[Free Book Preview #3] ~ RIGHT BUSINESS RIGHT LIFE™ – From Fed-up Employee to Freed-up Entrepreneur

[Free Book Preview #3] ~ RIGHT BUSINESS RIGHT LIFE™ – From Fed-up Employee to Freed-up Entrepreneur

Hey there, Freedom Seeker!

Welcome to the exhilarating big sky of small business entrepreneurship!

I wrote a book for you. This book reveals the Unbiased Small Business Research Formula developed from decades in the trenches of American Main Street and online business as a small business entrepreneur and a coach. Its objective is to help you become the successful creator of the new life you envision by objectively guiding you in researching and choosing the right business.

In the next weeks, I’ll share free sections of the book with you before it’s released for publication and available for purchase.

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CHAPTER 1 –  Where you get a Glimpse of The Sketchy Terrain of Business Ownership and How to Gear Up.

All you need is the plan, the roadmap, and the courage to press on to your destination. Earl Nightingale. 

Seasoned entrepreneurs agree that real success with a small business is no walk in the park. Not a walk in the park, it can also be a spectacular mountain hike that rewards your efforts with a breathtaking blue sky horizon stretching for miles and miles. As an avid hiker, I often ponder how comparable mountaineering and entrepreneurship are. The higher the mountain you climb, the more worthwhile yet treacherous it can be. So is your entrepreneurial journey. 

But suppose you go on any alpine adventure unprepared, with the wrong gear, and without a map and adequate supplies. You’ll risk picking the wrong path and, as a result, suffer disorientation, dehydration, hunger, hypothermia, and rough terrain. Your adventure will likely quickly become an unpleasant, if not deadly, adversity. 

Comparably, without research and planning, running a business can wreak havoc on your health and your wealth and make your life miserable. The Small Business Administration (SBA) reports that only half of the four million new US businesses that open yearly are still in business five years later, according to the Bureau of Labor Statistics (Entrepreneurship and the US Economy.)

Most sources point to inadequate funding and poor cash flow as the leading cause of business failures, which is akin to claiming the patient died because the heart stopped. In other words, a cash flow problem is the outcome of other problems. Others link the business flops to the owners’ flaws, misguided decisions, and egos in the way of getting help. All of which means “not knowing what they didn’t know.” The lone wolf approach doesn’t do well in business.  A critical mistake is trying to learn by trial and error and not knowing when to delegate by hiring new employees or outsourcing by seeking professional help from accountants, attorneys, business coaches, and other experts. Wildly successful individuals in business, arts, sport, and in life, rise to the top by leveraging the help and expertise of others. While paying for service will cost you, the time saved and knowledge gained is well worth the investment of avoiding costly mistakes.

Know Thyself, to pick the right business.

For a few years, I volunteered as a mentor to small business owners on behalf of SCORE, a non-profit organization funded by the SBA. In the course of my discussions with business owners, I noticed that many proprietors commonly lamented that they had “no idea how hard running a business” was going to be. The daily requirements of their chosen enterprise made their lives miserable. Yet, they worked incredibly hard doing something they eventually hated. They were not just stressed out themselves but also brought their stress home. It isn’t always easy to be in a relationship with an entrepreneur when they are successful. It can be hell when they feel they are failing.

Naturally, most disconsolate proprietors expressed feeling underpaid when the business didn’t generate the revenues and profits they had anticipated. Yet, many of these same “hard-to-run businesses” thrived for others.

Conversely, among half of the businesses that still exist after five years, the majority beat the SBA’s dismal statistics and enable their owners and family to enjoy an extraordinary livelihood. There was a recurring theme when I interviewed these thriving business owners. Those who picked a business that was aligned with their strengths in career capital, their leadership style, and their ideal lifestyle and who had a strongly connected sense of purpose seemed more content and optimistic with their business. They also prioritized their role as spouses and parents and had a happier home life. They were more resilient, more creative, and financially more successful. 

I also wondered which came first. Were these owners happier because the business was profitable? Or was the business prosperous because the owners liked what they did daily and enjoyed the lifestyle and purpose the business facilitated for them? I discovered that for most, money is important up to a point beyond which they crave more than money. They crave a lifestyle they enjoy and a business that actualizes a sense of purpose, as it was for me.

None of these businesses was a walk in the park nor a gorgeous hike from the beginning. 

This book is for you if you want to identify the business to buy or create with which you are likely to succeed and be happy. 

The Right Business Right Life Formula ™ described in this book focuses on independently owned businesses whose primary purpose is to create a great lifestyle for their owner (s.) And yes, it means making money, but not at the expense of the quality of life of the founder. We focus on researching a business as a vehicle for creating a great life, including high income, for its founder, who owns the company, and who is the primary decision maker. If you are here to build a solid foundation for your business life by getting the lay of the land of small to midsize businesses to navigate the right path for you before you invest significant sums, welcome!

Leaving a soul-sucking job.

Once a spirited dreamer, Melissa was caught in the endless maze of code, programming languages, and depressing job searches between recurring layoffs.  As a college student, she had traded her passion for dancing for a ‘practical’ computer science degree, following the well-meaning insistence of her parents. Today, as she wrote lines of code in the confinement of her corporate cubicle, Melissa felt her spirit darkening. 

I first met Melissa a few years ago. She attended a workshop I was giving on entrepreneurship at the San Jose Employment Development Department (EDD.)

Recently, Melissa got laid off again.  The company had gone through a merger and had to streamline positions. Each layoff had been a disappointment in Melissa’s career and, subconsciously, in herself. The last one was the final straw; it was a wake-up call which is when, after several years, she decided to reach out. We set up a meeting to discuss her options for bridging the chasm between her current reality and her dreams. Together, we reviewed the process of the Right Business Right Life formula.  Melissa was intrigued, but there were still a hundred questions swirling in her mind.  What kind of business? How could she bring together her desire for a fulfilling, flexible life and her yearning for more meaningful work? How is she going to support herself during the early stage of her business growth and until it makes profits? Should she create or buy a business? 

The first decision was to create a strategy for her research. Melissa decided to still look for another job, albeit half-heartedly, while also exploring starting a business. Together, we embarked on an introspective journey, digging deep into Lisa’s past, her dormant passion for dance, her hard-earned programming skills, and her innate talent for creative problem-solving. She began by recognizing her high values, defined her ideal life, and inventoried her talents and skills. Then I helped Melissa explore business ideas in the market based on our internal research and her self-discovery results.

Throughout our recurring meetings, Melissa began to think outside the cubicle and envision a life unbound by traditional career paths. We used the eight steps in the unbiased research formula of Right Business Right Life to identify potential business opportunities and brainstormed ways to merge her love for dance with her technical skills. She also explored current economic and business trends that seemed promising. 

A few ideas began to take shape until one truly resonated. Next, we looked at financing options. While she could qualify for a business loan, Melissa decided to get another programming job, part-time, to pay her bills and to have time to thoroughly verify that her idea could fly before she invested in it. 

Something else happened. 

As Melissa began to step into her new journey of entrepreneurship, a remarkable transformation unfolded. Where once she was a weary programmer, tired and unsatisfied, she now is an energetic entrepreneur, filled with enthusiasm. Her outlook toward life took a drastic shift. She is energized because she is more aligned with her authentic self. She is not just surviving anymore. Melissa realizes she is not as stuck as she once thought she was. She discovered she could create a future that aligns with her passion, skills, and purpose, and that future is brighter than she had imagined.

Her business idea leverages her skills, and combines with her interests and the life she wants to have. This shift in Melissa’s mindset and behavior testifies to the power of aligning work with passion and purpose. She is a shining example for those who may feel stuck in their current jobs, showing them that with the right steps in the right direction, they can create a life they truly love.

As of this writing, Melissa is in the process of vetting the viability of her new business idea by identifying her market segment and creating a minimal viable product. 

It’s for the kids.

I want you to meet Mike and Susan. They’re your typical corporate couple. It’s been fun for them to spend years nailing corporate life, and they were pretty awesome at it, until the twins arrived. Now their careers feel like a hamster wheel, and they are tired of missing precious moments with their two young boys.

There was that day when both Mike and Susan were sent off on separate business trips at the same time. When the two little boys waved goodbye to their parents from the driveway, each holding the hand of their sitter, Mike and Susan felt a blow in the gut. They looked at each other and said, “Enough. We’ve got to find another way.”

That’s when we met. Together, we started exploring the world of small and midsize businesses. We chatted about everything from franchises to acquisitions to creating a business from an idea. They knew they couldn’t just jump from one high-stress situation to another. They needed a business that could give them the freedom to put their family first and also one that could scale and become their legacy. These were their top priorities. 

So, they came up with an initial game plan. One of them would keep a steady paycheck for now, while the other took the plunge into entrepreneurship. Who’d go first? Well, that would depend on the type of business they decided to go with. At first, they didn’t know. It was tricky to identify each of their respective strengths and passions. We began with science-based assessments of their social strengths, drivers, and motivators. As is often the case in couples, it turns out that Mike and Susan have almost polar opposite qualities, which can be perfect for a business partnership. The qualities of one are the blindspots of the other. Mike is the introverted, analytical type who values getting results with systems. As a marketing executive, it was no surprise that Susan’s strengths were her sociability and outgoing personality. She is also driven by results. They are both driven to lead a healthy and active lifestyle that prioritizes their family.

Both triathletes, Susan and Mike decided to launch a new boutique gym designed for active parents. Susan will run it day to day with Mike’s support in the background while he keeps his job, for now. They anticipate creating a family-oriented health club which they envision franchising in the future once their first location is successful.

They are closer to calling the shots in their own lives. They could see a future where they wouldn’t have to choose between being there for their boys and chasing their ambitions. Now, as they’re standing at the edge of this exciting new chapter, they’re rewriting their own story. 

Could this be your new life?

Your alarm rings, and instead of hitting snooze and dreading the day ahead, you spring out of bed. Or maybe, like me, you prefer to get up when you wake up. Just like Melissa, our fed-up programmer who, by just taking steps to explore an alternative life and career, is already transformed into a purposeful entrepreneur. 

The journey begins by identifying what truly matters to you and by envisioning the future. You’re not just choosing a business; you’re crafting your life. So, you delve deep into your skills, passions, and life purpose. This introspection is often enlightening. It reveals facets of yourself you hadn’t recognized or acknowledged before.

Once you have a clear understanding of your desires and skills you gathered from the internal research, you’ll begin the external research of identifying ideas and businesses. It’s not a blind hunt anymore; you’re guided by your unique profile, moving closer to your ideal venture with every step. You feel a sense of direction that you never felt in your previous jobs. You have a plan, like Susan and Mike, who know what their mission is –  to build a life around their young family with time flexibility for their young boys,  and are building their business with a short-term a long-term strategy to create that life by soon bringing Mike into the business full time.

As you begin to shape your business idea, you’ll experience an exhilarating sense of hopefulness. You already see yourself no longer confined to a cubicle, following someone else’s rules. Or if you still are, it doesn’t matter. You know it’s temporary until the grand opening of your business and your new life, where you’ll be setting your own goals, making your own decisions, and shaping your own future. This sense of freedom is liberating. The decision to start a business will be easy because once you identify the right business, you’ll know what’s right for you. Both your brain and your heart will be in alignment and in agreement. 

Even if you know that the work as a business owner isn’t always easy, you are prepared because you want to cultivate a growth mindset knowing everything can be figured out. Putting in the work in advance of starting or buying any business to verify that it is the right fit for you will minimize risks and give you confidence. If you have a clear vision, challenges are exciting problems to be solved. Every setback is a learning opportunity, and every success is a testament to your capabilities. 

Fast forward to your life as an entrepreneur, your business grows, and so do you. You’re not just enduring your workday anymore; you’re thriving in it. You are evolving as a leader, a thinker, a problem-solver. You’re not just earning a livelihood but also designing your life. 

With the right business for you, not only is your success more reachable than ever, you get to organize your life based on your priorities: your loved ones, your purpose, your bucket list, and yourself. You’re not always stressed, not always tired. Your work is woven into your successful life.

This is what the Right Business Right Life formula offers: A chance to break free from the grind of an unfulfilling job and embrace a life of freedom, fulfillment, and purpose. You can be the architect of your own destiny, work on your own terms, and live your passion. With the right business, you’ll pivot from a fed-up employee to a freed-up entrepreneur by making your work an extension of your whole self.

You’re not laboring; you are living with purpose for a life of no regrets.

Key Chapter Takeaways:

• The first step to your success as a business owner is to research and map out your journey. Business failure always initiates at the beginning of the journey when the business owner fails to research and plan.
• You don’t have to do this alone. In fact, enrolling others who “have been there and done that” is always less costly than figuring it out with trial and error.  Indeed you are smart, and you can probably figure out pretty much everything yourself, eventually.  But time can be a business killer, especially when you have recurring expenses to pay each month.
• As a small business owner, you are a key factor in your business’s success. You need to know yourself enough to capitalize on your strengths with the business that needs them from its leader and understand what you should delegate. Focus on your strengths and outsource the rest.

 

 

Joining the VIP Waitlist

Would you like early access to your copy of the book as soon as it is released and receive a bonus book companion coaching session?

During the private coaching session, I’ll guide you through the exercises and templates in the book. Available to the first 20 VIPs who purchase the book. To join the VIP waitlist, click here.