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Interested in running your own business? Ask me anything! I'm here to answer all the questions you have about the path to business ownership.

Meg Schmitz
Mar 30, 2018

Meg Schmitz is a high energy, solution-oriented, dynamic franchise professional and career coach expert with more than 20 years of experience as an owner/operator, consultant/mentor and entrepreneur focusing on placing individuals on the right career track.

Meg has a strong understanding of how business ownership and pyschology blend together and can provide top-notch expertise on what personalities and psychological traits make for the best small business owners. She consults regularly with women and men entering professional life or seeking to make a shift into entrepreneurship at young or experienced ages.

Meg is attuned to the importance of asking the right questions and listening, which allows her candidates to hone their questions/concerns about business ownership into a refined investigation to match them with the best business opportunity. 

Interested in owning your own business? She's here to answer any and all questions you have about getting started, finding a concept that suits your interests and needs, tips for a career change and more!

www.megschmitz.com

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Are there any specific business laws that new franchisees need to be aware of?
Apr 6, 10:00AM EDT0
Would you do anything differently if you had to start all over again?
Apr 4, 11:51PM EDT0

Nothing.  What a ride it has been!  I call it the Flight of the Bumblebee... I've gone up, down, all around, and every day is exciting.  All that stuff that you can't put on a resume or LinkedIN, THAT is who I am....I am a student of life.  This allows me to look at each and every day as an opportunity to learn and grow, rather than dictating outcomes.  I totally buy into the notion that you are what you think.  If you think you have power, you do.  If you think you don't have power, you don't.  If you have power, but don't believe in yourself, then you have none.  BELIEVE

Apr 5, 4:34PM EDT0
What did the initial franchise startup look like?
Apr 4, 7:00AM EDT0
How do you provide excellent experiences to your clients/customers?
Apr 3, 5:53PM EDT0

Listening more and talking less allows for people to do what they love to do... talk about themselves, their dreams and goals.  We are all consumers.  I am not a demanding consumer, but I am discerning.  I apply my expectations to my business practice and interactions:  honesty, integrity, follow-through on my stated and written commitments with timeliness and accuracy.  

Apr 5, 4:27PM EDT0
Do you consider yourself successful and by what means do you measure success?
Apr 3, 11:53AM EDT0

Yes, I am successful.  Your definition will be completely different!  Mine goes like this:  one day in the summer of 2012, I was walking my dog and I remember stopping dead in my tracks.  I heard myself say words of affirmation (you'll hear different words, so I won't tell you mine).  Since then, I have been BEYOND successful (as I defined it then).  That meant that: I paid off my mortgage;  I paid off my son's college loans; I committed to paying off everything with cash or paying off credit cards each month.  No monkeys on my back = success.  That means I work FOR MYSELF, to do my mission (I love helping others) and on my schedule.  

Apr 4, 8:34PM EDT0
What are the financial responsibilities of business owners towards the employees besides giving the wages?
Apr 3, 6:48AM EDT0

I believe that all depends on what county, state, or country, you live in.  There is federal responsibility, and there is culture.  If you choose to be The Employer of Choice, then you'll probably offer more incentives than the next owner competing for the same employee.  Once an employer thinks about offering additional options and incentives, then that employer should be working with an employment lawyer and financial advisor to make sure the offerings are compliant and fair.

Apr 4, 8:20PM EDT0
How do you remain confident without coming across as arrogant?
Apr 3, 2:36AM EDT0

If you are asking ME how I remain confident without coming across as arrogant, I can answer that I am just me, I have worked hard to learn and I try to be a better person every day.  I have always been confident and hope no one perceives arrogance.  I am grateful, open to criticism, coaching, restyling and renovating my personal brand.  I think arrogance is what people sense when there is a brick wall of immovable know-it-all permanence... like "I'm so good that you should know it."  There is quiet easiness that is emitted by people who have earned confidence.

Apr 4, 8:27PM EDT0
What information should be in a One Minute Drill?
Apr 2, 12:02PM EDT0
When hiring someone to work for you, how do you select your employee?
Apr 2, 9:54AM EDT0
What would you advice people who fear changing their job at a later age? What sort of preparation should they have/do to avoid risks?
Apr 2, 8:03AM EDT0

Fear should not dictate one's decision to try something new, but identifying why you feel fearful is helpful.  Are you pivoting, or leaping?  It would be foolish to jump into the unknown, so research what is of interest.  Is it financially viable, will it sustain you (besides being of interest)?   Do you need to get certified, or earn a degree?  You'll need to offset the cost, or investment in education, against the value in the marketplace now and into the future.  There are a lot of great programs for careers that are gaining momentum, so do your homework, and let excitement drive you... not fear.

Apr 4, 10:08AM EDT0
What kind of revenue goals should a new business have? What is ambitious and what is unrealistic?
Apr 1, 5:10PM EDT0

First, revenue goals are going to depend on the history of the average ticket price per transaction.  Ambitious growth goals are based on past performance and tactics for increasing revenue.  Unrealistic goals don't have underpinnings of a reality-based foundation.  I remember sitting through a meeting with a new President.  She threw out a number that was about 10x past performance, and asked us to individually offer/answer "how are you going to contribute to this?"  There were a lot of confused people in the room, because we weren't given line item details on the success of past tactics, or any insights into the latitude we had to use new methods.  So keep your projections real and measureable.  A lot of hidden costs pop up during surging growth phases, so watch for projected and manageable costs to achieve the higher revenue numbers.

Apr 2, 1:52PM EDT0
What is the main difference between an executive coach and a career coach?
Apr 1, 9:54AM EDT0

The two share a lot of overlap, but there are differences in how the coach defines his/her expertise.  Executives seek out coaching that empowers them to do better at their work.  A career coach is someone who helps people figure out if they are in the right career for their skills, and helps refine those skills.  Think of whether you are getting strategic about growing your career skills and relationships, or looking for personal development.

Apr 2, 1:45PM EDT0
How long have you been in the field mentoring people for business related things?
Apr 1, 4:07AM EDT0

Since forever, probably!  My first job out of college was the first time I got paid to emplower people to achieve more.  That has been 28 years, and it gets better and more fun every day!

Apr 2, 12:40PM EDT0
What according to you makes a successful business owner?
Mar 31, 8:22PM EDT0

Commitment and dedication to the mission (deliverable) of your business.  Willingness to adapt and implement new strategies that empower your business to thrive.  That doesn't mean adding new revenue streams, by the way.  It means continuous improvement to stave off competition.  It means offering your customer something of value that solves their problem, and makes them return to you and/or refer others.  Successful business owners recognize their weaknesses and choose to hire around themselves, to fill the weakness gaps, while empowering those people to take command of their area and develop new and better solutions. 

Apr 2, 12:38PM EDT0
How important do you feel it is for an employee to adapt to a wide range of people, situations, and environments to succeed?
Mar 31, 7:34PM EDT0

I think that depends on who you are and the role you want to play in the company, or in expanding your career.  Some people are very happy with limited involvement with other people, and don't need to adapt.  It seems to me that most employees are expected to embrace change, as that is the only way business survives the US' evolving economic, technical, and employee landscape.  Think about being nimble, and that covers each of the areas you asked about.  Yes, you need to be nimble if your career is going to take off!  Consider yourself to be a student of life, and you will pick up sobtleties that others will overlook.

Apr 2, 12:33PM EDT0
What are the possible pros and cons of being a career coach?
Mar 31, 7:09PM EDT0

Pros are that you can share your experience in the business world, while helping others excel.  For me, I have always been helping people identify "who they want to become" and set a path to get there.  My first job after college was personnel placement, then hospice work (biggest transition one will ever make), now working with business owners.  I see no "cons" personally, because I have confidence in the work I do, and I'm very self-motivated.  Success to me is doing what I love while being financially self-sustaining.  It took a while to grow my business, but once I met financial freedom, my enjoyment of the work went from work to play.  Everyday, I love the people I work with!

Apr 2, 12:29PM EDT0
What is a business plan and why do you need one?
Mar 31, 4:48PM EDT1

A business plan helps you solidify every aspect of the overview of your company.  It provides a business overview, financial injection and revenue goals, costs for HR, marketing, supply/vendors, etc.  They are easy to start, and you will refine it over time.  Having no business plan is like driving a car with a tart over the windshield.  How do you know where you are going?  It's like a budget when you're tight on money.  If you don't create a business plan, there is no direction.  Think of it as being an organic, living thing.  It will change dynamically over time.  Start will projections, and adjust your line items as you get real numbers to insert.  A good book is THE BOOK: For Entrepreneurs By Entrepreneurs.  Or Dave Gee's book The Corporate Refugee Start-Up Guide

Mar 31, 6:50PM EDT0
What differentiates business ownership from business control?
Mar 31, 12:54PM EDT0

Very simply, ownership controls what the business does and how profits are distributed.  For instance, my business entities are sole proprietorship, so I control everything.  In the Business Control model, there are more layers of accountability and influence, including a Board of Directors, the business managers, sometimes employees too.  

Mar 31, 5:31PM EDT0
How do you introduce or convince your prospective client to select a particular niche of business industry suitable for them? How do you know if it would work out for them or not?
Mar 31, 11:23AM EDT0

Interesting question.  I work with my referrals in a very consultative way, so I'm not convincing anyone to do anything.  Like working with a real estate agent, it's a process of learning and listening.  I introduce concepts after we agree to a list of elements the business must possess (i.e. industry specific or not, B2B or C, number of employees, type of employees, marketing versus sales, executive owned or manager run, brick and mortar, territory based, M-F 9-5 or doesn't matter).  Then we compare and contrast a number of different options.  My role is to give them a Treasure Map, it is their job to find the clues and move from point to point.  If the clues deliver positive reactions, we're on the right track.  Negative reactions mean we move in another direction.  When we get to the end of the process, they have worked with the franchise company for many weeks, and the decision to move forward is mutual.  It either party says it's a no-go, then we divert and look for something else!

Mar 31, 5:41PM EDT0
What are the common problems encountered by business owners in starting a new business?
Mar 31, 7:40AM EDT0

First is not including immediate family in the decision.  Must protect spouse and kids, as they will feel your absence the most when first getting started.  After that, not being properly capitalized for the initial growth phase.  Spend carefully and plan for twice what you project you will need.  Micromanagement is another problem, or trying to wear too many hats.  A good leader should surround him/herself with solid, reliable employees.  Distractions like adding too many new revenue streams will distract customers from what your business really does/delivers.  There is a list of positives, but I'll share that separately.

Mar 31, 5:49PM EDT0
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