Omnichannel is the buzzword today, but the reality is good business people are looking for business where ever they can find it, continually.  What is clear is more people are shopping online more than ever and those numbers are going to accelerate.  Smart businesses will lean into this and by businesses, I mean on-premise and off-premise as well as suppliers, distributors and government actors.  IWSR Drinks Market Analysis recently came out with an growth expectation of ecommerce alcohol beverage segment of 66% by 2025.  This is vastly low.  The market is going to grow in the US by over 100% in less than 3 years and here is why.

Retail shelves with massive outages in Philadelphia November 12, 2020
Retail shelves with massive outages in Philadelphia November 12, 2020
  1. Supply chain issues actual push consumers to online ordering.  Who in this day and age wants to call a bunch of stores to see if they have a product before driving down.  “Supply chain is still an issue?”  Yes it is friends.  The much ballyhooed 50% reduction in ships waiting to enter LA harbor was all smoke and mirrors.  Ships we directed to wait out of camera range.  The real number as it sits today is 107 ships waiting an actual 10% increase.
  2. These type of growth based analysis reports always come in under the mark.  In 2018, market reports were ecommerce doubling in 5 years from then 2% of the market.  When it is all tallied up, the US may see 6% this year.  How did I know they were wrong then?  Because developed nations like Australia without antiquated shipping laws restricting growth in 2018 were already at 9% ecommerce.  “But what about COVID?”  Sure Covid accelerated things, but anyone with a brain in their head could see the real high water mark was way beyond expert predictions.
  3. The high water mark has already moved.  Looking back at my example of Australia, in 2021 their non-instore purchases sat at 12%.  We are at around 6%.  That looks like 100% growth opportunity right now.
  4. Looking at the impact of delivery platforms on food points to much higher numbers for ecommerce beverage sales. The total number of restaurants offering delivery is only 30% as stated on a recent Brizo Food Metrics call.  Of Full-service single location restaurants in the US, 8.3% of sales are via delivery platforms.  These are your mom and pop restaurants, so with some quick arithmetic the high volume segment of these locations are doing between 20-30% sales via platform.  So I ask the question, “If consumers are willing to do up to 30% of their business with food that part of the price is intrinsically in the experience of consuming on location, why would those same consumers hesitate at spending their alcohol dollars on a product that the experience in store is so low?”  Sidebar:  There are some great retail experiences.  Shoutout to my friends at the Argonaut in Denver, Khoury’s Fine Wines and Roy’s Liquors in Las Vegas, The Austin Shaker, The Winery in Harlem, Eataly in Chicago and Johnnie Ganem’s in Savannah.
  5. The laws are changing to speed ecommerce.  35 states now allow some type of on-premise to go.  Seemingly every decision that goes in front of a judge these days is getting a ruling in favor of open markets.  Most encouraging, state and city governments are actually funding tax collection jobs specifically for ecommerce transactions.
  6. Logistics have never been easier.  Innovative companies like Spirit Hub, Thirstie, PIX and City Hive are making solutions for beverage suppliers to go direct to consumers and for off-premise to execute ecommerce and for all channels better target potential consumers.
  7. The number one most obvious reason these numbers are dramatically low is the US is a driving society.  If countries that are built around walking for everyday needs are still using ecommerce at 12%, why would the US not naturally exceed that when America is built around driving for everything in most communities.  I do not expect us to level out with the rest of the developed world.  I expect us to surpass those numbers easily by the very nature of the way we live.
The new way to shop for adult beverages
25 billion in beverage sales are already happening like this today

Ecommerce is growing by 100% and it is going to happen fast.  These will be different types of consumers and you will need different approaches to connect with them and this is just the next evolution.  Apps are dying.  WEB 3.0 is on its way.  Twitter and Facebook are tilting the field.  The battle ground of tomorrow for ads are going to be on Venmo and digital wallets.  Does not matter if you are a restaurant, retail shop, government ABC, supplier or distributor, you are all ecommerce companies, and you need to build around that reality to take advantage of the technological wave coming or be drowned by it.

Steve Foley, REALTOR® with Coldwell Banker Premier Realty

A Series from local REALTOR®, Steve Foley, on his unexpected career change and the benefits of owning his own business

Once you’ve made the decision to begin a new career, you need to learn the keys to maximizing your success and being able to maintain it. Since joining Coldwell Banker Premier Realty (CBPR), their support has made putting success into my own hands that much easier. Try these five easy tips to lay the foundation for a rewarding career and set yourself apart from the competition. 

  1. Create a plan for success

If you want to start your career on the best foot possible, you should create a business plan. In your business plan, you want to outline your goals, construct a value proposition, identify how you will discover new clients, and allocate time for skill development. Business planning is so vital in my industry that CBPR provides opportunities for agents to attend workshops, consult with their branch and sales managers for guidance and pair up amongst themselves to provide accountability. I recommend connecting with like-minded people in your industry and start a small mastermind group. 

  1. Practice makes perfect

Starting out in a new field might be daunting. Where do you begin? What do you say to captivate new customers? The solution is role-playing. Roleplaying daily allows you to learn scripts on what to say in various scenarios and helps you gain confidence. Conduct script practice each week, either in the mirror or with a partner, to help you nail every appointment.

  1. Get your systems in place

Creating a customer relationship management (CRM) program is critical for setting the groundwork for your company. Build your database or sphere of influence so you have a solid place to start when it’s time to make calls, prospect, and network. Use a CRM tool to manage this database of contacts so you can add your clientele to weekly and monthly email campaigns, keeping you at the forefront of their minds. 

  1. Know your market

One way to demonstrate your value is to become an expert in what is happening in your industry’s marketplace and how it affects your clients. I share CBPR’s monthly market update video as an added resources for my network not only to keep them informed but to position myself as a thought leader. 

  1. Build your social media presence

The way we do business is always evolving and having an internet presence is essential. One of the most effective methods to acquire and retain customers is through content marketing. Not only can you share product and market information, but you can share your personal knowledge and experiences to facilitate your client’s decision-making process. 

Like all jobs, hard work and patience are required as you work through the intricacies of managing your own business. If you use these steps, your path to long-term happiness and career success will be imminent. 

This article was contributed by Steve Foley of Coldwell Banker Premier Realty Lic. S.0192048 as part of a series of articles on changing careers. Equal Housing Opportunity. 

Five Signs it’s Time for a Change (Why Real Estate)

Steve Foley, REALTOR® with Coldwell Banker Premier Realty

A Series from local REALTOR®, Steve Foley, on his unexpected career change and the benefits of owning his own business

What comes to mind when you consider your ideal professional happiness? Do you find yourself daydreaming about the amazing life you want to lead but are unsure how to get there? Thousands of people fail to make progress toward their aspirations and goals, while having a strong desire to do so.

Which of these statements do you agree with? 

  1. I have so many years invested in my current career that I just can’t change now.
  2. I have reached an age where it is simply too late for me to make a big change in my career.
  3. I would like to make a career change, but I cannot risk it financially or emotionally.
  4. I don’t have any other experience nor any idea about a better career for me.

If you agree with any of the ideas above, you have a stuck mindset that is preventing you from making critical life adjustments. I’ve been there, unsure of what my prospects are in the face of hardship. As it turned out, the worldwide epidemic forced me out of my safe haven that I had proudly occupied for the last 21 years. I had to review my talents, what was essential to me moving ahead, and why this had to happen now after it became clear that I had no other option. I’ve always maintained that there would never be a better time for me to make such a significant shift in my life, yet here it is, right in front of my eyes. Being surrounded by real estate acquaintances and having worked in sales for years, I knew I had to investigate the idea of becoming a real estate agent.

Here are 5 things to consider when contemplating a career change in real estate:

  1. You Want Financial Freedom

Real estate has limitless earning potential if you put in the work. There is no telling how much you can sell and how much you can make! Find reward in the success you can achieve from dedication and willingness to put forth the energy. 

  1. You Want to be Your Own Boss

Reaching out to my network of contacts, neighbors, relatives, and old friends helped me launch my new business. In real estate, no two days are the same. You oversee your time and schedule and organize it as needed to make the most of every minute. Create a schedule that keeps each day new and exciting, reviving it with new possibilities.

  1. You’re Wanting More Meaningful Work

It’s been a therapeutic and gratifying experience to reconnect with so many friends and colleagues while developing my new business, especially after such a trying year for many in the hospitality industry. Every client has a story to tell, and you get to be a part of those significant milestone events, whether it’s aiding first-time home purchasers or relocating a retired veteran to Las Vegas.

  1. You Are Looking for Growth and Variety

In a market that is forever changing, you never know what the future holds, making this job so exciting. You must continue to educate yourself to keep up with the constant evolution of the industry. After enrolling in Key Realty School, I successfully earned my real estate license in just four weeks. You will always be learning, and Coldwell Banker Premier Realty gives you access to powerful programs, virtual training and self-paced options designed to help you throughout your career – with topics like maximizing productivity, business-building and lead generation and conversion.

  1. Looking for Job Security

During the pandemic, the housing market was booming, and demand for houses has only grown since then. COVID-19 has had an impact on both supply and demand as a result of the low mortgage rates that have increased affordability for homeowners. Furthermore, the growing popularity of working from home has increased the demand for greater space and at-home amenities. This makes real estate a very profitable businesses to be a part of right now.

While lack of expertise, fear of failure, and apprehension about sacrificing financial stability are all acceptable reasons to delay a job shift, reevaluating your position and aspirations will reveal that all changes need adjustment, learning, and keeping an open mind. 

If you are looking to take the leap into real estate, please visit cbprcareers.com to learn more about a career in real estate and get an exclusive friends and family discount to Key Realty School. If you’re interested in buying, selling, or leasing a home, contact me directly at 702.210.2083 or visit my website at stevefoley.cbvegas.com to start your home search.

This article was contributed by Steve Foley of Coldwell Banker Premier Realty Lic. S.0192048 as part of a series of articles on changing careers. Equal Housing Opportunity. 

6 Ways to Find Your Passion

Steve Foley, REALTOR® with Coldwell Banker Premier Realty

A Series from local REALTOR®, Steve Foley, on his unexpected career change and the benefits of owning his own business.

 

Employees have had at least a year to examine their current work-life balance and career possibilities because of the pandemic, so making life-altering decisions like quitting your job has been difficult. Economists have dubbed it “The Great Resignation” since upwards of 40% of employees are considering quitting their employment. For many people wanting to pursue their passion, the time has arrived.

If you’ve given some thought to your professional path but aren’t sure which interest to pursue, then here are six ways to find your passion:

Look for High Points in Your Day

What constitutes a high point? High points are the most enjoyable or significant part of an experience or period of time. Maybe it’s a particular time you’ve set aside for yourself or it’s a meeting discussing a specific topic you follow; think of all the things you do in a day that truly spark joy. While many of these moments might occur at work, take into consideration the things you do outside the office. Once you’ve compiled a list, note where and with whom you have these high points; this will help you determine whether your passion is connected to your profession.

Pay Attention to What You Spend Your Time and Money On

Most individuals are extremely conscious of two things in our world: time and money. To help identify your passion, consider what you do with your money. Review bank statements and credit card transactions and contemplate any recurring spending trends. Are there hobbies, interests, or activities that you frequently return to? This will narrow down what you find worthwhile. Plus, the hobbies you’ve had for a long time are more likely to be a passion than a newfound interest. During my own recent career shift, I noticed I was devoting time into figuring out how to improve the lives of others and help them reach their goals.

Consider Topics You Love to Teach and Talk About with Others

Consider the conversations and interactions you have with others. What kinds of discussions do you have, and which ones do you like and contribute the most to? Your passions will be shown through subjects that make you particularly energetic or thrilled. For example, I’ve been surrounded by friends in the real estate business, and I’ve observed that these subjects (which were outside my previous professional function) piqued my attention. When the time came to search for new options, I felt that real estate was a viable option. Do you notice that when you have the opportunity to teach someone, do you prefer to teach the same thing or particular things?

Think About Your Strengths

You’ve probably been asked this question in interviews before, so you’re likely familiar with the language you use to demonstrate your value, but have you really considered where your talents lie? Identify your soft skills, which are skills that can be used to a wide range of professions and are more broad in nature, such as the ability to form connections with coworkers and clients. Then determine your hard talents, which are abilities that can be tested, related to a certain vocation, or acquired through education or on-the-job training. I immediately realized that my ability to build and cultivate connections, as well as my ability to provide great service, were valuable assets in real estate.

Take the Elements Apart

As you learn more about your interests and hobbies, dissect what you like about them. What makes you happy about these activities? Are you looking for a job that will offer you a sense of accomplishment and allow you to do more essential work? For example, you could find that educating homebuyers on how to free up equity in their homes is something you like doing.

Explore Career Paths

Now that you’ve narrowed down a few areas of interest, spend some time looking into occupations that fit that description. Use sites like Indeed or ZipRecruiter to look for employment. Reading through the various job descriptions may assist you in determining which responsibilities spark your interest. Or do you believe you’d be better suited to another type of role?

 

Pursuing your passion is a frequent motivation for people to change careers; in fact, it is one of the most common reasons. Finding a job that allows us to pursue a variety of hobbies provides for more pleasurable workdays, since we all want a sense of purpose and fulfillment of our inner desires.

 

This article was contributed by Steve Foley of Coldwell Banker Premier Realty Lic. S.0192048 as part of a series of articles on changing careers. Equal Housing Opportunity.

Changing Careers: From Hospitality to Real Estate

A Series from local REALTOR®, Steve Foley, on his unexpected career change and the benefits of owning his own business

It was September 2020 – several months into the global pandemic – and I saw the writing on the wall. The hospitality industry in Las Vegas had been severely impacted and my job that I proudly held for 21 years as a territory manager for Southern Glazer’s Wine and Spirits was being eliminated. Now what? Not having a back up plan, I had to reassess what was most important to me and identify my next steps. Being a UNLV graduate with decades of sales experience, I was certainly qualified for a great many positions. But this was my opportunity to break the mold and create something that was entirely my own.

A New Career Path

I had always been interested in a real estate career; having many friends in the business, there was a certain idealism in being an independent contractor and having unlimited income potential. However, there was never a good time for me to make such a fundamental change in my life until I was forced to do so. Given the opportunity to switch careers, what would you do?

I enrolled at Key Realty School and earned my real estate license in four weeks. Next, I needed to decide where I would hang my license and began interviewing brokerages. Having learned at Southern Glazers the importance of having a nationally-recognized brand behind you, I chose Coldwell Banker Premier Realty. This full-service brokerage is at the top of its game in training, coaching, technology, and marketing and it is backed by an iconic international brand. More than that, it has an incredible culture of innovation and collaboration that I didn’t find anywhere else. This is due to the spirited philosophy of its owners, Bob & Molly Hamrick, and a dedicated leadership team who are supportive and helpful.

Starting My Own Business

I also had to consider my skill set and determine if there were any parallels between my former role in wholesale/distribution and real estate. Luckily, there were quite a few such as providing excellent service, building and nurturing relationships, and being a trusted advisor to my clients. The only problem was that I didn’t have any clients yet.

To establish my new business, I began reaching out to all my contacts, personal and professional, to tell them about my new venture. I started making phone calls, sending text messages, and sending emails to everyone I knew – my former colleagues at Southern Glazer’s, my neighbors, my friends and family, my old acquaintances and former clients. The opportunity to reconnect with so many friends and colleagues while building my new business has been a cathartic and fulfilling experience especially after such a challenging year for so many in the hospitality industry.

I’m just getting started in this new career and in a short series of articles I will share my experiences of changing careers, starting over, and embracing my role as an entrepreneur and business owner.

If you want more information on a career in real estate, or if you have questions about buying or selling in today’s market, contact me at 702.210.2083 or visit my website at stevefoley.cbvegas.com.

This article was contributed by Steve Foley of Coldwell Banker Premier Realty Lic. S.0192048 as part of a series of articles on changing careers. Equal Housing Opportunity.