#46 – How to Build a Million Dollar Business Part Time

By Kathy Korman Frey for the series Building a Million Dollar Part Time.

Do you think it’s possible to build a Million Dollar Business while working part time (the premise of this insider’s series within the Hot Mommas Project blog for business junkies?)

Welcome, my home slices, to a new (or renewed) belief system.

In yourself. 

The short version: If you want to Build a Million Dollar Business, Cameron Herold is the man to help you do it. If you can’t afford Cameron in person, then just buy his book Double Double and his DVD sets based on this and his first book: BackPocket COO. (And, for the jaded… no, I am not Cameron’s sister or something).

The long version: Entrepreneurs are basically nuts. You’ve got to be to handle the ups, the downs, the doubts. But it’s tiring. After leading, innovating, fire fighting, and getting up the next day and to do it all over again, there is the desperate need for guidance, structure, and an answer. Cameron gives entrepreneurs that answer. To that, many of you will say:

&*$^#@ finally!

Read the rest of this post on our main blog, HERE.

#39 Pt 2-Is My Career Less Important Than My Spouse’s? The Part-Time Worker’s Bill of Rights.

Click pic for music

In the last post I shared struggles with the following:

lg-share-en

  • In an effort to stave off the vampirism of my professional drive, I’ve entered a professional coma.
  • Or….am I simply entering a new, more mature phase of my life?

All of this was brought about when two angel investors jumped all over the Hot Mommas Project business model during the month of August.  We have the credibility. We produce great results in our classes with women. I am affiliated with a university and am an entrepreneur. And some other stuff. All of these things make the investors excited.  The real challenge is at home and how all of “this” will work. My husband is pushing me to kick it up a notch.  Should I? He even says he’ll help me. We’re a good team, see, just look at these T-shirts he got us…

Doesn’t this just spell “I support you honey?”


Pro argument: Don’t invite the vampire in. Having toned down the maniacal drive is a good thing. This is the “new phase” of my life where I learn that, in fact, the CEO of a major nonprofit being a snit is NOT that big a deal, but my daughter double-downing on Tylenol IS a big deal.  There’s maturity, perspective, and fewer highs and lows. DON’T LET THE VAMPIRE BACK IN!!

Con argument: Invite the vampire in. I’m in a professional coma. The old “get-obsessed-and-do-whatever-it-takes-to-get-it-done” part of me is possibly gone, or on hiatus. Only, no one has cured me of my coma or – conversely – ordered a DNR. I’m probably the only one who can do either. It’s time to welcome back our old friend…maybe there can be some cross-breeding with a Fairy like in True Blood so I can walk in the light with my kids and not be a professional troll/vampire holed away somewhere.

Sookie, a fairy on True Blood, whose blood allows Vampires to walk in the daylight. Bonus!

Well, “crat (this is my seven year-old’s attempt at a curse word).

Both of these sound sort of compelling.

I wonder if the answer is …. BOTH. I am BOTH in a new phase of my life, but also in a professional coma (compared to my past vampire drive self). So, what to do?  The main reason I don’t kick it up a notch is:

1. I get tired and

2. People in my house get cranky

If I’m not there to make things better, then…well….and that is when I came up with the Part Time Worker’s Bill of Rights. To keep people from thinking they’re doing too much, or not enough, and get my reinforcements in gear if I do hop back on the runaway train.

Part Time Worker’s Bill of Rights (Draft)

1. There is no such thing as “part-time.” The part-time worker is working ALL of the time. It’s really “split full-time.” List typical schedule here:

  • Typical schedule of split full-timer:________________________________

2. The part-time worker is home more often because it is understood that role has value. That value should be recognized and, if necessary, quantified to ensure a home filled with mutual respect for each other’s roles and skills sets. Quantify the numerical or other value of the part-time and full-time worker below:

  • Part-time professional worker:  ____________________________________
  • Full-time professional worker:  ____________________________________

3. Grievances of the part-time worker can and should be discussed, as they should for any member of the household. List what’s working and what’s not to be raised at a Sunday family meeting at 4:00. Use “I statements” in describing grievance, and make requests, not demands.

  • What’s working: _______________________________________________
  • What’s not working: _______________________________________________

4. The part-time worker reserves the right to “kick it into high gear.” If there is an opportunity,  he/she should expect some means to establish spouse and family support. Write an example of event, and type of support needed:

  • Kick it into high gear event/project example: __________________________________
  • Family/spouse support expected: _________________________________

5. The part-time worker should have a plan. Will they go back to full-time, if so when? Will they continue to work part-time? If so, the driven part-timer has an obligation to attempt to maximize “power per hour” or the amount accomplished/amount earned due to constricted hours. Write work schedule and plan for improving power per hour here:

  • Schedule: __________________________________________________________________
  • Power per hour tips: __________________________________________________________
  • Power per hour improvement plan: __________________________________________________

That’s as far as I’ve gotten.

What am I missing?


Related links:

Here is someone running for Senate with a platform of a policy-oriented Part Time Workers Bill of Rights

Read REAL Bill of Rights here.

From BPW Foundation: Women: Like Men, Only Cheaper

Momentum Resources: Part-time work for skilled professionals. Momentum DC CEO’s Hot Mommas Case here.

Hot Mommas Project Talk Shoe Audio Blog Episodes

*****************************************

What is this, where I am, who are you? If this is your first time here, this is the insider’s blog for The Hot Mommas Project. We are a women’s leadership project housed at the George Washington University School of Business (where I teach) and have an audacious goal of becoming a million dollar venture…while being led by a mom working part time. Since I started this blog, we have become the world’s largest women’s case study library. We showcase the stories of the women in your life in a TEACHABLE format, and they are published in major textbooks and used by educators. Click here to nominate someone.  Click here for about page. Click here to check out our classes which are producing stunning increases in self-confidence for women and girls.

*****************************************

#25d – Will Business Celebrate, or Tolerate, Our Daughters?

My intern, Amber, is at the World Business Forum with me today. I look at her, and wonder what type of workplace she’ll be stepping into after college. Of the 18 speakers, one is female. Women are not on the radar screen topically. Here are some repeated themes:

  • Energy
  • Values
  • Trust
  • Innovation

I am hoping we’re part of the “values” and “innovation” category, but can’t be sure. Women must be part of the conversation. Leading corporate strategy expert Gary Hamel is speaking RIGHT NOW at a conference. This guy gets it. He says, “No one is going to give you permission to be a revolutionary.”  Here are some facts to support your mission: Continue reading

Building a Million Dollar Business Part Time #14: How to Do a Business Model

The Hot Mommas Project is making CLOGS, but not the kind you think.

The Hot Mommas Project is making CLOGS, but not the kind you think.

The Hot Mommas Project has no business model. Is that wrong? Okay, maybe that is not totally true. We have 5 out of 6 parts of a business model.  The clincher: We’re missing the economics.  So, to rationalize this – I have decided there are two primary ways to look at business models. This can be summarized as:

A. What I teach my students at GW.
B. The “Because it would be cool” theory.

A. Okay, let’s first start with what I teach my students about business models. One of the best business model tools out there is a 6 part process constructed by a team at Syracuse led by Michael Morris.

The 6 parts of the business model – in layperson’s terms – according the the Michael Morris paper are:

1. How we create value – what you do/make and put out there in society
2. For whom – okay, this one is self explanatory
3. Internal comp advantage – operational efficiencies or processes that make you better
4. External com advantage – how folks outside the company know you’re better
5. Economics – how you make money
6. Exit strategy – what is your exit from this business, is there one?

This is an incredibly back-of-the envelope description of the paper by Mike Morris and his team, but, you get the general idea.  There is a grid at the back of the paper I have students fill out using various business examples. First, we start with a seemingly non-businessy example. Mine is Lord of the Rings. I hand out a summary about the filming, the tax advantages they gained filming in New Zealand, how they filmed it all at once, how they locked in the stars for all three in doing that, the rights to the book, the cult following, and some other stuff. Then, using information we just know – because we walk upright and have cable – the students talk about how the movie makes money.  That’s fun. That’s when they realize they know more than they thought about business. Last, is the exit strategy part. This is a zinger. LOTR really shows students how movie makers put in a TON OF MONEY for something that they HOPED would make a ton of money back in a relatively short period of time.  There is, however, no way to be sure.  What does this sound like? Uh?  Venture Capital?  So, the movie industry has been doing this for a loooooong time before VCs became the Britney of finance.  Mark Ordesky was one of the LOTR producers and we have talked about collaborating on this curriculum, which would be cool. Which gets me to my next point.

P.s. Don’t confuse business model with business plan. Here is a good piece on business plans.

B. The “because it would be cool” business model.

I started the Hot Mommas Project because it was needed (See first post, and blog brief or about page).  I also thought it would be cool. People had, and continue to have, all sorts of ideas for how the Hot Mommas Project can make money. However, I am pretty much just forging ahead with what fills a need in women’s education. Exposure to role models correlates with women’s professional success. So, we provide role models on paper so the stories of those leaders can be read anywhere, anytime, free.  (Side note: We used to sell the cases, but, that was a pain.)  Family and work life balance is a HUGE issue globally impacting the supply and demand side of employment. So, Hot Mommas Project cases address the personal lives and backgrounds of case protagonists are discussed along with business lessons such as the 4 Ps of marketing and what have you.  All of this is geared to be taught in a classroom, so educators are preparing the next generation of workers with the toolkits that research – and reality – shows they need. I am not sure how we are going to make money to be honest. I’ve thought of a coaching network with exclusive access to our data. I’ve thought of workshops and conferences. I just don’t know. All I know is I’m doing the right thing by starting this initiative and I’ll let the case readers tell me what they need.

page_po_fashion_70s_01_0706041803_id_32471I am intrigued by the term “CLOG” – which I made up the other day – since what we are producing is a hybrid between a case study and a blog. So, maybe we’ll be the inventor of CLOGS, but, a clog we can all be proud of and not just associated with bell bottoms and unattractive hair styles. Here is a sample CLOG (the kind we are building).

Others who I perceive have a “because it would be cool” business model:

Guy Kawasaki and www.Alltop.com. Here is Guy on Twitter.  More on Alltop. Even MORE!

Peter Shankman and Help a Reporter Out. Here is Peter on Twitter. More on HARO.

Both of these guys are successful and intelligent. My guess is they don’t get involved in much of anything that won’t ultimately make scads of money.  However, at the outset they appeared very personally connected to their ventures and doing it because they though it would be cool….not just for money.  Is this true guys? I would love to know and will forward you this post.  Clearly there are big markets for both areas in which Guy and Peter are involved. Ted Leonsis, friend of the Hot Mommas Project, won’t get involved in a market under 10 million clients.

The Hot Mommas Project is involved in the education market, specifically written products which is a $15 billion dollar market globally.  Can you help us brainstorm a financial model for the Hot Mommas Project?