Author Archive

When’s the last time you met other mom entrepreneurs face to face? Or met your clients and customers personally? I was lucky enough to be featured as a keynote speaker at last week’s Super Mom Entrepreneur Conference, in NYC, and was reminded once again about how important it is to get out from behind your computer to network in person. Yes, it takes time. Yes, you have to put on professional clothes. And yes, you sometimes have to shell out carfare or a conference fee to do it. And then there’s the part about lining up someone to take care of the kids. But when you do all that, the payback is well worth it. You’ll return home inspired and ready to kick butt, with fresh ideas, business leads, and renewed self-confidence.

At the end of the conference we all held hands in a circle and shared one word that described how we felt about the day. We heard words like, “renewed,” “ready,” “connected,” and “empowered.” I said, “energized.” Pat said “community.”

The handholding seems a perfect metaphor for what happens in our MompreneursOnline.com forums every day. Newbie and veteran mompreneurs come together to share, support and challenge each other.

Now I want you to vow to get out of your home office, as well, and meet someone face to face at least once in the next month. Maybe have coffee with a client or customer. Join a local networking group. I belong to a local group of writers; Janene on our message boards organizes a local group of women business owners; and our Florida and California Mompreneurs® Live networking groups are flourishing. The business group I taught last year meets monthly for dinner to keep each other accountable.

So how will you network face-to-face in the next month? Write your intentions here. It’s a way of saying, “Let’s do this thing!”

This Fall, I will once again be teaching the 15-week entrepreneurship class for the Women’s Enterprise Development Center (WEDC) in Westchester County, New York. As an instructor, I attend many training meetings to get ready for the upcoming semester, and a recent one focused on financing. Lending officers from TD Bank revealed their strategies for securing a business loan. I thought I’d share what I learned, since the tips are helpful for anyone contemplating a loan—whether now or in the future. Keep in mind, however, that it is still very difficult for start-ups to get loans. Banks want to know that you’re established, with proven ability to earn revenue and pay back debts. But if you’ve been in business at least 2 years, and can document your growth potential, you will have a better chance at getting financing.

Here’s what banks will expect from you.

A Business Plan. Banks need to understand your business, industry, profitability and growth potential. Provide them with a detailed business plan that gives them a clear sense of what you do, who your customers are and how much money the company earns. It should include: A Mission Statement describing your products or services; business structure (sole proprietor, partnership, LLC, or corporation); management plan (who runs the company); short- and long-term goals; marketing plan; operational plan; pricing, costs, and financial projections. You can find business plan templates at the SBA.

Financials & Tax Returns. Provide 2 years of current tax returns, and a financial statement showing cash flow projections for at least 2 years. Include all revenues (gross and net sales and gross profit) and expenses (advertising, rent, equipment/supplies, utilities, etc.). Don’t forget to factor in your loan payments. TD Bank has a great calculator you can use for figuring out payments:
And for more general guidelines on figuring out financials, go to the latter part of this SBA template.

A two-year track record. Businesses should be at least 2 years old and profitable.

A vested interest. Banks won’t lend more than 80% of what you need. They want to know that you can provide 20% of the equity, so that you are financially committed to growing the business. Banks also want collateral—something of greater or equal value to the loan that can be taken in the event you are unable to make payments (like a car, business equipment, or commercial or residential real estate etc.). If you have no collateral other than your house, think carefully about that loan, and consider other ways of funding your business.

Good personal credit. Banks want to know that you have already demonstrated the ability to handle debt responsibly and pay it off on a timely basis. Check your credit rating; free reports are available at www.annualcreditreport.com. Even if you are not pursuing a loan right now, it pays to clean up your credit history if it’s less than stellar. That way you will be considered a good risk when you are ready to approach banks.

For more loan packaging tips, check out this SBA article.

In a few weeks, many of you will be leaving your home offices to attend the BlogHer conference. Or some of you may be attending summer and fall trade shows. Businesses trips are a pretty big deal when you work from home—thrilling, but a little bit traumatic too.

I’ll never forget my first business trip as a mom entrepreneur. My son was 18 months old, and I had to fly from NY to LA for a media appearance. While it was exciting to pack up my professional clothes and business cards and anticipate 3 kid-free days filled with adult conversation, part of me felt guilty for leaving my baby behind. Would he think I was abandoning him? After all, I hardly ever even left my home office without him in tow! Of course, my baby was fine and the business trip was a big success—just the first of many over the years. But I would have had way less anxiety about it if the book My Mommy’s on a Business Trip had been around back then. Written by working mom Phaedra Cucina, My Mommy’s on a Business Trip will not only help you prepare your kids for your departure and reassure them while you’re gone, but it will calm your traveling mommy angst.

The story is told by a little girl, whose own mommy is on a business trip. Through delightful illustrations and straight-forward text, we see the big hug and kiss goodbye, and the nightly calls back home, and all the things that mommy does during her trip, like riding in a plane or train and going to meetings and dinners. Most importantly, we see that even though the little girl misses her mommy, she knows she will be back, and the happy homecoming is beautifully captured on the final page.

Cucina wrote the book after finding that she needed a simple way to explain business trips to her own two kids. “I wanted to help children understand what moms do while they’re away, and help moms feel less guilty about going,” she says. “Getting through TSA is hard enough without having your little ones tugging at your heart strings as well!” she says.

On Thursday, June 25, 2009, Phaedra Cucina will be our guest blogger http://www.mompreneursonline.com/blogs/category/travel-mom/, and will also answer your personal questions on our Mompreneurs® message boards http://www.mompreneursonline.com/phpBB2/viewforum.php?f=6 (look for “Traveling on Business?” post in the Meeting Place section). She will talk more about her book, My Mommy’s On  A Business Trip, and explain why feeling guilty about your business travel is like carrying unnecessary baggage onto the plane.   Phaedra will also share her tips on how to help kids get more comfortable with your trips and talk in-depth about the silver linings of business trips – there’s more than one, if you know where to look, she says.  Not a business traveler? Phaedra’s tips and philosophies work equally well for those of you planning a kid-free vacation!

So before you get ready for your trip without kids, stop by our blogs and message boards on Thursday, June 25, 2009 to hear Phaedra Cucina offer her very best advice.

As a work-at-home mom, co-author of the Mompreneurs® series of books, and co-founder of MompreneursOnline.com, I’ve been writing for years about the perks of running a home business. You already know the benefits: Family flexibility, being your own boss, calling your own shots, and the sweet freedom to take your child to the playground in the middle of the work day. But there’s another cool perk I never expected: The Comedy! Remember that Seinfeld episode, where Jerry says his dentist is in it for the jokes? I’m a mompreneur for the funny stories.

Take, for example, the time I said “Bye-bye, Mommy loves you” to a client on the phone. Or, what about that afternoon I was rushing to a press event and my daughter was plastering me with the bird stickers I’d given her as incentive to stay with the babysitter.  I thought I had peeled them all off, till I discovered a giant cockatoo on my butt about halfway through the event! Not exactly the way I wanted to get noticed, but it sure was a conversation-starter!

Like many of you, I’ve taken business calls in the closet, the bathroom, and during potty patrol. I’ve been peed on, thrown up on, scribbled on—all while trying to maintain my professional phone voice.

And…did I ever tell you the one about the mompreneur and the water gun? I was doing a phone interview with a high-powered surgeon for a health story, and my son (11 at the time) was in the yard doing target practice with his brand new Super Soaker. He decided to see if he could reach the third floor window, and guess whose office is up there? I’ll let you imagine the hissing sound of water on window screen, my shock and smeared mascara, my sopping notepad and clothing, my attempt to seamlessly continue the interview with famous doctor while standing in a puddle. It wasn’t pretty, but I managed to finish up without the doctor ever knowing what had happened.

These stories have now become part of our family folk lore, and I know one day my kids will tell the tales to their children. But most importantly, the work-at-home comedy has taught me and my kids how to roll with the punches and overcome obstacles—important life lessons indeed.

What’s the funniest thing that ever happened in your home office, and what did you learn from it? I’d love to hear your stories, so please share.

Copyright, 2009; Ellen Parlapiano; Mompreneurs LLC; all rights reserved.