From the category archives:

Business Development

Solopreneurs and SBO’s Turn to Association Insurance

The Wall Street Journal reported that an increasing number of those who are self-employed or small business owners are turning to membership associations to purchase health insurance. As many of my readers are insurance and/or finance professionals this article has some pertinent info for you, both as someone who may actually sell health insurance AND for those of you who need to purchase health insurance because you are not covered by a company plan.

Membership associations include chambers of commerce, bar associations, any other professional membership organization or groups banded together by similar interests. With the rising cost of individual insurance, this is a good alternative to being traditionally self-insured. WSJ, however, warns that there are many scams out there and to thoroughly research any company you might go with.

One of the key differences between association insurance and employment insurance is there is no federal regulation and insurance companies can deny any individual all or part of their coverage. Of course, you must be a group member to sign-up for coverage, so annual dues need to be considered when considering insurance programs.

One of the best ways to judge whether or not to pursue association insurance is to call your state insurance commission to determine the company’s reputation and whether or not it can insure out-of-state customers. At the same time, continue to shop for reputable individual policies so you are prepared to compare coverage and price.

For those of you who are self-employed and insured, what types of issues have you uncovered and do you have any recommendations for those who have been shopping for their own coverage?

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The Power of Mastermind Groups

The power of one can be great, but the power of a select few accelerates your success exponentially! Joining or creating a Mastermind group of like-minded individuals can be the UpwardAction®that takes you to your next level of success.

I am a member of a really fantastic Mastermind group that continuously supports me in clearly defining tactics for executing various strategies, provides a sounding board for new idea, serves as a cheer squad for my accomplisments and motivates me to stay on track if I start to lose momentum.

Napolean Hill, author of Think and Grow Rich, defined the Mastermind Principle as, “[t]he coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony. No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.”

I recommend that you start your own Mastermind group of carefully selected partners. When selecting mastermind partners, invite people who you like, respect, can depend on and share similar values and sense of purpose. You also want to select members who you know will add value to the group and be committed to the regular attendance of your mastermind meetings.

A Mastermind group is a particularly great way for entrepreneurs to stay connected, share ideas and resources, learn new information, create accountability and check-in with a “collective mind.”

For maximum effectiveness, it is imperative that your Mastermind group meets on a regular basis.

Jack Canfield offers these suggestions when creating a Mastermind Group, Dream Team or whatever else you want to call your “Business Support Team“:

Groups should be 4-8 people, with 6 being ideal
Meetings should be at least 1.5 hours
Start meetings with something inspirational: a quote, an invocation, etc.
Sharing openly is imperative to your success!
Start the meeting with each member sharing a small success that happened since the last one
Appoint a timekeeper to make sure everyone gets equal time to discuss a challenge they are facing
Close they meeting with a sharing of appreciation to the help you received

I offer the following additional suggestions that I’ve found invaluable when working with my Mastermind group:

Create a meeting structure for your group (e.g., 30 minutes to focus on each mastermind partner’s individual business needs and 30 minutes to discuss a specific topic. This equals 3 hours for a group of 5 members).
Schedule enough time between meetings to implement what you discuss (e.g. my group finds that bi-weekly meetings work best).
Create an online meeting place to archive powerful information that is useful for all members and upload files and templates that your group is sharing with each other. I recommend BaseCamp and CollectiveX.
Consider adding a video component for groups that meet by telephone. My Mastermind group uses OoVoo.

If you need help developing a Mastermind group or finding partners, let me know! This is such a powerful way to accelerate your business success - I’d love to help you!

I’d also love to hear your Mastermind stories in the comments section.

Until Next Time, Expect the BEST!

T.C. Coleman

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Starbucks is Holding WiFi Hostage

Starbucks is in trouble. They just closed 600 stores. In addition to an over saturation of the market (which the NY Times called “location, location, location”), Starbucks is making the huge mistake of holding its free WiFi service hostage. This sets it apart of many independent coffee houses, most McDonald’s, all Panera Bread restaurants, and a host of smaller national chains like Krystal Burgers and Schlotsky Deli - in a BAD way … .

For the rapidly increasing number of people who work at least part of the time on a laptop in public places that serve coffee or food, free WiFi is a major incentive for spending more time and ultimately more money.

Personally, when I’m working at my neighborhood coffee shop, I always buy at least a cup of iced tea and a brownie to “pay for” my time there. It appears that I am not along in this. Schlotsky’s founder and CEO John Wooley says he estimates that there are an additional 15,000 visits per restaurant annually at a $7 average purchase per visit that are directly related to the free WiFi service. Panera Bread has had similar results. As a big fan of Panera Bread, I always buy a cup of soup (usually French Onion) and a cup of lemonade when I’m working there (even when I’m not really that hungry).

While I certainly prefer an independent coffee house to Starbucks, I might be more inclined to spend time at my local Starbucks if they had free WiFi. Unfortunately, Starbuck’s new idea of “free Internet” is to force you to load a gift card with a minimum of $5 (there must be $5 on it at all times) for 2 hours of service.

Ridiculous. Stingy. Cheap.

And, this behavior is outside of the new business paradigm of sharing and generosity. Since I’ve launched UpwardAction, my visits to Panera Bread and my local coffee house (and my purchases at these places) have soared. Starbucks would be getting at least part of these funds (because I love working in various locations) if they didn’t have such a bad business attitude.

What about you? When working in public places with WiFi that serve food or drinks, do you feel compelled purchase vitals or replenish your cup of iced tea (or coffee - for you coffee drinkers)?