Expense Reduction Analysts - Scott Knop

How do you know what's the right business for you and when the time is right to take the jump from employee to entrepreneur?

 

I often hear from clients, "I'll know the right business when I see it." And lately, "This recession is the worst time to start a business."

Our entrepreneur this month was right on half of these issues. He did recognize the right business when he saw it and as it turns out, this was a great time to start his particular business.

Congratulations Scott, and welcome to the world of entrepreneurship!

 

I Scott Knop   Scott Knop had been thinking about having a full time business of his own for a long time. He had tried several part time businesses over the years, but none of them made enough money or had enough potential to make the jump from employee to entrepreneur a reality.  Most recently, he had about 90 candy and gum ball machines placed around the metro area that brought in some nice spending money, but not enough to pay the bills. He had 22 years of operations management experience, an MBA, and had a nice job as a purchasing manager for a manufacturing company. But he still wanted the independence and the ability to be rewarded for his efforts and run his own show. Scott had been in my data base of aspiring entrepreneur's for several years. We kept in touch periodically. A couple of years ago he accepted an e-mail invitation to attend our Chicago Franchise Expo, and that's when we met face to face. Scott and I had a nice conversation at the show. He expressed his frustration with corporate American when he told me, "I saved companies I worked for millions of dollars and often got rewarded with the standard 3% raise at the end of the year. I was looking for a way to be rewarded for my years of knowledge and experience." Mentally he was ready to start a full time business and was tired of his 50-60 hour work week. He just needed to find the right one. His dabbling in part time businesses was good preparation and his vending business would provide a nice income stream while he was ramping up his new business.  It became apparent in our conversation that Scott wanted a business with more of a consulting nature rather than a store or service model. He wanted to utilize his knowledge and skills, flexibility in hours and allow for maximum growth.  He liked the idea of possibly starting out of his home to minimize risk and expense. There were several businesses that met Scott's initial criteria. I sent him off to talk to the franchisors at the show and followed up with him before he left. When we met to critique his experience, he was very excited about one particular franchise that offered cost reduction consulting for businesses. With many of my clients, we take months going through a process of discovery to find the right business fit. With Scott, it was more like love at first sight. I always caution my clients not to get caught up in the emotions of a particular business. That emotional attraction can sometimes lead us into a business that actually may not be a good fit. But with Scott it was different. Over the years, he had already gone through his own discovery process by venturing out into several part time businesses. I often tell my clients that finding the right business is a little like dating. One has to "date" several businesses to determine what qualities would make a business the right fit for you. Although Scott didn't know it, he had been going through the "business dating" process for quite a while. So when the right business came along, he knew it. Scott had discovered, ERA, Expense Reduction Analysts and knew this was the business for which he had been searching. ERA is the world's largest expense reduction consultancy which works with organizations to reduce their indirect operating expenses in order to drive more profits to the bottom line. They review over 30 different expense categories and bring their best experts to work on each specific project. It's a win-win for businesses with no cost to them. Scott does an analysis of the company's purchases and spending habits and then presents methods and vendors to implement the cost saving.  Scott is paid a percentage of the savings over a predefined time period. In Scott's own words, "I thought many times about starting a small business like this myself but wasn't sure I would be successful enough, especially on the sales side.  Marty talked me through the benefits of franchising and how ERA brought a vast amount of experts, information, tools and knowledge to assure early success. He was always there to answer my questions, give me ideas and questions to investigate. He even worked closely with me regarding some of my personal and family issues related to starting a business." Scott started his business toward the end of 2008, in the throws of the recession. Within the first two years, the number of clients and projects have been above his expectations. "I have hired part time help in data entry and analytics so that I can concentrate on client relations, negotiations and implementation. This year I am considering a full time person to work with me to expand my project capacity." If you own or are employed in an organization with sales over $5 million and are interested in saving money and driving more profits to the bottom line, please give Scott a call at 414-640-7283 or contact him at sknop@expensereduction.com. He or one of his associates would be happy to discuss and perhaps implement cost savings strategies for you. Scott's work and part time entrepreneurial experiences were all preparing him to recognize and prosper at his new franchise endeavor. He realized that there's opportunity in every economic enviorment and that excuses that have held others back are simply that, excuses.   Whether you're a corporate executive, manager, office clerk, mechanic or working mom, there is probably a franchise that will fit you as well. If you can't figure out which one is right for you, that's OK. Just pick up the phone and give me a call so we can discuss your options and possibilities and figure it out together.