Wanna Be a Millionaire Mom?

By Colleen Walsh Fong

Joyce Bone joins me today to talk about her book “Millionaire Moms, The Art of Raising a Business and a Family at the Same Time”. Joyce is a nationally recognized expert in entrepreneurship has appeared on CNBC’s The Squawk Box, and in Money, Kiplinger magazines and was interviewed by the Wall Street Journal and other media outlets.

Joyce Bone is the Chief Operating Mom for www.MillionaireMoms.com, a website dedicated to helping entrepreneurial women master the art of raising a business and a family at the same time. Her passion is helping others  make their impact on the world.

She is a wife and mom of three active boys (16,12,9) and understands the unique challenges facing entrepreneurial moms. She took a $10,000 risk and co founded EarthCare, an environmental company. In 18 months, it grew from an idea at her kitchen table into a $50 million dollar NASDAQ traded powerhouse, ultimately reaching revenues of $125 million.

She is the author of “Millionaire Moms – The Art of Raising a Business and a Family at the Same Time.” Joyce Bone joins me today to talk about her book.

CWF: Joyce, I’m delighted to talk with you today after reading your inspiring book.

JOYCE: It is my pleasure Colleen. Thank you for including me on your wonderful blog and for reading my book.

CWF: What prompted you to write it?

JOYCE:  I wanted to inspire and guide other women.

CWF: Without giving away too much of your book, will you share a little of your story with us, especially how you became a millionaire at such a young age?

JOYCE:  My husband and I had gone from two incomes to one income with the birth of our first son, Griffin. Money was tight. He was also traveling all the time. I was not pleased with how life was unfolding. I grew up financially stressed and was certain I would not live my adult life that way. I soon realized the current situation was deviating from what I had envisioned for my family. A new plan became necessary.

Soon thereafter, I created a part-time, home based business. In six months, I earned twice the money I had working full time, except now I had a six-hour workweek while my beautiful baby slept soundly in his crib. I thought, “Wow- Entrepreneurship rocks! I should have done this sooner.”

While the immediate financial pressure had lifted, I wanted my husband home, not traveling. I  set my sights on building a business that would set us free financially. Resources were scarce but  I knew I would surmount any obstacle in my way.

A business owner must have determination and courage. There are a zillion reasons to fold and say, “It can’t be done.” That is what most people do. A real entrepreneur has fire in their belly and commits 100% to the desired outcome. In the end, I had to raise $65 million dollars. This was not easy but it was worth doing. The journey of doing that was a life changing experience.

It is worth noting, big success does not happen in a vacuum. My business was a team effort. A big vision needs back up. I was just the spark, the energy behind it with the “umph” to take a risk while people laughed at my odds. I put the activity in motion then gave each teammate support to maximize their strengths. It is my support system that deserves the pat on the back-they helped my dream become a reality. This includes my husband, my mother, my sister, my business partner, the CFO, the COO, employees, everyone. The list is long.

There is much more to it, of course. I would suggest you buy the book and be inspired. Not because I will make a few bucks from it but because books are amazing! You get a lifetime of experience in print for less a pittance really. For instance, the thirty millionaire moms in my book represent 525 years of real world, successful business experience while raising a family. Shorten your learning curve by making a study of those that have gone before you. That is what I did. I did not reinvent the wheel. I copied a model I knew worked and placed it in another industry. I knew my idea would be successful because I had seen it work elsewhere. I had zero doubt it would work. It is helpful having that confidence when investing your life savings!

CWF: You could easily write a whole book on your story alone, yet you simply touch upon it briefly, then go on to share with other moms ways they, too can be successful. Why did you do it that way?

JOYCE: I wrote about the parts of my life that women could use and relate to. It was hard for me to write about myself. Although I am in the public eye, I am a private person at heart. I shared my life with the intent to inspire others.

I come from a financially challenged upbringing, and no one expected much out of me. Where you started and where you are in this moment do not matter. What matters is, “Are you committed to taking the action to create your desired result?” Life runs on cause and effect. Results are an effect. There is no random bad luck. You are where you are today based on the choices made yesterday and all the yesterdays before it. Your thoughts are the start of it. Don’t allow negative ones to set up residency in your mind. Let them float right by! Thoughts become your words, which become your actions, then your results. See how that works?

Another caveat, the more people you serve, the more money you will make. If you desire a lot of money be prepared to help a lot of people.

CWF: Your time management tips are great. I love how you exhort readers to “think like a lazy person.” That’s a great line. I’ve adopted your “shop on Wednesday’s” tip. If you could pick out one thing most critical to effective time management, what would it be?

JOYCE: Ignoring the urgent (usually other people’s demands upon you) as much as possible and focusing on the important. I live by the 80/20 rule which is 80% of your results come from 20% of your efforts. That applies to work and life in general. Focus on the important. Ask yourself, “What is the activity I should focus on that will bring me the best result the fastest?” In business that typically translates into, “What will make the proverbial cash register ring?”

CWF: Will you explain your acronym “CANI”?

JOYCE: That concept came from Tony Robbins. It means, “constant and never ending improvement.” Words I embrace. Anyone who knows me, knows I always have something interesting happening. I do not rest on my laurels. At the end of my life I want to know I squeezed every ounce out of it and lived with zest. Right now, I raise my boys, I run businesses, I am running a half marathon on Thanksgiving and I am in MBA school. It is a full plate. I view it as being “happily occupied.” A schedule like keeps me focused.

CWF: You share insights of several well-known and highly successful women. How did you get them to collaborate with you?

JOYCE:  I called them up and asked. Lol. It takes balls to get ahead. Don’t be shy, ask for what you need. Heidi Roizen is in the book. She is a Silicon Valley Venture Capitalist that created a product line of weight loss CDs. She plays bridge with Warren Buffett and Bill Gates. She did my radio show. The day before she had been on the Martha Stewart show…her friend. She said, “Is there anything else I can do for you?” Leaders are givers. Of course, I couldn’t miss the opportunity so I said, “Introduce me to Martha?” She laughed. Didn’t happen but it might have! You don’t get if you don’t ask. Do not fear rejection. It is a figment of your imagination.

CWF: What do you want readers to take away from your book?

JOYCE: Have courage! Take risks! If you have courage, are committed and determined you WILL create a beautiful life for yourself. Promise.

CWF: What ventures are you currently involved in?

JOYCE: I am launching a new radio show in November called “Inside The Winners Circle with Coach Bone” Tuesday’s at 2 p.m at:

http://insidethewinnerscircle.businessradiox.com/2011/10/24/inside-the-winners-circle-launches/.

I will be interviewing all kinds of experts. I will do theme shows covering all different types of topics. The unifying thread will be each guest sharing the best practices.

I will be traveling to Sweden next month for Kennesaw State University, representing the MBA program in a business plan competition. Ironically enough, a professor and I have been emailing about writing an international textbook and he happens to live in Sweden so I will get a “2 for 1” on the trip. I find life to be wonderfully wild! I also create webinars and live events for outside companies in my spare time. lol.

CWF:  Where can interested parties hear you speak?

JOYCE: They can listen to my radio show, friend me on FaceBook (JoyceGrimesBone), Twitter (@JoyceBone) or LinkedIn (Joyce Bone). I post on my social media sites where I speak if it is an open forum.

CWF: The world and technology change so rapidly. What would you do differently if you were starting out today?

JOYCE: This is the best time in the history of the world for women who want to start a business. If I were starting out today I would tell you to focus on sales. Cash flow makes or breaks a business. Always be on top of your financial metrics. I also suggest be open to evolving and growing. For example, I am an avid social media user. At first I was wondering if I was wasting my time but in my line of work, visibility counts. As a result, I have had some amazing business opportunities. For example, www.thewinonline.com started out as an online opportunity that moved offline via speaking at their events and now I have been asked to be an International Event Director…all because of my social media presence. I get to pick anywhere in the world I want to go and lead their event.

CWF: What would you tell a woman who doubts her ability to be a successful parent and successful in her career at the same time?

JOYCE: I understand completely. It is a struggle. Sacrifices are made, no question. The only situation tougher than being a working mom is being an entrepreneurial working mom–work hard without the safety net of knowing a paycheck will be waiting. Yet they persevere knowing they are living life on their terms. The key to staying on top of your game is building as strong a support system as possible around you. Be sure to include your family in the decision. I believe that which is helped created is supported. Sell the benefits to the family. “If I start a new business it will mean more household responsibility on you, for example, doing your own laundry and starting dinner once a week. However, if all goes well, we can take that family ski trip we’ve always dreamed of. Are you on board with that?”

I am also a fan of the “1-10” question. “On a scale of 1-10, how am I doing as ____ (wife, mom, business partner, fill in the blank) this month?” It’s a great question that cuts to the truth. If you get a 5 time to start paying more attention, 8? You are on track.

I used to be the room mom, PTA volunteer, reader mentor, Starburst field day, all the mom duties at their schools. One day I said, “Don’t you love me being your room mom?” My son shrugged his shoulders and said, “Whatever.” This was not the response I was expecting. After I quit being indignant, I began to question each one of my boys, “What is it that I do as your mom that you value the most?” The answers I received surprised me. It was not the “right” or “expected” thing. It boiled down to being available to them. My oldest appreciate it when he wore the wrong game pants to the baseball game and I drove through traffic with the right pair. My middle son likes riding bikes with me and having picnics by the river. My youngest said, “reading and snuggling at night.” I can give them the gift of availability most of the time as an entrepreneur. Their needs are first on my to do list every day, and then work. Does it get hectic? Yes. Do I wish life were easier sometimes where I didn’t have to make all the decisions around my work? Yes. However, this is why entrepreneurial women forgo the safety of a regular job. They value calling the shots and being available to their children. The only common denominator among the 100 millionaire moms I interviewed was, none of them achieved that status until after they had children. The kids are their motivation. I know in my case, that is true. It is worth the hard work and risk.

CWF: I sincerely appreciate your taking the time to share your inspirational story and insights with Eve Laments readers. Where can they find your book?

JOYCE: Amazon.com or BarnesandNoble.com-Kindle/Nook or hardcopy. You can search for it by my name or by the book title: Millionaire Moms-The Art of Raising a Business and a Family at the Same Time or atwww.joycebonebook.com for an autographed copy.