image of hand holding a light bulb with blog title: 9 Steps to Find Your Business Idea

9 Steps to Find Your Business Idea

image of hand holding a light bulb with blog title: 9 Steps to Find Your Business Idea

Sometimes good ideas are born bad. Today, we’ll share steps from a renowned consultant, that you can use to find your business idea.

Click the player to listen to this episode of The BIGG Success Show Podcast. Below is a summary of our discussion.

Cavas Gobhai has consulted with some of the world’s largest companies. He helps them implement ideas. Over the years, he has noticed something about business ideas that succeed BIGG. Here’s a quote from The Wall Street Journal:

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The Man Who Turned a Part-Time Job into a Billion Dollar Business

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Today we have an amazing story about a guy who started out just looking for some extra income with a part-time job but ended up turning it into a billion dollar business.

Click the player to listen to this episode of The BIGG Success Show Podcast. Below is a summary of our discussion.

Jim McCann started out as a social worker, which didn’t pay so well. So, in the early 1970s, he got a part-time job in a floral shop to earn a little extra money. In 1976, he took the plunge and started his own flower business.

Let’s go to The Professor’s Whiteboard as we break down 5 lessons learned from the part-timer who built a billion dollar business.

Whiteboard 1056 - part time job to billion dollar business

Jim McCann started out as a social worker, which didn’t pay so well. So, in the early 1970s, he got a part-time job in a floral shop to earn a little extra money. In 1976, he took the plunge and started his own flower business.

1) Always look for opportunities

Jim could have looked at the situation of needing a part-time job as a negative. Instead, he found his BIGG opportunity! The key is to have a grasp on your current situation with a positive outlook, have a willingness to explore new ideas, and trust that things will work out well.

Jim did well in the business, but his one little shop didn’t make that much money. So, he opened another one. Then another one. By 1983, he was running a small chain of fourteen stores.

2) Scale smartly

He only succeeded moderately. But it was enough to think he should try another store. And then he did it again. You may only jump from A to F, not A to Z.

And Jim was ready for an even bigger challenge!

He had an epiphany, one day while getting ready for work. He was listening to the radio as he shaved when he got his BIGG idea: He would build a nationwide flower service!

To support that vision, he thought he needed a memorable toll-free number. He found a company for sale that owned 1-800-FLOWERS. What a great phone number! So he decided to buy them.

3) Don’t be afraid to go for it all

Once or twice in your business career you have to be willing to bet it all. We’ll translate that as you’ve got to be willing to make a BIGG move when an opportunity presents itself. That’s what is going to take you from F to Z.

BUT buying this company was a terrible mistake!

The company had filed for bankruptcy. It was no longer an operating company. In fact, its only asset was the phone number he wanted. But Jim agreed to assume all the liabilities as well. He figured that they couldn’t have any significant debt since they were no longer an operating company.

This is how he got burned!

Once Jim owned the business, he started uncovering the extent of the debt. It was over $7 million! He nearly lost everything he had worked so hard for the previous ten years. His friends told him he should just give up and file for bankruptcy.

4) Don’t skimp on due diligence

When you buy a company, you want to get access to all of their financials. You’re going to talk with customers, employees, vendors, landlords, financiers and the like.
But Jim made up his mind that he would persevere!

He realized that he would have to scale up bigger and faster than he had planned. He used his original company’s assets and good reputation to borrow even more.

It took about five years to get back on his feet, but he did it!

The Professor & Mary-Lynn have an interesting conversation about due diligence. Learn more about this process starting at 7:15. Click the player about to listen.

5) Cover your assets

One of the biggest reasons businesses fail is because they don’t have access to capital. Cash is king, but capital reserves are worth gold. Protect your borrowing capacity and watch your profit margins.

Jim’s next move was to establish an early internet presence. That increased sales even more!

He took his flower company public in 1999. Last year, 1-800-FLOWERS recorded sales of nearly $1.5 billion!

Jim McCann turned a part-time job into a billion dollar business.

Jim’s story proves you can build a significant business  even if you are just trying to make a few extra bucks from a part-time job. The key is to just take action and do something that moves you towards a goal. It leads to BIGG success!

signatures: George & Mary-Lynn
George “The Professor” & Mary-Lynn
Co-Founders, BIGG Success

Sources

Stop and Sell the Roses, by Jim McCann

1-800-FLOWERS

Jim McCann: My Biggest Mistake, August 1998, Inc.

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/forcedn/biggsuccess/01065-071321.mp3

image of person at a desk with the article title: start a business but don't have enough money

Want to Start a Business but Don’t Have Enough Money?

image of person at a desk with the article title: start a business but don't have enough money

Startup entrepreneurs of often let a lack of money hold them back. Today, we’ll share 3 ways to get started when you don’t have enough money.

Click the player to listen to this episode of The BIGG Success Show Podcast. Below is a summary of our discussion.

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image of person looking exasperated with the blog title When SMART Goals Get You Stuck

When SMART Goals Get You Stuck

image of person looking exasperated with the blog title When SMART Goals Get You Stuck

SMART goals are important to set, when it’s the right time. Find out what type of goals entrepreneurs should set and when.

Our discussion today is about a different way of looking at goals that is very complimentary to our way of looking at goals for entrepreneurs. Click the player to listen to The BIGG Success Show podcast. Here is a summary…

We saw a great article over at the online magazine for swimmers called Swim Swam. It’s a goal setting strategy to use if you are struggling with hard goals. The author, Olivier Poirier-Leroy,  is a former national-level swimmer who says there is a problem with traditional goal-setting . The process of trying to accomplish the goal gets left out, and the pressure to achieve a goal can cause people to fail.

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image of a trophy with the article title: 3 Keys to Win the Game of Life and Business

3 Keys to Win the Game of Life and Business

image of a trophy with the article title: 3 Keys to Win the Game of Life and Business

When you are trying to achieve a BIGG goal, you must focus on the right things. Today we’ll share 3 keys to win the game of life and business.

Click the player to listen to this BIGG Success Show podcast episode. Here’s a summary of the discussion…

Our basketball team had a BIGG win over the weekend that will improve their ranking as they head into the NCAA Championship Tournament. Their winning season has some great lessons for all of us.

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