Photo: Smith House Photography
It’s no secret that COVID is challenging small businesses everywhere to rethink the brick-and-mortar business model. With physical retail locations temporarily closed and e-commerce on the rise, it’s crucial for small businesses to pivot to digital to weather the pandemic.
In a Mastercard study of small businesses across North America, 76% say the pandemic prompted them to become more digital, with 82% changing how their business sends and receives payments. 70% say they are willing to invest in the technology required to advance their payment systems and 73% say digital payments are the new normal for their business going forward.
To learn more about how small businesses can successfully pivot to digital during COVID and beyond, Create & Cultivate partnered with Mastercard as the presenting sponsor to bring together four powerhouse entrepreneurs who are expertly navigating the increasingly virtual future of retail at our recent Future of Work Summit on Saturday, September 12th, 2020.
Ginger Siegel, the North America Small Business Lead at Mastercard, led a conversation with Michelle Cadore, small business owner and designer, Amber Tolliver, founder and CEO of Liberté, Sherly Tavarez, founder of Hause of Curls, and Whitney Rife Becker, fashion influencer and entrepreneur, to delve into the topic. Read on for some of the most noteworthy sound bites from the discussion.
On knowing when to strike out on your own…
“I always said that by the end of the year, I’d be a full-time entrepreneur.” - Michelle Cadore
“Really think about laying out your exit plan. Lay out the steps, lay out the financial foundation, to move forward.” - Michelle Cadore
“I moved without any savings, I just took the leap. I just knew it was going to work out. Just have faith in your business and try.” - Michelle Cadore
On the self-funding and bootstrapping processes…
“It’s really important to show a desire in the market for your product or service.” - Amber Tolliver
“The more you’re able to show proof of concept within your space, the better of you’ll be when you go to bring on outside investment.” - Amber Tolliver
On knowing what to look for in a partnership…
“Bringing on VC and angel investors, it's really like a marriage. You need to have a firm understanding of what they're bringing to the table, and it really should be about more than money.” - Amber Tolliver
“You really have to take a diligent look at the parts of your business that need assistance, and look for a partner that can fill in those gaps.” - Amber Tolliver
“You want to partner with people who will expand your name and help you reach people who you wouldn’t usually be able to reach.” - Amber Tolliver
“The only way to get through this and to come out of it better than we were when we first went in, is together.” - Amber Tolliver
“Bringing new products, bringing something different that their customers haven’t seen yet, as well as expanding our reach.” - Amber Tolliver
On launching your own company…
“I invested just $300 and a dream” - Sherly Tavarez
“Once I realized that so many people related to my story attached to the T-shirt, I knew I had to make it a business.” - Sherly Tavarez
On reaching a wider audience digitally…
“Thinking more digitally, how have we been able to keep our community connected.” - Michelle Cadore
“Hashtag everything, share everything, work with influencers.” - Whitney Rife Becker
“Teaching yourself and doing your due diligence so that everything you’re putting out onto the internet has a direct link back to you.” - Amber Tolliver
On crisis-proofing your business…
“Remain agile and have multiple avenues through which you can bring in revenue.” - Amber Tolliver
“At any moment in time, you can say that doors closed, but we’ve got the window and we’ve got the back door. We’ve always got people to connect with the brand in a way that's still driving revenue and keeping that community connected and engaged with you.” - Amber Tolliver
On money tips for small business owners…
“Only buy products you love, it’s easier to sell those products.” - Whitney Rife Becker
On what COVID-19 has taught them…
“That we are unstoppable. Even when you have to sit down for six months and be on pause as a business, it gave me the space to really plan and grow my business. Taught me to keep going, keep pushing.” - Michelle Cadore
“It taught me to pivot.” - Sherley Tavarez
On the future of work…
“It’s ours. Brands are trusting us, influencers, and businesses are trusting the world. We have everything we want at our fingertips.” - Whitney Rife Becker
“Digitally, you can do anything, there are no limits to what we can do and what we can achieve, I think it's a really incredible time to be an entrepreneur.” - Amber Tolliver
“The future of work is adaptable, you have to be flexible and move with whatever changes are coming and stay innovative.” - Michelle Cadore
Psst… If you’re having serious FOMO, join Create & Cultivate Insiders to get unlimited access to all of our Future of Work Presented by Mastercard content including video recordings of every panel and workshop download in C&C history.
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