Sunday, January 13, 2008

Four Millionaire Moms Tell Their Secrets

Sandy Stein earned $4 million in revenue in just one year. Kim Lavine (left) converted corn into about $10 million. Rosie Herman made millions with a skin-care/manicure product and Margaret McEntire made a fortune peddling chocolate flowers.

Here are profiles of four millionaire moms, including their secrets for getting rich. These women were featured in a May 1, 2007 issue of Woman's World.

Kim Lavine is the author of Mommy Millionaire. Her story: She was a stay-at-home mom, who needed to come up with gifts for her kids' teachers. Creativity struck: She converted a bag of feed corn -- near her sewing machine -- into gifts. She stuffed the corn into cloth, made a pillow and popped the pillow into the microwave.
Feed corn doesn't pop, but becomes warm. And the warmth of the corn-stuffed pillow was relaxing and Lavine began marketing this feel-good product. It's called Wuvit and sells for $24.95 as a heating pad. Reportedly, she's sold about $10 million worth of corn stuffed pillows/heating pads.
Her advice (as quoted in Woman's Day): "A great idea doesn't have to be complicated. And if you only sell it to 1% of the people out there, that's millions."

Here are her 15 tips for becoming a millionaire from a home-based business. On this list, #2 really speaks to me. Between parenting, blogging and my print freelance writing assignments, my house looks less than tidy. I can't do it all. But that's okay, says Kim Lavine. Here's her take on that topic.

"If you're going to be a Mommy Millionaire, you must accept the fact that you will have to burn down your house and build another one after ten years. This is especially true if you are the parent of young boys. At the end of the day, as long as we’re all happy, healthy and safe, I really don’t care how clean my house is and what kind of car I drive. My success as a mother isn’t measured anymore by how clean my house is or how well decorated it is, but by how happy my children are."
Rosie Herman: After expensive fertility treatments, Herman -- a manicurist -- had twin girls and lots of debt. Meanwhile, relatives and peers raved about her homemade product, which was great for exfoliating hands. She began to sell the product locally. The results: Rosie earned $150,000 after 12 months and millions after seven years.
Her advice: Make small goals. "My first goal was to pay off some debt, then to make enough to go out to lunch with friends once a week."
Here are links to other stories about Rosie Herman:
Sandy Stein: Financial worries yielded sleepless nights. Her hubby was facing job loss and the family expenses were precarious. After praying for guidance, Sandy had a dream about her deceased father and in that dream she received the idea of making a key chain with a hook that dangled on the outside of the purse, while the keys dangled safely inside. The goal: a key chain that is easy to find in a purse. She called the product: Finders Key Purse. After 12 months, she sold about $4 million in product.
Her advice: Be a risk taker. "Pay attention to your dreams--your winning idea may come to you in your sleep."
Margaret McEntire: She faced two failed stores in the retail business. Then she created floral bouquets made from candy. This product was a big hit and she ultimately launched a franchise business called Candy Bouquet, which has 900 locations globally.
Her advice: Don't give up. "A failure is only a steppingstone. It's a learning experience. Never, ever give up--that's the crux of everything."
source: Woman's World, May 1,2007 p. 12-13


yeehaa99 said...

good post

Frugal Duchess said...

Thanks so much! Thanks for visiting.
Take Care,

Ideapreneur said...

While they offered some great tips, I had to disagree with "You need a minimum of $20,000 and a well-written business plan to start even the smallest business venture."

There are plenty of people who started businesses successfully with a LOT less money and without a business plan.

Inspiring post nonetheless