2012 Is The Year To Grab That Prime Location

The most important part of any retail business is location. Over the last few years, retailers entering the market place have had two great advantages over the competition that leased their location during the peak retail commercial real estate boom. First, prime locations in many markets across the US are at least 30% less costly to lease today than during the boom; in many markets, the rate can be close to 50% less. Second, during the boom years first-time franchise owners or mom and pop stores had no chance of even getting a prime location.

Today many prime locations are available for a more reasonable discounted price. Many landlords who would never even listen to franchise owners or mom and pops will now listen to any offers they receive. Some landlords are even offering free rent and money towards the build-out of the location.

The buzz in the commercial real estate community is that we will see the light at the end of the tunnel in 2012. That means if you’re considering opening, moving or expanding any type of retail business, you may want to act now – before the market heats up again. (more…)

In Praise of Praise

Great job!      Well done!     That’s perfect!     Just right!

When was the last time you said these words to an employee, a business partner, a vendor, a customer? If it wasn’t today, then something is wrong. Either you have surrounded yourself with the wrong people for the job, you’re not paying attention or, worst of all, you fall into that category of people who feel that praise is a bad thing.

A simple acknowledgment of a job well done is incredibly powerful. When something isn’t done right, we get the message loud and clear. But when something is done well there’s often a silence that just reeks of missed opportunity. Yes, we expect things to be done correctly. Still, given how often things go wrong, how can it be a bad thing to offer praise when things go right?

I worked for a truly clueless company many years ago. They did annual performance reviews and rated everyone on a scale of 1-4. The problem was, no one got a 4 – ever. (more…)

The Business of Learning

I recently listened to an intriguing series of reports on NPR  about how the dream of upward mobility is fading for the middle class.

This quote stood out:

“We have identified postsecondary education as one of the most important drivers of mobility.”

I started thinking about education franchises and wondering whether economic worries might be making the business of learning more attractive than ever. I spoke with Dr. Wie Pan, who opened a Huntington Learning Center franchise in Canton, Michigan over two years ago, to learn what he sees as the trends and opportunities of this market. (more…)

The Business of Motivation

As a small business owner, understanding motivation is key to your success.

You need to know what motivates your employees and, most important, what motivates you.

It usually comes down to this:

The carrot, the stick… and the boulder

…the carrot
Money has long been the standard motivational tool. Work harder, meet goals, make more money. Works every time, right? Give them a bonus, a perk, a trip to Vegas. The cost saving version of the carrot approach is praise – awards, public recognition, reserved parking spots and the like. Either way, you give them a reward to chase. (more…)

Will your business change the world?

I woke this morning to the news that Steve Jobs died last night. For decades, he has been an iconic image of the modern day success story – innovator, inventor, visionary. His business endeavors literally changed the world.

But here’s something to remember: every business owner changes the world. Sure, maybe not on the scale or scope of someone like Steve Jobs, but the change is there and it’s a real force in our daily lives.

Business owners are the glue that binds our communities together; providing goods and services – and jobs. They’re all visionaries in their own right. They saw potential…they saw possibility…and they stepped up.

So, as we celebrate Steve Jobs’ accomplishments and mourn his death, we should also celebrate the fact that millions of business owners are going about their business today – changing the world.

Multi-tasking Mayhem

I’m mowing the lawn on Sunday and my neighbor brings me some cupcakes, and because I am mowing the lawn, doing laundry, formulating my next blog post in my head and who knows what else all at once, I wolf one down and stash the remaining cupcakes and their plastic plate in the oven to keep the flies and the dogs away from them.

On Monday I dash home from the office, making three stops along the way and make a mental note to snack on another cupcake when I get home.  But I unload the groceries and let out the dogs and decide I will preheat the oven while I water the garden.  Must multi-task.  Fifteen minutes later my house is filled with smoke from incinerated cupcakes and melted plastic.  My youngest dog is choking on the fumes and looking at me like I’m an idiot.  I’m thinking he’s right.

Our personal and business lives have become so complex and crowded that we feel the need to do at least two things at once at all times.  This is especially true in small business.  (more…)