How NOT to Network

I just got home from a conference in San Francisco. I met a ton of people. The vast majority were wonderful but a few fell into this category!

Millionaire Moms Guide to Raising Money

“How can an entrepreneur starting out in business expect to raise capital in today’s down market when the banks aren’t lending?”  This was a question posed to me recently. First, expect is a passive and weak word. It’s important to choose our words wisely and train ourselves to be solution based rather than problem focused.

Here’s the down low from my experience raising $68 million dollars for my business ventures in three distinct industries.  The short answer is there is always money available for the right idea at the right time.

The trick is getting in front of the right people and not getting discouraged when you hear “no” a bunch of times.  Raising capital is a sales function which means it’s a numbers game.

It’s also easier to close deals with people who know your intelligence level, character and work ethic. By the way, make sure you have these before trying to convince others to invest in your company. You typically don’t get a second bite at the apple. If you lose someone’s money they might forgive but they definitely won’t forget!

Another tip is to share your milestones with those that can help you. If an investor sees you making progress over time the odds of investing in your company increase.  Remember, it’s the jockey people bet on not the horse.

I’ve always preferred talking with investors within the industry I am operating in. The battle is half won already. They get it. I just have to be convincing on the business plan, the management team and what’s in it for them.

I have always raised funds in a way that flows with the current economic cycle rather than against it. When IPO’s were hot I structured my business model from the start to take advantage of the trend. When I was active in real estate I leveraged OPM (other people’s money).  In today’s marketplace I  am experimenting with creative financing methods.

I believe in leading by example so I am showing my millionaire moms members that you use creativity, leverage and knowledge to raise funds. I once bought an investment house for $10.00 in earnest money and turned it into $10,000 in one month. This is just a small example.

Those who succeed are not always the smartest. For instance, school was the backdrop to my social career. Certainly many were smarter than me but few were as motivated or resourceful in accomplishing goals. To quote Cynthia Good from Pink Magazine, “The triumphant are those who don’t give up!”

My current venture www.millionairemoms.com is a wealth of information. I have asked dozens and dozens of ultra successful moms how they raised their funds? The answers have been fascinating. Women typically take a different approach towards raising money. They tend to want to self fund more then men and don’t typically consider venture capital funding at all.

Here are two examples of creative financing I’ve run across. One mom sent her business plan package to 30 CPA’s. She figured they’d know which of their clients would have an appetite for her type investment. She sent a letter asking they  review the plan and submit it to clients that might have an interest.  She followed up and got funded. A member of millionairemoms.com heard the idea and did the same thing. She got funded as well.

Another successful mom told me how she enlisted her local University to help her write her business plan. I thought this was a good idea. I tried it and it worked. The MBA students took on my project. I am now competing in business plan competitions with the school. The cash prizes range from $10k-$100k per competition. This will be seed money to grow my business. Venture capitalists will be in the audience. This will be a great networking opportunity. From this experience I will also be polished in pitching my plan should I ever seek outside funding.

Today, I read about how Tech billionaire Mark Cuban is offering “open source funding” for all entrepreneurs.  He details it on his blog www.blogmaverick.com. You post your business plan on his website and get comments and possibly funding. This isn’t for everyone but the point is, think outside the “have to get a bank loan” box. There is more than one way to skin a cat!

If you want additional insider secrets like how one of our millionaire moms invented over 100 products without spending money up front then sign up for my free weekly eZine at www.millionairemomssecrets.com for a free audio and written transcript detailing her journey.  She even landed a contract with K-mart for $1 million dollars without an appointment!

Always keep your ears open for opportunity and go with the trends, not against them. (Hint…I just offered you one!).

Carpe Diem!

Just Go A Little Bit Further!

I had an experience the other day that felt like a metaphor for my life. I was driving down a road I often get confused on. There are twists and turns that make it a challenge to remember which way to go.  I started feeling like I had made a wrong turn. I thought, “I’ll just go a little further and see.” Which I did. Ultimately though I doubted myself & turned around in favor of the “safe way”  I was familiar with.

The safe way meant I added extra time, travel & aggravation to my day.  The funny thing is I realized the very spot I turned around at was a mere 100 yards away from landmarks I would have recognized as having been the right way to go.  If I had only gone just a little bit longer…

This felt like a metaphor for my business.  I had been feeling discouraged that day.  I was driving thinking about all the work that needed doing. Overwhelm set in & I started questioning if I was making the right decisions purusing this dream? I have made tremendous strides over the year but it didn’t feel like enough. I have been working really hard.  I was tired and felt very alone in my journey.

These thoughts came to an abrupt halt once I figured out I had been so close to successfully nagivating the road I was traveling. I had quit moments before I experienced the breakthrough. We have all heard the saying, “It’s always darkest before the dawn.” I decided right there & then I wouldn’t quit my business no matter how tired or hopeless I felt. I would solider on. Victory goes to the decided heart!  I would work smarter not harder.

A few days later I was presented with an opportunity that could really take my business to the next level. What if I had quit that day? I would never have known.  I want to encourage you in your business journey to have a decided heart. You never know when you are just around the corner of success!

Revolving Door Mentality

I have been very busy writing my book due out in Spring 2009.  Today as I typed away I added some thoughts from millionaire mom, Nancy Bogart from www.jordanessentials.com. She is an incredible mom and business woman.

At the beginning of her journey running her bath, body and spa business she found herself surprised whenever someone in her company left. She explained to me, “Not everyone will love your dream like you do. If you are the owner, you really do care more than anyone else.  It never occurred to me people who were with me in the beginning would ever leave.  I had to learn to get over how I felt when this happened. ”

She went on to say,  “There are seasons in life and ways of life.  A season of life is temporary and short term.  A way of life is confidence, strength, purpose and vision.  Seasons come and go, be sure to keep the main thing, the main thing, and that is Love.  Nothing is greater and strive to be loving to someone as they end a season with you. You never know what will happen in the future. A good friend once told me to have a revolving door on your business and life.  Let people come and go as long as it is healthy. Living life with this mentality will lead to an abundance of people in your life.”

I love the concept of a revolving door with relationships. Instead of burning bridges or passing judgement let’s  strive to understand everyone has different needs, wants and desires. This does not make them “wrong” for not seeing things your way. This is a beautiful metaphor. I hope you recall the next time you feel the sting of someone exiting your life whether in business or personally. Love abundantly and create rather than react. These are two things at the top of my to do list for 2009!

Welcome Mom Entrepreneurs, Home Based Business Owners, WAHM, and Everyone Else!

Thanks for stopping by. I am Joyce Bone, millionaire mom and tour guide into all things entrepreneurial. I have an extensive business background and am a wife and mom of three boys. I understand what it is like to juggle work and family. My goal within this blog is to teach you the art of successfully raising a business and a family at the same time. What separates me from others is my network. I am the “millionaire mom reporter”. I have interviewed dozens and dozens of these millionaire moms this year alone. I will be your conduit to mom entrepreneurs with proven track records. These are women who have “been there done that” and conquered! I’ll let you in on a secret…we are all pretty similar. They have fears, doubts and experience ”mommy guilt” just like us .  The difference between the them and the wanna be’s is massive action and fierce determination. If you take enough swings at bat you will ultimately score. These are women who scored to the tune of millions! I will share what I learn by talking to them with you. I will also pull insights from my own life and entrepreneurial career. I reached the brass ring in business when I took a company I co founded public on NASDAQ. It was a true honor and thrill that not very many men have even accomplished. I like to say I did it in “high heels and with a baby on my hip!” I don’t want to be arrogant because anyone who knows me knows I’m the opposite of that but I think women are still under rated in the business world. Those days are changing fast! I have also executed on dozens of real estate transactions as an investor. I even bought, operated and sold a 54 hole miniature golf course once complete with fiberglass elephants, zebras, alligators, apes, etc. on site. My kids loved that deal! I have lots and lots of stories to share.    

My personal goal for this blog is to have a small part in inspiring you to live your ideal life.  My hope is by sharing what I have learned as a home based mom entrepreneur you might find some nuggets to apply to your life. I want to be the one who supports you in being the best you that you can be! I want to lift the veil in your mind and show you what is possible. Here’s a question that changed my destiny: What is your ideal life? I heard that and went “huh”, “hmm”? I was 27 years old and never thought about it. I just did what was expected of me…college, marriage, baby. Wasn’t that it? Once I had all these success markers I realized it was not enough. I was grateful for these blessings but something was missing. I took the time to answer that question and it changed my life. I started my business and my life long love of learning. When I talk about “your ideal life” I am not referring to the one your parents, your spouse, society or the burden you may feel to stay put for your children’s financial security. I am talking about that inner voice in your head that yearns for more or that secret hope in your heart. That is the real you. I want to help you let it out. What are your unique gifts that you can share with the world and be fulfilled doing it?  I won’t lie to you. It takes work to create your ideal life but it can and does happen and most importantly, it can happen for you! I look forward to walking the path you.