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Archive for August, 2008

Check out these great articles on a variety of topics relating to building wealth, growing a million dollar business and more!

The Phases of Business Building by Maria Torres-Kitamura and Shara Enay
Women entrepreneurs are thriving in Hawaii. According to the Center for Women’s Business Research, the state ranks third nationally for growth of women-owned businesses from 1997 to 2006. But, as any entrepreneur knows, creating a business is just the beginning. Each phase – starting out, building up and giving back – has particular challenges. Read the rest at: http://www.hawaiibusiness.com/Hawaii-Business/July-2008/The-Phases-of-Business-Building/index.php?cp=1&si=0#artanc

Befriending the Spirit of Money: The Top Ten Laws by Mahalene Louis
Money is energy. Money is an exchange. Money makes the world go round. Money, Money, Money, Money! Money is possibly the most powerful metaphor of our planet. How do you feel when you are free? Receive the keys to wealth, and discover the soulful laws where money becomes an auspicious bird that cannot wait to perch on your shoulder to bless you, again, and again! Read on: http://ezinearticles.com/?Befriending-The-Spirit-Of-Money:-The-Top-Ten-Laws&id=165097

Inside the Mind of Million Dollar Business Ideas by Darrell Zahorsky
Million dollar business ideas have no boundaries, age limits, race restrictions, time lines, or economic class. They can occur when you least expect them. … It’s a flash of quick insight leading to an obvious answer, the proverbial light bulb moment, or eureka event. When it happens, your life will never be the same. Here’s the rest of the article: http://sbinformation.about.com/od/bizopportunities/a/milliondollar.htm

How to sell a million-dollar business A business broker could be your best bet by Alison Woo
On the FORTUNE Small Business Forum Mark, Westbury, N.Y. asked: What is the best way to sell a small business valued between $1 to $2 million? 
FSB replied:  A business broker can be your best ally in selling a business of that size, according to Carl Cusano, president of the N.Y. Association of Business Brokers and principal of Capital Business Advisors. “An experienced broker will have various resources, including affiliations, a large network and experience to sell your business,” said Cusano. “The best thing to do is find someone who can demonstrate a successful track record. Read the rest of the topic here: http://money.cnn.com/2008/02/14/smbusiness/sell_business.fsb/index.htm

Dream to Reality: How I Quit My Day Job by Tina Su
Ever since I learned about the concept of financial independence five years ago from Robert Kiyosaki, the seed of a dream had been planted. My dream: Having the freedom to deliberately choose how I spend every day – to have complete freedom of time. As of last week, my dream became a reality. I left my job at Amazon to start this new life chapter…. Read the rest of the article here: http://thinksimplenow.com/happiness/dream-to-reality-how-i-quit-my-day-job/

And be sure to sign up for the Grow a Million Dollar Business before September 7th and save $20!  Get YOUR small business the help it needs with the wealth of experts we have sheduled.

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“I have a problem with too much money. I can’t reinvest it fast enough, and because I reinvest it, more money comes in. Yes, the rich do get richer.” Robert Kiyosaki, Author Rich Dad, Poor Dad series

Lately, I have been thinking alot about my future… my financial future that is. Questions have been popping in my head for no reason. Things like, will I have enough money to retire on? Will I be able to afford to live in the lifestyle to which I have become acustomed? Will there be enough money for me to live in a retirement home or will I have to go live with one of my children :)?

By the way, even though I am married, and my husband and I both earn a decent living, there are no guarantees that he will stay on the job and get a good pension (or any pension for that matter) or that I will sell my businesses for enough money to retire on. Given the current state of the economy, tomorrow is uncertain, let alone, five, ten or even 20 years from now. And let’s not forget a woman’s life expectancy is still longer than a man’s!

What I find interesting, however is the whole “law of attraction” thing. You know, what you put your mind to or focus on, becomes your reality. As I was pondering these things, in the mail comes a brochure from a local financial advisor about 15 tips to confidently invest in your future. I found the advice a great reminder of how important it is as women to Invest in our Futures.

Here’s the advice I got from that brochure:

*Don’t put all your Assets in one Basket. Investing is about learning to manage your assets. As women, we may not see ourselves as risk takers. However, if you own your own business, you are considered a risk-taker. The important thing is to take caleulated risks by balancing your investments among several types of assets. That way if one fails, chances are another one may be doing well and offset some of the “losses” you may incur from the poorly performing investment.

* Create Your Financial Portfolio.You don’t have to be a Market-savvy financial expert to invest well. With the help of an experienced financial professional, you can create a smart portfolio. You can go to school on your planner, reasearch web sites, get to know about your investments, read articles and book or let the your financial planner help you asses your needs and make recommendations based upon your own situation.

*Create a Wealth Transfer Plan. When leaving your estate to heirs, look at the options available. It might be better to turn the assets over to them before the inevitable date of your final departure. There are several ways to do this. This can include a Mrital trust, Annual Gifts, Charitable Giving, Consult your own legal counsel for your options. Otherwise, they could end up in probate for several months or even years all the while dwindling down whatever assets you leave due to legal fees and more.

* Make sure you have enough insurance to cover unforseen life-challenges. We live in such a volatile world these days and natural disasters are becoming more frequent that having little or no insurance just doesn’t make sense anymore. One major life event can wipe out your savings, not to mention the threat of bancruptcy.

Other tips:

I have known women who let their husband take care of all the finances to one day find themselves alone. I highly recommend that women take an active interest in their family’s financial situation now so that if or when that happens you are prepared.

Start saving today! If you don’t have a plan to save, it isn’t too late. Start today.

At about the same time my youngest daughter turned 11, I sold a piece of property and had to make some investment decisions. In order to decrease my tax liability, one of the things I did was to invest in a mutual fund recommended by my financial planner. That turned out to be one of the best decisions I ever made. The fund was purchased to help with her college education, should she decide to go. I invested $5,000. I paid the money and forgot about it. When she graduated from high school she got a full four year scholarship to any state college or university (public) in Florida. The fund was not needed. The nice thing was, when she graduated college my husband and I were able to give her the fund as a graduation gift (the investment was then worth $23,000 – 11 years later).

The important lesson for me is to invest and then not think too much about it. Some people spend their days worrying about their investments and playing the market. I am too busy to do that. Having a financial professional I can trust and depend on has been a big help.

I also recommend you read Loral Langemeier’s book: The Millionaire Maker’s Guide to Cash Machines for Life. It ABSOLUTELY is a MUST READ for all of you. Cash Machines continues her series on wealth-building, with a step-by-step guide on how anyone can launch their own business- become a successful entrepreneur- and achieve true financial freedom. Tired of that W-2 job? Of scrimping and saving and living “small” to pay off that debt? Then buy this book! When you do, you will receive hundreds of dollars in “bonuses” too. Here’s the link: http://www.liveoutloud.com/cashmachinebook?kbid=10918.

Loral is one of 15 experts we will be interviewing during the Grow a Million Dollar Business Summit. In fact, due to another professional obligation (and her upcoming wedding), Loral has agreed to kick off our event Early!  I will be interviewing her on Monday September 15, 2007.  Time TBA. Stay Tuned!

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Mommy Millionaire: How I Turned My Kitchen Table Idea into a Million Dollars and How you Can, Too! By Kim Lavine ~ Kim Lavine tells all, starting with how she sewed up pretty pillows filled with corn she called Wuvits to give to her boys’ teachers as Christmas presents; these spa therapy pillows could be heated in a microwave for therapeutic moist heat or frozen for icy relief. This practical, step-by-step guide follows Kim as she develops her Wuvits into a multi-million-dollar empire. 

*Kim Lavine will be one of our Guest experts during the Grow a Million Dollar Business Summit September 18-20. For more information about her program, read our Lineup of Speakers & Program Descriptions.


 

The 21 Success Secrets of Self-Made Millionaires: How to Achieve Financial Independence Faster and Easier Than You Ever Thought Possible By Brian Tracy ~ A leading authority on the development of human potential and the author of “The 100 Absolutely Unbreakable Laws of Business Success” outlines the path to achieving personal wealth and satisfaction. The 21 chapters present motivational ideas or principles that are followed by provocative questions and action exercises.

 

How They Achieved: Stories of Personal Achievement and Business Success By Lucinda Watson ~ The granddaughter of IBM founder Thomas J. Watson interviews 20 CEOs, entrepreneurs, and social and cultural visionaries about how they discovered their life’s passions, pursued their goals, and overcame adversity to become leaders in their fields. Interviewees include Susie Tompkins Buell of Esprit Clothing, Sybase CEO John Chen, chef Alice Waters of Chez Panisse and more.

 

Rich Woman – Because I Hate Being Told What To Do!  By Kim Kiyosaki ~ Why do so many women accept the myth that men are better at investing? Rich Woman — which was self-published by The Rich Dad Company — addresses this self-sabotaging habit head on and teaches women the essentials about finance. Key sections include: The First Four Keys to Being a Successful Investor — Arm yourself with some financial education, start small, put a little money down, and stay close to home. How to Get Smarter Quickly — Financial jargon can be intimidating. 

 

Build It BIG: 101 Insider Secrets By Top Direct Selling Experts By the Direct Selling Women’s Alliance ~ Industry leaders deliver straightforward advice, cutting-edge insights, and best practices to help direct sellers and distributors become sales superstars. Stories from top salespeople, profiles of leading distributors, and the latest how-to’s on networking, party planning, and person-to-person selling make this a key addition to the direct seller’s reference shelf.

Want to learn how to Grow YOUR Small Business into a Million Dollar Empire? Be sure and REGISTER early ~ Early registration is $77 (before September 7th).

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Yesterday I was playing around with a new program and created something fun for all my “wealthy” visitors and friends.

  It is the Wealth Word Search.  Find the 40 words in the wordsearch and test your wordpower (and eyesite).  It is posted at WE Magazine for Women.  The direct link is http://wemagazineforwomen.com/WealthWordSearch.pdf .

BTW, if you are struggling with the “answers” to the puzzle I have also posted the KEY.  If you leave a comment after this post (or any post on Where Women Prosper) I will be happy to send you the direct link :). Nothing like a little incentive to entice people to speak up, is there?

And be sure to check out the “Grow a Million Dollar Business” Summit taking place September 18-20!  Next week will begin the full promotion campaign to spread the word about the summit. You can read about the Program Topics, See the Schedule at a Glance and Register.

And if you’d like to help, be sure and sign up for our Affiliate Program at WECAIDollars.com. You can earn 33% for every one who registers through your link!

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WE Magazine for Women just posted the Grow a Million Dollar Business Poll.”  Check out the questions listed:

 

 

My business is a million dollar business and I want to grow it bigger

 

My business is not a million dollar business yet

 

I would like to learn how to Grow a Million dollar business

 

I want to learn about investments such as stocks/bonds, etc.

 

I want to know more about Angel Investors and Venture Capital

 

I want to know more about investing in Real Estate

 

I want to know how to make money online

 

I want to know about alternative investment strategies

 

I want to know how to keep my head above water financially

 

I have an idea for a million dollar business and not sure where to begin

 

I am looking for a mentor for my business/idea

 

I work full time and run a part time business on the side

 

I want to leave my job and turn my part time business into a full time enterprise

 

I am ready to start a business now!

 

We would value your intput and hope you will take time to stop by and take the poll. You can find it here: http://wemagazineforwomen.com/past-issues/

 

Results will be published in Mid-September.

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   Is there really free money for my small business? This is the question many women entrepreneurs ask themselves when starting their businesses and when they need capital to expand or revamp their growing companies.

Are you a female entrepreneur in need of a small business or business grant? Are you in need of free money to begin a business but don’t know where to start? If these questions have crossed your mind of late don’t worry because there IS hope for your business.  It comes in the form of grants, scholarships and loans.  None of which is necessarily easy to obtain and yet, they are not impossible either. The biggest challenge is where to find them?  And how to go about getting them once you do?

These grants, loans and scholarships come in many forms. From private investors, to banks to corporations, to associations, to governments. For instance, if you live in the United States, the government designates several million dollars in government grant money to assist small and personal businesses to flourish. And the sad news is that literally millions of dollars are left unclaimed (unapplied for) each and every year due to a lack of knowledge of these government grant programs.

By now you are probably asking yourself, “How can I receive more information about small business grants?” Finding and identifying sources for grants, loans and scholarships requires time, effort, and research.

Getting grants is not easy, it takes work – sometimes hours of research and then there’s the application process, which is daunting to most small business owners. And I don’t care what the advertisements say when they tell that you can get “free money” just by writing a letter.  That is simply not true. Especially when it comes to grants.  There is a lot of competition for funding. You have to be able to write a good proposal that clearly states your objectives and includes all the criteria the grant fund requests including what you are going to do with the money.

The main reason you might want a grant is because you don’t have pay back the money you receive. Once you determine if you qualify for a specific grant, you must be prepared to work for it or hire a grant writing professional to assist you. 

If you want to learn to write a grant proposal yourself first check out your local Community Foundation or similar philanthropic training organization. These organizations are the first place I look to for workshops on grant writing. They are generally affordable and given by experts who have been doing the work for years.  

If the do-it-yourself route is the route for you, here are a few resources to help you in your grant and proposal writing: 
Sample Grant Proposal #1 courtesy of American Philanthropy  http://web.archive.org/web/20010216073923/http:/www.charitychannel.com/GuestShare/Wendy_Norris/  

Sample Grant Proposal #2  http://web.archive.org/web/20001218024300/http:/charitychannel.com/GuestShare/Tim_Puffer/ 

Sample Business Plans and Checklists can be found at eBizTechNet.com http://www.ebiztechnet.com/cgi-bin/links/links.pl?passurl=/Business/Small_Business/Resources/Business_Plans_and_Checklists/ (you must register to access the pages) 

Jump Up – The Place to Start a business – Want to calculate start-up costs, cash flow, and break-even? You will find calculators and links to templates and sample plans at: http://jumpup.intuit.com/tools/planning/tools_services

Check out this Interactive Business Planner a free service that uses the Internet to assist entrepreneurs in preparing a 3-year business plan for their new or existing business. It’s located here: http://www.canadabusiness.ca/ibp/home_en.cfm 

In addition to all the business grants and loans available to small business owners, there are several organizations, associations and corporations that provide scholarships to help you expand your mind and your business. As with grants, loans require a significant application process generally beginning with a business plan, budget and other important documentation. 

The challenge is where to start?  If you are a member of one of these groups or know of some in your area you can find out what scholarships they have available to women.  I have found that these types of local scholarships get very few applicants making your chances of getting one (provided you qualify) quite good.

In addition to the two listed above, be sure to check out the list of 100 Grants, Loans and Scholarships recently published in WE Magazine for Women blog at http://wemagazineforwomen.com/100-grants-loans-scholarships-for-women/  There is also a list of Angel Investors and even a Directory of where to find more Angels.

Just as there is more than one way to run a small business, there is more than one way to grow a small business to a million dollar enterprise.  Some small businesses will be self-funded, others will depend on financial institutions for their start-up capital. And still other small businesses will look to “angels,” those investors who would have a lot to gain by investing in your idea, product or service.

During the Grow a Million Dollar Business Summit, we will look at a variety of financing options to help you grow your small business into a successful enterprise that can help you live a certain lifestyle as well as position your business for possible sale down the road.  Sign up today! We have a 100% guarantee that if you follow the advice of our experts will lead you down the road to riches.

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Welcome to another Wealth Wednesday. Here are 5 more books to add to your “Grow a Million Dollar Business Library”

   Millionaire Maker’s Guide to Creating a Cash Machine for Life by Loral Langemeier The Cash Machine taps into the incredible power of entrepreneurship, showing you how to generate lifelong wealth by starting your own business ventures. Entrepreneurship is the single biggest source of wealth in the United States, and by establishing a business, you can increase and keep more of the money you make. Langemeier shows how you can take the skills, knowledge, and passions you already have to create a business that will generate cash that then can be used to generate real wealth.
  Quantum Success : The Astounding Science of Wealth and Happiness by Sandra Anne Taylor What would you do if you could really achieve all that you desire? This revealing look at the science of success will show you how to do just that! This formula for abundant living is actually based in the principles of quantum physics, and you can actually tap in to these powerful forces to make your dreams come true. 
  God Wants You to Be Rich : How and Why Everyone Can Enjoy Material and Spiritual Wealth in Our Abundant World by Paul Zane Pilzer A theology of economics, this book explores why God wants each of us to be rich in every way — physically, emotionally, and financially — and shows the way to prosperity, well-being, and peace of mind. 
  Multiple Streams of Income : How to Generate a Lifetime of Unlimited Wealth by Robert G. Allen  When you create multiple streams of income, you are forming a powerful tide of prosperity that can provide a lifetime of fortune and freedom. You won’t only be helping yourself—friends and family will also prosper from your good fortune. Robert Allen’s techniques have made thousands of people into millionaires. Imagine what his amazing wealth-building formulas can do for you.
  Why You’re DUMB, SICK, and BROKE … and How to Get SMART, HEALTHY, and RICH! by Randy Gage This groundbreaking self-help book reveals the secrets of manifesting health, happiness, and prosperity in your life—but not in a way you’ve experienced before. Blunt, outspoken, and brutally honest, Randy Gage shoots down the forces that hold you back and keep you dumb, sick, and broke, and shows you how to take action to get smart, healthy, and rich. 

To learn more about Building Wealth for Your Business, be sure to sign up for the “Grow a Million Dollar Business” Summit taking place September 18-20, 2008.

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