Meet Stephanie McLarty... The Breakthrough Business Coach Behind "Wealth of Family"
Aug 26, 2021
Stephanie McLarty is the Breakthrough Business Coach behind Wealth of Family. She helps moms build thriving businesses that make a positive impact in the world. She specializes in helping moms get from some initial sales to “momentum sales”, the tipping point where leads come in on autopilot, engagement is authentic and sales just happen. Moms rave about her Facebook community, “Mom Entrepreneurs Supporting Moms: Network, Learn, GROW!”, where 1700+ moms share, collaborate and get out of their own way to grow their business. Stephanie’s experience has stemmed from launching REfficient in 2010, a Certified B Corp that refurbishes, resells and recycles telecom equipment. Under Stephanie’s leadership, the company grew to 7-figure sales by year 3 and continues to divert 200,000+ products from landfill annually.
What kind of work do you do?
My work has evolved in both of my businesses over time. I see myself as a mentor to help others get out of their own way, figure out the best strategic moves, and build the know-like-trust factor with others.
What inspired you to get started as an entrepreneur?
One thing led to another and it just happened! After finishing university, I decided to take a couple years off and travel the world... Which was amazing! And left me broke. So when I started my Master’s degree, I got a random job at a telecom company in between semesters. I gained a niche knowledge of telecom infrastructure equipment – something I knew nothing about previously – and started consulting on the side once returning to school. This eventually evolved into a fulltime business, REfficient.
Years later, once I became a mom, I had many mom friends come to me and ask me for advice on entrepreneurship. They wanted to start a business since they were dreading returning to their old jobs after maternity leave ended. I saw that this issue was much larger than my sphere of friends, so I went on to launch Wealth of Family.
What was your biggest struggle to get things going for your online business?
I’ve never been a big social media person. I’d much rather than face-to-face connection!
Was there a time you thought about giving up? What kept you from quitting?
Yes, and there was a time that I almost went bankrupt. My company REfficient had grown very quickly and I lost control of our finances. So I took myself off payroll and cut any possible costs that I could.
It was a really challenging period for 7 months and what kept me from quitting was my passion. I’m very passionate about the environment and that we are stewards of the planet. I knew we helped companies to be good corporate citizens through reuse and recycling. It was a duty to keep going.
Interestingly, we went on to win a couple big contracts and we were totally fine again. I am so thankful for this period because I grew in leaps and bounds personally and professionally.
What have you learned since beginning?
Trust the process. With both my businesses, I started out thinking that I knew how the business was going to go – what the world needed and how I was going to help. Once underway, I saw other perspectives: that people wanted something else, that I was better suited to help in other ways.
But I couldn’t see that at the beginning. I had to go through the process to get clarity. I am always exactly where I need to be.
What’s the best advice you’ve received?
The best business ideas are at the confluence of your passion (what do you love to do), your strengths (what are you great at), and the economic opportunity (what will someone pay you well for).
What advice would you give someone just starting out?
Look for the path of least resistance. If you feel like you are swimming upstream, it’s probably because there is an easier way. Become aware of the opportunities that are naturally coming to you or what’s naturally working well. Follow that lead.
What’s the professional win you’re most proud of?
What absolutely warms me heart is seeing the moms in my community build businesses that are great for the world. I truly believe that women – and especially moms – can change the world through entrepreneurship. And wow, do we ever need that right now!
Which book(s) would you recommend to help with success and personal development?
There are so many! One of my favourites is “Mastering the Rockefeller Habits”. It’s about the habits of John D Rockefeller and what made him the wealthiest person in history (accounting for inflation!).
The concepts that stuck with me are that success is 1% vision, 99% alignment. You have to focus on your top 3 priorities to move forward. Thanks to this book, we still do a daily huddle to this day: a 5-10 minute team meeting where we share our top priorities.
Do you have a routine that you attest to your success? If yes, what is it?
I love my morning routine. I wake up before the rest of the family, do a meditation, do yoga and then read the news with a coffee. It’s a wonderful way to start the day.
How has social media played a factor in your success?
For REfficient, email marketing and one-on-one relationship building have been the biggest factors of success.
For my mom entrepreneur business, it’s been all about Facebook, supported by email marketing.
I am a big believer in simplifying your social media: choose the 1-2 platforms where your customers hang out and that you yourself like the most. Then support the efforts with email marketing.
What are the biggest social media mistakes you see commonly made?
The biggest social media mistake I see is that people spew information. But selling doesn’t work that way! You have to build the know-like-trust factor first.
What is the business tool that’s been most helpful?
Currently I’m in love with Loom, which allows you to record videos while sharing your screen.
Is there something you wish everyone knew?
I wish everyone really knew – got present to – the real state of the climate and took action in line with the future we want, especially for our kids.
What’s coming up for you in the next few months?
I’m really excited to announce the next Roadmap to Fulltime Mom Entrepreneurs Summit, which is happening on September 14, 2021. It’s a free 1-day event for moms to overcome 20 limiting beliefs so they can SMASH year end sales goals!
What has being successful taught you?
To use my influence and money where it can count most. We’re investing 10% of summit proceeds to environmental causes.
You’re the creator of the Roadmap to Fulltime Mom Entrepreneurs Summit, what inspired you to put this together?
I love summits because they allow you to do a “sprint” in your business, just like in the 100m dash! Sprints are especially great for moms, because they are short on time. So arrange childcare if you need it, set aside 1 day and dig deep in the event. Your business can move forward at warp speed!
The topic this time is all about overcoming limiting beliefs. Why? Because if you’re not getting the results you want in your business, chances are it’s connected to mindset. And that’s because 80% of success is mindset.
And I have to admit – I love being host! I love pulling together and showcase amazing experts for a common goal. And it’s part of my strengths.
What do you hope summit attendees walk away with?
After the last summit, we heard many moms say that the event changed their life and transformed their business. So incredibly amazing!
This time, I hope moms really get their power and potential and then get out of their own way! We’re tackling 20 common limiting beliefs, so I hope moms gain great insight in at least 1 belief that has held them back.
Then I hope they go out and have a record end to the year in their business!
How can our readers participate in the summit?
What are some fun facts about you?
I’m married to a redhead. When we got married, I made a vow to help his cause as an endangered species(the number of redheads is shrinking) and increase the ginger population in the world. When our daughter was born, she didn’t have hair for the first 4 months… but then it came in RED! High five!
*Some clickable media, usually the book recommendations, are affiliate links, and should you choose to buy through using those links then The Infinite Power of You Inc. may earn an affiliate payout commission. This is at no additional expense to you, and helps keep this blog going.
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