The No. 1 Reason You’re Not Experiencing Consistent Revenue in Your Business

Spend any amount of time in entrepreneurial social media groups and you’ll get a glimpse into the things that are happening in entrepreneurship.

You’ll see entrepreneurs posting screenshots of five- and six-figure months. You’ll see leaders talking about experiencing their highest-revenue months. You’ll see experts left and right offering advice. You’ll even see a few entrepreneurs posting about their struggles. 

While looking successful on social media can feel good for a while, it’s not the path to building a business that creates financial security and options for an entrepreneur. One-hit wonder months aren’t sustainable and will have an entrepreneur frustrated by the lack of return for the effort they’re putting into building their business. 

While entrepreneurship isn’t the same as having a traditional job, there are strategies an entrepreneur can use to create consistent revenue. 

Related: 4 Expert Tips for Creating a More Repeatable Sales Process for Your Startup

We live in the Digital Information Age. With more than 4.5 billion daily Internet users, the opportunity for an entrepreneur to reach their target clients has never been better. Creating consistent revenue is possible with a plan and an understanding of modern business development principles. 

Lead generation and pipeline 

The number one reason entrepreneurs aren’t experiencing consistent revenue months is that they don’t have a plan for lead generation that fills their pipeline with potential customers who want what their business offers.

Randomly posting on social media is not lead generation. Even consistently posting on social media is only one part of a solid lead generation strategy.

The issue is that you don’t own social media platforms. If any social media platforms decide to make a change that affects the reach of your content, it will have an impact on sales. That’s why social media is just one piece of a bigger lead generation pie. 

Messaging people on messenger, sending prospects on social media to a funnel, or adding the names of people that didn’t give you consent to your email list is not lead generation. 

Ways to create a lead generation system 

Businesses thrive or close based on the systems they create for growth. Winging it only works in the movies and often leads to inconsistency. Clarity is one of the most under-utilized strategies to know what actions to take and how it all fits together.

Here are some ways to create a system that generates leads consistently and fills your pipeline with clients who help you grow your business and that you enjoy working with.

1. Use content to convince 

There’s a lot of noise online. There is no shortage of entrepreneurs who post consistently trying to convince consumers of their expertise. What separates the noise from the real is seeing an entrepreneur demonstrate expertise through content. 

Your content speaks before you ever do. If you’re publishing content on your topic on social media, your blog, newsletter or other mediums, your ideal target client can consume that content, get value and want to know more. 

Content that hits on the pain points of your target demographic tends to get shared and engages online consumers of content. It builds your email list and those who want to follow what else you do. 

It adds people to your pipeline because the consumer wants more. It’s a way to nurture prospects and turn followers into customers. It’s one of the strongest parts of any lead generation system.

Related: Why Sales Copywriting Is Crucial for Your Business

2. Leverage other audiences

In the digital age, the ability to be present has increased. While you can add value through content to your own audience, you can also be an expert on other outlets. 

Podcasts are one of the premier audio means to deliver content today. They’re so powerful, entrepreneur Joe Rogan signed a reported $100 million dollar deal with Spotify because of the podcast he’s built. Imagine what being on Rogan’s podcast would do for your business? While you may not have the opportunity to be a guest on his podcast, there are many others you could be a guest on. 

You can also host joint webinars, train in Facebook groups, get on TV and leverage other media opportunities. One of the best ways to generate leads is by showing cold consumers who you are, what you know and how what you offer can help solve their pain points. 

3. Demonstrate expertise

One under-utilized way to use social media platforms — and to those who causally follow you — is by offering the chance to win training with you, then doing that training live. 

It creates engagement because consumers want to win the session and more engagement because people want to see live training. It’s an incredible way to demonstrate the expertise of what you do and starts the “buying” process in your consumer’s mind. Consumers buy from someone they know, like and trust. They buy from entrepreneurs and businesses that have demonstrated an ability and a knowledge base of the topic your business is built around.

You can also upload the recording training session to your website. It creates an additional piece of content on your online real estate. Tell your social media audience they can get the reply on your website, which brings them to an opportunity to sign up for your email list. It increases website traffic dramatically because your consumer wants to see how your cookies are made, for example. 

Showcasing your expertise in a variety of ways helps you generate leads and fill your pipeline because you’re visually demonstrating you know what you’re talking about and can offer practical value for the consumer. 

Related: Online Content Monetization 101: How to Make Money From Content

A better way

Inconsistent months don’t have to be common in your business. Use content more strategically, leverage other audiences that are filled with your ideal prospects, and demonstrate your expertise by doing more than talk about it.

You can create the kind of lead generation that keeps your pipeline full and leads to increased sales. Don’t rely on old school tactics that don’t translate to a digital world. 

By: Scot Chrisman / Entrepreneur Leadership Network Contributor

Revenue streams or sales refer to how you generate cash from your clients. Without sales a business can’t function, so this is the most important aspects of any business. 7 most used revenue types include: 1- Asset sales refers to cases where you sell a product to a client who then becomes the owner of that product. 2- Usage fee refers to when a client uses your product or service but its ownership remains with you. 3- Subscription fee refers to when your clients subscribe on a monthly or weekly basis and can use your infrastructure. Examples of this include software as a service, gym memberships, etc.. 4- Leasing or renting or lending refer to allowing clients to use your assets for a period of time as if it is theirs 5- Licensing revenue is earned when you give clients a permission to use your intellectual property. 6- Brokerage fees are earned when you take commission from facilitating a business transaction between two parties 7- Advertising results from fees for advertising a particular product or service or brand. Empower Yourself with more Practical Business Education to Reach your Potential by visiting our site: https://www.potential.com/ Subscribe to our YouTube channel: http://www.youtube.com/subscription_c… Follow us on our social media channels: Facebook: https://www.facebook.com/PotentialCom LinkedIn: https://www.linkedin.com/company/pote… Twitter: https://twitter.com/potentialcom Goolge+: https://plus.google.com/+PotentialCom… Video Sample: https://www.youtube.com/watch?v=bH0eT.

7 Franchisees Share Lessons from the Pandemic

Survival wasn’t easy – but for these entrepreneurs, there was no alternative.
Jason Feifer and Stephanie Schomer
Magazine Contributor
9 min read

This story appears in the July 2020 issue of Entrepreneur. Subscribe »

Jennifer Perkins, franchisee, Main Squeeze Juice Co.

Taking care of the team

Jennifer Perkins owns two Main Squeeze Juice Co. locations just outside New Orleans with her brother, Andrew Blackwell. When his wife gave birth to twins mid-March, Andrew joined his family in quarantine — and Jennifer found herself navigating a without her partner.

“It’s been really hard,” she says. “Not to mention I haven’t gotten to meet my nieces! But safety is what’s important, more than anything.”

That’s true of their businesses, too. Their juice and smoothie shops have required a dramatic increase in safety precautions, and while foot traffic has dwindled, drive-through purchases have quadrupled. Inside, Perkins is working overtime to keep her staff healthy and comfortable.

Related: 5 Things to Do to Transition Your Business From Partially Closed to Reopened

“A lot of our younger staff’s parents wanted them to quarantine with them, and that makes sense,” she says. “But it did leave us shorthanded, so for the team members who committed to go through this with us, it’s easy to feel overwhelmed.”

As they’ve taken on extra shifts, longer shifts, and the increased pressure of serving items in a pandemic, Perkins has hustled to hire additional support staff and make sure her team members aren’t stretching themselves too thin.

“Sometimes it’s as simple as sending someone home a little early and letting them know that the store will be OK,” she says. “Sometimes it’s making sure our high school employees have the time to take their classes on Zoom and keep up with their schoolwork. Our team has been the backbone of this business, and we’re finding new ways to support each other.”

It has paid off: Sales for the month of April were stronger in 2020 than in 2019.

“I can’t lie and say that any of this was super easy or super planned,” Perkins says. “I had my moments of doubt and panic: Are we doing the right thing? Is this the right way to handle it? But now that we know we’ve come out on top, it’s a super proud moment for our team.”

Regal Patel, franchisee, Pieology

Taking care of your own Town

Owning a pizza shop is all about serving your community. So when the Pieology in Stamford, Conn., closed its dining room in the wake of COVID-19, its owners only got busier.

“We’re not doctors or nurses, but we needed to do something,” says Regal Patel, who owns the location with friends Nishant Patel and Sahil Patel (pictured, from left). “We have pizza, and we have food — let’s keep our community fed.”

The trio and their team (whom they managed to keep employed and busy with delivery and takeout orders) got to work assembling care packages of food and pizzas to distribute throughout the community and to the frontline workers at local hospitals. They started including a roll of toilet paper to deliver a laugh along with the food — and realized that their stock of supplies could be even more impactful than pie.

Related: Why This Family Is Betting Their Future on Franchising

“It’s always safety first at restaurants,” Regal says. “So we contacted our glove supplier and were able to order and donate 6,000 pairs of gloves to a local hospital, and they were just like, ‘Holy Jesus, that’s a lot of gloves for one business to give!’ ”

With pizza sales down and their charitable efforts up, Patel and his co-owners are stretching their wallets thin. “We’re doing this out of our own pocket, and there’s no profit at the right now,” he says.

But as they waited to reopen their dining room, they even doubled down with the brand and launched takeout at a new, second location that was originally put on pause as the pandemic spread. “We know that it will operate differently than restaurants of the past,” Regal says. “But now is the time to adapt and create a new blueprint to serve.”

Patty Clisham, franchisee, Ductz

Maintaining transparency — for staff and customers

Patty Clisham purchased her Ductz franchise — which conducts HVAC restoration and air duct cleaning—in 2007. “And six months later, the went to crap,” she says.

Looking back, she envies the clarity she had at that difficult time. “We could see where that crisis was coming from and why,” Clisham says. “But now, this, this is an unknown adversary.”

And for her business — one that requires sending employees into people’s homes — COVID-19 is an adversary that has changed everything. Clisham used to be booked out for three weeks; now she’s booking week to week. Two months into the pandemic and she’d already lost $60,000 compared with 2019. And the jobs that are coming through require extra care.

Related: Buying a Franchise Post-Pandemic

“We’re disinfecting tools, taking temperatures before a job, wearing masks, wiping down switch plates and doorknobs or anything that we touched,” she says. “We have to make our customers comfortable and share that process with them.”

Clisham has been transparent with her team, as well. She counts herself as one of the lucky business owners who received a loan (she says a good relationship with her bank helped her file for relief as soon as possible, and quickly) and was up front with employees about what the months ahead may look like.

“I sat my guys down and said, ‘Look, we’re not going to have a lot of work,’ ” she says. “ ‘But you’re going to get paid, and I want you to stick with me through this, because when we come out of it, we’ll be OK.’ ”

She knows a lot of other business owners can’t say the same.

“We’re going to make it through this because of the PPP money, I’ll tell you that,” she says. “I tend to have about three months’ worth of payroll and emergency funds set away, but when you don’t have any money coming in from jobs, that will go fast. I’m so thankful we got that relief.”

Meghana Patel, franchisee, Kumon

Lending support, asking for support

Meghana Patel was scheduled to open her first Kumon learning center on April 15 in Valdosta, Ga. But when statewide shelter-in-place orders made it clear that she would not be able to open the doors to her new after-school destination as scheduled, Patel considered hitting pause on the whole operation — until she heard from her would-be customers.

“Parents we had spoken to were panicking, and had expressed interest in maintaining some kind of schedule for their kids,” she says. “So we decided to open up early, on April 1, to help those families.”

Lessons at Kumon — which focus on math and reading for students ages 3 to 18 — quickly shifted to the digital realm as the crisis spread across the country, and Patel, who’d just completed her initial training with the company, found herself seeking support once again.

Related: Why Every Franchise Should Pivot Right Now

“I was nervous; you know, I had never used Zoom before,” Patel says with a laugh. “So to have the company there, ready to walk me through it every single day and have them lay out a plan to conduct lessons that way, really made me comfortable and confident.”

She is still participating in weekly digital training sessions hosted by the company, but as shelter-at-home orders have been lifted in Georgia, Patel is also starting to figure out what in-person classes may look like. “Kumon has sent us all the PPE and hand sanitizers we’ll need. We have a daily sanitation plan in place, and I’m limiting all in-person lessons to just two to five kids, no more,” she says.
But it won’t be business as usual for some time: “Some parents are comfortable coming in for lessons, others are not. But we’re in a position now to accommodate whatever way they and their kids want to learn.”

Mike Ziegenbalg, franchisee, Dream Vacations

Crafting your pitch for the moment

Dream Vacations franchisee Mike Ziegenbalg sells travel — especially cruise bookings — for a living. That seems like a tall order now, when planes look scary and virus-filled ships were the subject of horror-show news stories. Despite all that, Ziegenbalg booked 32 people on a cruise while his customers were locked away at home…and he plans to book a lot more.

His secret: It starts with a foundation he laid seven years ago, when he started a “travel club” in his community. It’s a regular gathering of people with wanderlust, who talk about travel and learn about new destinations. The club has 500 members — and when his home state of Georgia went into lockdown, he decided to keep the club going virtually. “My belief is people want to travel again and are ready,” he says. They need something to look forward to.

The missing piece, therefore, was trust: They needed the confidence that cruising was safe. So he focused on a small cruise in Egypt set for late 2021, and said he’d be going, too. (Translation: The size felt safe, the timing felt right, and his presence means he stands behind his sales pitch.) It worked, and he learned an important lesson: “Don’t just wait for them to call or come to you,” he says. “Clear your mind and come up with new ideas and solutions.”

By: Jason Feifer and Stephanie Schomer Magazine Contributor

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Reclusive Millionaire Warns: “Get Out of Cash Now”

Something strange is going on in the financial system. And according to The Financial Times, it’s about to send a massive flood of cash into the pockets of the most prepared Americans. What exactly is going on and what does it mean for your money? I recently met up with former hedge fund manager, Dr. Steve Sjuggerud — one of the most widely-followed financial analysts in the world. Today, he shuns the spotlight and lives on a remote island off the Florida coast. And he’s built a new life… and a substantial fortune… by sharing a series of eerie predictions. Many of which have proven correct…….

Source: Investing Outlook

6 Ways Tech Has Reinvented Holiday Shopping – Mark Stone

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This year shoppers will go about their business in a retail environment where online commerce has taken a bigger piece of the holiday sales pie. Customers are clearly appreciating the frictionless shopping experience that online platforms and payment providers can offer. It also doesn’t hurt that 59 percent of people, according to a PayPal study, would rather do almost anything than deal with holiday shopping crowds. That includes shoveling snow for a quarter of that group……..

Read more: https://www.forbes.com/sites/braintree/2018/10/30/6-ways-tech-has-reinvented-holiday-shopping/#157e1d74aaf2https://www.forbes.com/sites/braintree/2018/10/30/6-ways-tech-has-reinvented-holiday-shopping/#157e1d74aaf2

 

 

 

 

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5 Steps to Becoming a Millionaire – Grant Cardone Trains His Sales Team LIVE

I do weekly sales training with my sales team to keep all my employees in sync with the mission. To help others reach success. But that doesn’t exclude my employees. I want my company not only to serve others, and help them reach financial freedom, but to also give that to my staff.

This week we talked about the 5 steps to becoming a millionaire. It is important to me that my employees are doing well, because it sells them even more on the idea of helping others reach the sales levels of success I have had in my career. If you’re ready to take that next step and become a millionaire yourself,

I want to give you my Millionaire Booklet for free. Simply visit: https://goo.gl/UmqETn —- ►Where to follow and listen to Uncle G: Instagram: https://www.instagram.com/grantcardone Facebook: https://www.facebook.com/grantcardonefan SnapChat: https://www.snapchat.com/add/grantcar…. Twitter: https://twitter.com/GrantCardone Website: http://www.grantcardonetv.com Advertising: http://grantcardonetv.com/brandyourself Products: http://www.grantcardone.com LinkedIn: https://www.linkedin.com/in/grantcard… iTunes: https://itunes.apple.com/us/podcast/c…

 

 

 

 

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The Key Facts Every Franchisor Needs To Know About Financial Performance Representations – Chris Myers

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Franchising isn’t a particularly complicated concept when you get down to it. It’s really just a matter of providing a proven system and support structure to entrepreneurs who don’t want to recreate the proverbial wheel. Of course, it wouldn’t be fair to say that franchising is entirely straightforward, especially when it comes to the sales process. One particularly confusing aspect of franchising deals with financial performance representations. Put simply, franchisors and their sales representatives are prohibited from providing specific information regarding how much money a potential franchisee could make……

Read more: https://www.forbes.com/sites/chrismyers/2018/08/18/the-key-facts-every-franchisor-needs-to-know-about-financial-performance-representations/#48e8457a6120

 

Your kindly Donations would be so effective in order to fulfill our future research and endeavors – Thank you

 

The Three Things All Great Franchisors Have In Common – Chris Myers

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One of my favorite things about being the CEO of BodeTree is the fact that I get to spend my days working with fellow entrepreneurs.

It provides me with a special kind of inspiration that can only come from surrounding oneself with passionate, creative individuals.

For those of you who aren’t aware, BodeTree is a franchise services company, and we serve as an extension of a franchisor’s team to help with sales, marketing, and technology.

As a result, we develop intimate relationships with the various franchisor brands we represent, and get to know the inner workings that take place behind the proverbial curtain.

While I was writing my latest book, I spent a lot of time thinking about these relationships and just what separates a good franchisor from a great franchisor.

The goal of this exercise was twofold: First, I wanted to help potential franchisees identify the best brands to join. Second, I wanted to know what we should look for when vetting potential clients.

I quickly discovered that every great franchisor has three things in common.

#1: They’re committed for the long haul

As I’ve written about in the past, entrepreneurship is one of the most difficult and most rewarding journeys anyone can undertake. It will test you in ways you never imagined, and in doing so reveal the true nature of your character.

We live in an age where entrepreneurship is glamorized, and the line between business leader and celebrity are blurred. People gloss over the uglier and more challenging aspects of the lifestyle, which often results in unrealistic expectations.

These individuals are known as “wantrepreneurs.” They’re enamored with the allure of striking it big but aren’t committed for the long haul. They tend to crumble at the first sign of adversity.

Unfortunately, the wantrepreneur phenomenon is quite common in franchising. When sales get off to a slow start, or other challenges emerge, these wantrepreneurs run for the hills, or worse, look for someone to blame.

When evaluating a potential new client, we look for founders who embrace the truth of entrepreneurship and are willing to commit to their business. They’re the type who put in long nights, make hard sacrifices, accept the responsibility/accountability, and have a willingness to invest.

It’s this commitment that positions a brand for long-term success, and it’s a trait I see time and time again in the franchisors.

#2. They’re interested in building royalty streams, not pocketing franchise fees

There is a particular moral hazard baked into the very structure of franchising: franchising fees. While there’s nothing inherently wrong with the nature of these fees, they do tend to warp the perspective of franchisors and others involved in the business.

With the prospect of a quick payday dangling in front of them, many franchisors lose sight of the real value creation engine: royalty streams.

Future royalties may seem less attractive in the moment, especially compared to a fat check for an initial franchise fee, but it is this recurring cash flow that drives value in any franchise business.

Banking on royalties requires a lot of hard work and needs franchisees to be successful. The key to this success, of course, begins with finding the right franchisees in the first place. From there, franchisors must focus on execution and long-term support.

The problem with all of this is that it takes time to build up a steady royalty stream, and many franchisors lack the necessary patience. The best operators, however, recognize the value of a long-term strategy and focus on the fundamentals.

They often partner with external groups, like BodeTree, to drive sales while putting their efforts toward making franchisees successful.

The resulting long-term perspective leads to a culture of transparency, commitment, and support that leads to sustainable success.

#3) They possess the right combination of passion and pragmatism

Finally, and perhaps most importantly, the best emerging franchisors strike a delicate balance between passion and pragmatism.

Passion is essential to any entrepreneurial venture. Without it, there’s little chance that anyone would be willing to endure such a challenging journey for long.

However, unchecked passion leads to unrealistic expectations, short-term thinking, and irrational decisions.

On the same note, unchecked pragmatism can quickly lead to cynicism and a tendency to default to the path of least resistance, which is equally as damaging.

Success in franchising requires the perfect blend of each. Founders must be passionate enough to endure whatever comes their way and create excitement for franchisees while remaining realistic about what needs to be done to find success.

I’ve seen a lot of franchise brands come and go over the years. As a result, I now find it easy to spot the concepts and founders that have staying power. They consistently demonstrate a commitment to their brand, focus on long-term value creation, and strike the right balance between passion and pragmatism.

 

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Tips for a Successful Freelance Business — Ashley O’Melia, Author

I’ve been doing freelance work part time for seven years, and I began doing it full time four years ago. It’s been an interesting little roller coaster, with plenty of ups (This is amazing and I can’t believe I haven’t been doing this my entire adult life!), downs (Oh crap. I’m going to have to […]

via Tips for a Successful Freelance Business — Ashley O’Melia, Author

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Essential Oils For Health and Wellness – Discover Around 200 Different Types of Essential Oils Consumed All Over The World Annually

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You now have the opportunity to deliver key information that millions of people need with the highest quality content in various media that you can be proud to share with your audience . All the research and hard work has been done for you to reach this massive audience including a ton of DIVERSE CONTENT and many EDITABLE SOURCE FILES.

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  • “Rising demand for aromatic cleaning agents and bio-based personal care products is expected to stimulate demand for home care and personal care products”
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Franchise Business Ownership Among Women and Minorities Hits Record Levels

Women and Minorities Franchise Owners Statistics at Record Levels

The number of franchise businesses owned by women and minorities has never been higher in the U.S.That’s the big finding in a report commissioned by the International Franchise Association.

The IFA published the results of the report, called the Minority and Gender Ownership Study. PricewaterhouseCoopers partnered with the IFA to produce the study, an analysis conducted of the 2012 Survey of Business Owners.

Women and Minorities Franchise Owners Statistics

According to the study, 30.8 percent of franchise businesses in 2012 were owned by minorities. That represents a significant jump from five years before, in 2007. Back then, just 20.5 percent of franchise businesses were minority owned.

By comparison, just 18.8 percent of non-franchise businesses are owned by minorities.

“The franchise business model has solidified its place in our economy as a stable job producer and opportunity engine. Franchising is uniquely situated to create serious economic opportunity in local communities by generating employment and ownership opportunities for those who need them most,” says IFA President and CEO Robert Cresanti.

“This report demonstrates how the franchise business model is already working to meet the future challenges of a rapidly growing and diversifying franchise sector with shifting demographics, instituting a business model that achieves a dream for hundreds of thousands of Americans.”

The data shows Hispanic-owned franchise businesses are growing the fastest. In 2007, 5.2 percent of franchise businesses were owned by Hispanics. By 2012, that total doubled to 10.4 percent. Hispanics, African-Americans and Asians were more likely to own a franchise business than a non-franchised business.

Asians own the most franchise businesses among all minority groups included in this new report. The study says Asians own 11.8 percent of franchise businesses. Meanwhile, African-Americans own 8 percent of the franchise businesses in the U.S.

The same report examined the rise of women-owned franchise businesses in 2012. The report shows 30.6 percent of franchise businesses are women-owned. That figure is up from 20.5 percent just five years before that, a 50 percent increase.

By: