(34:32):
know, just give yourself thespace to learn and educate
yourself. And who knows wherethat could lead
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