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!

Overcoming Fear

Nature has instilled fear in us as a protective mechanism. As a child I was fearful that an alligator lived under my bed at night. If I got out of bed it might get me. I learned over time that particular fear was completly false. As a teenager I was on diving team for five years. I was a powerful athlete but not the most graceful. The Coach had me dive the high board. Many people are fearful to even jump at this height. In order to go to state competition I was doing 2.5 pike front flips off of it. Was I fearful? You better believe it! I chose to over ride nature’s protective mechanism and turn fear into exhilaration. Fortunately for me I survived.

 

As a new mom I brought home a son that was in ICU for a week. He had tubes coming out of his head the day we left the hospital. I was terrified as they wheeled me out the door and burst into tears when a neighbor came over to admire the baby. I was an emotional mess. This fear had a hold of me for awhile. Could I take care of my child? I overcame it one day at a time and now that baby is a handsome, thriving 13 year old “man boy” as I affectionately call him. 

 

My 41 year old brother died of lung cancer this year within six months of being diagnosed. I held him in my arms as he passed.  I watched my parents come in the room and fall apart. A parent’s worst fear realized. This experience taught me the preciousness of life and how the choices we make on a daily basis do matter. You are where you are today because of the decisions you made in the past. What do you want your future to look like? If you don’t like what you see in the mirror then start choosing alternative actions for a different result. Step back and see what you like, what you need to change and consider where you would like to be  in the future. Clarity is a powerful antidote to fear. My brother made the decision to smoke and he paid the ultimate price for it. There is always a lesson to be learned from all experiences. It’s important to take the gift left behind no matter how painful. He taught me to overcome fear because life is short and to strive to make good daily decisions. 

 

As a business woman I eat fear for breakfast. I relish it. I look forward to it. It’s a gift. It is when we are fearful that we experience the most growth both professionally and personally.  

 

Have you ever heard the acronym F.E.A.R? ”False evidence appearing real”. We tend to psych ourselves out rather than acknowledge fear is typically our ”inner chicken” surfacing. The vast majority of what we worry about never even happens. What a waste of energy! More likely, if you peel back the layers many fears have their root in a fear of potential rejection. No one enjoys being rejected. However, we can reframe that thought. 

 

If there is something you want but are too fearful to bring yourself to ask you are already rejected. Your current state is “no” because you do not have the courage to ask for what you want. If you go for it and put the request to the person in a position to help two things can happen (1) they can say “no” in which case your current situation hasn’t changed except now you know the answer to whether that person can or will help you or (2) you get what you seek. Congratulations! Doesn’t that feel fantastic?! Now you have accomplished the desired result and your self esteem gets a nice little boost as a perk. Most business results are statistical in nature. If you are trying to sell something you may have to talk to 10 people to get one “yes”. Let’s say that “yes” is worth $1,000 in your pocket. Why don’t you consider viewing the 9 “no’s” being worth $100 a piece in your pocket? Do you see what I am trying to get across? Success is what happens in that gray matter between your ears. You must train your brain to not be a drain!

 

I strive to approach all interactions with a servant’s heart. The world will bless a giver in more ways than just financial gain. Fear cannot hold back a person who is striving to do good in the world. It just is not an option. 

At the beginning of a new venture, or really with any decision that must be made, ask yourself ”What’s the worst that can happen?”. If you can live with the worst case than go for it! We all stumble and fall sometimes. Just fix what you can and move on. It’s all in the attitude my friend.

Don’t Go Chasing Waterfalls…

Last night I went to a “Ladies Night Out” to support Chilli Thomas from TLC, latest entrepreneurial adventure, www.bagsbychilli.com. I had recently interviewed her for my website www.millionairemoms.com and got invited. I went with a crew of girlfriends. Yesenia Leonard, my fab friend and Assistant rode shotgun with me down there. We were in deep discussion trying to figure out what Super Hero we would be (Wonder Woman and her Lasso of truth or Cat Woman and her leather outfits?) and what super power was the best (flying, being invisible or super fast?) when serendipitously, two minutes before arriving at the event ”Don’t Go Chasing Waterfalls” came on over the radio. We took that as a good omen!

I love the fact that Chilli spread her entrepreneurial wings and created her own Internet based business. How cool is that?! She was a fun interview over the radio but in person she is simply amazing.  Chilli has a way of making each person feel like they are the only person in the room. Her entire team including her sister Justice and PR ”phenom” Christal Jordan Mims with Enchanted PR, www.myspace.com/enchantedpr are down to earth, friendly & fun! They made sure we all had a good time. Everytime I carry my new bag by Chilli I will be reminded to gift each person I meet with my undivided attention and a smile!

L to R: Yesenia, Joyce, Yolanda, Chilli, Elizabeth & Abbe

Why Women Should Make Their Own Money

Kim Kiyosaki in her book “Rich Woman” throws out some pretty sobering statistics when it comes to women and money:

 

·   47% of women over the age of 50 are single.

·   50% of marriages end in divorce.

·   In the first year after divorcing, a woman’s standard of living drops an average of 73%.

·   Of the elderly living in poverty, 3 out of 4 are women and 80% of them were not poor when their husbands were alive. 

·   Nearly 7 out of 10 women will live in poverty some time in their lives.  

 

As a landlord, I can attest that this is real life and not just statistics. I have seen my older female tenants struggle alone to make ends meet. They are fearful about their expenses and they are depressed. I always took care of “my ladies” letting rent slide from time to time in order to avoid eviction. But most landlords don’t have this luxury. The mortgage must be paid so out they go.

 

You see a lot of things as a property manager. One 82-year-old widow that was my tenant took her own life because she was depressed over her circumstances. This is real life. All women need to take responsibility for their own financial welfare. If you won’t do it for yourself then do it for you children.

 

At MillionaireMoms.com we are dedicated to helping you understand and feel comfortable with managing and earning money. We promote entrepreneurship because of the flexibility it offers in your real full time job—raising your children.

You think you had a bad day? At least you weren’t kidnapped!

I interview moms everyday who fall under three categories: millionaire moms,  experts in their field or moms with amazing stories. Today, I interviewed a lady that has an amazing story, Michelle Renee from Women Who Dream Big.

Michelle grew up in an abusive environment. Her Dad was physical with her mother and with her. As a result, she ran away from home as a teenager. At times she was homeless, other times she slept on friend’s couches. She managed to overcome these challenges and by age thirty she was a successful bank employee. In the middle of the night she was yanked out of her bed by intruders who kidnapped her and her daughter. They were bank robbers who had been stalking her for two months to figure out her patterns! They duct taped her 7 year old and said they would kill her if Michelle didn’t rob the bank for them. Needless to say, Michelle robbed the bank. Thank God they kept their word and released her and her daughter.

What I found fascinating about this story was her response to the experience. Let’s face it, between her upbringing and this horrific event she could have rolled up in a ball. Instead, she got in touch with her faith and decided to be an excellent role model for her 7 year old. She would not turn into a bitter, angry person. She started Women Who Dream Big as a way to reach out to other women and young girls who have been traumatized. Her daughter is now a teenager and is doing very well. Michelle is truly an inspiration.

The next time you are feel like the world is ganging up on you think about Michelle. The world can throw some crap on you but its your response to the events that make all the difference. You are a winner so be sure you respond as one!

You can check Michelle out at www.michelle-renee.com

The Power of Money: Compounding Interest

Who Wants to Be A Millionaire? The awesome power of compounding interest!

Quick! How much money did you put into savings last month? Did I just hear you groan? You are not alone. However, this is not the company you want to be in. The simplest way for you to become financially independent is to develop the habit of saving 10-20% of your income throughout your life time. If you are starting out in debt, begin by saving 1% of your income and living on the other 99%. Keep adding a percentage to your savings as you adjust. Don’t slack off. Within a year you will have learned to comfortably live on 80 to 90% of your income and saving the balance. Learn to live within your means.

I take pride in the fact that I have never had credit card debt ever. I paid my way through college, paid for my wedding, bought all my own cars from the time I was sixteen and all without credit card debt.  I lived within my means. In college I couldn’t afford a food card from the school so I ate .20 per pack Raiman Noodles and got a job as a bartender to cover the “social” aspects of college. As I became more successful I allowed myself to get nicer things…but I could afford them.  It’s a discipline just like anything else. My suggestion is to become aware of your current situation and then if need be make changes as quickly as you can. There is no point in beating yourself up if you’ve messed up. Acknowledge, take responsibility and move on is my philosophy when I realize I’ve made a mistake.

To show you the power of compounding interest check this out:

To be a millionaire by the time you reach age 65:

Age           Amount set aside per year                   Years to save             Amount at age 65

15             $2,000                                                 7                                  $1,020,430

15              $2,000                                                       50                              $2,327,934

25              $2,259                                                                40                             $1,000,000

35              $6,079                                                        30                            $1,000,000

45              $17,459                                                      20                             $1,000,000

55             $62,745                                                       10                              $1,000,000

Pretty amazing when you see it in black and white, isn’t it?

Just a little something to consider! 

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.