8 principles of brand building every business owner must know

brand manOk here comes another rant.  Something else I feel PASSIONATE enough to SHOUT ABOUT IT.  Today’s outpouring is about your brand… and why if you seriously want to grow, you must take this subject very seriously indeed.

I do believe the power of a company’s brand is the single most misunderstood and under appreciated aspect of doing business.

I also believe it’s this simple – businesses with a great brand give their shot at major success a MASSIVE (I’m shouting again) BOOST.

In other words, those that understand brand do better than those who don’t.

Having said this, I’m no brand expert, so I struggle to find ways to articulate the importance of this to my clients – the people I most want to succeed.  So I went in search of some wisdom from someone who can tell you what I really want you to know.

I found this article featuring Scott Bedbury, who grew Starbucks and Nike into global brands (I think you’ll agree that earns him the right to talk about the topic!).  Here he gives us his eight brand building principles – I think every one is a winner, so please read the article fully and think about your own brand as you do so… just click the link below.

Scott Bedbury’s 8 Principles of Brand Building

Please believe me, if you focus on your brand as much as your product, you will grow your business.  It is a worthwhile investment of time and money.

So read Scott’s thoughts and let me know your own thoughts…

Be smart, be brave, be free :)

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The darker side of business ownership …

Depression-quotes1

I don’t have time to write this blog.  But I can’t sit at my desk in integrity and not write it.  Because I’ve owned a number of businesses and I have been to the dark side.  And when my mission is to set business owners free, I can’t ignore the black hole that seems to engulf certain entrepreneurial spirits amongst us.

This week I’ve read about two young entrepreneurs (one in his early twenties, the other thirty years old) in America who have ended their life, seemingly worn down by the immense stress that building a business can place on the founder.  In this latest article, with the tragic headline ‘Start up founder jumped to her death from a roof top bar’, the writer references a study by Dr. Michael Freeman, a clinical professor at UCSF and an entrepreneur, was one of the first to link higher rates of mental health issues to entrepreneurship.

Of the 242 entrepreneurs he surveyed, 49% reported having a mental-health condition. Depression was the No. 1 reported condition among them and was present in 30% of all entrepreneurs.

This statistic doesn’t surprise me.  I talk about this subject a lot with my clients and members… the harsh reality of business that no one tells you when you get started.  I call it the roller coaster of business – a world of extreme highs and extreme lows.  If you are determined to be successful, this is a ride very few dedicated business owners can avoid.  I talk about because I want my clients to be prepared – to buckle up tight and ride out the highs and the lows.

In business, you will have moments of joy, when everything goes right – you win clients, you love your team, the income is looking healthier than it’s ever done.  And you will have times when the bottom falls out of your world.  You lose a big client, you have a rogue staff member, you are worried about money, you are working too hard and sleeping too little.  You can only imagine the worst.  You feel like everything is on the line and you’ve put all you have into the business – your heart, your reputation, your time, your money – the thought of losing it all is overwhelming.  It’s a lonely and miserable place.  Despair can live here if you let it.

But you mustn’t let it.  You must know that this is normal.  Every business owner experiences the highs and lows. I’ve been there, I know.  I nearly had a nervous break down halfway through building my first business.  I will never forget how depressed I  became during that time.

I do think it is very sad that young people such as the woman in the article are losing their way in our entrepreneurial society – becoming so desperate that they feel they must take their own lives.  These are young people with the courage to dream, to step out into the world and take on the challenge of building something amazing.  They don’t know that they are also building their own monster, the beast that grows and can eat them alive if they are not ready for it.

Of course it isn’t just young people.  Success in business takes its toll on all business owners from time to time.  So in writing this I want you to know that this is normal.  If you are reading this, you are a business owner.  And I know you will have found the whole thing unspeakably tough sometimes.  So I just want to say to you something I’ve learned that keeps me sane and grounded, whatever life throws at me:

It always turns out OK.  Always.  

No matter how bad it seems, no matter how desperate the situation feels – it always gets better.  Don’t let things keep you awake at night with worry (although I know you will sometimes).  The worry doesn’t fix it.  Even if the whole thing crashes and burns, you will be OK.  YOU WILL BE OK.  Life will go on.  Your family and friends will still love you.  The sun will still shine.  And as Jack Dawsey says in my favorite line in Titanic, “you will die an old lady (or man) warm in your bed”.  Nothing is ever as bad as it seems.  Just get up in the morning and do the best you can to fix whatever is going wrong.  Whatever happens, you’ll be OK.

I work with business owners because I know I can help them.  I’m there through good and bad, highs and lows.  Mostly we work on the growth and I push people to strive for the dream of a beautiful exit, where they get to live happily ever after.  But I know it’s not a straight line to the top.  So I’m also the voice of comfort and reason when the going gets tough.  I love my work!

If you ever find yourself struggling and feeling like it’s all too much, remember my mantra…”it always turns out OK”.

Thank you for being a dreamer and an action taker.

You rock.

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What makes a saleable business?

In this video, I’m talking to a large group of business owners about creating success in business. And as those who know me will tell you, my definition of success when it comes to business is … to build an asset that ultimately feeds you financial freedom for the rest of your life.

If you ever want to sell your business (and even if you don’t) there are 9 key elements that make a business ultimately valuable and saleable:

  1. Great product – meets a need/Clear niche
  2. Great model – scalable/growth potential
  3. Great brand
  4. Great reputation
  5. Great customer base
  6. Great cash flow – Locked in revenues
  7. Great team
  8. Great systems
  9. Great financial model

Take a look at the 4 minute clip above to hear more about these… and if you want to start creating that valuable business sooner rather than later, email me today about the 2015 Acceler8or Programme.

10408030_10153303069549365_3957956822873282887_nThe Liber8 Acceler8or Programme is designed to help business owners build valuable businesses… sooner rather than later.

The 2015 programme now kicks off with a workshop 28/29 July. Email me now laura@liber8u.com if you’d like more information.

3 steps to turning your business into a valuable asset

11156283_10153303242804365_8882445748495223375_nThe Liber8 team held a powerful workshop a few weeks ago.  Twelve people in a room had the courage to look at their mindset around money, wealth and business.  On their feedback sheet after the workshop, 80% of them mentioned the realisation that a business should be an asset not a job, and the keys to getting there were key out-takes for them.  This is what we teach at Liber8.  We are passionate about it and we strongly believe that if every business owner in New Zealand set out to create an asset rather than a job, we would see a very different economy and a very different Country.

In a moment I’ll share three of the keys to building a valuable business… but first let me explain this flip chart from the workshop.

If you business requires you to go to work every day in order for it to continue to exist… and you don’t have a plan to change this in the future – you don’t have a business, you have a job.  And it may even be a job that pays you less than someone else would pay you to do the same job, makes you work twice the hours, puts too much stress on you and doesn’t let you take enough holidays.  Sound familiar?  A job is something that pays you some income, but doesn’t allow you to build wealth on the way.

If your business is able to generate income without you having to be there – it has become an asset.  If your business has value to someone else, who would like to pay you a significant sum of money to buy it – it has become asset.  An asset will feed you long after you stop working.

Which is your business?  A job or an asset?

If it’s still a job, don’t panic.  Every business starts out that way.  But its the business owners who make a conscious decision to transform it into an asset over time that really win.  This is what we teach at Liber8.  Financial freedom by turning your business into an asset.

Here are just three of the steps we encourage our members and clients to take:

1. Decide that you want to create a valuable business not just a job for yourself.  Think about your own mindset and paradigm, what are you telling yourself on a regular basis that would prevent you from striving for this.  Question your own belief systems around growth, wealth and what is possible for you and your business.

2. Address your business model.  What is holding back the growth right now?  Have you created something that is very dependent on you?  If so, what changes could you implement that would reduce this dependence?  Do you need to find a way to duplicate what you do and train others to deliver?  Do you need systems and products that can deliver without you?

3.  Create recurring revenue streams.  The most valuable businesses are those where cash flow can be predicted into the future.  Clients who are locked in to regular income – income not dependent on the owner – this is where value is created.  There are many examples of business models with this value well and truly in place.  I will share some of these in my next blog.

In the meantime, think about the three steps above.  And feel free to email me with your questions at laura@liber8u.com

Yours in freedom

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The all new Acceler8or Programme

We are looking for business owners ready to get serious about transforming their business into a valuable asset.  Our next Acceler8or Programme kicks of end of July.  Do you think you have the right mindset to join us?  Email me laura@liber8u.com for more information.

 

 

 

 

 

“Starting a business is easy. Creating something of value is harder”

 

TVNZ Interview

TVNZ Interview

If you have a few minutes, take a look at this interview with me on TVNZ Good Morning show earlier this week. To be honest I was quite thrown by the questions asked. I had expected it to be a jolly chat about my book, with a view to inspiring some talented mums at home to consider the opportunities, just like I had. I wasn’t expecting the first question:

 “Why do you think anyone can start a business?”

Wow, that made me think. Watch as I look up into my brain for the answer.

And then it came to me, starting isn’t the hard part. Anyone can start a business. But not everyone has the vision and the fortitude to make it work.

In the interview, I end up back on my own soapbox, showing how passionate I really am about the need to approach business with a long-term view in mind.

The good news is that I got to explain my mantra – ‘start at the end and work backwards’. Think about where you are taking the business and what you want out of it financially, as well as what you want to do right here and now. Plan your business properly – start with a good idea and a clear market for it – and be clear what the end game is.

I’m not sure I inspired those stay at homes to launch into business tomorrow, but I did get to say my piece. The reason I do what I do – helping small business owners become big business owners by planning their way to financial freedom.

I hope things are going well for you in your business right now. I’d love to help you plan your end game and plot the course to get there.

Acceler8me 2014 kicks off July 3rd – for business owners serious about growth. You can find out more about it here – just use the enquiry form supplied to have a chat about it.

Hope to see you soon!

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Do you have what it takes to grow? The 2 qualities every serious entrepreneur needs

growthThere are only two things I look for when it comes to choosing a business owner I want to work with, or who I invite to join my mentoring programmes.  If I see these two things I know this business owner has a chance at building something amazing – with a little guidance, a lot of determination and a commitment to thinking strategically.

So what are they?  These two things… let’s take a look:

1.  A willingness to grow.  This might seem obvious but when I work with people I often have to battle the mind before I can help uncover the potential.  Too many small business owners are exactly that … small business owners.  They live inside a comfort zone of their own creation. It’s warm and snuggly and safe. But it’s also restricting, limiting and stifling.  When someone really wants to grow, I know I can help them.  When they don’t, I can’t.  It’s that simple.  If I ever invite you to work with me, I will interrogate your willingness to have your comfort zone expanded, along with your dreams.

2. A business model capable of growth.  Even with the strongest desire in the world to grow, you have to have a business model that is capable of expansion.  There has to be a market for what you offer, a need for what you sell and a business structure that can scale up.  If a business owner has the willingness to grow, we can work with a business model and if necessary change it to allow for growth.  But there has to be a willingness to change if this is necessary.

So how do you think you shape up against these two criteria?  Are you willing to grow?  Are you willing to challenge your business model and explore re-engineering to enable growth if necessary?

If the answer is yes to these questions, I’d love to hear from you.

I’m about to launch my annual Acceler8me Programme for business owners seriously looking to grow.  I have two more spots to fill.  Could you be one of them?

If you are willing to move outside of your comfort zone and explore the true potential of your business, email me here today  and I’ll tell you more about the programme.

Growth isn’t always easy.  But you don’t have to do it alone. I’m here to help.

Talk soon

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From the desk of Liber8me.  Business mentors and publisher of multi-award winning book Liber8 your Business:  The revolutionary business planning technique that will set every small business owner free

3 reasons why your business is not ‘your baby’

babyBefore you read this blog please take a moment to watch this quick video about Kathleen Turner of  Tate’s Bake Shop – the story of a woman who lost it all then rebuilt it – with major success.

I love how towards the end of the video, Kathleen King talks about the reason for success behind her second business was because she took the emotion out. “I knew I had to execute efficiently and grow a viable business,” she says, “I didn’t have the same emotional attachment that I had with my first business.” Her first business was her baby. And after 23 years, when she was emotionally wrung out and exhausted from caring for this demanding baby for so long, she ended up $200,000 in debt instead of financially rewarded. Her baby bit her in the bum.

It’s not personal. It’s business

How many times have you heard someone refer to their business their ‘baby’? Have you ever called your own business your baby? It’s a very common analogy and one we can all relate to given the blood, sweat and emotional tears we put into our business when we decide to take that leap of faith and build our own dream.

But in my view it’s not a good analogy at all. Here are three reasons why I strongly believe your business is not your baby:

1. Babies are dependent on you for at least 18 years

With business one of your primary goals should be to decrease it’s dependency on you. A business is meant to be an asset, not a job. In the first few years, there are some similarities with parenting a newborn for sure – long hours, sleepless nights, relentless giving of your time and energy to name but a few – but this is not meant to last forever. And certainly not for 18 years! Prepare to start cutting the apron strings long before your business reaches adolesence. Don’t get so attached you are not willing to let go.

2. A baby is the single most emotional connection you will ever have

You will love your baby forever, regardless of who they become. I’ll never forget my mother after a few wines the night before my wedding hugging me tight and saying “I loved you the minute you were born. And then you started taking drugs!”   Yes I was a troubled and troublesome teenager (although I like to think there were a few memories in between birth and my first foray into magic mushrooms). But she still had to love me, and thankfully still does.

The emotional connection is what makes parenthood worthwhile. But in business, the emotion can make us weak and cloud our judgment. Remember Kathleen King in the video? She had her first business – her baby – for 23 years and all it did was leave her with $200k in debt. Her second business she did without emotion – just with a clear plan and a determination to execute the plan. She went from scratch to $6 million in revenue, selling cookies in 50 US states in just 8 years.   A far cry from the 23 years of her previous business where she kept her apron strings on right up to the very bitter end.

3A baby is unlikely to pay you back financially

The days of the younger generation taking care of their parents financially are mostly over. Do you expect your kids to pay for you when you grow old? I know I don’t. That’s why I create businesses with a view to ensuring a financial pay back down the track – so I know I’ll be able to care for myself.

It’s important to view your business as an asset – something that you build to pay you back financially. Sure you have to be passionate about what you do, and love your business for the difference it makes in the world. But don’t be so attached to it you can’t see it for what it really is – one of your primary wealth creation tools. Unlike a baby, it should be feeding you.

In summary

Your business is not a baby. It’s a business. The game is to keep the emotion out of it, decrease its dependency and regard it as an asset that will ultimately feed you financially, not drain all of your resources.

Now, how do you feel about this? Still think your business is your baby?

Love to hear your comments. Post below.

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Have you created a business or a life-long job?

 ‘ball and chainSuccessful and unsuccessful people do not vary greatly in their abilities. They vary in their desires to reach their potential.’ John Maxwell

One of the first questions I ask when I present to business groups is: ‘Why are you here? Why are you in business? Why on earth have you left the security of a job with regular pay to start your own business, with all the uncertainty this holds?’

I always get similar answers.

Mostly, people say they don’t want to work for someone else. They don’t want someone else’s culture.They don’t want to be told how the way it should be done. They want to be in control. They want flexible hours and to spend time with their children. They want to be able to go on holiday when they want. They don’t want someone telling them how many weeks’ holiday they can have a year. They want to do something they really love. These are all honourable reasons for starting a business.

But, ironically, many business owner-operators end up with the complete opposite. They find themselves with little control. They discover their clients have the control and will often demand they work longer hours than they ever did when working for someone else. Most small business owners pay themselves less than they would be paid working for another company.

Crazy, I know, but it’s true. You go into business for freedom and control and end up working longer hours and earning less. Sound familiar?

Many business owner-operators don’t take holidays. They start their business believing they will be in charge of their own holidays, but they find they don’t go on holiday at all. I met a woman who owned a chain of motels with her husband. They hadn’t been on holiday for five years. When I asked her why she got into the motel business in the first place, she told me it was for the lifestyle. Go figure!

If you pay yourself too little, work long hours, and don’t take decent holidays, you can feel resentful. Worse, you can fall sick and be unable to carry on. A high percentage of businesses fail (and by fail I mean they stop; the owner gives up) within five years of start-up. Disillusionment gets the better of them. They go into business to set themselves free and find themselves with a virtual chain around their ankle. Not surprisingly, they decide they don’t want to do it anymore. But that’s not going to be you, is it? Most people who fail to achieve financial freedom through their business do not have the right mindset. Let’s just take a look at a true story for a moment to illustrate my point:

The story of Julie and Fliss

I was having coffee with an old friend one day. Julie is an amazing lady who had started her first business and built it over 20 years until it was bought by a huge multinational group. She became wealthy and continues to build her wealth through angel investing and mentoring start-up businesses. She has a wonderful life. We discussed how special it was to be able to spend quality time with our kids after school each day and how we enjoyed helping other people learn to build a quality life through business. We got to talking about a woman we both knew. I’ll call her Fliss, for the purposes of this story. Fliss opened a business at the same time as Julie. She is a dress designer and opened up a little retail store in the town where she lived.

Twenty years later she still had that small shop and she was still making the dresses. Fliss was no better off financially and she still had to keep designing and making the dresses to sell in her shop. Of course, there’s nothing wrong with that as a life choice and as far as I know, Fliss is content in her life. I don’t want to appear scornful of someone doing something they love. If you’ve got a talent for design and you’re happy with a small retail shop in a small town, there’s nothing wrong with that – as long as you are aware that this is where you are at.

But what worries me with the owner-operator mindset is that Fliss, like so many other owner-operators, will wake up one day and won’t want to do it anymore. As much as she loves designing dresses, something will happen that changes her ability to live off its income, for health reasons or, more likely, because she’s lost the passion for it. The danger of not having a plan to sell is that she can end up with a business worth nothing to anyone else, meaning she’s stuck with it. What will she do for income when her desire or ability to make dresses is no longer there?

The freedom mindset

Let’s look at situations of these two friends. Why did Julie go one route and Fliss go another? The key difference was the mindset.

One knew she wanted a business she could sell and create a lifestyle where she never had to worry about money again. The other wanted to make pretty clothes. They both made their choice; probably without even realising they had done so. Fliss chose to employ herself in a job she enjoyed. She did not choose to build a business.

We make choices every day. The most important choice is one you may not have given much thought to – until now. Are you choosing to build a business that will pay you back or are you choosing to work for a living?

My book Liber8 your Business explores this question at length and gives you a practical 8 step process to follow if you decide that financial freedom in the future is something worth working for.

 

From the desk of Liber8me.  Business mentors and publisher of Liber8 your Business: The revolutionary business planning technique that will set every small business owner free.

 

6 reasons why business is like golf

golfTalking to a client today about how tiring her month had been with a roller coaster of ups and downs and good and bad, I found myself talking to her about my golf recently and how I was enjoying the ups and downs of it all.  It occurred to me that business and golf are similar in many ways. Here are just six reasons why owning your own business is like playing golf:

1.  You have to be passionate about it and it takes up a lot of your time.

2.  You can just get started anytime you like with no professional help, but you quickly discover that a bit of guidance is a really good idea

3. You won’t get any better at it if you don’t keep playing the game – practice, practice, practice!

4. One day everything will be brilliant and you’ll know exactly why you love it

5.  The next day it will all turn to s**t and you’ll want to give it up forever

6.  You can aim for the hole in one, but small consistent steps can win the game

And here’s one major difference:

With golf you need little balls. With business you need….

Enjoy the game!

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From the desk of Liber8me. Business mentors and author of Liber8 your Business: The revolutionary business planning technique that will set every small business owner free

 

 

What’s the best weapon for world domination in business? A brilliantly simple tip…

DictaphoneCylinderGuest story with Mike Brunel

How did we take a small Wellington based radio sales consultancy business and turn it into a global success story servicing 400 worldwide markets and selling to 320,000 people?  It all started with a Dictaphone. In the early days we worked out that we could show radio media companies how to move advertisers from a small two week campaign into a 52 week commitment.  I watched my business partner in action and realised that he always did the same thing.  He said the same words, made the same offers and got the same results.  I spent a week watching him, recording him and taking notes.  I created a sales system around what we did, with manuals clearly outlining every single word and action taken.  We then packaged up the system and began selling it to other media companies… all around the world.  In effect we turned a commodity into a system.  Now my business partners and I live in Wellington, our CEO is in Atlanta and we have offices in four different countries… all doing things exactly the way we would.

And so my tip for business owners who want to decrease reliance on you and create a leveraged business is to take time to document exactly what you do.  Use the microphone app on your iphone/android and record yourself as you go about your day… every single little thing that you do and say. Then get it transcribed and turn it into a manual… paper or computer based, whatever works for you.  It may seem laborious – and it is – but this is ultimately what will set you free.  Turn what you do well into a system.  Then train others to use it.

Mike Brunel is co-owner of NRS Media, currently working with over 400 major television, radio, and newspaper companies in the United Kingdom, Ireland, Europe, the United States, South America, Canada, South Africa, the African continent, Australia, and Asia, NRS Media has offices in London, Atlanta, Toronto, and Sydney and employs over 175 staff. Mike is available for sales training and consultations, email mike.brunel@talkingmediasales.com

 

From the desk of Liber8me.  Small business mentors and publisher of Liber8 your Business:  The revolutionary business planning technique that will set every small business owner free