Why "burning the candle at both ends" hurts you rather than helps you.

Maintain your reserves! Being out of balance on occasion for a specific reason for a limited amount of time is part of life and happens once in a while but if being out of balance is a way of life it is not helping you it is hurting you.

As a business coach and life coach I have seen a pattern in performance that is all too common.  Especially here in the U.S. many people tend to put work first and life second.  People often get rewarded for having no life.  The person who says "Oh my gosh I'm dying.  I haven't slept more than 5 hours in the last month.  I haven't seen my family.  I've just been in the car or in my office."  often hears "that's great! we are giving you a raise!"

While it is important to like what you do and do it well and it is important to earn a good living if you drain yourself to the point of exhaustion you must understand that you will lose any gains you have made.

Take an example from my coaching practice:  I had a client who I told repeatedly "You must slow down, you need to make time for yourself and you need to sleep!"  She happily said "but I'm in such a productive phase i don't want to stop!"  So I waited.....withing 6 weeks she came down with bronchitis and had to stop working completely for two weeks.  All the "productivity" she had gained was lost and in fact the downtime set her back further than when she started.

What is the cure?  A change in mindset.  One thing I tell my clients is: You must understand that YOU ARE AS IMPORTANT AS YOUR MOST IMPORTANT APPOINTMENT! The second b elief I instill in them is TAKING TIME FOR YOURSELF HELPS YOUR BUSINESS!  People often think that if they take time to workout, meditate, make love to their spouse or partner, even go to a movie or walk in the park, that they are taking time away from work and might lose out.  Nothing could be further from the truth.  Think about this; you go into a negotiation and here are two scenarios:

1) You worked so hard to prepare that you haven't slept well, have been eating a lot of fast food and take out and have not seen your family in two weeks

2) You worked hard but made a point of stopping no later than 7pm over the last two weeks.  you took time with your family on the weekends (perhaps only half days but you DID make a point of having family time) you have made time to exercise and you have taken the time to eat well or prepare meals and bring your lunch and dinner if you knew there was going to be a long night coming.

The second version of you has spent less TIME preparing but is likely in a far more focused and clear mental/emotional state.  Which version do you think is going to perform better?

A real life example of this is a client of mine --- let's call him "Steve" --- when he came to me he was president of a company he started that was doing quite well.  They were billing around 400k a month and he was making around 300k a year.  He told me "The problem is I am 30 pounds overweight, I am smoking a lot due to stress, drinking more beer than I want to, I maybe see my kids for 30 min before they go to sleep and maybe have 90 min to watch a movie with my wife before we pass out.

So I put him on a plan.  Only check email 3x a day, let you employees know that you have "open door hours" rather than a constant open door policy so they don't interrupt you when you are working on a project.  Make time for a date with your wife once a week no talking about the kids, bills or business just connecting, he went to a hypnotist to stop smoking, we reduced his drinking,  made it a must to workout in some way 3x a week for minimum 30 min and (this was the hardest to get him to agree to) take Monday morning off and Friday afternoon off.

Initially he freaked "I will only be working a 4 day work week!  and even the days I am there I'll be leaving by 6 so those hours will be reduced!  Plus all the working out will cost me even MORE time!  My business will fall apart!"  I have heard this many times in both my business coaching and life coaching roles so I told him not to worry just try it for three weeks and then we could re-evaluate.

Well as you can imagine after three weeks of this he felt GREAT and decided to commit to this schedule for at least three months!  After three months he had stopped smoking and lost 20 of the 30 pounds.  he felt well rested for the first time in years and said his employees liked him better and worked harder for him because he was in a better mood and beaming positive energy.  He also felt that even though he spent less overall time at work when he was there he was far clearer headed, more focused and made much better decisions.

Ok well that is all well and good but did it affect his bottom line?  Did he lose money because of making more time for himself and balancing his life?  Actually quite the opposite.  The billings for his company went from 400k a month to over 1 million!  I was not surprised by this outcome as I have seen it many times but "Steve" was overjoyed.

So the next time you think that "burning the candle at both ends" is helping you and moving you forward i urge you to reconsider.  Let me repeat: Being out of balance on occasion for a specific reason for a limited amount of time is part of life and happens once in a while but if being out of balance is a way of life it is not helping you it is hurting you.

As always if you would like any help or advice with your business or life contact me through my website www.CoachWithMike.com or call the office at 800-890-9245.

Best wishes for your success and happiness
Mike Mataraza

How to choose when there are too many choices!

Opportunity vs. Outcome

Making decisions:  Are you opportunity focused or outcome focused?

I have been helping people as a Business Coach, Career Coach and Sales Trainer for over a decade now and I have noticed that so many people these days are telling me "I don't know what choice to make" whether it is finding a new job or changing some direction in their personal life.

To use job search as an example here is my coaching:

Say you have a great degree, a great resume and a winning personality.  It is likely that you will have multiple offers coming your way (OR you may be a highly creative entrepreneur and have multiple ides for business you want to start).   For OPPORTUNITY focused people this is where the confusion kicks in.  They start comparing---"Well this one pays more but this one has better benefits and this other one is a shorter commute etc. etc.  On a scale of 1-10 they are all about the same I just don't know how to decide..."

The question I coach them to ask themselves is what is your OUTCOME?

Here is a perfect example:  A couple of years ago I had a coaching client who had a chance to work with Donald Trump for a $250k salary.  What he really wanted to do was start his own business but he said to me; "Mike this is a great opportunity.  I will get paid a lot, work with a man who is a legend and make great contacts"  all of which was absolutely true.  Something, however, did not feel right to him and he had spent quite a few sleepless nights going over and over the options in his head, making pro and con lists and still could not decide.

So I asked him the MAGIC question: "What is your outcome?"

His answer:  "Well I wanted to start my own business so I could work from home part of the week and see my family more.  I want to have control over my schedule.  I definitely want the tax breaks that having your own business gives you.  Eventually I want to hire a good manager so I can dial back even more and travel."

We took a look at the opportunity he would have working for Mr. Trump. A salaried position at 250k so with half going to taxes (no good tax breaks as a w-2 employee) it would be about 125k in his pocket.  Certainly not a bad net income but working for a man like Trump he would be expected to put in 60 hour weeks and sometimes 80. Of course if Trump kept him on after the year was over and he got promoted the work would only get harder--no hiring a manager so he could travel.....

What my client soon realized was that for the right person the offer WAS a great opportunity.  For him however it just did not line up with his outcomes.  He nervously but happily made the decision to continue to build his own business.

I am happy to report that in his first year he made 90k after taxes---less than had he taken the job with Trump but certainly a good income.  In his second year he was able to double that and now in his fourth year he HAS hired a manager and works only about 25 hrs a week while earning a great and well deserved income.

While building his business he did have some periods of extremely hard work that kept him away from his family but they were infrequent. Most weeks he took Monday and Friday afternoons off. On other days he got home by 6 so he could have dinner with his family.  And because has now hired that manager and is able to work less, he and his family can travel just as he had originally dreamed.

My client had been offered a great and glamorous opportunity but when he realized it was not in line with his outcomes the choice was easy.

Ask yourself what are my OUTCOMES personally and professionally?  Once you know the answer choosing the right opportunity will be easy!

As always if you would like assistance with this process feel free to contact me by  calling or visiting www.CoachWithMike.com and filling out the contact form to set up a free session! 

With caring and best wishes for your success and happiness,

Mike Mataraza

10 Things to Think About Before You Start a Business!

Welcome!  Post #1 and I thought it would be appropriate to start with a question that I get asked very often in my role as an Executive Coach and Business Development Coach..... "Should I start my own business?"

The answer is ---that depends.  Now it may NOT depend on what you think it does i.e. 'Is there a market for my product? Do I have a list of ready buyers?  How much money will it take?'  etc. etc.  While these (and many other) questions are important the FIRST thing you must do is look in the mirror and ask some questions about YOU!

Al Lipper,  a coach for people wanting to open Yoga Studios, has written an excellent article called "Top 10 Things to Consider When Opening a Yoga Studio" that I regularly email to clients who ask this question because what Mr. Lipper talks about are really things to consider when opening ANY business!

I have partially reprinted it below (the full article is at www.centeredbusiness.com/ Mr. Lipper's website for Yoga Studio Owners)

A small business can have a great product, a great location, a great value proposition but if the founder and CEO is not in the right mindset, has not made a plan and is not willing to deal with some speed bumps in the road there can be trouble.

Have a look at these 10 questions and ask yourself if YOU have what it takes or if you might be better off working for someone else.  Just like being famous being an entrepreneur has benefits and detriments.

Famous people get money, free stuff and many other things but they also give up privacy and often can't do simple things like shopping or walking their dog without being bothered. 

Entrepreneurs get control, freedom and the possibility to make more money than they could working for someone but they take on quite a bit of responsibility, and may need to deal with things (like accounting for example) that are out of their comfort zone. 

By the way if you would like to have a Business Coach and Career Coach who has started built and sold 4 companies in 3 different countries to guide you in this decision you can visit me at www.CoachWithMike.com and schedule a free consultation. 

So have a look and decide---is starting a business for you?

With caring and best wishes for your success,

Mike Mataraza

Consideration #1: Are you willing to work long hours in the beginning? Every small business owner will tell you about the late nights and weekends spent on building a business from scratch. It’s just plain hard work. But, it has great freedom as well.

Consideration #2: Are you comfortable learning about finances, budgeting and bookkeeping? For better or worse, money is the lifeblood of every business. Without it, the business fails instantly. To succeed, you need to have a moderate handle on finances. 

Consideration #3: Are you able to accept that business will never be entirely smooth, but rather that it is wrought with some degree bumps and potholes, and that is just part of owning a business? It is estimated that an average U.S. business faces a “crisis” three to four times per year. This might be a key employee quitting, an IRS audit, a major unexpected expense, etc. 

In addition, there are “daily hassles.” An instructor is late, someone’s check bounced, the stereo doesn’t work and so on. This is just part of business.

 Consideration #4: Do you have at least 50% more money available than it seems like you’ll need to get started? Most small businesses underestimate their expenses (and overestimate profits) for the first few years.

Consideration #5: Are you willing to learn about marketing, or do you have the money to hire a professional marketer who will do this for you? I know, marketing makes you think of tele-marketers and used car salesmen. These are just poor examples of marketing, just as a Big Mac is a poor example of gourmet food, yet it is still food (technically). 

Consideration #6: Can you accept that while Yoga may incorporate energy, spirit and flow, running a business adds a new kind of energy to the mix: money. If you believe your practice is above needing to worry about money, you may be reassured to know that you are not alone. What may be less reassuring is that very few studio owners who hold this perspective stay in business for more than a couple of years. 

Consideration #7: Are you really passionate, not just about practicing Yoga, but about sharing the art of Yoga with others? Running a Yoga studio is about sharing your practice with others. 

Consideration #8: Are you willing to make mistakes and learn from them? Success is about mistakes. Just as Thomas Edison tried over a thousand different materials for the filament of the light bulb before discovering one that worked, such is business. 

Success is not about doing it perfectly the first time – striving for this leads to mediocrity. Success is made of trying, failing and learning; then taking what you learned and doing it better the next time. 

Consideration #9: Are you able to do this without destroying your personal life, should it fail? While no one plans for a new business to fail, and it’s certainly the last thing you want to think about, it does sometimes happen. Plan your divorce while you are still in love. 

In other words, you need to design an exit strategy for the business in the beginning. You don’t want to lose your house and have to declare bankruptcy if things don’t pan out. Do your best to make sure you can personally survive even if the business does not. If you can’t, then this may not be the best time to start a studio, or maybe finding a partner or investor to share the burden would help.

Consideration #10: Are you willing to make a thorough business plan? I believe this is the single most important item on the list. The business plan doesn’t need to be in the form a bank needs to lend you money, but it should be complete. 

It is unfortunately all too true that “failing to plan is planning to fail.” A real business plan outlines the way your studio will operate. It defines the kind of people who will come to your classes and private sessions, it estimates how many clients and students you need each month in order to pay the bills. It is like having a map with you when you are on a long road trip. 

By the way, the reason that banks want to see a business plan before lending money is because they know that most businesses that don’t have one will end up failing.

So what do you say?  Is it for someone else but not for you or are you Ready to Rock?

Mike