BUSINESS DIGEST
TERRY STONE
CONTENTS 4. EDITORIAL A w ar m w elcom e t o ou r Ju ly issu e
5. Ou r New s Get t h e lat est u p dat es on t h e Bu sin ess Digest Jou r n ey
7. TERRY STONE
14. 6 Key Poin t s You M u st Kn ow , Bef or e Bu yin g A Fr an ch ise
18. In t er view w it h Win n er of Th e Appr en t ice, Sar ah Lyn n
20. 3 Qu alit ies Needed To Su cceed In Bu sin ess by Fan ele M oyo
Bu sin ess Digest t alk s t o Ter r y St on e 23. How SM E's Can St ay Com pet it ive Th r ou gh Cr ypt o Adopt ion's Acceler at ion by Josh u a Tat e of 10. Adver t isin g In A Post Covid Wor ld For u m Pay. abou t h is Lon don Root s
by Dr agon s Den Win n er Ed Hollan ds
12, Fr om En t r epr en eu r t o Fr an ch isor
26. In t er view w it h Bu sin ess St r at egist , Jon at h an Jay
EDITOR Dreams are the substances of great achievement when they are brought to existence. Dreams are not something you wait for. You go out and make them happen. The reasoning behind the generation of a business idea varies between different entrepreneurs. However, what remains consistent between all of them is the desire for the idea to develop into something successful. In order for this to occur the initial idea needs to be a good one. Despite how subjective it may seem on the outset, there are guidelines that when followed, can lead you to creating a ?good?idea. When you focus on a business idea, the details begin to unfold as you progress, as you press on. The details emerge, usually as a small dull light. Follow it. Develop it. Change position, like a hunter does and the prey becomes more visible. Go past the restrictions of your perceptions and position yourself for dominance. Whilst paying attention to the details is necessary, don?t lose the
long-term vision. If you had seen Terry Stone back then, living in a council estate, selling tickets and handing out fliers, you would have probably ruled him off a bright future. You would not have imagined the same person, years later, a successful and accomplished actor and film producer. Business Digest Magazine had the honour of interviewing Terry Stone.
Join us in this new normal as we inspire and empower you to success.
Fanele
Our News We h ave com e alon g w ay in su ch a sh or t space of t im e, ou r w ebsit e is look in g an d w or k in g gr eat an d ou r t r af f ic is alm ost t r iple f r om t h e pr eviou s m on t h . We h ave join ed in par t n er sh ip w it h som e gr eat com pan ies w h ich ar e CV-Libr ar y, AFA (Appr oved Fr an ch ise Associat ion ), Cit y of Lon don an d r ecen t ly Tr an sm it St ar t u p loan s. An d som et h in g w e ar e ver y excit ed abou t is t h e lau n ch of ou r Academ y w h ich w ill be pr ovidin g on lin e Bu sin ess, Healt h & Saf et y an d Healt h & Social cou r ses. In t er est ed in an y ou r ser vices, con t act in f o@best bu sin essdigest .com
In t er view w it h Ter r y St on e
I didn't k n ow an y of it w ou ld w or k , I ju st w en t f or it . I h ad n ot h in g t o lose an d it paid of f . I h ad som e of m y ow n f u n ds an d I bor r ow ed t h e r est
In t er view Terry Stone King of Clubs Terry has been working in the entertainment industry for many years in both music and film industries.As a promoter in his early days then on to acting and now producing films. Terry has been in the game for a very long time and it is this that has led him to gain a wealth of knowledge, friends, contacts and has made his millions along the way. Terry I want to go back to where it first started as there are probably many people that don't know this about you. You were a rave promoter putting out the flyers to draw the crowds which then led you on to founding the One Nation, Garage Nation which I?ve been to a few times and a great atmosphere, can get a bit naughty & Rave Nation rave companies. BDMAG - How did you decide that you were going to do this and know that it would work and where did you get the funds to be able to get these off the ground? Terry - I started off in the rave scene selling tickets and handing out flyers this then grew into a business which then led to me starting a Viz like magazine for the rave scene called ?The Scene Magazine?. I did this for 3 years before I got into promoting ?One Nation?. I didn?t know any of it would work I just went for it, I had nothing to lose and it paid off. I had some of my own funds and I borrow the rest. BDMAG -Just for a bit of fun Terry here are few names from back in the day, sum them up in under 5 words. Q) MC Creed - The Godfather of Mc?s Q) DJ EZ - Superstar DJ Q) PSG - Mc Fireman Q) Mighty Moe -The H in Heartless Crew.
BDMAG - Ok Terry moving on from your very successful endeavors in the Music scene you got in the tv & film industry. You first appeared in a number of British television series such as EastEnders, The Bill, and series called My Family. But what you were most recognised for in my opinion was your role as Tony Tucker in Rise of the Footsoldier in 2007. Now this film is based on the ongoing drug scene in Essex with scenes of heavy violence which includes a reference to the Rettendon Range Rover Triple Murders in 1995. Out of all of your past experiences what do you think was the defining moment for Terry Stone? Terry - I think all of my experiences in life and in business have all been defining moments along my journey as whether they?ve been good or bad they have all had a huge influence on who I am or where I am now. BDMAG - You've also produced and acted in your own film Once Upon A Time In London which is on Netflix for those that wish to watch it amazing film by the way! You?ve appeared in a number of violent films. Do you relate to the characters you?ve played or are you really a big softy?
Terry Stone pictured with the Academy Award, BAFTA Awards, and Golden Globes winning actor and producer Sean Connery
Terry - Being at the top of the club scene Worldwide for a decade and being from a council estate means that violence was a regular occurrence so I think you do become desensitized to it and being around people that live like this on a daily basis did give me a rich place to draw characters from. In real life I?m a big softy and have a big heart, I?m all about friends and family.
In t er view Wit h Ter r y St on e ( con t in u ed) BDMAG - How does one make the move from being an actor to becoming a producer and do you think it's a worthwhile step for all actors out there? Terry - I think all actors need to have another job as 95% of them are unemployed at any one time. The main reason I got into Producing is I like putting things together which I did as a large venue promoter and that is really what Producing is. The good thing when your not acting, your developing, if your not developing your raising investment, if your not raising investment your Producing. So you always keep busy and you never know where any of this stuff leads which is also very exciting! BDMAG - What has been your biggest challenge to date? Terry - Every day is a challenge and everything that I?ve ever done in life feels like a challenge so to say life is the biggest challenge would probably be about right! You never know what is going to be thrown at you, look at the whole Coronovirus situation, one day your flying high and the next day you find yourself on the floor thinking how did this happen? But you have to get back up and have another go again. BDMAG - You're also an author of the book King Of Clubs: Sex, Drugs and Thugs - The One Nation Story which is available as an e-book and soon to be released Audio Book on I-Tunes and Amazon. Do you plan to write any more books like an autobiography or is solely the film industry you are focusing on right now. Terry - I will write another book when the time is right. I?ve achieved a lot in a relatively short space of time but I?m still not where I want to be, so when I get there then I will write a book, I?ve already got the name ?McDonalds to Hollywood?. BDMAG - Out of all the successful people you have met over the years who has given you the best advice and what was it? Terry -Terry Allen Kramer was a very successful Tony winning Theatre Producer who is unfortunately no longer with us always said ?It will happen when it?s meant to happen and if it doesn?t happen then it?s not meant to happen.? This gave me perspective as we all want things to happen by certain times and in a certain order that is why most successful people make plans. As I?ve got older this advice has allowed me to relax a lot more as if you follow that in all parts of your life it gives you patience and allows you to come to with things not happening or not working out. ?That?s Life? as Frank used to
BDMAG - What?s in the next chapter for Terry Stone? Terry - I?m finishing off another music documentary about the UK Garage Scene called ?United Nation ? 25 years of UKG?, a Horror film entitled ?The Heiress? and I?m preparing for the role of my career in ?Rise of The Footsoldier 5 ? The Tony Tucker Story?. I?m also looking forward to seeing what opportunities happen after Lockdown as I?ve just signed with a Manager in Hollywood and I?ve had two films released in the past 12 months that I?ve played leading roles in that have both done big business on Netflix and Sky. BDMAG - And lastly Terry what is your definition of Success? Terry - My definition of success is to be able to provide for my family, have nice family holiday?s, be able to send my children to good schools as education is really important, create good content that people want to watch Worldwide and to be in a position where I can help others. BDMAG - We want to say a big thank you for giving up your time to let us interview and letting our audience get to know the real you. It's been a great pleasure and we wish you all the best for the future and hope & wish you more success and happiness. Follow Terry on Instagram - @Terrystoneofficial Catch up with Terry on Twitter - @Terrystone
Advertisingin a post-covidworld... Everything has changed they say, the way we work, where we work but has the advertising methods you normally use to drive you business changed? Let?s take a look at the broad categories of advertising; Out Of Home (OOH), billboards, buses, taxi?s and trucks. TV, in between your fav programs. Radio, over the airwaves. Online, PPC, SEO and social media advertising. Door drop, marketing by post or leaflets dropped though the door. Finally Magazines and Newspapers. Obviously, I naturally have more knowledge of OOH, thus I?ll start here.
Since lockdown the walking or driving traffic across all OOH mediums drastically reduced. Traffic levels for example fell to 40% of normal at the start of lockdown and are currently at the time of writing back to 86% and rising rapidly, great for the big billboards and truck advertising. Public transport advertising such as Tube,
Bus and Rail audiences are significantly down and I expect will stay down for a long time due to the current government advice to avoid public transport. Tube advertising is seeing 9% of normal audience and rail 7%. Overall, most of the sector can continue to deliver advertising as normal with reduced audience figures, long term prospects look promising as traffic levels in particular look to exceed pre lockdown levels.
Moving onto TV advertising, more of us have been staying home, big tick there. However, with some programs not being able to meet scheduling demand and with some people having more time on their hands it?s hard to say how this has affected audience responsiveness to adverts. Audience figures are up by 22% so if you can afford it and pick the right slot you should do well. Long term I see viewing figures falling.
Adver t isin g in a Post -Covid Wor ld...con t 'd Radio seems fall into the same bracket, with more time at home people are tuning in to listen to their choice of music rather than what?s always on in the office. In fact this has caused record levels of listeners. With the change of work patterns, I can see a small fall in listeners are more people work from home more often. So, pick the right station and the right package and you should do well.
Online advertising has experienced a surge with brands reducing spend on less trackable mediums for online partially PPC and Social Media. Because everyone is doing it is harder to stand out so ensure you spend some time homing the copy and landing pages. Online has always been a growth area and accounts for over 40% of UK ad spend, so this trend is up.
Magazines and Newspapers, I?m going to look at physical copy publications, with less sharing due to fears around passing on the virus readership is down, which looks to be on of the last nails in the coffin unless you?re an industry specific publication. Of course the above doesn?t mention cost, so don?t forget to compare CPM of various mediums before you book, here?s a general guide what to expect.
Where to spend your budget is a key decision in recovery, my advice is to assume you know nothing, past success is no guarantee of future success. Experiment with a few mediums and increase the spend on the one that is most successful. Bear in mind that people need a few interactions with adverts before they convert, so while PPC might be doing well, your 48 posters might be driving all the traffic.
With more time home door drop obviously reaches people at the time of posting, however it can be seen as junk and some people are on postal preference. GDPR saw and increase in door drop but still a downwards trend. The key to success if a good mailer and ideally something people want to receive. Longer term any growth I think will reverse.
Au t h or - Ed Hollan ds Fou n der of Dr iven M edia About the Author; Ed Hollands is the founder of Driven Media an advertisement company that uses large format to wrap lorries with adverts. Ed Co-presents the advertising podcast show Adcast, when he's not slaying Dragons in the Den Ed is also a keen Dodgeball player.
FromEntrepreneur ToFranchisor My entrepreneur life started back in 2016 when I was looking for somewhere to take my young children on a rainy weekend and I couldn?t find anything that was going to be educational and fun. This is the exact moment that the idea of Pop Up Play Village came into my head. I remember saying to my husband ?why isn?t there any mobile role-play villages? This would be perfect?. Once this idea was in my head, it was hard to shake the idea off. I had never planned to run my own business; I was happy being a teacher but I felt strongly that a mobile role play village would provide so much benefit to the local community and my children. I was on maternity leave at the time which meant I had the tricky decision of working out whether it was worth going back considering the costs of childcare for two under 5?s as well as not wanting my kids to be in childcare for such long days. This is when I decided to go for it and follow the entrepreneurial path to create Pop Up Play Village! Pop Up Play Village was very much created with my teacher hat on. I planned it thinking carefully about the toys that I needed in each area to get the most learning opportunities for different aged children as well as ensuring that it was lots of fun. In January 2017, Pop Up Play Village launched, and what an amazing year it was. Initially, I grew the business slowly around my two children working weekends around my husband?s job. A few months into running Pop Up Play Village and my weekends were filled with party bookings every weekend day. This was the moment that I realised that I had created something special that should be accessible to all communities in the UK. I suddenly had big dreams for Pop Up Play Village! I worked hard to make this happen to prepare everything I needed to go on the journey of franchising. It wasn?t an easy journey to make with months of preparation to do around running play sessions and bringing up a young family but I was determined to see Pop Up Play Village grow. This determination got me to meet my first franchisees in 2018 and our franchising journey began. Since our first franchise launched in February 2018, we have continued to grow now with 11 Pop Up Play Village franchises around the UK. I have loved my Pop Up Play Village journey. Being able to bring my teaching skills into creating my own business has been incredible. I am truly grateful to have such an amazing job with an amazing team of franchisees and very excited to continue to grow Pop Up Play Village.
Becky Hoare is Franchisor and Creator of Pop Up Play Village. Pop Up Play Village is a mobile role play village that pops up for children's events. They run birthday parties, play sessions, corporate events, wedding entertainment, entertainment at festivals and fayres and work in schools and nurseries. To find out more and see where our franchises are located visit - www.popupplayvillage.co.uk
M ar c Oliver - Bespok e Tailor in g Highly skilled tailors which integrates subtle differences between classic British tailoring with contemporary approach in cutting and styling. -
Saville Row, Mayfair, London, W1S 2ER +44 (0) 207 129 7599 sales@marcoliver.com
Learn the important factors around running a franchise business before you jump in feet first!
6Keypointsyoumust know,beforebuyingafranchise
by Russ Turner
investment going to be to You are here because you want to have the freedom to own your own business and franchises have struck a certain chord with you, Rightly so there are many advantages to starting a franchise business over starting a business from the ground up that needs everything setting up and has no brand awareness.
if you have made up your mind and you are dead set this is the path you want to take then you may as well do everything in your power to increase your chances of making it work. Here on Franchise Direct you will find the best franchises, low cost franchises, new franchise opportunities,
each franchise up and running, most franchises require new franchisees to pay a fee at the start to the franchisor on entering into the franchise agreement which allows them to resell the products and services under the franchisor ?s brand name.
popular franchises and also the That said there are still some
franchises with the largest
Now you know the
pitfalls to every business
number of outlet - www.
investment required for these
opportunity, as long as you take franchisedirect.co.uk/investment1 franchises you are interested in, you now need to find out your time with choosing your how you are going to finance
franchise and ask the right questions you will be able to
Getting back to the 6 key points
each particular franchise
choose a franchise business
you need to know before
business, as it?s likely you can
that suits you, your needs &
starting a franchise business.
actually afford a bigger franchise opportunity once
your affordability factor. Here they are;
you speak with a franchise
Now there are a lot of franchise
1. How m u ch does a f r an ch ise
broker. You may be able to
categories and companies to
bu sin ess cost ?
offset the cost against the
choose from, and this is where
As you know there are many
you need to set about finding
franchise businesses to choose
the options you like the sound
from and all have their own
of then digging deeper into the
terms and conditions which will
running of each one, costs
be laid out in your franchisors
involved to see if it is the right
agreement.
profits to calculate its tax liability, but for this you should obtain your own expert tax advice.
2. How m u ch t im e do you n eed t o in vest in a
franchise business for you. We suggest picking a handful of Remember that by following all
franchises that appeal to you
the proper steps and guidance
and then going through each
f r an ch ise bu sin ess?
The running of each franchise
on franchises doesn?t guarantee one with a fine tooth comb, to you success, as it also has a lot uncover what lies beneath the
will differ from the next down
to do with the individual and
tasks that are needed to keep
how they apply themselves. But
surface. The first thing you want to find out is what is the total
to the opening hours to the the business running smoothly. You need to make
6Keypointsyoumust know,beforebuyingafranchise sure that you are going to be happy spending this amount of time each day
statistically you have a better chance of making the business a success.
doing these particular tasks until you reach points of success. For example you
Also by following what is popular is another
don?t want to leave a 40 hour a week job
trend that you see people doing as people follow
that you hate for a 60 hour a week job
people, if they see a significant amount of other
that you also hate, so do your homework
people going with a particular franchise
as this is going to be your life that you
opportunity they think that well it must be for a
sign up for!
reason. Generally this is true.
Some franchises are seasonal so you
On Statista you can see for this time last year
know their will be certain times of the
the leading franchises in Europe for June 2019 -
year where you will be flat out rushed off
https://www.statista.com/statistics/66579
your feet and then quiet in other months,
5/unit-numbers-of-franchises-european-union/
if this work for you then great but for some other people they prefer consistency and require the same amount
4. Wh at does it t ak e t o r u n a su ccessf u l f r an ch ise?
of workload to arrange their life around, you need to be clear about the amount of
This question is outlined in this article as the key
time you will need to invest and when that
point and the steps you need to follow to ensure
time will be required throughout the year.
that you are setting yourself up for success.
3. Wh at do I n eed t o k n ow abou t t h e
You have to know how much will the franchise
f r an ch isor ?
cost, how much time you will need to invest in the given franchise business, what the franchisor is like and how much support they
Every franchisor is different, you will need to do your research to find out everything you can about the franchisor including;
will provide you with, and what is the ultimate goal you are working for at the end of this franchise process.
how long has this company been in business, what is its average success rate and how long do If for instance a
One of the biggest factors though is what you
franchisor is new this doesn't necessarily
are passionate about and what you are like as
mean it's not a great opportunity, but the
an individual, you may not be ready to pursue
more historical data you have the better
the franchisee route and this is something
decision you will be able to make because
you want to find out before you take that leap of
you have the facts to back it up. But
faith and sing your life away.
knowing the success rate of a franchisor will give you the confidence to know that
6Keypointsyoumust know,beforebuyingafranchise!-CO NT'd.. Speaking to other franchisees that have
pr ovide?
walked the path before you will give you
When you take on a franchise, unlike starting your
their take on what it?s really like, we suggest
own business, you're not alone, and that can be a
that you have a chat with a handful of
great comfort. Just make sure you know how much
franchisees of which both
support you will get from the franchisor, what other people's experiences were and how much help the
must include some successful ones and
company offered those people when the going got
also some not so successful one.
tough. How much support did those other
Here are the questions you want to find
franchisees receive, or were they left to their own devices?
out; -
What were some of the challenges they faced and how did they overcome them?
-
How long did it take for them to start to make a profit?
-
things are going wrong. But if you know that the support will be there and that the franchisor is willing to help, the process will be a little easier.
Looking back, what would they have done
6. Wh at is you r f r an ch ise exit st r at egy?
differently?
This is something you need to figure out ideally
And for those that failed -
One of the hardest things is asking for help when
What was the main reason it didn?t work
before you buy into your chosen franchise, sitting down with an advisor, lawyer or specialist accountant to formulate an exit plan is the preferred approach.
out for you? -
Looking back, what would they have done
Setting a date in mind will allow you to plot your path
differently?
on the franchise journey and you should be prepared
As this will give you a heads up on some of the challenges you may face and also the solution to some should you come up against them in the future. John Pratt quoted saying on Which Franchise; ?There are few things in life where success is guaranteed and investing in a franchise is not one of them. Having said that, the whole point of franchising is that a franchisor is able to say to a prospective franchisee: ?I have created a system that works and which can be replicated successfully.?
https://www.what-franchise.com/questions/
to be stuck with the business for an additional two to five years longer than anticipated, until you find an appropriate buyer. You have to decide if you want to fully leave the business with a clean cut deal or whether you want to stay part of it as advisor or a minority owner. According to BizBuySell, only 20% of all businesses listed for sale actually sell. As some businesses can be difficult to value, the selling price may be much lower than expected and for these reasons it takes much longer for a franchisee to sell their business. Following the steps above you should have a clear concise roadmap to buying your own franchise
is-success-guaranteed-if-i-invest-in-a-franchise
business, we wish you the best of luck with your new
https://www.what-franchise.com/questions/is-su
business. Remember to take your time and don't rush the process!
ccess-guaranteed-if-i-invest-in-a-franchise Top UK Franchises Opportunities https://www.franchisedirect.co.uk/topfranchises/ 5. Wh at k in d of h elp does t h e f r an ch isor
You ar e h er e becau se you w an t t o h ave t h e f r eedom t o ow n you r ow n bu sin ess an d f r an ch ises h ave st r u ck a cer t ain ch or d w it h you !
For InfoContact info@bestbusinessdigest.com www.bestbusinessdigest.com
"Women are like tea bags, you don't know how strong they are until you put them in hot water " - Sarah Lynn
Welcome to our Interview with Sarah Lynn in Business Digest Magazine By Russ Turner
Interview with TheApprenticewinner Sarah Lynn Let us begin with telling you exactly who Sar ah Lyn n is! Sarah is the queen of confectionery is the owner of Sweets In The City with Lord Alan Sugar, who provide premium confectionery products for retailers and corporate clients and are currently stocked within Harrods, Selfridges and Harvey Nichols. She was the winner of the popular BBC One television reality show The Apprentice series 13 in December 2017. She walked away as one of two winners in a historic ÂŁ500,000 investment, being declared a ?fantastic expert in her field?. Sarah consider herself as a strong independent woman and resembles ? The Iron Lady Margaret Thatcher Q? Wh at did you t ak e aw ay f r om appear in g on Th e Appr en t ice ot h er t h an w in n in g it an d t h e m on ey? The Apprentice teaches you a lot about your strengths and weaknesses ? both in business and as a person. It strips you back from your normal life and support network, your cheerleaders in life, and it tests your skills in challenging and time restrictive circumstances.
I learnt to be a little tougher, more direct, and that some things that come naturally to me don?t to others? so it gave me confirmation that I definitely have the qualities of an entrepreneur. It also highlighted to me how lucky I am to have the incredible family and friends I do in life, because having them gave me perspective during the difficult moments in the process. Q?You r com pan y Sw eet s In Th e Cit y is doin g sw eet ly w h at st or es ar e you cu r r en t ly in an d do you h ave an y plan s t o expan d t h e bu sin ess? I am very proud to have Sweets in the City products listed in beautiful stores such as Harrods, Selfridges, Waitrose and Harvey Nichols. We have huge plans to expand further, developing the web offer we have that allows customers to personalise our gifts www.sweetsinthecity.co.uk adding additional non sweet gift items to the portfolio for a complete gift package. We have also now created and launched our vegan sweet bag range -called Sweets in the City ?Duals?. The plant based recipes pack twice the flavour into the sweet for a double-taste sensation, one being layered on the outer
shell and another injected into its pectin centre. As always, I am very excited and motivated about everything that is to come! Q?You ?r e seen as a f igu r e-h ead an d an advocat e f or w om en , can you t ell u s you r ow n w or ds; Ar e su ccessf u l w om en en t r epr en eu r s dif f er en t f r om m en ? I think women, now more than ever, want to live their best lives and invest in themselves in the same way that men do. This can take many forms and I am inspired by the women in my life, whether they are staying at home looking after their children, running a small enterprise from home or building a global brand. I love talking to women about business and am always particularly inspired by other working mums like me who are creating a life that fulfills them and managing the daily juggle. Hopefully my position as an Apprentice winner will allow me to talk about this more and have a positive impact on women and mum?s in the workplace. Q?If you cou ld eat din n er w it h 3 people livin g or deceased w h o w ou ld it be an d w h y? There are so many people I would love to talk to and learn from, but for a fun and insightful meal tonight I would opt for Michelle Obama, Jose Mourinho and Meghan Markle. It would be great to hear about Meghan?s plans for the future and how she plans to use her new Royal profile for humanitarian gain, Jose is a master of his trade and Michelle is an all round inspiration. It would be a long dinner with all my questions! Q?Wh at advice can you give t o sm all bu sin ess ow n er s on a bu dget , r egar din g h ow t o t ak e t h eir bu sin ess t o t h e n ext level?
Having been a small business owner with financial commitments and on a budget I know how hard it is to make the leap to the next level. My advice would be to work hard at building solid foundations for the business and good organic growth, to be able to show an investor the model works. Even if the numbers aren?t huge at the beginning the right investor will see the potential. Q?Wh o do you con sider t o be t h e M ost M ogu l en t r epr en eu r ? Of course it has to be Lord Sugar for me! His way of doing business and his raw and real no-nonsense style is something I admire hugely, and it was the opportunity to get his investment that made me apply for The Apprentice. I feel like Lord Sugar ?s business journey really shows that if you want something badly enough and have the work ethic and entrepreneurial skills to go and get it ? then it?s possible. There is nothing more inspirational than that! Q?Has you r u pbr in gin g played an y par t in you r su ccess? I had a happy upbringing. I lived all of my early life in a flat on the 8th floor of a London council block, with my mum and sister. My Dad and Mum separated and I saw them both work really hard to make the most of themselves and be the best they could be. My mum had two jobs and juggled single motherhood, which only now being a mother of a 5-year-old and 1-year old do I really understand how hard that must have been. My Dad was a great inspiration to me, as when I was about 6 he began to build his own packaging business so I was always around him watching him doing that. I think seeing how hard they both worked and how much they both struggled at times in different ways definitely helped me want to succeed. For press, media and speaking enquiries contact in f o@sw eet sin t h ecit y.co.u k or call+44 20 8 688 4848
Learn how to succeed while improving yourself from within and expressing sharing it with the world.
3Q ualitiesNeededtosucceedinbusiness
by Fanele Moyo
To succeed in business, you must have some apt it u de related to the business, be highly m ot ivat ed and have some r esou r ces to fund the business. Aptitude comes in doses of knowledge, skills, abilities and talents. Specialised knowledge can set you apart. No wonder specialist doctors and lawyers command hefty salaries. Experience is an invaluable ally as long as lessons are learned and wisdom drawn from it. Knowledge is not limited to academic knowledge but extends to knowledge gained from mentors, YouTube videos, google and reading relevant books. Self-taught knowledge is the cornerstone of business success. There is nothing new under the sun. Most successful businessmen have self-knowledge that sheds light on what they could do successfully. Talents are special gifts that everyone is born with. It is those things that you can do easily compared to the average person like
playing musical instruments, art, swimming, writing and dancing among others. Shakespeare described his gift as follows: This is the gift that I have, simple: A foolish extravagant spirit, full of forms, figures, shapes, objects, ideas, apprehensions, motions, revolutions. These are begot in the ventricle of memory? . and delivered upon the mellowing of occasion. But the gift is good in those in whom it is acute, and I am thankful for it. Skill is something that you have learnt to do well either through experience or through training. There are so many skills that one can learn: home based skills, work place skills, interpersonal skills, coaching skills and self-management skills. Developing a mindset and a work ethic can set you on a path of victory. A mindset is a positive attitude. It focuses on the good things in life. A positive mindset is a heart that is thankful of being alive. It does not focus on the negative.
3Q ualitiesNeededtosucceedinbusiness A positive attitude is ready to embrace new opportunities. It does not look back. No one survives driving whilst focusing on the rear-view mirror. A crash is inevitable by so doing.
out resources in people that they did not know they had.? Focus demands self-discipline which is the deliberate elimination of distractions that impede progress.
Thank God for the life He has given you. Surround yourself with happy, motivated people who dream big dreams. The worst side of this pandemic is that it separates us from our loved ones. During an hour of sadness, we all need that hug and those encouraging words.
Eagles are renowned for their excellent hunting skills. They owe their success to the power of focus. They have large and efficient eyes that are forward positioned. This forward positioning produces a unidirectional sight known as tunnel vision. It helps the eagle to judge, precisely, the prey?s If there has been a change in your life, distance. This power of focus combined with accept it. Adapt quickly to the new situation. a rapid swoop on the prey makes them Have a game plan for the new normal. successful hunters. Having a game plan means you set new goals for a new project. Find the gap between your new goal and where you are. What action steps are necessary to achieve your new goal? Are there new skills that you may require to achieve this goal? How will you know when you get there? Motivation is the driving force for many entrepreneurs. It is the fuel that drives them towards a goal or dream. Whether days are cloudy or shiny, the engine keeps rumbling towards the destination. Focus harnesses or consolidates your abilities towards set objectives and goals and liberates real power in the process. The power of focus has given birth to major inventions and scientific advancement. Land, the father of The Polaroid Camera, once said the ability to invent and create was not rare but that it was uncultivated. ?My whole life?he said, ?has been spent trying to tell people that intense concentration for hour after hour can bring
An attitude is a state of mind that says, ?I will not be pulled into a see-saw with what is around me.?This quality allows you to move out of obscurity into your vision and to walk with swagger in the midst of scrutiny and mockery. Resources are needed to be successful. Resources does not mean money/cash from your bank manager. Resources means support. Who can give you support? Your stakeholders are a source of support just like money can be a support system. Time is the biggest resource. Never waste time. You can recover everything but never lost time. Time needs to be managed with reference to planning, controlling and organisation. Determine how you are currently spending time. Most successful people plan their time in relation to their goals and priorities. Have the courage to say NO. Never feel obliged to comply with all the requests that people make. Remove distractions.
howsme'scanstaycompetitvethroughcryptoadoption'sacceleration By Josh Tate, CEO of ForumPay
New, emerging technologies enable small and medium enterprises (SME) to discover new audiences often overlooked by larger, more established players. SMEs are characterized by their ability to quickly reach changing consumer and business trends,and cryptocurrencies offer SMEs perhaps the best opportunity to cater to and capture a fast-growing market. With the benefit of lower operational costs, improved security for both merchants and customers, and a growing market for cryptocurrency users, SMEs can find a golden opportunity to boost their revenues and consumer bases? something that is often missed by larger industry players. SMEs might lack the resources of the large goliath competitors they are up against, but they're well-known for being able to quickly pivot when facing adversity. Moreover, these types of enterprises are known for being the early adopters of technology, as well as the innovators who create. Compared to their larger competitors, the process of integrating new technology requires less red tape and approval up the chain of command. This doesn't mean larger companies can?t adapt, but they're more prone to lagging behind on adoption. Essentially, fewer resources and personnel can play into one's advantage during the most challenging moments. Take, for example, the small business stories of the COVID-19 pandemic. As
the New York Times so eloquently chronicled in April, many businesses, especially in the food and hospitality sector, managed to turn around the become productive and profitable in other ways. In one example, after a couple was forced to close its bar due to a COVID-19-induced lockdown, they decided to start manufacturing a frozen alcohol-less cocktail mix in their own home overnight, and then sold it to customers who picked it up and added their own spirit at home. Can anyone imagine a massive ecommerce business, such as Amazon, completely changing its business model in a matter of just a few days? It's highly unlikely. Technology plays a critical role in how SMEs thrive. Where there is a lack of resources, technology often fills in the gaps? whether in automation, communication, digitized management of projects, or similar tools. Not only does this translate into nimbility, but beyond that, into the business revenue column, as an SAP-sponsored study found: "There is a clear connection between digital transformation and revenue growth. Fast-growing small and midsize firms with 10%+ annual revenue are significantly more likely to indicate major progress towards transformation than slower growing firms. Over half of fast growing small and midsize firms are actively engaged with digital transformation. Using technology to automate functions and optimize processes is clearly associated with performance gains."
howsme'scanstaycompetitvethroughcryptoadoption'sacceleration Companies that adopt emerging technologies tend to succeed and see more rapid growth, and because they are nimble in how they quickly shift focus and adopt new technology, their advantage will likely lead to accelerated growth. Of equal importance, adoption of certain types of technologies can not only optimize existing company processes, but also open opportunities to new markets. Cryptocurrency is exactly the case here. Despite public perceptions about cryptocurrency, the digital asset has slowly crept into the mainstream consciousness. Challenges to its reputation continually diminish as an increasing number of institutional players begin to take Bitcoin and other digital currencies more seriously, and it?s only a matter of time before crypto as an exchange of value rather than a store of value becomes more mainstream. Prominent investors and financial sector players have already jumped the gun and taken note of its viability. Peter Thiel, the famous founder of PayPal and venture capitalist, has become one of the most notable enthusiasts over the last few years, investing millions. Thiel has invested directly in both cryptocurrencies and blockchain ventures, including Layer1, which is a platform for investing in mostly promising blockchain tech applications. The famous Harvard-educated Winklevoss twins also hopped on the pioneer wagon by introducing financial instruments to the cryptocurrency and blockchain spheres.
But its absence in many businesses' point-of-sale (POS) systems remains a point of impediment to both the progress of crypto adoption and business opportunity. Yet the numbers clearly demonstrate that cryptocurrency is no longer the outlier it seemed to be for exchange-of-value purposes. An estimated 50 million consumers around the world own and use cryptocurrency, and, according to Statista, between Q3 of 2016 and Q1 of 2020, blockchain-wallet adoption rose more than 425 percent. These 50 million users are spending in excess of ?3.4 trillion annually, according to an EU report on virtual currency and monetary policy? a trend that will gradually accelerate over time, especially in light of economic uncertainties ahead and the devaluation of fiat currencies. Foresight Business predicts the global cryptocurrency market will reach $1.758 billion by 2027, from $250.9 million in 2019.
Setting the consumer numbers aside, running on the blockchain has a different advantage, as a technology that is highly secure, immutable, transparent, and relatively cheap to run because of its decentralized properties. Credit card transaction fees cost anywhere between 1.5-2.5 percent, depending on whether the payment is card-present or card-non-present. Sometimes these fees can be as high as four percent. Most mainstream crypto-payment platforms will charge one percent at most. These fees in cases of international purchases eventually trickle down to the consumer, too, like on cross-border transactions, because blockchain transaction limits are boundless. Businesses, whether brick-and-mortar or ecommerce, can charge for products to consumers abroad without exchange rate fees on the credit card. So, in turn, the product purchase becomes instantly cheaper to the customer. While crypto is under consideration by many large retail corporations, like Wal-Mart and Amazon, some have already set the process in motion, such as Rakuten, which offers crypto incentives to customers
who order specific items. For most of these kinds of companies, however, the provision of cryptocurrency payment options is still in its infancy as they deliberate on whether its adoption would be beneficial. To maintain a competitive advantage over the larger competitors and reach the growing crypto market, SMEs can consider using a platform like Shopify? one of the first real gamechangers in ecommerce. Platforms like Shopify have functioned as a strong support to SMEs in retail and capacitated smaller retailers with the tools to manage payments, marketing, customers, and shipping in one space. Despite public and commercial perceptions about the nature and availability of crypto, the virtual exchange of value is on the rise. Because of their ability to quickly pivot and adapt to often rapidly changing circumstances, SMEs are most likely to be the types of businesses that adopt cryptocurrency sooner, especially given the benefits for the bottom line, security, and the broader market reach that has yet to be fully captured. The time is now to see the potential.
Abou t t h e au t h or Josh is a seasoned executive officer with more than 20 years of experience as an entrepreneur, practitioner and legal professional.Prior to founding ForumPay, he founded and launched multiple companies in diversified industries such as fintech, media, real estate, and energy.Josh concurrently holds positions as Director, CEO and General Counsel of several companies and provides a wealth of experience in both fintech and traditional finance.He holds a Bachelor of Science from Kansas State University and a Juris Doctor from the University of Kansas.
JONATHAN JAY
Jonathan Jay is a business strategist, with 30 years of business experience and multi-million-pound exits. He helps successful business owners grow their companies by buying other businesses. He host the ?Business Buying Strategies? podcast which is a leader on the subject of how to buy a business. Q) Wh at get s you ou t of bed ever y m or n in g? Everything I do is for personal satisfaction and because I enjoy achieving - and at the same time I'm building a strong financial future for my family. I'm always optimistic and however trying the previous day was, each new day is a fresh start and it's unusual for me not to bound out of bed! Q) How did i get in t o bu yin g bu sin esses an d h ow did i develop m y exper t ise? 21 years ago I had the lightbulb moment - it's not that much fun to 'run' a business - it's a lot more fun to buy, grow and sell companies - and financially more rewarding too! Expertise comes from being a fast learner and experience - and it's something that came naturally to me. Q) Wh at bu sin esses sh ou ld a people look t o pu r ch ase alon g side t h eir exist in g bu sin esses? If you own a business at the moment, the fastest way to reach your business goals is by buying another company. There are six types of business to acquire: the same as yours, but in a different location or the same as yours but in the same location as you - so, a competitor.
INTERVIEW The next is a product business (if you are a service business and a service business if you are a product business. In other words, expand your company by expanding your range of products/services. You should also consider complementary services - for example, a garden landscaping business might buy a garden furniture business as the client base is very similar. And finally, you should consider buying your suppliers or part of your distribution chain - so you grow a group of companies to give you control over your supply and distribution enabling you to not only be more profitable but also provide these products/services to other companies. Q) Wh at ar e com m on m ist ak es people m ak e w h en bu yin g a bu sin ess? Some of the common mistakes people make when buying a business are: searching for a business to buy, online and then approaching a business broker. You'll always overpay and get a raw deal. The next mistake is borrowing money to buy your first business, when, instead, you can structure a deal which requires little or none of your own cash. The third mistake is not valuing the business correctly and overpaying. and the fourth mistake is buying the business personally or via your own company. You must have a corporate structure which de-risks the acqusition so there's no personal comeback. Q) How does t h e pr ocess go if som eon e w an t s t o w or k w it h you ? If someone wants to work with me, I always suggest they attend one of my free webinars first, so see if they like what I have to say. They can be found on www.thedealmakersacademy.com
Q) Wh at h as been you r biggest bu sin ess bu yin g m ist ak e? My biggest buying mistake was to let my heart rule my head. I bought a company I shouldn't have done because I was a previous customer of the business and wanted to own it. Q) Wh at is t h e best book you 've w r it t en an d w h y? My most recent books are my best: Business Buying Strategies and Business Buying: 101 Tough Questions Answered. They really get to the heart of how to buy a business successfully. Q)Wh at h as been you r you r def in in g m om en t , t h at m ade you t h e su ccess you ar e t oday? A defining moment in my life was watching the American TV show 'Hart to Hart' as a teenager. Jonathan Hart was a 'self-made millionaire' - and that struck a chord with me!
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