Remi Founder Freck Beauty interview

We know how daunting it can be to start a new business, especially if you’re disrupting an industry or creating an entirely new one. When there is no path to follow, the biggest question is, where do I start? There is so much to do, but before you get ahead of yourself, let’s start at the beginning. To kick-start the process, and ease some of those first-time founder nerves, we’re asking successful entrepreneurs to share their stories in our new series, From Scratch. But this isn’t your typical day in the life profile. We’re getting into the nitty-gritty details—from writing a business plan (or not) to sourcing manufacturers and how much they pay themselves—we’re not holding back.

Photo: Courtesy of Freck Beauty

About Remi, Founder + CEO of Freck Beauty

Remi is a design-loving, music-obsessed business owner and cat mom to Enzo in Echo Park, Los Angeles. Having grown up in cold and rainy Seattle, Remi was always obsessed with freckles, at a time when it seemed like everyone was trying to get rid of theirs. She started her career as an interior designer, but the idea of a freckle cosmetic was always lingering in the back of her mind. After attending college for branding and marketing, the idea for Freck Beauty’s rule-breaking brand voice and design-forward packaging began to take shape.

She later moved to LA, and after a couple of career changes and attempts at starting her own business, Remi launched Freck Beauty in 2017 with a hero product, FRECK OG – the world’s first freckle cosmetic. Since then, alongside her business partner and COO Des Wilson, Remi has expanded the brand into both skincare and color cosmetics, creating bold, clean beauty products for anyone who cares about ingredients, respects the process, and doesn't care about the rules.

Take us back to the beginning—what was the lightbulb moment for your business?

My background is interior design, and I never thought I would be in beauty. The path to launching Freck Beauty was really formed from a lifelong obsession with freckles. I’ve always wanted to be able to put on freckles since I don’t have any of my own (even though everyone thought I was crazy since this was a time where people wanted to cover and hide their freckles!). 

If ever there was a lightbulb moment, it was when I met my first mentor who had decades of experience in cosmetic manufacturing. She was the first person to say “this is actually a really interesting idea,” and her support gave me the confidence to start trying to put the puzzle pieces together on how I would actually formulate a cosmetic.

Did you write a business plan? If yes, was it helpful? If no, what did you use instead? Why did you take that approach?

Hell no. I mean, I definitely tried because everyone told me to, but it was so daunting that I found myself just doing the steps before writing them down. Sometimes it’s best to just dive in. Even now with my business partner, Des, we prefer to organize with bullet points, cocktail napkins, voice memos, Google sheets, pretty much anything informal. We tend to spend our time executing rather than organizing; not ideal, but that shit’s real. 

How did you come up with the name Freck Beauty, and what are some of the things you considered during that process? What advice can you share?

All of our products have cheeky names, but Freck Beauty is obviously derived from “freckles.” Most people don’t know this, but I had a ton of name revisions from the Kickstarter days to now: Go Freck Yourself (yikes, so agro); Freck Yourself (still agro); Get Frecked (too confusing to brand); Freck (confusion around our hero product name); and, finally, Freck Beauty. Whenever friends or colleagues are running names by me I always ask, “Can you visualize it on a billboard?” I knew Freck Beauty was the right and final name when I thought about it on a billboard over Sunset Boulevard in Echo Park where I live. Simplicity is key, I think.

What were the immediate things you had to take care of to set up the business, and what would you recommend to new founders reading this?

I think it’s really easy to get wrapped up in the housekeeping of a business early on. While that’s important, it’s not the point, and anyone can set up the housekeeping. Really invest the time figuring out your WHY because it's nearly impossible to stay focused, unique, and positioned without it.

What research did you do for the brand beforehand, and can you explain how you found and compiled that research?

I wanted to manufacture a perfect freckle cosmetic for myself and my friends, but before I dove into Kickstarter, I decided to run a Google Survey. It was a minuscule sample size, but I was able to ask 500 beauty-loving strangers a couple of key yes-or-no questions in 2015 like, “Do you think freckles are desirable?” and, “Would you apply freckles if you could?” This really shaped the way I approached the brand, knowing that I wasn’t alone in wanting freckles. 

How did you find the manufacturer or production facility you use, and what advice do you have for other founders looking for a trustworthy manufacturer?

In the case of cosmetic manufacturing, date your labs. Super time consuming, but I would recommend meeting with all the small-run vendors you find from referrals (or Google if you don’t have referrals). Small production runs are barely profitable for labs, so you almost need to sell them on yourself and your concept, because they’re taking on a risk, too—hoping that doing small runs for you will lead to bigger runs. Go into your meetings as your best self, excited about your project, and talk to the lab like they are a potential investor.

How have you funded your business? What advice would you give to aspiring entrepreneurs reading this?

The short story is that I raised a TINY round, bought back those investors after nine months, and didn’t take money again until a pre-seed round in 2019. It was a horrible initial experience. If you’re going to raise money, just make sure that you know and trust your early investors. After that, Des and I basically grew the business by using small private loans. It was ridiculously expensive, but it allowed us to retain equity as long as possible until we were really ready to fundraise.

Do you pay yourself, and if so, how did you know what to pay yourself?

Nada. Des and I both had multiple full-time jobs to pay ourselves (and any hiccups Freck faced) until about two years in. Not only was it not an option to pay ourselves, but we wanted to reinvest into the company by hiring the initial team and expanding our product line. Beyond the money though, I think it’s really important to keep a day job in the early days so you’re not putting too much pressure on the concept or yourself. Starting a business is hard AF without the added stress of having to also make rent every month. Plus, if you find the time to keep motivated after your day job, you know you’re really invested in your idea.

How big is your team now, and what has the hiring process been like? 

We have eight employees now and had just one 18 months ago, which has been a huge learning curve. I didn’t have hiring experience, but I did get to talk with interior designer Amber Lewis at Create & Cultivate Los Angeles and she gave some advice that I’ve never forgotten. I asked her, “When did you know you were ready to hire?” She said, “You just know, but when you’re there, put everything into training them. You’ll be working three times as hard, but you can’t expect someone to think like you if you don’t spend the time.” That’s the real truth.

What has been the biggest learning curve during the process of establishing a business? What mistakes have you made?

Without a doubt, the hardest part has been hiring, letting go, and trusting. In the past, we’ve hired people because we’ve been so overwhelmed and just needed someone. No matter how overwhelmed you are, it takes more time to train a position multiple times. Hold out for the right candidate who you fully believe in, who you’re excited to talk shop with, and who can teach YOU about their specialty. That’s where the most innovative ideas come from.

How did you promote your company? How did you get people to know who you are and create buzz? What challenges have you faced?

I almost completely gave up on Freck OG a year after launch because I couldn’t figure out how to get the product in front of people I knew would love it. I didn’t have the confidence to reach out to influencers and beauty bloggers at the time, and when I finally just bit the bullet everyone I spoke to was really curious about the product and open to receiving samples. I think just throw spaghetti until something sticks! And don’t be scared to try different marketing avenues until you find something that works for your brand. That being said, if you can find a CMO to be your business partner or co-founder early on, that’s a killer move that will only speed up your growth. 

For those who haven’t started a business (or are about to), what advice do you have? 

I love this question. I have a good friend who told me (after the Kickstarter failed and I was trying to figure out a way to market with my embarrassed tail between my legs) that I have “stick-to-itiveness.” That’s always stayed with me. Know that there are going to be so many ups and downs. Take it all in and feel it all. Looking back those are my favorite memories, and I’m so glad I and the team were able to overcome all the obstacles that we learned so much from.

What is your number one piece of financial advice for any new business owner and why?

It’s all about leverage. Keep as much equity as possible, for as long as you can.

If you could go back to the beginning with the knowledge you have now, what advice would you give yourself and why?

If I could go back, I’d ask myself to listen to and trust my voice and point of view more. Don’t worry about following what other people are doing in your industry. The best concepts are ones that no one has come up with yet. Secondly, you can’t do everything yourself. Find amazing, experienced partners who can fill your weaknesses and are ready to sweat it out with you. Des essentially took a percentage of nothing with the vision that we could grow Freck together.

As a co-founder, how have you developed a good working relationship with your business partner? What tips can you share?

Des and I have a really unique partnership in that we have basically no boundaries. We’re best friends, business partners, co-managers. I’m her son’s godmother, and she’s the first person I call to bitch about my ex or neighbors with. We have literally no secrets. Once I helped her get her Diva Cup out. Idk, it just works for us. But doing some serious soul searching before you decide on a partner is key. If you know you need separation from work and boundaries, do you.

Anything else you’d like to add?

In the early days, I thought it would be out of this world insane if Freck Beauty ever made it to Sephora as the world’s first freckle cosmetic. It’s been my absolute dream since day one. We’re launching online on March 2nd and in stores on April 9th, and it’s a pipe dream come true! It’s been a wild and wonderful ride of so much growth and development. If you can see it on a billboard (or on a Sephora shelf) keep it up, you’re onto something big.

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8 Million Tons of Plastic End Up in Our Oceans Every Year—This Entrepreneur Is on a Mission to Change That

We know how daunting it can be to start a new business, especially if you’re disrupting an industry or creating an entirely new one. When there is no path to follow, the biggest question is, where do I start? There is so much to do, but before you get ahead of yourself, let’s start at the beginning. To kick-start the process, and ease some of those first-time founder nerves, we’re asking successful entrepreneurs to share their stories in our new series, From Scratch. But this isn’t your typical day in the life profile. We’re getting into the nitty-gritty details—from writing a business plan (or not) to sourcing manufacturers and how much they pay themselves—we’re not holding back.

Photo: Courtesy of Sarah Paiji Yoo

When Sarah Paiji Yoo became a new mom, she was shocked to learn the water she was using to make baby formula contained hundreds of pieces of microplastics. She discovered that most of our everyday products, from toothpaste and lotion to household cleaners, come packaged in plastic that, when discarded, finds its way into our waterways and oceans and leads to it showing up in our drinking water and food. “That’s when I decided to cut back on my own plastic consumption, but I quickly realized there were so few non-plastic choices as a consumer,” Yoo tells Create & Cultivate.

Yoo, who started her career in finance at McKinsey, Goldman Sachs, and Berkshire Partners before becoming a serial retail entrepreneur, decided she could have a positive impact on the environment if she built a business that offered everyday products in reusable packaging, which is how Blueland was born. Founded with the goal of ending single-use plastic, the brand pairs reusable glass bottles with revolutionary refill tablets of either hand or dish soap, household cleaner, or laundry detergent, eliminating the need for plastic spray bottles, refillable containers, and the like.

Ahead, the entrepreneur tells Create & Cultivate how she built Blueland from scratch, including why she didn’t write a business plan, how she knew VC funding was right for her company, and what the future holds for the brand post-COIVD.

Can you tell us a bit about your background and what you were doing professionally before launching Blueland?

I’ve been a serial retail entrepreneur for the past 10+ years. I started my journey in startups after I “dropped out” of Harvard Business School and founded Snapette, the largest mobile platform for local fashion shopping at the time, and was eventually sold to leading e-commerce platform Pricegrabber in 2013. I was then a founding partner at a startup studio LAUNCH and helped launch a range of brands including M.Gemi and Rockets of Awesome. Prior to jumping into start-ups, I built my career in finance at McKinsey, Goldman Sachs, and Berkshire Partners.

How did you come up with the name Blueland? What was the process like, how did you know it was the right name, and what are some of the things you considered during that process?

The name Blueland derives from the idea that our planet is all our collective home. We thought of it through the realization that we may rid all this single-use plastic from our houses, but it continues to exist for centuries on this planet, our collective home. It encompasses the notion that our home does not stop at our doorstep, or even the water’s edge, and embodies our hope to return the oceans to their natural, pristine state. We also wanted a name that was very simple and strong, easy to spell, and for which we could own the domain name. 

Did you write a business plan? If so, was it helpful, and if not, what did you use to guide your business instead?

I didn’t write a business plan. In fact, while I’ve launched several businesses in my career, I’m actually not exactly sure what a “business plan” is! My co-founder and I did lay out for ourselves the problem we wanted to solve (single-use plastic packaging), our mission, vision, and potential solutions. We weren’t attached to a single way or path of solving this problem and instead wanted to make sure we had the flexibility to change our plans based on testing, learning, and iterating.

What were the immediate things you had to take care of to set up the business? 

Secure the domain name, trademark, and social media handles and incorporate the business.

What research did you do for the brand beforehand, and why would you recommend it?

I scoured the internet for publicly available information related to sustainable consumer products and cleaning products. I spoke with over 50 different scientists, industry experts, and manufacturers. Starting a brand new business is really hard, so do your research and whatever you can to become an expert on the space and products. 

How did you find the manufacturers you work with? What advice can you share for fellow business owners on finding the right partners?

We had to be incredibly creative in finding a manufacturer since these products simply did not exist, and traditional cleaning product manufacturers do not have tablet-making capabilities. We spoke with over 50 different potential manufacturers, across a range of industries (even candy manufacturers) before finding the perfect set of partners. My biggest advice would be to make early strategic hires who can help you with the process. One of ours was our head of product development, who was formerly the director of formulation at Method. He’s been a critical part of finding the best manufacturers and developing the cleanest, effective formulas.

How did you fund Blueland? What were the challenges and what would you change? Would you recommend that route to other entrepreneurs?

My co-founder and I did bootstrap it for the first year of our work and self-funded our idea and product development. Eventually, we raised a $3 million seed round led by a VC firm. Venture capital is likely not the best type of funding for most businesses. Ultimately you need to understand what the expectations are with the form of funding that you are taking and if that matches how you want to build your business over time. VC investment often comes with expectations of high, fast growth, getting to a large valuation, and giving up some control in the form of board seats. 

How much did you decide to pay yourself, and how did you determine what to pay yourself?

We paid ourselves a fraction of what we were making in salary at our previous roles. For us, we wanted to be able to use as much of the capital to build the business.

How big is your team now, and what has the hiring process been like? 

Currently, we have 24 employees. Hiring has always been one of my highest priorities. Some weeks I still spend hours on LinkedIn looking for and reaching out to interesting talent, for both current open roles as well as roles that we may not be hiring for right at the moment. I’ve learned to start hiring early and be patient because it can take a long time to find the right person, but the right person is absolutely worth searching and waiting for.

Did you hire an accountant? Who helped you with the financial decisions and setup? 

I actually started my career in finance and management consulting. I really loved and valued my experiences at places like Goldman Sachs and McKinsey, as they helped me develop a strong foundational understanding of business and also enabled me to go deep in areas like accounting and finance, which I still lean on today. 

My advice would be for founders to really know their numbers. Always hire great talent in the fields you need help with, but when it comes to finances, make sure you know critical numbers like your costs and customer economics in detail.

What has been the biggest learning curve during the process of establishing your business?

I would say my biggest learning curve and takeaway has been don’t see problems, see opportunities. In all my past failures, I had to stop and realize there was little-to-no value in being stressed or upset, and a lot of value in learning from them and pushing myself to be better the next time around. 

How did you promote your company? How did you get people to know who you are and create buzz?

Marketing is incredibly important because it’s all about figuring out and delivering what matters most to consumers, and how to do it profitably and at scale. At the very start, we were focused purely on organic growth and wanted to focus on achieving product-market fit before investing in any paid marketing. Today, we are more active in running paid social ads, search ads as well as TV commercials. Social media has also become one of the most important marketing channels for us—we grew to almost 200K Instagram followers in just one year. It allows us to both reach new customers organically as well as engage with our existing customers every single day.

Do you have a business coach or mentor? How has this person helped, and would you recommend one? 

I feel very fortunate to have a range of people that I consider as both mentors and friends who I can turn to with my biggest business, career, and life questions. They include former bosses, current and former investors, and even a former professor. I’ve never asked someone formally, “Will you be my mentor?,” but rather these relationships have all developed organically out of close working relationships and genuine connections.

How has COVID-19 impacted your business operations and financials? What tactics and strategies have you put in place to pivot and ensure your business is successful through this period?

Demand for our cleaning products and hand soaps increased by over 300% within the first few months of COVID hitting the U.S. as effectively and frequently cleaning down surfaces and hands became a priority for many consumers. Many conventional brands were also sold out both online and in-stores, and many consumers were hesitant to venture into physical retailers and opted to shop online. We’ve continued to focus on how to make it increasingly convenient to purchase online, including our subscription offering, which we introduced during the pandemic. 

We’ve continued to see the elevated level of sales remain through today. For us, despite the pandemic, we’re finding that our environmental mission continues to resonate with and attract new consumers who are still cleaning and washing their hands at elevated levels. 

What short-term changes will be crucial to your business strategy long-term post-COVID-19 and what plans are you making for when we get back to “normal?” 

We believe we are well-positioned for long-term success beyond this pandemic as we continue to focus on building a strong foundation and fundamentals for the business that will continue to benefit us in a post-pandemic world. This includes our robust portfolio of effective but money-saving products, defensible innovation with over 40 patents pending, an authentic mission-driven brand with a large and engaged community, and a financially sustainable business model. We’ve also increased our focus on highlighting the efficacy of our products and showcasing the test results we have from third-party labs that show our products work extremely well. Previously, we were much more focused on our eco messaging, but believe that going forward, consumers will be equally interested in efficacy.

What advice can you share for small business owners, founders, and entrepreneurs who are also reeling in response to COVID-19?

Brands that can prove that they are providing an essential or desirable good/service, even during a pandemic, will emerge stronger. It’s also critical for brands to also make it increasingly convenient to purchase online and not focus energy purely on brick-and-mortar for the foreseeable future. 

For those who haven’t started a business (or are about to), what advice do you have?

Break down your big goals into small steps. For example, with Blueland, the initial goal to tackle creating cleaning tablets seemed massive. We needed an amazing chemist with relevant experience, we needed to find a manufacturer that could make dry tablets, we needed to find a way to package them in paper instead of plastic, etc. We started breaking the problem down into daily actions that we could take to keep moving forward towards our goal (i.e. we got on LinkedIn one night and literally messaged hundreds of chemists to see who would speak with us). You also really need to hold yourself accountable for the things you commit to doing each day. It ensures important steps are moving forward and at a good pace.

What is your number one piece of financial advice for any new business owner and why?

Shop around and sign up for a high-interest savings account. After raising funding, we had millions of dollars that were now in the bank and could be earning interest. We looked around for savings and money market accounts to find which banks offered the higher interest rates. The difference in annual income we could earn just from interest rates could support one to two full-time hires, so it definitely was an area worth spending time on and only took about 5-6 hours in total.

If you could go back to the beginning with the knowledge you have now, what advice would you give yourself and why?

I would tell myself to stay tenacious and relentlessly optimistic. It’s going to be a long, iterative path, and most of the time you’re not going to feel 100% ready, or 100% prepared, but there will be breakthroughs when you least expect it and you can’t let doubt thwart progress.

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This Founder Left a Steady Paycheck at Microsoft to Pursue Her Side Hustle Full-Time

Photo: Courtesy of Diana Nguyen

Walking away from a 9-to-5 job with a steady paycheck and health benefits to start your own business isn’t easy. To help you to take the plunge, we’re introducing a new monthly editorial series The Case for Quitting where we ask self-employed women all about how they successfully struck out on their own, from how they balanced their side-hustle with their full-time job to how much money they saved before handing in their two-week notice. This month we caught up with Diana Nguyen, a senior finance manager turned fashion designer who quit her job at Microsoft to launch her own workwear label, Madison / Savile. Read on to learn how she broke into an entirely new industry, saved up to make the transition, and successfully turned her side hustle into a successful startup.

What was your major in college and what did you want to do when you graduated? 

My major was in accounting with a minor in marketing. When I graduated, I wanted to go into marketing or advertising. 

What did you actually do after you graduated? What types of jobs did you apply to and what industry were you looking to break into?

My stepfather was very strict and adamant that I should pursue a career in accounting, not marketing. I ended up applying to public accounting firms and graduated with five offers to work at the top five accounting firms at the time. I spent 15 years as a consultant, auditor, finance manager, and data analyst serving public and privately held companies in industries spanning from manufacturing and technology to retail.

How did you get into fashion?

During my corporate career, I noticed a lot of women around me at work and in my network (including myself!) that would talk about how much they love blazers, but how hard it was for them to find the right one with the right fit and design. Fit is everything, not only can it make a garment look amazing, but it allows for comfort and mobility. I saw a gap in the market. I love how a suit with the right fit looks on a man, so sharp and powerful and I wanted the same for women! 

All my life I knew I wanted to do more and that I had a higher purpose or calling. It kept getting louder, but I didn’t have clarity on what that was earlier in my life. I got a career coach that helped me narrow it down to being an entrepreneur, which eventually led to the idea of reinventing and redesigning the blazer based on the gap in the market I observed. However, that still wasn’t enough for me to take the leap until it aligned with my passion and purpose to help and empower others and to inspire a more beautiful world inside and out. Thus, the name Madison / Savile came to be. It is the definition of two worlds I’m combining; Madison means gift of God and warrior (inspiring others to bring out their inner warrior, reminding them of the gift that only they can bring to the world) and Savile is for Savile Row in London known for its bespoke suiting.  

What was it like balancing your full-time job with your passion? Do you recommend starting a side-hustle while you have a full-time job? 

I definitely recommend starting a side hustle while you have a full-time job. You are at a stage of exploring, experimenting, and building. I talk about this in one of my podcast episodes “Taking That First Step in Pursuing Your Dreams.” As my podcast guest Jessica Johnson, the CEO of Buzzworthy Content, put it: “It’s chasing your curiosities” and testing out if you even like your side-hustle. Having a full-time job helps to provide the security and funding to spend on exploring and building out your side hustle. 

However, it took prioritizing and discipline to balance my full-time job and my side hustle. How much do you want this in order to re-arrange your schedule and make sacrifices to spend the time needed on exploring and growing your passion/side-hustle? It takes planning and a commitment to yourself of how many hours a day or week you want to allocate to it. Only you can make it happen and only you can move the needle on your passion.

How did you know when it was time to make the transition from side-hustle to full-time? What was your strategy for making the transition?

Working at Microsoft, I was blessed to have a great manager and team where I was able to be fully transparent with them about my endeavors and my plan to quit. I kept my manager informed of my progress and timeline so I could transition my role with plenty of time and make sure the team was set when I leave. They were supportive of me every step of the way and still are. 

I was working on Madison / Savile on the side until it got to a point where it became a full-time job and I needed more hours during the day for meetings and research. I honestly thought if I can get 40 hours a week back and spend that additional 40 hours on Madison / Savile I could launch in six months. I was wrong and it was one of the first lessons I learned.

How did you prepare for the transition before quitting your full-time job? What, if anything, do you wish you’d done differently?

I wish I had stuck with my full-time job or explored working part-time until I actually officially launched. With product development and looking for the right fabric, factory, and suppliers it took much longer than six months and more like 2-3 years. It is all part of the entrepreneurial journey of learning and growing… you don’t really know until you are actually in it. 

Before quitting, I did a lot of financial planning personally and for the business. I had two plans for my personal finances; one if things go according to plan and one if they don’t. Let’s just say with COVID, I am very glad I planned for two different scenarios. 

Were you worried about money? What advice can you share for people who are worried about leaving a steady paycheck to start a new career?  

Money was definitely a worry, especially as I was in a comfortable position for so long and had become accustomed to a certain lifestyle. Jumping into the unknown and not knowing where money was coming from was definitely scary. 

My advice is to plan for a long runway and then plan for a longer one for yourself, your family, and the business. Apply for a line of credit, loan, or whatever you need while you have a steady paycheck as it would be challenging to apply for financing, loans (home/auto) without that. Save the money you need to live and finance your business and then take that leap because if you don’t you will always be wondering—and I always say, don’t live a life of “what ifs.”

Did you save up first or did you just jump in headfirst?

Being in a role for 15 years that was all about managing risk, I definitely saved up money before jumping. It was the hardest leap to make going from a very risk adverse role to being an entrepreneur which is all kinds of risk. I calculated all my expenses each month, evaluated where I can cut the unnecessary expenses (but still live comfortably), and calculated that out for the year and the next three years. I also set aside the money needed to get Madison / Savile going as it takes a lot of capital upfront to launch a fashion/retail brand. 

What's the most important thing you have learned from making a big change in your career life?

When you are working on something that aligns with your purpose and passion, the days and hours go by fast and you learn you have to have a very strong will to keep going and to bring it to life. It was definitely hard to go from a comfortable position at Microsoft to being a budget-conscious entrepreneur. To be honest, I felt that I lost my identity that was tied to my career and my position, but that’s where the learning and the growing happens. You discover who you really are, what you really stand for, and you redefine yourself as who you truly are as you become more aligned with your purpose.

It’s easy to celebrate the wins, but how do you handle failure or when something hasn’t worked out for you?

Great question! Because it happens often especially as entrepreneurs and in life. You definitely have to learn to accept, to let go and pivot. It’s important to reflect back to learn and understand why things happened the way they did. I believe in things happening for a reason. Obstacles stand in your way to redirect your path or because it wasn’t the right time yet. Trust in the process, trust in the timing, and trust in yourself.

I always say your will will get you back up and your why will pull you forward. You have to have your WHY, meaning why are you doing this, and if it’s for money only it’s not going to take you far when you do run into bumps in the road. What if you were only days or weeks away from your business turning the corner, you were so close, but you stopped?

What’s the biggest mistake you’ve made and learned from along the way? 

Not listening to my gut right away would have saved me some money along the way, but again, it’s all part of the journey of learning and growing. Whether it is an idea or a solution suggested for your business or someone that is not the right fit for your team, sometimes it doesn’t sit right with you and you have to listen to that, and eventually, you’ll understand why.  

When you look back and reflect on your previous career do you have any regrets or are you still really happy with your decision?

I wouldn’t change a thing. My experience in finance has helped me tremendously. Knowing the numbers and being able to put together your own financial model helps to see where your costs are, your profitability, and set expectations for growth and long-term projections. Understanding business processes and procedures helps you to see where things can be improved and the pure discipline behind deadlines helps you to stay on track and be a self-starter. The people I’ve met along the way who are now my mentors, friends, and future customers are priceless. 

Going after what you deserve in life takes confidence and guts. Does confidence come naturally to you or did you have to learn it? What advice can you share for women on cultivating confidence and going after their dreams? 

Yes and no. I’m confident in the things I know from experience, confident in my values and principles, and a fish out of water when it comes to things I’m learning. Going from finance to fashion, I had to build my confidence on the fashion side. It’s about surrounding yourself with people you trust, with mentors that you can learn from, surrounding yourself with like-minded people to help you. I’ve learned that there are so many skeptics out there, and also people that project their own failures or fears onto you and what you are doing. That knowing and confidence in what you are doing and what you are bringing to the world is so important. You don’t have to have everything perfect to start, just start.

What is the #1 career or money book you always recommend and why?

I have a tendency to start books and not complete them, so I have seven books on my nightstand to finish! The one book that I finished pretty quickly was “You Are a Badass” by Jen Sincero. It’s an easy and fun read. I read it in the summer of 2020 after we were supposed to launch in March 2020 and had to put everything on pause due to COVID. I was so devastated having to postpone everything and was in an unmotivated, depressed state. I read “You Are a Badass,” a book one of my mentors gifted me, and it helped change my mindset around. It was a reminder to get up and keep going. 

What advice can you share for someone who is thinking about leaving their current gig to pursue their side-hustle or passion?

I have so many pieces of advice, but if I have to narrow it down it is to know what your why is and what your north star is for what you are building. There will be many times when you are so in the weeds or have been pulled in so many different directions that you will lose your vision and knowing your why will bring you back. Your will ensures you get back up, your why will pull you forward. Be patient with yourself, you are learning. Stay true to your values, your core, who you are, and your vision. 

Anything else to add?

No one is like you. If not you, then who? Everyone is different, everyone works differently, everyone’s situation is different. Don’t beat yourself up if you hear this person worked 100-hour weeks or got funded in x months because everyone is on a different journey. At the end of the day, if you know you put your best in for where you are, that’s winning because it’s progress. My favorite quote is: “Don’t fear failure, fear being in the exact same place next year as you are today.” One step at a time.

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How This Stylist Turned Designer Launched a Business During COVID—and Attracted A.O.C and J.Lo’s Attention in the Process

You asked for more content around business finances, so we’re delivering. Welcome to Money Matters where we give you an inside look at the pocketbooks of CEOs and entrepreneurs. In this series, you’ll learn what successful women in business spend on office spaces and employee salaries, how they knew it was time to hire someone to manage their finances, and their best advice for talking about money.

Photo: Courtesy of Karen Perez

Karen Perez never saw herself designing masks. But when the fashion stylist of 15 years was tasked with finding chic, high-end face coverings for her clients during the pandemic and couldn’t find any, she decided to make her own. “I wanted to create a mask that was feminine and chic by highlighting our cheekbones,” Perez tells Create & Cultivate. “A mask that empowered us to still look and feel amazing when we needed to go outdoors.” And the demand for her products has been staggering from the start.

Leading up to the launch of her business, Second Wind, she announced a pre-sale on Instagram, anticipating 100 orders—not 10,000. The overnight success was overwhelming but also posed a major problem: finding the funds to fulfill thousands of orders. “Right after our launch, I decided to create a GoFundMe to raise capital,” Perez explains. “Within a matter of a week, I raised more than $4,000 which made me realize how many people wanted to support my business, my dream.” Including A.O.C. and J.Lo who are just a few of the high-profile women who’ve been spotted wearing her designs.

Ahead, Perez shares her best advice for scaling a business quickly and sustainably, raising capital through crowdfunding, and building a dedicated team.

What has been the biggest challenge in scaling so rapidly, and what advice can you share for fellow small business owners on how to scale quickly and sustainably?

The biggest challenge was finding the right manufacturers in the U.S. so that I can oversee the work. My advice for those thinking of launching a business or fellow small business owners is to always have a targeted budget to work with and set up contracts with your vendors. 

Would you recommend raising capital through crowdfunding to other entrepreneurs today?

The GoFundMe was very helpful and I recommend others to look into this or other crowdfunding platforms. I know some of us are scared to ask for money, let alone apply for loans, but you’d be surprised how many people out there want to see small businesses thrive. 

Photo: Courtesy of Karen Perez

What was your first big expense as a business owner and how should small business owners prepare for that now?

My first biggest expense was supply—and still is. For big expenses, you have to save. It’s hard for me to give this advice because I gave every penny of my savings to launch the business. I don’t advise everyone to do that because I have a different story than others. While it might not be the best advice, if you feel like you have something special and you want to do it right, go all in.

What are your top three largest expenses every month?

1. Product, materials 

2. PR/marketing 

3. Payroll 

Do you pay yourself, and if so, how did you know what to pay yourself?

Technically I don’t pay myself (yet) because every dollar that I make, I put it back into the business. Second Wind still hasn’t even met its first year, and I have to recognize that I still have more expenses to make in order for this business to grow before I can see personal revenue. 

Would you recommend other small business owners pay themselves?

Absolutely! I think it’s important that you pay for the necessities that you need. You really need to learn how to manage your budgets and how to manage your business and personal expenses. Always stay realistic with yourself. 

How did you know you were ready to hire and what advice can you share on preparing for this stage of your business? 

I knew I had to hire right away—as soon as I saw the 10,000 orders! I physically can’t do all of this by myself. I realized I had to take into consideration what I am investing in when hiring staff. When hiring your team, don’t just look at someone who’s going to make your job easier. You need to invest in building a team that is going to be dedicated to building the business with you. 

Did you hire an accountant? Who helped you with the financial decisions and setup? Are there any tools or programs you recommend for bookkeeping?

I hired an accountant and bookkeeper that I work with on a monthly basis. My accountant is also like my financial advisor and has guided me with managing budgets and expenses. My go-to program is Quickbooks. 

Where do you think is the most important area for a business owner to focus their financial energy?

Your financial energy should definitely be put towards your product (materials, supply) and PR/marketing. This is the core of my business and it’s what helps us to continue to grow. 

"No matter how much money you are making, how much money you have to spend, if you stand by your product and business you will see financial gain."

—Karen Perez, Founder of Second Wind

Do you think women should talk about money and business more?

Yes! I think it’s so important. For a long time, women were never thought to be included in these conversations. I think it’s important for us to come together and be open and share advice. I have my go-to circle of friends that are also small business owners and they share advice with me all the time. 

Do you have a financial mentor? Do you think business owners need one?

I have several financial mentors—a mix of both men and women. I think it’s important for others to have one. Don’t be shy to network and ask around/meet with your local business owners. You’d be surprised as to how many small business owners in your area would be willing to chat with you and give you some advice. 

What money mistakes have you made and learned from along the way?

As a new small business owner, you are eager to get things done and sign off on contracts without reading them properly, and when there are problems, you realize you didn’t read the contract correctly. My advice is to READ everything carefully and protect yourself. 

What is your best piece of financial advice for new entrepreneurs?

The best advice is to love what you do. No matter how much money you are making, how much money you have to spend, if you stand by your product and business you will see financial gain.   

Your business has garnered the support of high-profile women by the likes of Alexandria Ocasio-Cortez and Jennifer Lopez. No doubt, major retailers are asking to carry your products as a result. What’s next for you and your brand? Can we expect to see Second Wind products at Bloomingdale’s or Nordstrom in the future? 

We are excited to announce that we have a confirmed retailer commitment from Saks Fifth Avenue. Our products will be sold online until further notice. This is just the first step to growing into a global brand.

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"Confidence Gets Checks Signed"—Why This Founder Wants You to Have a 3-Year Plan for Your Business

You asked for more content around business finances, so we’re delivering. Welcome to Money Matters where we give you an inside look at the pocketbooks of CEOs and entrepreneurs. In this series, you’ll learn what successful women in business spend on office spaces and employee salaries, how they knew it was time to hire someone to manage their finances, and their best advice for talking about money.

Photo: Courtesy of Jen Batchelor

Jen Batchelor knows a thing or two about pitching to investors. Since launching Kin, a beverage company that’s reinventing booze-free imbibing with potent blends of adaptogens, nootropics, and botanicals, the founder has raised over $5 million in funding from venture capital firms, such as Refactor Capital, Canaan (which has also backed startups by the likes of Bird, Cuyana, Instacart, and The RealReal), and Fifty Years. But before she started fundraising, she went the self-funded route—for two crucial reasons.

“I really didn’t want to launch this business—or waste other people’s money trying—until I knew our approach to [producing an alternative to alcohol that preserves the positive effects of having a drink] was something that, one, was a sustainable solution and, two, was something the world actually wanted,” Batchelor tells Create & Cultivate. It’s an approach that involved a longer timeline—and a bit of bootstrapping—but it’s safe to say it paid off in the end. “We gave ourselves 12 months to develop a minimum viable product and beta-taste it to over 3,500 people. It ended up taking nine months to make up our minds and then two seconds for our first investors to say, ‘Yes.’”

Ahead, we chat with Batchelor about how she took her business from a self-funded startup to a venture-capital-backed company, including the money mistakes she’s made along the way and her best advice for founders on partnering with the right investors.

Take us back to the beginning. What was the lightbulb moment for Kin? What inspired you to launch your business and pursue this path?  

Well, as there usually are with honest assessments of the self, it took multiple lightbulbs to get me to wake up. In fact, it took about the tenth one to finally push me from fear to faith. Ultimately, I noticed that after college, my friends and I never really slowed down our alcohol consumption, we just bought more expensive booze—which we thought elevated or justified our drinking somehow. As wellness became a bigger part of our collective routines and we all got smarter about our careers and fertility goals, we realized even the most expensive champagne couldn’t save us from the precious time (and collagen) alcohol was robbing us of every week, no matter how much OJ was in it! When I started going through the scientific research and assessing all the things I was potentially compromising in my life even with just a few drinks a week, the most surprising of them all was my cognitive ability. My brain was my instrument and my time was a currency in the age of freelancing and entrepreneurship, so it finally got to the point where I had to admit that the costs of my social habits were too great a debt to bear while going after my dream goals.

You self-funded Kin for the first year, but you've since brought on investors such as Refactor Capital, Canaan, and Fifty Years. Why did you pursue a self-funded strategy initially, and why have you sought out investors over time? Would you recommend that route to new entrepreneurs today?

I really didn’t want to launch this business—or waste other people’s money trying—until I knew our approach to solving the problem itself was something that 1) was a sustainable solution (it worked and would continue to work in the future) and 2) was something the world actually wanted. We gave ourselves 12 months to develop a minimum viable product and beta-taste it to 3500+ people. It ended up taking nine months to make up our minds and then two seconds for our first investors to say, “Yes.” We knew they were the right folks because they were focused on the future of food and understood we were in this to truly disrupt the 10,000-year-old (read: dated) tradition of drinking ethanol for funsies. The same way they knew the meat industry was unstainable for the planet, they knew ethanol was unsustainable for the people. It was an instant match. 

What advice can you share for entrepreneurs on partnering with the right investors? What do investors need to bring to the table other than just money? 

This is an important question so I’ll try to do it more than lip service. You really need to know your business and what it needs to be successful in this immediate stage in order to pick great investors for a particular round of financing. It’s like putting a fantasy football team or a great outfit together. You wouldn’t pick your favorite bikini, pair it with your favorite gown and your favorite sneakers and call that date night chic. Start with the intention, know the audience you are trying to serve (a.k.a your best customer now, that may change down the line so spend time doing the research), and then go after investors that can help you reach that customer, help you land that next critical hire, help you troubleshoot potential challenges for the relevant season in your business journey, etc, etc. With all the capital available in the world right now, this is much easier to do than it sounds. Be choosy! The best investors will get the mission and be ready to pull up their sleeves to hustle right alongside you when you really need the support. Whenever possible, bring on a couple of investors that have been owner/operators in companies with growth trajectories and exits you’d like to follow or who have built cultures you admire. 

Since launching Kin in 2018, you’ve raised over $5 million in funding from venture capital firms—no doubt you’ve learned a lot along the way. What are three crucial elements everyone should include in a pitch deck when raising money and why? 

Your pitch deck will evolve for every season of fundraising you enter. At the onset, it’s important to remember that everyone has an idea worth funding. The question is why are you and this idea a match? What is it that makes you uniquely suited to reach a certain audience?  I’ll tell you from experience, it’s not enough to just be “the first” to market. Though it can help with angel funding to be a first-mover, it won’t always get the bigger deals done. You must have a unique strength and competency and a strategy for growth. Secondly, you’ll need a three-year plan to woo the best investors—they need to see a path to profitability even if a lot of it is based on hypotheticals. Third, show any evidence of traction and do it well. Again, social proof around an MVP is going to drive the kind of confidence in you as THE person to lead this concept to success. Confidence gets checks signed. Know your shit.

Where do you think is the most important area for a business owner to focus their financial energy and why? 

If I had two dollars, I would spend it on people and customers every time. $1 on my team and $1 learning what makes my guest (customer) tick. 

Photo: Courtesy of Kin

What was your first big expense as a business owner and how should small business owners prepare for that now? 

People was the first big expense—and still is. Get smart about your org strategy and the incentives you’re going to need to get the right people in the right seats early. Think about things like benefits and stock options before you hire your founding team. Get that squared away and you won’t need to revisit this in year two when you should be focused on scaling. Katrina Lake from StitchFix has a great blueprint for this in terms of hiring your A-team early.

What are your top three largest expenses every month? 

People, shipping, and people.

Do you pay yourself, and if so, how did you know what to pay yourself?

Yes. I came into this with a co-founder so we just took the typical founder salary of one founder/CEO and divvied it up based on responsibilities. This didn’t happen till we raised some money, though—before then, the goal was to get to “ramen money”—and now I have a board so it’s evolved into a collaborative effort of incentive setting based on growth and OPEX management goals. 

Would you recommend other small business owners pay themselves? 

This is a highly individual question based on what gets you up in the morning and what you need to stay creative. If you’re bootstrapping to get your dream off the ground, stay as lean as possible for as long as possible. Stay hungry. Once you have investors though, you start to realize you work for them as much as you work for yourself, so get yourself paid and live in a way that supports your best sleep. No investor wants to see a founder they believe in stressed AF about how they’re going to pay their electricity bill while trying to change the world. 

Did you hire an accountant? Who helped you with the financial decisions and setup?  

Yes, I had an accounting service from day one and now have an accounting team supporting my head of finance. 

What apps or software are you using for finances? What’s worked for you? 

Brex is pretty sweet for managing expenses and empowering departments to do what they need to do.

What are some of the tools you use to stay on top of your business financials? What do you recommend for small business owners on a budget? 

We run a pretty classic system at Kin. Excel, QuickBooks, and Gusto get us where we need to be on budget management, AP, and people expenses. It also forces upon us a checks-and-balances system that keeps us on our A-game. That said, as a mostly e-comm-driven company that handles the production complexities of our own manufacturing, a stellar inventory management system is also non-negotiable. We just onboarded to Cin7 which is supposed to make this process more centralized and automated but I’ll have to keep you posted on that one as it is still new for us! 

How did you know you were ready to hire and what advice can you share on preparing for this stage of your business? 

We only hired after we raised money. At that point, the plan was set and we knew we had to get troops in the air and on the ground building and spreading the gospel of Kin as soon as possible. Luckily, the first wave of folks were friends, smart ones, many of whom are still with me today so it wasn’t a hard decision for me to bring them on board, having all the faith and confidence that we could get to where we needed to go collectively. The bigger leap of faith was on them—why should they follow me when they could be working anywhere in the world? Eternally grateful to each of them for leading with faith and jumping in with excitement. The world would be a much boozier, less blissful place without them. 

The key with hiring was securing the folks I wanted to work on Kin versus the ones I thought should be working on Kin. Such a subtle difference but the latter hiring decisions, I have found, to be subliminally based on fear. “I should bring on this expert from this big brand because that’s probably smart to do no matter how much they cost” versus “I’m dying to get this person on my team, maybe I can’t put a finger on why but I know their background, talent, core values, and gusto around the mission will yield more than their title suggests.” In short, do your diligence but follow your intuition in the end. Then lead them. 

Do you think women should talk about money and business more? 

Definitely. Guys talk about this stuff all the time, it’s like a sport. Because of that, they win at it, a lot. I think building your financial acumen is a great way to eliminate black box challenges and be truly fearless in steering your business. 

Do you have a financial mentor? Do you think business owners need one? 

I have a CEO coach and a management mentor. The latter is someone who has built (and scaled) a culture I admire. Both impact how I think about financial priorities, but I would say the most influential people in my sphere impacting Kin’s financial destiny on the regular is my head of finance and my lead investor. I rely on one to read between the line items of today—how are we trending day-to-day, week-to-week, what can we cut, where can we more efficient? And the other to help me think about structuring the business for the next level of growth. 

What money mistakes have you made and learned from along the way? 

Most all of my money mistakes have been people-based. This is why “hire slow, fire fast” is one of the most prolific adages of modern entrepreneurship. One dollar in the wrong pocket is not only painful for the bottom line but costly to team morale and productivity. It’s not just exposure in terms of salary, having the wrong person in the wrong seat affects the output of the entire business, especially during earlier stages. 

What is your best piece of financial advice for new entrepreneurs? 

I’m a big believer in raising a hair less than you think you need. Just because someone is willing to sign over a check for $10 million, if you only need $3, take $2.5 million. Trust me, it will make you a stronger, more creative leader and you’ll leave yourself less exposed to micromanaging or dilution of vision (not to mention, equity!). Otherwise, don’t waste money on consultants and expensive research firms unless the output is a direct input or prerequisite for the product you are building. Even then I would wait. You are the magic sauce, you don’t need to spend $100K for someone to tell you that you know your brand better than anyone. To whit, whatever freelancers you do end up hiring watch for the ye olde SCOPE CREEP! It can eat any small business alive, so please iron out your contracts in advance. 

Anything else to add? 

Don’t forget that money is purely an exchange of energy. You don’t want to fear it lest it dominate you just as you don’t want to squander it lest it rob you of opportunities. Get cozy with your relationship to money as a whole (what are your limiting beliefs around money? what are your traumas? insecurities? identify black box knowledge areas) so you can work with it in your business life in a fluid and empowering way. Protect your energy but don’t let money rule every decision. You got this.

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How This Fashion Stylist Turned Interior Designer Carves Out Time for Creativity

Photo: Courtesy of Estee Stanley

Welcome to our monthly editorial series A Day in the Life where we ask successful women we admire to share the daily minutiae of their professional lives, from the rituals that set them up for success to their evening wind-down routines. This month we sat down with Estee Stanley, the fashion stylist turned interior designer who is streamlining the way interior designers and architects work with clients through her agency The Eye. Read on to learn how this enterprising entrepreneur stays focused, manages her inbox, and finds the time to binge-watch “Losing Alice” at the end of the day.

Tell us a bit about The Eye. What whitespace did you see in the market? What need did you want to fill?

Before transitioning into interior design, I spent many years working as a celebrity fashion stylist. During my time as a stylist, I was represented by The Wall Group. Although hesitant at first, the benefits of having an agent became so apparent (more money, less hassle) that giving up a cut of my hard-earned money became beyond worth it.

Then, after transitioning into interiors, I couldn’t find the same opportunity for representation, and I never understood why. Having someone to advocate on your behalf, negotiate your contract and fees, and act as a liaison between client and designer throughout the project creates the space for creatives to do what they do best, create! I want to implement this already proven successful representation model into the design industry, helping bring more transparency to all! 

Are you a night owl or a morning person? When do you do your most important work and why? 

I would definitely say I am a night owl. My creativity often sparks after a few drinks, however, my mid-morning fully caffeinated self is definitely my most prolific self. 

What time do you get up? What’s the first thing you do upon waking?

I typically get up around 7:30 or 8:00 am, which always feels too early. After immediately brushing my teeth, I try to get some light stretching in, and then it’s off to get my kids organized for their day. 

What does your morning, pre-work routine look like?

My mornings often look different (I have my kids to thank for the spontaneity) but I do my best to fit in yoga or tennis whenever I can!

Mark Twain said, “Eat a live frog first thing in the morning and nothing worse will happen to you the rest of the day.” What’s the first thing you do when you get to your desk?

First thing is to check and make sure I have my iced tea and water easily accessible. Once the caffeine component has been secured, I typically start my day by checking the news. 

What are you working on this week?

Currently, we are in the development stage of creating The Eye’s very own Youtube channel. Our channel will include a variety of unique design shows featuring many of the talented designers on our roster. I love TV so brainstorming and pitching shows has been very fun for me! 

What’s been the most rewarding part of running your business? The most challenging?

There are a ton of rewarding aspects of this job, but my favorite is being the person to our designers that I always wish I had in my corner. With The Eye being the first-of-its-kind agency within the design industry, one of the biggest challenges we’ve faced has been educating people on the reason for our services. Considering designers have been working and clients have been hiring long before The Eye ever existed, people wonder why now? It’s our job to show both designer and client the benefits of using The Eye’s services over the ladder. 

“Try to section off times in your day to work on certain tasks. That way, you don’t spend too much time doing one thing. It also helps you carve out more time for creative conversation and long-term thinking.”

—Estee Stanley, Founder of The Eye Agency

Photo: Alexander Design Courtesy of The Eye Agency

Do you ever reach inbox zero? How do you handle the constant influx of inquiries and communication entrepreneurs are so familiar with?

This one is tough for me, as I have to admit I am not a big email person. I am pretty old school when it comes to communication and way prefer someone to pick up the phone and call me directly. Knowing that is way less common in the world we live in now, hitting inbox zero rarely ever happens for me, unless it’s on my phone (since I refuse to install the email app there, lol). That being said, I still love the constant influx of inquiries because they often lead me to connections and opportunities I would have never known otherwise. 

What is your go-to work lunch?

Typically, I’ll eat a Nicoise salad or an Italian chopped salad with no meat. However, recently I have been incorporating a lot of banana bread into my diet as well, as I started a side company called Gone Bananas Bread as a way to raise money and give back to charitable causes across our community. Check us out at gonebananasbread.com.

What advice do you have for balancing the minutiae of day-to-day tasks with big-picture planning?

My advice would be to not get too bogged down in your email inbox. Try to section off times in your day to work on certain tasks. That way, you don’t spend too much time doing one thing. It also helps you carve out more time for creative conversation and long-term thinking.

What are some work habits that help you stay healthy, productive, and on track to reach your goals?

Lots of water and deadlines! Working on a deadline always helps me stay focused and more productive. 

Any favorite apps you use regularly?

Woodoku, The Hoffman Process App, Instagram (obviously), and Bitmoji.

What are you reading, watching, or listening to right now to help you wind down at the end of the day?

Reading: “Siblings Without Rivalry” (LOL)

Watching: Where do I begin… I am a complete TV junky. Right now I am watching “Losing Alice” and “Possessions,” and I just finished “Money Heist” and “The Split.” 

When do you go to bed? What’s your “optimal” number of sleep hours?

14 hours is my optimal amount, only when dreams come true. However, I settle for 8 and usually am asleep by midnight.

What’s the most rewarding part of your day? 

2 part answer!  

1) Seeing my kids getting along and realizing how much they teach me on a daily basis.

2) Having fun at work and finding the humor in the small day-to-day things. If you can’t find a smile or laugh while on the job, I would suggest reassessing what you're doing.

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I Spent 3x More Money Than I Budgeted to Launch My Business

We know how daunting it can be to start a new business, especially if you’re disrupting an industry or creating an entirely new one. When there is no path to follow, the biggest question is, where do I start? There is so much to do, but before you get ahead of yourself, let’s start at the beginning. To kick-start the process, and ease some of those first-time founder nerves, we’re asking successful entrepreneurs to share their stories in our new series, From Scratch. But this isn’t your typical day in the life profile. We’re getting into the nitty-gritty details—from writing a business plan (or not) to sourcing manufacturers and how much they pay themselves—we’re not holding back.

Photo: Courtesy of Brittney Ogike

Brittney Ogike knew starting a business would be expensive, but she underestimated just how costly it would really be. “When I wrote my business plan, I didn’t allocate enough dollars to certain areas like buildout and inventory,” Ogike tells Create & Cultivate. “I remember telling our design firm my original budget for the buildout. They pretty much laughed at me and suggested I not work with a firm and go it alone. I had no idea about the amount of money it would take to build the store I was envisioning!”

Thankfully, these expenses didn’t discourage her from bringing her vision to life. As the founder of BeautyBeez, a modern beauty supply store created by and for WOC, she’s bringing an elevated and inclusive shopping experience to women who have been long overlooked by the beauty industry. “For decades, the beauty supply has been left unchanged and wholly inadequate,” Ogike explains. “And more recently, consumer behavior has shifted. Our community has become more conscious of where we spend our hard-earned dollars, but with no place to turn to for our complete beauty needs.”

Ahead, Ogike tells Create & Cultivate all about her business and her founder journey, including the lightbulb moment that inspired her to launch BeautyBeez and the costly lessons she’s learned since becoming an entrepreneur.

Take us back to the beginning—what was the lightbulb moment for your business? 

BeautyBeez was created to fill a gap in the retail industry. What many people outside of the African American community don’t realize, is that ethnic hair care and beauty products are typically sold in small local retailers called beauty supply stores. Every Black woman has memories—both fond and unpleasant—of going to the local beauty supply store with our mothers and shopping for those nostalgic “Black girl hair” products: hot combs, barrettes, relaxers, hair grease, and a whole lot more. It was a space specifically for us! The larger retailers didn’t (and still don’t) carry these items. 

The lightbulb moment occurred when I was shopping for some hair products for my daughter. I was forced to go to our local beauty supply store and left feeling upset about the entire experience. For decades, the beauty supply has been left unchanged and wholly inadequate. And more recently, consumer behavior has shifted. Our community has become more conscious of where we spend our hard-earned dollars, but with no place to turn to for our complete beauty needs. BeautyBeez was created to fill the white space in ethnic beauty. We provide an inclusive beauty experience where women of color can shop, explore and play in a world full of beauty. 

Did you write a business plan? If so, was it helpful, and if not, what did you use instead and why did you take that approach? 

Yes! A business plan was essential in building the framework of BeautyBeez. It helped me establish the mission of the brand, the product offerings, and financials. I also believe it was useful in persuading my family members to join. I still refer to it to this day. 

How did you come up with the name BeautyBeez? What was the process like and what are some of the things you considered during that process? 

When determining the business name, I wanted it to have a few characteristics—unique, brandable, identifiable, and include a personal nod to my family. I wanted a complete departure from the typical beauty supply name with the hopes of establishing the brand as a leading beauty retailer—and not just a beauty supply. The “Beez” in BeautyBeez has a few different symbolic meanings. It acknowledges me (B for Brittney), my daughter (Z for Zara), and the fierce, matriarchal symbolism of the bee animal. 

What were the immediate things you had to take care of to set up the business? What would you recommend to new founders reading this who don’t know where to start? 

The first thing I did was establish the business name. I contacted a lawyer and had them register and trademark the name. Next, I bought the website domain and created social handles on all social platforms, even though I didn’t need them immediately. 

What research did you do for the brand beforehand, and can you explain how you found and compiled that research? Why would you recommend it and why is it important? 

I visited as many beauty supply stores as possible and posed as a customer to figure out how I could fill the white space. I read online reviews to understand the pain points. I spoke with all of my friends about their experiences shopping for their beauty needs and had conversations about how the issues could be resolved. Lastly, I researched the history of the industry. Why was it dominated by a specific group of people? Who are the major competitors? What are the potential barriers to entry? To gather information, I read trade articles, searched the web, and went down every rabbit hole I could find on the topic. It’s important that you’re educated in whatever industry you get into. Stay on top of trends and the laws and regulations that are passed down. 

How did you find and identify the distributors you work with? What are some of the challenges you faced along the way and what advice can you share for fellow small business owners? 

Since I’m a minority in the industry, I faced several challenges trying to open accounts with distributors. I have been charged high minimums, required cash upfront when others are given credit terms and have been flat out denied access. Oftentimes, working directly with the brand was a lot easier to procure products. The advice I would give is to not give up. Reach out to as many different manufacturers and distributors as possible. All you need is one “yes.” And once you get that “yes,” thoroughly research them. Find people in your industry that have done business with them. This will not only help you vet the supplier, but it will also help you in establishing a network of contacts in your new industry. 

How have you funded your businesss?

We are a family-owned company comprised of myself, my husband, and my brother. Fortunately, we are self-funded and haven’t had to seek any outside funding, yet. 

What is the biggest money mistake you made in the beginning and how did you recover from it? 

I’ve spent way too much on inventory. I was so eager to start ordering products for the store that I didn’t fully understand the ordering process with some distributors. They all have different rules and ways of ordering. I should have been more conservative on quantities and asked more questions. I’m currently sitting on hundreds of sewing kits if anyone needs any! 

Did you work full-time at another job while building this one or just dive straight into it? Can you share your experience and what you would recommend to others? 

Yes. I’m moonlighting as a sports manager. My career has always been in sports and I don’t see myself giving up on that work any time soon. I enjoy what I do in both industries—beauty and sports! 

Do you pay yourself? If so, how did you know how much to pay yourself? 

I haven’t paid myself, yet. Once we reach profitability, I’ll be able to start paying myself a minimal salary.

How big is your team now, and what has the hiring process been like? Did you have hiring experience before this venture? If not, how did you learn and what have you learned about it along the way? What advice can you share? 

I have a staff of four part-time employees that work in the store and three corporate team members that assist with operations and branding. Finding great team members is one of the toughest parts of being a business owner. I’m still learning along the way, but the best advice I would give is to hire slow and fire fast. It’s important to take the time to find the right person for the position. Call references, run background checks and do all the things necessary to make sure the candidate is the right fit. If that person isn’t working out, it’s also important to remove them from the position immediately. You can’t let your emotions get in the way, which is a lesson I had to learn. At the end of the day, it’s about your company and what’s best for the business. 

Did you hire an accountant? Who helped you with the financial decisions and setup? 

Yes, I hired an accountant to assist with bookkeeping and monthly financial reports. Admittingly, financials are my weakest skill set. I even audited a college finance class the summer before I started working on BeautyBeez because I know how important it is to understand financial statements and reports. 

Can you share the biggest learning curve or challenge since starting your business and why? 

My biggest learning curve has been the economics of it all. This includes budgeting, forecasting, profit/loss, etc. There are so many financial decisions that need to be made on a daily basis when running a business. Having a comprehensive knowledge of your company’s financial standing is essential for success. I’m constantly educating myself on how to have better margins, determine pricing, and control costs. 

Do you have a business coach or mentor? If so, how has this person helped, would you recommend one, and how did you find one? 

I’m currently in the process of trying to find a mentor or an executive network group to join. Having a mentor or joining an executive group can help you grow as a leader and aids in better decision-making in your business. I would love to have a group of like-minded entrepreneurs to bounce ideas off of or troubleshoot certain issues I’m facing. 

How did you promote your company? How did you get people to know who you are and create buzz? What percentage of your budget goes to marketing and why? What challenges have you faced? 

First, let me say this. If you build it, they will not come! You have to build it, then tell people about it. Marketing was a huge challenge for me in the beginning. I think it was because I was trying to figure out which strategy worked that would give us the best return. We’ve done flyers, banners, a referral program, digital ads, and social media. Social media is where we’ve seen the biggest response. We had to figure out where our ideal customers were. They’re on social! So, we’ve invested a lot of time, dollars, and energy to make sure BeautyBeez is in front of them on all of the social media channels. Presently, we’re spending about 30% of our budget on marketing. 

What is one thing you didn’t do in the setup process, that ended up being crucial to the business and would advise others to do ASAP? 

I severely underestimated my startup costs. I ended up spending three times more money than I previously budgeted to create BeautyBeez. When I wrote my business plan, I didn’t allocate enough dollars to certain areas like buildout and inventory. I remember telling our design firm my original budget for the buildout. They pretty much laughed at me and suggested I not work with a firm and go it alone. I had no idea about the amount of money it would take to build the store I was envisioning! The lesson in all of this is to do your research in determining potential costs and do not be conservative. 

For those who haven’t started a business (or are about to) what advice do you have? 

Just do it! You cannot wait for the perfect moment. I read some advice when I was in the early phase of developing BeautyBeez that said to complete at least one task a day that gets you closer to your goal. It can be as small as research on a particular topic or as big as creating a website or registering your business. I took this approach and a year later, we officially launched. There are going to be many challenges and hurdles along the way. Take them one day at a time. In the end, the gratification you feel once your business launches will be worth it. 

What is your number one piece of financial advice for any new business owner? 

Pay attention to the numbers. They don’t lie. We create businesses for a lot of reasons, but at the end of the day, we want them to make money. Profitability is the goal for most businesses, and to reach profitability, you need to look at your numbers. What is making the most revenue? How can you increase these sales? What isn’t working and costing too much money? These are the questions you should ask yourself every month and make adjustments. Ultimately, if there is no path to profitability, your business will fail. 

If you could go back to the beginning with the knowledge you have now, what advice would you give yourself and why? 

I would say slow down. I was so eager to get up and running that I didn’t fully understand many of the aspects that have now cost us a lot of money in mistakes. Yes, mistakes will happen. But, the goal is to not make expensive mistakes. The only way you can do this is to do your research and make informed decisions. 

Anything else you’d like to add?

For anyone out there looking for a sign to tell you to start, this is your sign. Start now! Follow your dreams and don’t let anyone or anything hold you back.

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Why I Became an Entrepreneur Even Though Starting a Business Was Never My Dream

“My entrepreneurial story wouldn’t be complete (or have even started) without my greatest hero, my mom.”

—Jenn Chung, Founder of Embody

Stories about entrepreneurs usually begin with a free-spirited child or having an executive mindset from the start. The entrepreneurial journey usually starts with a lemonade stand on the corner or selling baseball cards to classmates. Yeah, that wasn’t me. In fact, I wanted nothing more than to lead a “normal” life. I wasn’t ambitious or a natural-born leader. I was a shy kid and a rebellious teen. Starting a business was never my dream. But the more I was exposed to sharp and successful business people, the more my entrepreneurial spirit evolved. My entrepreneurial story wouldn’t be complete (or have even started) without my greatest hero, my mom. I come from an immigrant family. I was born in Vietnam and the family moved to Minnesota when I was one. My mom was the breadwinner of the family and always worked multiple jobs to support us.

My earliest memory of seeing her work was when I was about four years old. She was a waitress at a Chinese restaurant in Rochester, Minnesota. I was so impressed that she was able to carry a platter full of dishes on her shoulders. While my mom worked, the owner would let me sit behind the counter and my mother would sneak chicken wings to me during her break. As a little girl, that brought me so much joy. My mother was very business savvy and owned several businesses before she started a skincare company in 2007, Forever Beaumore. By then she was a single mom with three kids (soon to be four) and she realized she needed to create her own opportunities in life. Her independence and resilience instilled the beginnings of an entrepreneurial spirit in me. 

In Vietnamese culture, holistic medicine and nutrition are intertwined with skincare. My mom taught me from a young age that healthy habits were a necessary part of taking care of my skin and my body. I started taking her advice seriously in my teens after I developed cystic acne, and I watched my skin clear up and begin to heal. Millennials are chronically stressed, overtired, and influenced by the filtered skin they see on social media. I realized I was passionate about sharing what I had learned about nutrition and holistic wellness with my peers for better skin and health. 

That’s easier said than done, though. The skincare market is saturated with products all promising to do the same thing: unclog pores, get rid of acne, fade scarring, and prevent aging. As a consumer, I felt overwhelmed, exhausted, and financially drained by the options. Knowing that creams could only do so much and skincare at its core starts from within, I set out to find a modern way to introduce my peers to the Eastern practices of food and nutrition as medicine to improve their beauty from within. I wanted to demystify skincare, create effortless products that work, and make beauty approachable and attainable for everyone. 

I’m lucky to be following in the footsteps of so many bad*ss female entrepreneurs who have paved the way for founders like myself. Their example inspired me to be a confident businesswoman who celebrates and encourages others. My hope for female founders like me? To one day eliminate the “female” in “female entrepreneur” and finally be seen as equal with our male counterparts. Until then, I’m proudly owning the title of female entrepreneur!

If you’re thinking about entrepreneurship yourself, here’s my advice. Use Google! It’s such a powerful tool and you can quite literally learn how to run a business online. Support other female entrepreneurs. There’s a worldwide network of incredible female entrepreneurs, tap into their wealth of knowledge to get yourself started. Consider your motives. There’s a lot of pressure in today’s society to “be your own boss” (think Etsy shops, direct sales, side hustles), but it’s important to pursue what fulfills you, not what you think others think should fulfill you. 

Entrepreneurship is not for everyone, and that’s 100% okay! You don’t have to be the big boss to be fulfilled by your job. You don’t have to monetize your hobbies or passions, either. If you like the idea of starting a business but aren’t ready to start your own, try finding an entrepreneur who shares a similar vision or goal that you can work alongside. You never know, it could be a great opportunity. 

Here are my final words of advice: take it slow when it comes to decision making. Yes, sometimes quick thinking is necessary. But making thoughtful decisions will ultimately provide better results (aka save you time and money). Create a step-by-step plan for your business and be aware that none of it will go according to the plan. The most important thing is to keep an open mind, be flexible, and ask for help when you need it. Oh, and don’t be afraid to break the rules.

About the author: Jenn Chung the founder of Embody. Jenn worked her way up through her family cosmetics company, Forever Beaumore, from packing boxes at age 15 to stepping in as president at age 24. Seeing first-hand how successful her family’s beauty supplements were in the Vietnamese market, Jenn was inspired to create a brand for women just like her and bring eastern beauty remedies to a modern western audience in a fun, palatable way.

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This Entrepreneur Is Giving Girls the Tools to Build Long-Term Financial Wellness

You asked for more content around business finances, so we’re delivering. Welcome to Money Matters where we give you an inside look at the pocketbooks of CEOs and entrepreneurs. In this series, you’ll learn what successful women in business spend on office spaces and employee salaries, how they knew it was time to hire someone to manage their finances, and their best advice for talking about money.

Photo: Courtesy of Nicole Hartwig

Nicole Hartwig learned everything she knows about money from her late Aunt Lynn. “My aunt guided me through all of my financial firsts, often sitting me down with a pencil and paper, teaching me the most foundational financial principles like how to make a budget and how to set a savings goal,” Hartwig tells Create & Cultivate. “She coached me through saving up for my first car by allowing me to make ‘deposits’ into a Tupperware container she kept safe for me in her kitchen drawer.“

So when her aunt passed away in 2013 after a 25-year battle with cancer, Hartwig was inspired to help girls develop financial literacy skills as a way of honoring her late aunt and the values she lived by. “My aunt relentlessly pursued her career goals in finance, slowly working her way up with a steady determination and humble grace, all while battling breast and ovarian cancer for nearly half her life,” explains Hartwig. Thus, Capri, an app designed to teach high-school and college-aged girls financial literacy skills and cultivate confident money mindsets, was born.

Ahead, Create & Cultivate chats with Hartwig about everything from starting her business to bringing on her first hire, and everything in between.

How did you make your first dollar and what did that job teach you that still applies today?

My first job was at a local coffee shop in Metro Detroit when I was 14 or 15. They only hired team members 16 years and older, but I applied anyway. When they asked me the obligatory interview questions about past jobs, I told stories about how I’d taken care of friends during tough times or risen above challenges at school, and I got the job! That experience taught me something that I’ve carried with me ever since: you never know until you try.

Take us back to the beginning. What was the lightbulb moment for your business and what inspired you to pursue this path?

The idea for Capri came from my late Aunt Lynn, who passed away in 2013 after a 25-year battle with cancer. A true Capricorn (the inspiration for the name Capri), my aunt relentlessly pursued her career goals in finance, slowly working her way up with a steady determination and humble grace, all while battling breast and ovarian cancer for nearly half her life.

Entrepreneurship is all about taking calculated risks. What’s the most pivotal financial risk you’ve taken, and how did it change your path? 

The most pivotal risk I’ve taken was leaving my full-time job to pursue building Capri. Creating the space, both logistically in my schedule and energetically in my life, changed everything. There’s a lot of advice floating around about waiting to leave your day job until you’re really ready. The truth is that your path depends on a lot of factors: your financial situation, your drive, the opportunity you’re pursuing, your network, etc. There’s no one-size-fits-all answer for when to leave your day job to pursue the thing you’re passionate about. 

For me, creating the space was critical; it was essential to the growth of the company. As a sole founder in the early stages of a startup, there is no company without me. If I’m burned out, the company suffers. If I don’t have time to make that meeting, the work doesn’t get done. If I have no space to envision what’s next, the company has no path forward. The degree to which I make space for the creation of this company is directly correlated to our growth and success. Making space for the overall wellness of myself and the company was—and still is—one of the most important actions I’ve taken as a founder.

Where do you think is the most important area for a business owner to focus their financial energy and why?

The needs of your business change with every stage of development and each business is unique. Every founder has a unique set of circumstances within which they’re working, and their business is a direct reflection of that. 

Capri is a female-led, bootstrapped, early-stage tech startup. Within our unique set of circumstances, our most important spend was on product development, but we also chose to spend on our brand identity development at the same time. For us, this was vital. We were building brand awareness during a pandemic and we had to rely largely on our digital presence to make that happen. Many would have argued against that expenditure so early on, but for us, in our unique set of circumstances, it was what helped us establish ourselves in our launch market. 

As a business owner, you have to trust your gut, because there is no right answer out there. Everyone—founders, operators, investors—will have different advice for you. You have to follow your intuition about the next right step. 

What was your first big expense as a business owner and how should small business owners prepare for that now? 

Our first big expense was hiring a software development team to build our beta. We intentionally built a true minimum viable product, both for cost savings, and because we knew we’d make edits to the product design once we got the product in front of users. 

Aside from the design research and development that led up to our hiring decision, we also did a ton of due diligence and vetting of potential vendors. That took months and months of work. My best advice for founders preparing to build a technical product is to build in a huge cushion for the amount of time it will take!

What are your top three largest expenses every month?

Software development, graphic design, and legal expenses.

In the beginning, how much did you pay yourself and how did you know what to pay yourself? 

We’re 2 1/2 years in and I still haven’t paid myself a dollar. That’s not a badge of honor that I wear, it’s just the truth. All the capital we’ve raised has gone to product development and business expenses. We just aren’t at the stage of development where it would be appropriate to pay myself. Once we reach that stage, I’ll add in a modest salary for myself until we’re really rocking and rolling. 

Would you recommend other small business owners pay themselves? 

Of course, when it makes sense for the business. You don’t build a business to not make money, but you also don’t usually build a business just to pay yourself. You have to wait until it “pencils”—until the financials of the business support a salary. 

How did you know you were ready to hire and what advice can you share on preparing for this stage of your business? 

I made my first hire after I completed our first accelerator program. I knew I had hit a wall in my own capabilities and I needed someone to help me bring the initial design of the product to life. For every single team hire I’ve made, I’ve shopped from my first-degree network. I cannot recommend this enough. Working with colleagues and friends who were familiar with me, my character, and my working style, allowed me to forge team relationships quickly on an existing foundation of mutual trust. My best advice to other founders preparing for this stage of their business is to comb your network. Literally scroll through LinkedIn and see what your connections are up to. Reach out to people you know who are doing the scope of work that you need, and start that conversation. Expect it to take some time to gain their full trust, but know that you’ll have a headstart working with people you already know personally and/or professionally.

Did you hire an accountant? Who helped you with the financial decisions and setup? What do you recommend or advice do you have for that?

I made all of our financial decisions in the beginning, and I asked trusted people around me when I wasn’t sure how to move forward. For example, when I incorporated the company, I had to choose the total number of shares of the company. I went to business school, but I didn’t know a thing about this part. So I Googled, I made phone calls to anyone I knew who might know a thing or two about it, and I ultimately made a decision based on the information I had (and the very limited amount of money the company had in the bank). This is the beauty of starting a business—it’s truly messy! You cobble together the answer to every single question and decision, and there are a million of them, day after day. It wasn’t until we were a year or more into the business that I brought on a team member with great financial experience. Now we make those decisions together. We still learn as we go, together, and we ask questions when we don’t know the answer. 

What apps or software are you using for finances? What has worked and what hasn’t?

In the earliest stages of the business, I used Freshbooks to track what little expenses we had, and I used an Excel spreadsheet template for our financial projections. Now that we’ve raised capital, we use QuickBooks in place of Freshbooks as it’s more sophisticated for reporting purposes, but we still use the same (albeit much more customized) Excel spreadsheet to create our financial projections.

What are some of the tools you use to stay on top of your business financials? What do you recommend for small business owners on a budget?

I loved using Freshbooks in the early days of Capri! It was inexpensive, easy to use, and the interface is honestly delightful. For projections, Excel is great. Get a template from the internet or from someone working in finance or in whatever industry you’re in. If you can get someone to sit with you for a bit to explain the formulas, that’s ideal. You can then take that spreadsheet and make tweaks to it, which you’ll continue to do forever and ever. It’s actually great to familiarize yourself with making projections from the very beginning. A lot of your business success hinges on your ability to understand the relationship between various business expenses and practices.

Do you think women should talk about money and business more? Why? 

Yes! Money is still a taboo topic to talk about, and the world of startups is still so male-dominated and so mysterious. When women are profiled for being successful in business, they’ve often already slogged through the toughest part: getting started. Rarely do you hear the real story behind the buzzy headlines; the I-drained-my-401(k)-to-start-the-business story, or the I-moved-in-with-my-parents-to-save-the-company story. Those are the stories women starting businesses need to hear. They need to hear that the messiness they’re experiencing is normal. That successful women didn’t always save up the perfect emergency fund before they launched their companies, or they didn’t get a check from the first VC they had a meeting with. They need to see themselves and their situation reflected in these stories. The truth is that founders who have ivy-league connections and family members in private equity have an easier go of it. If you don’t have those things, starting a business can feel like a hopeless pipe dream. Women without those privileges have made it happen by being scrappy, creative, and persistent. The more we talk about those experiences, the more we encourage women of all backgrounds to go for it.  

Do you have a financial mentor? Do you think business owners need one? 

I do! I have several. I have one advisor who manages an angel investing group who advises me from an investor’s perspective. I have another advisor who comes from private equity and the finance industry. I have an advisor who coaches startups. And of course, my most cherished mentor is my late Aunt Lynn. Even though she’s no longer with us, her foundational teachings from my teenage years will stick with me forever, and her loving energy is still with me every day. 

What is your best piece of financial/money advice for new entrepreneurs?

First, heal your money traumas (we all have them in some form). Reflect on the past experiences and beliefs that might be holding you back. Second, listen to your intuition. It won’t steer you wrong. 

Anything else to add?

Just don’t let fear stop you. Don’t let the odds that seem stacked against you stand in your way, whatever they are. Trust—trust, trust, trust—that if you have a vision for something you want to create, you are meant to bring it into the world. Follow what lights you up.

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Why This CEO Encourages Her Team to Sleep In

Photo: Vlada Karpovich from Pexels

Restless days and sleepless nights are no laughing matter. Three years ago, you could count me among the 68% of Americans who say they have difficulty sleeping. I was working as an economist with the World Bank, and, thanks to an increasingly demanding travel schedule, I was suffering from chronic insomnia. I’d be suffering for months at a time before I could get a handle on my sleep schedule. I was burning out, fast, and I knew that something needed to change. 

Getting real rest—the kind of rest where you wake up feeling refreshed rather than exhausted—is crucial to living a full and healthy life. In my search for a natural sleep solution, I finally tried a weighted blanket, and everything changed.

Weighted blankets work by delivering deep touch pressure (the act of applying even pressure all over the body), which is scientifically proven to reduce stress and anxiety, and promote calm. I had finally found the natural solution that I’d been searching for, but I found that in all of the weighted blanket products on the market, something critical—design, quality, sustainability, or breathability—had been compromised. So, I did what any entrepreneurially-inclined person would do: I set out to make a new one! 

“Our culture is shifting away from wearing career burnout as a badge and embracing the fact that taking time to rest is beneficial to all aspects of our lives.”

I founded my company Bearaby with the mission to destigmatize sleep, make naps guilt-free, and champion rest as a non-negotiable part of a healthy lifestyle. When you make space for employees to incorporate the practices that help them feel refreshed and focused, there is a direct benefit to the quality of their work. I encourage employees to operate on the sleep schedule that allows them to be their most rested. Some people are early birds and some are night owls, so why force anyone to conform to a schedule that might not be best for their overall well-being? That’s why I’ve implemented core working hours from 10 am to 1 pm each day. Outside of that window, employees can make their own schedules. It gives our night owls the option to sleep in if they prefer, and our early risers a bit of a break in the afternoon to exercise, meditate, or even nap! And I’d encourage other leaders to adopt similar policies.

We’ve seen clear benefits from our company work style, and we’ve found that napping and flexibility have positively contributed to our success as a brand. We understand that self-care looks different for everyone, and we’ve found that a flexible work schedule that allows personal practices to be seamlessly incorporated into the workday helps us to stay balanced and creative as a team. Making sleep a priority can have immeasurable benefits for your organization. By meeting the unique needs of your staff, and being mindful of their physical, mental, and emotional wellbeing, you can foster a positive environment where individuals can truly thrive. 

Before the pandemic, the connection between stress and anxiety and sleep health was already well documented. But now, one year in, the impact of mental health on sleep is more visible than ever. The pandemic has taken an enormous toll on our physical, mental, and emotional wellbeing, and uncertainty and fear have become constant companions for most people. In our busy, demanding, and increasingly complex world, we must prioritize relaxation and rest for both personal and professional wellbeing. Our culture is shifting away from wearing career burnout as a badge and embracing the fact that taking time to rest is beneficial to all aspects of our lives. It’s not just about our personal health—restful practices are key to producing better work, and increasing productivity. That’s why my modern workplace solution is the comeback of the power nap. 

“It’s not just about our personal health—restful practices are key to producing better work, and increasing productivity.”

With our increasingly flexible schedules and working from home as the new normal, people are discovering the health benefits of taking an afternoon nap during the day. Some of the world's top health experts have praised the power nap as a way to boost productivity and efficiency in the workspace. Napping can be widely restorative and help to improve alertness, performance, creativity, and memory function. 

As an entrepreneur and founder, I believe it’s important to let employees take the breaks they need for their own mental health and well-being. A beautiful community of nap-vocates is also flourishing alongside us. We’re delighted to see a shift in the negative stigma around napping. Instead, it’s becoming a shareable trend, with people proudly showcasing their self-care regimen on their social feeds.

I hope that by building a company that prioritizes individual health and the health of the planet, we’re one step closer to a calmer and more collected world. 

"I believe it’s important to let employees take the breaks they need for their own mental health and well-being."

—Kathrin Hamm, Founder and CEO, Bearaby

About the author: Kathrin Hamm is the founder and CEO of Bearaby, an award-winning weighted blanket company on a mission to free the world of sweaty, plastic-filled weighted blankets. Named one of Entrepreneur’s Powerful Women of 2020, Kathrin’s approach to simple and sustainable self-care without compromise has woken up a tired industry. She aims to destigmatize sleep, make naps guilt-free, and champion rest as a crucial part of a healthy lifestyle. 

It was Kathrin’s personal sleep struggle that inspired her to launch a game-changing product with the brand’s flagship Napper in 2018. During a robust career as an economist with the World Bank, her on-the-road lifestyle began to take a toll on her sleep, leading to chronic insomnia issues. Through the science of deep touch pressure, she was able to sleep better, naturally and without medication. When she couldn’t find a weighted blanket that was breathable, stylish, or sustainable, she knew she had to set out to create one. 

Since then, Bearaby’s signature knitted blankets have garnered a devout fan following and international notoriety, winning both The Red Dot Design Award and Fast Company’s Innovation by Design Award in 2020. The company was also selected as the Sleep Foundation’s top pick for best weighted blanket of 2021.

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Meet Táche, the New Plant-Based Milk Brand Tapping the Nutritional Benefits of Pistachios

We know how daunting it can be to start a new business, especially if you’re disrupting an industry or creating an entirely new one. When there is no path to follow, the biggest question is, where do I start? There is so much to do, but before you get ahead of yourself, let’s start at the beginning. To kick-start the process, and ease some of those first-time founder nerves, we’re asking successful entrepreneurs to share their stories in our new series, From Scratch. But this isn’t your typical day in the life profile. We’re getting into the nitty-gritty details—from writing a business plan (or not) to sourcing manufacturers and how much they pay themselves—we’re not holding back.

Photo: Courtesy of Roxana Saidi

Pistachios were always in Roxana Saidi’s pantry growing up. “Ask any immigrant from the Middle East and they’ll tell you having them at home is pretty much mandatory,” Saidi tells Create & Cultivate. In fact, one of her most vivid memories dates back to when she was five years old when her father Morteza Saidi, an Iranian immigrant and a serial Silicon Valley entrepreneur, taught her how to open her first pistachio nut. But it wasn’t until six years ago, when Saidi had an entrepreneurial epiphany while visiting family abroad, that the elongated green nut took on an even greater significance in her life.

After enjoying a leisurely lunch with her family in Paris, Saidi found herself craving an almond milk latte when inspiration struck. “I realized that the snack I’ve loved all my life was not only an incredibly delicious and healthy nut but could also be turned into milk,” says Saidi. “The lightbulb went off and immediately upon returning to NYC I started making different versions in my apartment kitchen.” And, after much recipe development, Táche Pistachio Milk was born. Now, the brand is poised to take over the plant-based milk category as a delicious, more sustainable alternative to almond milk.

Create & Cultivate chatted with the co-founder and CEO about how she’s shaking up the plant-based milk industry, collaborating with her father as a co-founder, and paying it forward to young girls and women in her community.

Take us back to the beginning, what was the lightbulb moment for your business?

When people ask me “why pistachios?” a vivid image pops into my mind. I’m five years old and my dad is attempting to teach me how to open my first pistachio. Growing up, pistachios were always in my household. Ask any immigrant from the Middle East and they’ll tell you having them at home is pretty much mandatory. 

Fast forward to adulthood, after a long family lunch in Paris, I was longing for an almond milk latte, but it was 2015 and almond milk had not yet made its way to Europe. It was at that moment I realized that the snack I’ve loved all my life was not only an incredibly delicious and healthy nut but could also be turned into milk. The lightbulb went off and immediately upon returning to NYC I started making different versions in my apartment kitchen. 

Being born into a family of entrepreneurs, I recognized the opportunity for a new healthy, yet decadent and flavorful plant-based milk and decided to bring my father, Morteza Saidi, out of retirement to support me in creating Táche Pistachio Milk.

Did you write a business plan? If so, was it helpful? If not, what did you use instead, and why did you take that approach?

I was a business major, so luckily writing business plans wasn’t new to me. However, as it would turn out, that prior experience was of absolutely no use. Not a single person asked to read my business plan. A lot of people asked me if I had one, but never if they could actually read it. 

On the other hand, my investor deck got plenty of mileage. In the early days, I had a hard time working on it because I so desperately wanted it to be beautifully designed. I couldn’t get past my nascent design skills, yet I couldn’t rationalize spending the thousands of dollars having a designer do it. Luckily, over time, my design skills improved and I got over my perfectionist tendencies, for the most part!

How did you come up with the name and what are some of the things you considered during the naming process? 

Táche is pronounced like the second syllable in pistachio. I actually came up with several names before Táche, but couldn't get any of them trademarked! I think I attempted to trademark three earlier options. In the end, it worked out for the best because I like Táche the most of all the options I came up with. 

My advice for naming and trademarks is twofold: become familiar with the USPTO database and search for the name you want to use for your business in the correct class. Secondly, if you are bootstrapping your business, you can reach out to law schools at local colleges and universities. Most have law clinics where they will do your trademark or patent work with their students pro bono! 

What were the immediate things you had to take care of to set up the business? What would you recommend to new founders reading this?

After getting your trademark process started, I would say the most pressing initiative should be to become intimately comfortable with the financials of your business. It can be daunting, I get that. In my case, I knew I had to scale the business first (meaning for my very first production run the industry minimum was 60,000 units), so there was no flexibility to figure out the financials later or to learn as I go. Overall, the sooner you can be fluent in the economics of your business, the sooner you will be able to confidently lay out a path for the business, raise capital, and understand its runway.

What research did you do for the brand beforehand? Can you explain how you found and compiled that research? Why would you recommend it and why is it important?

I spent three years just on the research phase of Táche learning all that I could. Besides everyone’s research bestie, the Internet, there were two standout sources to my research: podcasts and conferences. With the pandemic, the latter has shifted to more virtual ones and not as many opportunities right now, but attending conferences was instrumental in my research. I attended conferences ranging from NYC Coffee Fest to BevNET Live, and to this day I’m still friends with many of the people I met at those conferences years ago. Luckily, podcasts are more abundant than ever, and no matter your industry, you can find founders talking about their experiences. 

How did you fund Táche? Would you recommend your path to entrepreneurs starting out today? What advice can you share?

I started fundraising a few weeks before the pandemic hit, so I feel like I could write a short book just on this topic alone. For the first four years of building the company, we were self-funded. During the first six months of the pandemic, we raised $1.1million from friends and family and angel investors to fund production, sales, and marketing. It goes without saying, deciding how to fundraise is a personal choice and highly dependent on a number of factors to the business and its founder(s). Talk to people who know you well and whose insights and recommendations tend to be well-reasoned and consistently spot on. When talking “advice taking,” I like to remind advice seekers to first consider the source. 

How big is your team now? What has the hiring process been like, and did you have hiring experience before this venture?

The team at Táche is myself as the CEO, my father who is the COO, and my fiancé who is our chief business development officer. We plan to expand starting in early 2021 and are looking forward to growing the team.

Did you hire an accountant? Who helped you with the financial decisions and setup of the business?

Luckily, with my father’s background and fortuitously having an early investor that is a CFO, we were able to utilize their collective expertise. We did, however, bring on an attorney early on. I could not recommend the brilliant Jessie Gabriel of All Places more for female founders. All Places is a business and legal strategy firm for women by women that walks with women founders through every stage of development: conceiving their entrepreneurial aspirations, locking down funding, launching their businesses, and plotting growth. Jessie has served as more than just counsel; she’s been a mentor to me and was one of the earliest believers in me and building Táche. 

What has been the biggest learning curve during the process of establishing a business? What mistakes have you made?

The biggest learning curve in developing Táche has been operational with respect to creating a shelf-stable, plant-based milk. From ingredient sourcing to manufacturing to health certifications, there’s been an enormous amount of data, formulas, operations, protocols, and regulations to develop and understand. Creating products with a shorter shelf life is generally a much easier path to production, but I was resolute in wanting to develop a highly barista-friendly product and that meant shelf-stable.   

Do you have a business coach or mentor, and would you recommend one to fellow founders?

I would say my answer with Jessie Gabriel (above) is the best answer to this question.

How did you promote Táche? How did you get people to know who you are and create buzz? Did you know anything about marketing before this venture? 

With my years of experience in running my own creative agency, Rx Social, I knew that I wanted to bring on teams to be completely dedicated to promoting the business and utilize my own network as much as I possibly could. Pre-launch, we’ve primarily promoted Táche via digital marketing, PR, and discoverability through coffee shops and retailers in NYC. 

What is one thing you didn’t do in the setup process that ended up being crucial to the business and would advise others to do asap?

In our case, we should’ve started designing the website much earlier. We made a critical error in hiring a web developer without doing a thorough reference check. This is something I can’t advise strongly enough no matter how busy you are: Find time for thorough reference checks. 

If you could go back to the beginning with the knowledge you have now, what advice would you give yourself and why?

Overthink less, action more. When I action decisions based on my intuition and with assertion, it rarely leads me astray. 

As co-founders, how have you developed a good working relationship? What tips can you give to other business partners trying to make it work?

Considering my father’s entrepreneurial track record and my own experience building brands via my agency, we were able to come together quite seamlessly. While bringing on your father as a co-founder isn’t the most conventional way to start a business, I have such an immense level of trust and support that I feel would be hard to find with any other business partner. My advice is to not rush into any co-founder relationship. The old adage is true, if it seems too good to be true, it usually is! 

Anything else you’d like to add?

Last year, our country elected the first female vice president, which feels auspicious for us as a brand. As part of our ethos as a female-founded and led company, we’re excited to be donating a portion of our profits to support education and entrepreneurship for girls and young women in our community. We partnered with The Lower Eastside Girls Club of New York City as our nonprofit partner in our mission to foster girls’ education and provide them with the mentorship, tools, and support they need to become healthy, successful women. 2020 has been tough on everyone, but we feel optimistic knowing we finally have our first female vice president in office.

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This Founder Sold Her Engagement Ring and Drained Her 401k to Start Her Business—Now Rihanna Is an Investor

You asked for more content around business finances, so we’re delivering. Welcome to Money Matters where we give you an inside look at the pocketbooks of CEOs and entrepreneurs. In this series, you’ll learn what successful women in business spend on office spaces and employee salaries, how they knew it was time to hire someone to manage their finances, and their best advice for talking about money.

Photo: Courtesy of Denise Woodard

Denise Woodard isn’t averse to taking risks. After her daughter was diagnosed with severe food allergies, she took the plunge and left a steady paycheck and a nearly decade-long career at Coca-Cola Co. to fill the void for delicious, allergy-friendly snacks in the packaged food industry. With her desire to create safe snacks for her daughter, her experience in consumer packaged goods, and her wide network, there was just one thing standing in her way: capital. Despite Partake Foods gaining traction and securing local placement in Whole Food and Wegman stores, funds were tight early on. “In the beginning, I sold my engagement ring and drained my 401k,” Woodard tells Create & Cultivate. “The possibilities with Partake made those sacrifices worthwhile.”

Fast-forward to 2021 and those possibilities have certainly panned out. Partake Foods is now stocked in nearly 3,000 stores, including retailers such as Target, Whole Foods, and Sprouts, and Woodard recently made headlines as the first Black woman to raise $1 million for a food startup. In fact, more than half of the $7.5 million she’s raised for her startup is from Black investors—including Marcy Venture Partners (the VC fund Jay-Z co-founded), Grammy Award-winning artist H.E.R., and Rihanna—and that’s intentional. “As a Black and Asian woman, it’s important to me that I am bringing profit to Black investors that are going to take the returns and successes and reinvest them into other Black founders to keep that money circulating and growing,” explains Woodard.

Create & Cultivate recently caught up with the founder and CEO to talk about how she bootstrapped her business (and later raised VC funding), why she believes women should talk about money more, and the enduring legacy she wants to leave behind.

You left a nearly decade-long career at Coca-Cola Co. to launch Partake Foods after your daughter was diagnosed with severe food allergies. Take us back to the beginning—what was the lightbulb moment for Partake Foods and what inspired you to launch your business and pursue this path?

Well, actually, it was our sitter Martha (who now owns shares in Partake!) who said to me, “Vivi’s diet is so boring! You should really do something about that.” What she meant, knowing me and my experience in consumer packaged goods (CPG) food and beverage was “DO something about it.” So, I did. I wrecked my kitchen recipe testing the first cookies, but I knew I was on to something when Vivi genuinely loved them.

You recently raised $5 million in Series A funding from investors, including Rihanna, which makes Partake Foods her first investment beyond her personal ventures—no doubt you’ve learned a lot along the way. What are three crucial elements everyone should include in a pitch deck when raising money and why?

The pitch deck is absolutely important, and Partake’s deck has evolved substantially. It’s gotten shorter, if you can believe it, the more we’ve grown. And that’s what I think I would offer to those seeking pitch deck advice. How can you tell your story as impactfully and concisely as possible? Prioritize your why, your market opportunity, your growth projections, and your potential exits. Know your numbers and keep it tight. Can you ride in an elevator and pitch in the time it takes to get from the lobby to the board room? If not, tighten your story.  

More than half of the $7.5 million you’ve raised for your startup is from Black investors, including Marcy Venture Partners (the VC fund Jay-Z co-founded), and Grammy Award-winning artist H.E.R. What advice can you share for entrepreneurs on partnering with the right investors? What do investors need to bring to the table other than just money?

It’s been very important to me, as we’ve grown, to look at a few things when bringing on investors. First, I acknowledge the areas in which I want to lean on advisors. I am always learning, it’s in my DNA. I’m very curious and love studying the stories of businesses that succeed and fail. I also enjoy hearing from other people’s experiences, so having investors around me that bring a variety of expertise and disciplines to the table is critical.

Also, as a Black and Asian woman (my father is Black, my mother is Korean), it’s important to me that I am bringing profit to Black investors that are going to take the returns and successes and reinvest them into other Black founders to keep that money circulating and growing. Black business is not a charity. It’s a solid investment. It’s good business. Working with Black investors who see this and are willing to invest in Black and brown founders (especially Black and brown female founders) now, not just because it’s cool, is a legacy thing for me.

Startups led by Black women receive less than 1% of venture capital funding, and you recently made headlines as the first Black woman to raise $1 million for a packaged food startup. Why do you think there is still so much inequality in the venture capital world, and what advice can you share for WOC entrepreneurs who are currently seeking funding?

Project Diane and Digital Undivided do a lot of good work in this space, and I appreciate that they’re driving meaningful awareness around the details of this. Recently, they released their updated report that noted 93 Black women (of which I am one) and 90 Latinx women are the only ones on record to raise more than $1M publicly. That’s it. I think it’s important to contextualize and continue to reiterate that only 183 Black and brown women of record have achieved this. It’s not because of our ability, it’s because of an opportunity gap. And because of the oppressive systems that have kept us outside the leadership programs, the C-suites, the board rooms, the country clubs. It’s generations of being kept out and then “allowed in” when it’s convenient for white people in power. We are mentored much more than we are hired. 

Non-whites are no longer the minority—that language should be retired. And Black and brown female founders are showing significant business growth. Forbes reported late last year that “majority Black women-owned firms grew 67% from 2007 to 2012, compared to 27% for all women, and 50% from 2014 to 2019, representing the highest growth rate of any female demographic during that time frame.” 

We have buying power and can harness our communities to support each other. I am very grateful to be embraced and publicly supported by many in the Black community. Those who are white and in allyship with us can seek out and buy from us. And those allies in positions of power can invest in us. Again, not because it’s charity, but because it’s a solid investment.

Where do you think is the most important area for a business owner to focus their financial energy and why?

This is a subjective question, but to date, I do as much as I can with “sweat capital.” In the beginning, Partake was self-funded and self-distributed. I didn’t hire a full-time employee until 2020. All of our early dollars went to operations. But now, we have a larger and more balanced budget to ensure that we’re investing and reinvesting in areas that make the most sense for our growth. The safety and quality of our products are top priorities for us because customer enjoyment and trust are most important to us—for the short and long-term, it always comes down to enjoyment and trust. 

What was your first big expense as a business owner and how should small business owners prepare for that now? 

Buying ingredients in bulk took getting used to!

What are your top three largest expenses every month? 

They all tie back to operations. We are consistently buying for production, producing for current and forecasted orders, and shipping to distributors and retailers.

Do you pay yourself, and if so, how did you know what to pay yourself? 

I pay myself a modest salary, yes, but in the beginning, I sold my engagement ring and drained my 401k. The possibilities with Partake made those sacrifices worthwhile. It’s my, and my husband Jeremy’s, hope that we’ll eventually be able to repurchase an engagement ring one day!

Photo: Courtesy of Denise Woodard

Would you recommend other small business owners pay themselves?

This is really a personal decision, but my husband and I live and work in the NYC metro area, and our circumstances mandate a two-income household. 

How did you know you were ready to hire and what advice can you share on preparing for this stage of your business?

For the past few years, I have worked with trusted marketing and PR consultants, but gaining distribution in multiple regional stores (Whole Foods Market and Sprouts) and the possibilities of national distribution that came to fruition (Target, Trader Joes, Kroger), I knew full-time leadership and support was critical to getting everything done well. We now have a full-time team of six and the plan is to grow to 10 to 12 by the end of this year. 

Did you hire an accountant? Who helped you with the financial decisions and setup? 

Yes, we have a consulting accounting team. 

What apps or software are you using for finances? What’s worked and what hasn’t?

We use Quickbooks Online. 

Do you think women should talk about money and business more? Why? 

Yes, the more we share, the more we bring to light the disparity that women, especially Black and brown women, live with every day. Not talking about it keeps things status quo. We need to move away from the status quo.

Do you have a financial mentor? Do you think business owners need one?

I have many trusted investors who have decades of experience building CPG businesses like ours, and I do check in often with them on a variety of questions. I wholly recommend seeking out mentors who have done the doing in your industry! 

What money mistakes have you made and learned from along the way?

One of my most memorable to date was in buying booth space at a large industry trade show a few years ago. I felt pressured to be there because of the other brands that were attending. With the money I spent, especially when you factor in travel expenses, I could have covered more ground hopping on the phone, flying to see individual buyers, or even cold emailing on LinkedIn. It just reiterated to me that this is my journey, and it doesn’t have to look like anyone else’s. 

With that, it’s important to note I wholly believe in real-life events. I’m always so grateful to get to connect with customers face-to-face, and I can’t wait for the world to open back up again so we can get back to offering samples of our products in grocery stores and at local consumer-facing conferences.

What have been some of the hardest money lessons you've learned along the way?

I have to spend money to make money. I know this intellectually, but my scrappiness and upbringing ingrained in me the need to make the absolute most with what I have. 

What is your best piece of financial advice for new entrepreneurs?

Know your numbers. Know your burn rate. Know how much it costs to acquire a customer (if that’s relevant to your business). Stick to your budget. Do everything you can to make the most of every dollar.

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This Entrepreneur Is Making the Beauty Industry More Inclusive, One Kajal Eyeliner at a Time

We know how daunting it can be to start a new business, especially if you’re disrupting an industry or creating an entirely new one. When there is no path to follow, the biggest question is, where do I start? There is so much to do, but before you get ahead of yourself, let’s start at the beginning. To kick-start the process, and ease some of those first-time founder nerves, we’re asking successful entrepreneurs to share their stories in our new series, From Scratch. But this isn’t your typical day in the life profile. We’re getting into the nitty-gritty details—from writing a business plan (or not) to sourcing manufacturers and how much they pay themselves—we’re not holding back.

Photo: Courtesy of Priyanka Ganjoo

Priyanka Ganjoo knows all too well what it feels like to be overlooked by the beauty industry. “Growing up in the South Asian community, my relationship with makeup and beauty was defined by Eurocentric standards and the patriarchy,” she tells Create & Cultivate. “It was only when I started working in the industry and playing with makeup that I discovered the joy of makeup and using it to express how I feel.“ Now, she’s on a mission to empower others who have also been alienated by the beauty industry to experience that same satisfaction and self-expression she found.

This past February, the Estée Lauder and Ipsy alum officially launched her own makeup brand, Kulfi Beauty, to center and celebrate South Asian beauty. Named after kulfi, a South Asian frozen dessert similar to ice cream, the brand’s first launch boasts an array of brightly hued kajal eyeliners not only designed to present beautifully on deeper skin tones but, more importantly, to encourage self-expression. “South Asian women can sometimes feel like we’ve been portrayed as the victim or needing charity,” explains Ganjoo. “I want to change that dialogue and present to the world an empowered South Asian who is not only comfortable in their own skin but thriving in it.”

Ahead, the founder and CEO reveals the extensive research she did before launching the beauty brand, the mistakes she’s learned from along the way, and the number one piece of financial advice she’d give to her fellow entrepreneurs.

Did you write a business plan? If so, was it helpful? If not, what did you use to guide your business instead? Why did you take that approach? 

I didn’t write a business plan. I had worked in the beauty industry for years and was the general manager of IPSY Glam Bag, so I understood the high-level economics of the beauty business. I knew the problem I was trying to solve was massive and underserved. What I wanted to figure out was how? 

Celebrating South Asian beauty was the mission from day one. In the initial months, I wanted to understand what that meant beyond me and my immediate circle of friends. I was part of a Facebook group with South Asian members, so I posted on the message board saying something like, “I’m building a beauty brand. Come talk to me.” I did hundreds of in-person interviews in New York, followed by online surveys with people across the world from Singapore to the UK. I wanted to know their attitudes towards beauty, the challenges they faced, the brands they loved, what they thought was missing. 

I flew to Mumbai, India for a month to meet beauty entrepreneurs in India and even signed up for a Bollywood celebrity makeup artist workshop. I took this approach because if I wanted to create delight for our community, I had to understand the space first. Very quickly, it became clear to me that the alienation I had felt in the beauty industry had been felt by many across the world. That gave me the confidence and the data to dive right into building the foundations for Kulfi. 

How did you come up with the name Kulfi Beauty, and what are some of the things you considered during that process?

“Kulfi” is a South Asian dessert, most similar to ice cream, and is made in so many fun colors and flavors. Some of my happiest childhood memories are eating kulfi during summer in Delhi. So, the name came out of two very personal emotions tied to the brand: celebration and joy. 

South Asian women can sometimes feel like we’ve been portrayed as the victim or needing charity. I want to change that dialogue and present to the world an empowered South Asian who is not only comfortable in their own skin but thriving in it. Growing up in the South Asian community, my relationship with makeup and beauty was defined by Eurocentric standards and the patriarchy. It was only when I started working in the industry and playing with makeup that I discovered the joy of makeup and using it to express how I feel. 

Kulfi was the working name for the brief I shared with my creative director, Badal Patel. We did a naming exercise too, where we came up with multiple options, but Kulfi just felt right for our brand personality. Some practical things I looked at were: can we get a global trademark? Can people pronounce it? Is it memorable? The wonderful thing is that while you’ll find it really hard to find any French word not trademarked in beauty (even brands that are not French want to sound French, and what does that say about the industry?), there are so many beautiful South Asian words that are viable options. 

What were the immediate things you had to take care of to set up the business?

The first thing I did was incorporate. Then, I opened a business bank account, where I transferred all my personal savings. Once the brand name was finalized, I bought the domain kulfibeauty.com. I even reached out to the person who owns kulfi.com but they didn’t want to sell. I got the social channels I could, though we still don’t have consistent naming due to lack of availability across channels. 

What research did you do for the brand beforehand, and why would you recommend it to fellow entrepreneurs? 

I highly recommend researching through interviews, surveys, and focus groups. Some of the people I met through this process now follow the brand and are fans even before launch. They’ve been there from the start. The data from the research helped define my product roadmap. 

In April 2020, we launched our digital platform Kulfi Bites. That’s been such an amazing resource. We share stories of relatable and aspirational South Asians. People started reaching out to us with their experiences. Now I regularly ask our community on Instagram for their inputs. 

How did you find and identify the manufacturers that you work with? What advice can you share for fellow business owners on finding the right manufacturing partners? 

Having a beauty industry network who work in product development helped. While I was at IPSY, I had attended trade shows with our procurement team and started to understand the landscape of manufacturers. That’s where I would start if I were starting from scratch: go walk the floor of a trade show (when they are on again).

Once I knew the products I wanted to launch, I got referred to a few best-in-class manufacturers. In my early conversations with them, I filtered based on who was open and excited to work with indie brands and small volumes. I submitted my product briefs to two manufacturers for each category and picked the one that was able to achieve the closest fit in formula I desired. 

Last year, COVID made the product development process challenging for a small brand. We had long gaps in communication with our manufacturers. My advice would be to keep following up and building the relationship because your manufacturers are also trying to do their best and pivot their businesses in times of uncertainty. 

How did you fund Kulfi and what path would you recommend to entrepreneurs today? 

I self-funded the business with my personal savings until last year. Towards the end of last year, I raised an angel, friends-and-family round to support our investments this year. The process was initially intimidating. I had never fundraised before. It was very time-consuming because you are sending a thousand emails, pitching on hundreds of calls, and then following up and following up again until the money is in your account. You hear “no” 99% of the time but you still pitch the next person with the same enthusiasm. 

Whether to fundraise or not is a personal and business decision with a lot of factors at play. Even if you decide not to fundraise, going through the process is educational. Towards the end of the round, I was crystal clear about what I wanted and what I didn’t want my business to be. I also learned about the types of investors I want to bring with me on this journey. 

Do you pay yourself, and if so, how did you determine what to pay yourself?

I don’t pay myself and I don’t plan to until we turn profitable. Every single dollar is going into the business. My partner is supporting my living expenses which is a privilege. 

How big is your team now, and what has the hiring process been like? Did you have any hiring experience before this venture? If not, how did you learn and what have you learned about it along the way? 

The first person I hired was our brilliant creative director. She’s a freelance creative director and we work on a consulting basis. I have a team of amazing interns who are helping me with marketing and partnerships. Our editor works full time on Kulfi. I’m hiring an operations specialist who will join us prior to launch. Most of the people on our team are members of our community who found Kulfi through word of mouth and wanted to help out. I had hiring experience at IPSY, where I built and led a team of nine people. What I consider when hiring is to look for the combination of passion for the company mission and the ability to execute. I’m being mindful about full-time hiring until we are profitable because I have to keep our burn rate low. 

Did you hire an accountant? Who helped you with the financial decisions and setup? Are there any financial tools or programs you recommend?

I hired an accountant to help set us up on Quickbooks. We’re still very early, so I haven’t felt the need for external resources for financial planning. I make my budget on Google Sheets and try to stick to it! 

What has been the biggest learning curve during the process of establishing your business? 

Surrounding yourself with people who believe in you is so important to get you through the rejections and hard times. I had also heard this many times, and it’s true: everything takes twice as long and is twice as expensive. 

How did you promote your company? How did you get people to know who you are and create buzz? 

Our marketing efforts have been very organic. We are building our digital platform Kulfi Bites through one on one conversations and with a community of writers who want to create representation. We got some great early buzz through an article on Allure that emerged from a conversation my friend Loni and I were having about Indian Matchmaking. 

Do you have a business coach or mentor? How has this person helped? Would you recommend one? How do you get one? 

When I have a business question, I go to some of Kulfi’s investors and advisors who are beauty entrepreneurs themselves. In the past year, I’ve built relationships with many entrepreneurs in the consumer space who are great resources. 

I found them through networking during the fundraising process. I tapped my personal network. I applied to competitions and accelerators. Kulfi was selected for Supermaker and VentureCrushFG. 

How has COVID-19 impacted your business operations and financials? What tactics and strategies have you put in place to pivot and ensure your business is successful through this period? 

Our launch was delayed due to COVID. I was planning to fundraise in Q2 2020 but that was not an option anymore. My initial launch date was Q3 2020 but product development was delayed. I focused my energy on what I could do: building community. We built and grew our digital platform Kulfi Bites in this time, which has helped establish what our brand stands for. We held online events with our community. For example, we had a panel with South Asian women in entrepreneurship. I got on a phone call with almost everyone who wrote in. While it can be frustrating to see your plans disrupted, I’m grateful for the space it gave me to grow Kulfi in such an organic way. 

What short-term changes will be crucial to your business strategy long-term post-COVID-19 and what plans are you making for when we get back to “normal?” 

I think the biggest change is how I think about physical retail. I want Kulfi to be where the customer is. Before COVID, physical retail was a big part of the customer journey. During the pandemic, some of that traffic has shifted online and brands overinvested in physical retail have suffered. I do believe consumers will go back to stores again, but it’ll be crucial to find the right timing.

What advice can you share for small business owners, founders, and entrepreneurs who are also reeling in response to COVID-19? 

In March/April 2020, I definitely had a moment where I thought to myself: should I even continue building Kulfi? I’m so glad I pushed through the challenges and uncertainty. This isn’t the answer for everyone. But if you still have the passion for your business and the means to support yourself through these difficult times, keep going. 

What is one thing you didn’t do during the setup process that ended up being crucial to the business and would advise others to do asap? 

I wish I had started working on multiple products in the early days. Product development takes a long time and now I can’t spend as much time as I want on it with marketing, operations, and fundraising taking up a lot of my time. 

For those who haven’t started a business (or are about to), what advice do you have? 

Just do it! You only learn by doing. When you put your heart and soul into it, people see that and are attracted to it. 

What is your number one piece of financial advice for any new business owner and why? 

Assume you’ll never raise money. Build your business to achieve profitability with the runway you have. 

If you could go back to the beginning with the knowledge you have now, what advice would you give yourself and why? 

I would say to myself: believe in yourself. Surround yourself with people who believe in you.

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Meet the Black Woman Shattering Glass Ceilings in the Spirits Industry

We know how daunting it can be to start a new business, especially if you’re disrupting an industry or creating an entirely new one. When there is no path to follow, the biggest question is, where do I start? There is so much to do, but before you get ahead of yourself, let’s start at the beginning. To kick-start the process, and ease some of those first-time founder nerves, we’re asking successful entrepreneurs to share their stories in our new series, From Scratch. But this isn’t your typical day in the life profile. We’re getting into the nitty-gritty details—from writing a business plan (or not) to sourcing manufacturers and how much they pay themselves—we’re not holding back.

Photo: Courtesy of Nayana Ferguson

It’s not easy being the first, and it’s not easy breaking into an industry with no prior experience. But Nayana Ferguson, the first Black woman to own a tequila company in the United States, has done both. Leveraging her previous business experience, the barrier-breaking entrepreneur launched Anteel Tequila, which she co-founded with her husband Don Ferguson, in August 2018 with the goal of creating a great-tasting spirit without any additional mixers, syrups, or sugars. Fast forward to 2021, and it’s safe to say she’s accomplished that mission—and she has the accolades to prove it.

Although the Detroit-based premium tequila brand boasts a modest portfolio of three tequilas, including the world's only coconut lime blanco tequila, as well as a blanco and reposado expression, it’s attracted the attention of the spirits industry—and received several prestigious awards in the process. Last year, all three of Anteel Tequila’s expressions were awarded medals at the San Francisco Spirits Competition, with the coconut lime blanco and reposado garnering a silver medal and the blanco receiving a bronze medal, and the coconut lime blanco tequila and the reposado expressions both earned double gold medals at the SIP Awards. The brand is also a beloved hometown favorite and was also recognized by Metro Detroit Times’ readers as the Best Michigan Tequila Brand for the second year in a row.

Create & Cultivate spoke with Ferguson about her experience of building a business from the ground up without a traditional plan, how Anteel Tequila has adapted during the COVID-19 pandemic, and her best piece of financial advice for new founders.

Did you write a business plan? If so, was it helpful? If not, what did you use to guide your business instead? Why did you take that approach?  

No, initially, I did not write a business plan. I’d had other businesses in the past, so I knew what I needed to do to set up the foundation of this business and I knew that I did not necessarily need to have a business plan in the beginning. As the business has grown, we decided to write a business plan to help with our focus on growth, marketing and to be ready for future investments that would require a business plan. I would recommend a business plan for those who may have never had a business before, even if it is a simple one, as it is a great guide and helps a new business focus and organize the important factors, such as a summary of the business, what the company will be doing, marketing, and the products or services.

How did you come up with the name Anteel Tequila? What are some of the things you considered during that process? 

Originally, we started out with the name Teeq Tequila, but we noticed early on that the name did not feel totally right and the name kept getting confused with my husband’s other company Teeqlife. We already had the name Anteel in our list of names for future products, so, we decided to rename the tequila brand. The name Anteel comes from a species of Antillean hummingbird and truly, it just fit better with the brand, the logo, and our story.

What were the immediate things you had to take care of to set up the business? 

The initial items we had to take care of were our Articles of Incorporation and our FEIN in order to open a business bank account. After that, we were able to open a bank account to fund our business, which allowed us to pay for initial material orders, our website, and other items in the business name. Subsequently, we started the process of submitting our trademark and hiring the professional services we needed to make sure that we were legally set up, such as a business attorney and accountant.

What research did you do for the brand beforehand? Why would you recommend it? 

Prior to creating our tequila brand, we went to bars and restaurants to speak with bartenders and owners, to get their ideas on bottle types, their favorite type of tequila brands, and any other suggestions they may have had on creating a tequila brand. This research was beneficial because we found out several things that went into the creation of our bottle and the flavor profile for our tequila brand. For the name Anteel, we researched hummingbird names, since our logo is a hummingbird. Even though there are several names of hummingbirds out there, the Antillean name just spoke to us. Researching a name is a great way to find something meaningful to you, your brand, and the ideology of the company.

How did you find and identify the manufacturers that you work with? What makes a successful partnership and what advice can you share for fellow business owners on finding the right partners? 

I found our tequila distillery on Google. When I started researching, their name came up several times, so I emailed them with questions and they responded right away. After that initial email, we set up a Skype call that allowed us to speak with them directly and we were able to ask all the questions about how to move forward with making our tequila brand. Our distillery was very helpful in directing us on the steps to take and some things that we needed to find out about. I believe successful business partnerships are based on communication, the ability to ask questions, and mutual respect. I recommend to any business owners that they ask questions and try to find potential business partnerships that they feel comfortable with. When you feel that you can get your questions answered and the company you are working with, has your business’ best interest in mind, it is the foundation of a great partnership.

Did you self-fund the company? If so, how did you bootstrap it, and what was that process like for you? What path would you recommend to entrepreneurs today? 

Yes, we self-funded the company for the first year and a half. To make the money that we invested stretch, we made sure to only spend money on essential items for the business. As the business started to grow, we opened a round of investing for friends and family, which has helped us to continue to grow the brand and move our product into other states. I do not know that I could recommend self-funding or raising money, as it would depend on the business. There are several business types that can be self-funded initially and some that would need a significant investment amount. A business owner would need to determine what they need and research or formulate a plan for whatever is needed.

Do you pay yourself, and if so, how did you determine what to pay yourself?

The most important thing is the business, so at this time, neither my husband nor I have paid ourselves from the business. When the time comes for us to pay ourselves, we will determine all the costs needed for the business to grow and we will factor in a salary into that budget.   

How big is your team now, and what has the hiring process been like? Did you have any hiring experience prior to this venture? If not, how did you learn and what have you learned about it along the way? 

The team directly responsible for the executive decisions, the direction of the brand, and its growth is a team of two. However, being in the spirits industry, there are several business partnerships that we have to get our product into the U.S., on the shelves, and in front of our customers. Both my husband and I have previous hiring experience, so when the time comes for us to hire more people for our team, we will be prepared. 

Did you hire an accountant? Who helped you with the financial decisions and setup? What do you recommend and what advice do you have for that? 

Yes, we have an accountant who has helped us with several aspects of setting up our company’s corporation and the accounting firm continues to work with us for taxes and any questions that we have. To keep track of our financials and everyday expenses, we use Quickbooks. This program makes it easy to keep track of everything and allows our accountant to have access to our financials.

How did you promote your company? How did you get people to know who you are and create buzz? 

We have promoted our product in several ways, including social media, in-store tastings, and in-person events (pre-COVID), and business partnerships. By having a robust marketing plan and consistent visibility on social media, these things help to create the buzz, so people know who we are and what our product is.

Do you have a business coach or mentor, and if so, how has this person helped? Would you recommend one? 

No, I do not have a business mentor or coach. However, I do recommend new business owners to have a business coach or mentor, if possible, as they can answer questions, advise of different steps to take, and provide motivation.  

How has COVID-19 impacted your business operations and financials? What tactics and strategies have you put in place to pivot and ensure your business is successful through this period? 

COVID-19 has impacted our business due to the inability to market our product in person at events and in-store tastings. We have also been impacted in sales, as bars and restaurants are no longer ordering as much as they used to, due to loss in customers because of stay at home orders. In order to make sure that we were still growing through this difficult time, we started focusing more on our marketing efforts. Even though we have a consistent social media presence, we started looking more into the content that we were providing on social media and drilling down on what our customers are looking at. We also started working with our public relations company more to get media and press to work on our national visibility. 

What short-term changes will be crucial to your business strategy long-term post-COVID-19 and what plans are you making for when we get back to “normal?” 

The short-term changes that we have made regarding our marketing and social media content are definitely changes that we plan to keep in place for our long-term post-COVID plans.  Whenever we get back to “normal,” we plan to travel to the states that we are distributed in, to participate in social events, have in-store tastings, visit retail locations and create partnerships to further the visibility and growth of our product in those states.

What advice can you share for small business owners, founders, and entrepreneurs who are also reeling in response to COVID-19?

As the pandemic is an unprecedented time, business owners have to start thinking outside of the box, as there are still opportunities out there for businesses to thrive. COVID has created a new “normal” in how we interact with others and businesses need to think of ways that can adapt to these changes. If possible, talking to a business coach or mentor can help to provide motivation and support. Talking to others may certainly help owners/founders/entrepreneurs to remember their “why” of going into business and this could help to reinvigorate their business.  

What is one thing you didn’t do during the setup process, that ended up being crucial to the business and would advise others to do ASAP? 

I cannot think of anything that we did not do in the beginning that was crucial. I always advise new business owners to reach out to other business owners to find out important steps, so that they will not make any crucial mistakes.

For those who haven’t started a business (or are about to), what advice do you have? 

The advice that I have for new potential business owners would be to formulate the plan for your business, research other businesses like yours or similar, and get a business coach/mentor/consultant. There will be so much information to find out regarding a new business, but my other piece of advice is don’t dwell on trying to get everything you need before you start—that is why most new business owners do not start their businesses. Get important information, get advice, but move forward and START YOUR BUSINESS! 

What is your number one piece of financial advice for any new business owner and why?

The number one piece of financial advice I can give is to make sure that your company is set up properly and legally. I would recommend speaking to an accountant about the proper business structure, especially for taxes. This is the one piece of advice that will save money in the long run!

If you could go back to the beginning with the knowledge you have now, what advice would you give yourself and why? 

If I went back to the beginning with the knowledge I’ve gained, I would advise myself to learn a little more about the spirits industry, the business aspect of it, and how to strategically move into different states. I would also advise myself to keep moving forward, that everything would be figured out, and not to worry.

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You May Not Have Heard of This Barrier-Breaking Brand, But Beyoncé and Oprah Have

You asked for more content around business finances, so we’re delivering. Welcome to Money Matters where we give you an inside look at the pocketbooks of CEOs and entrepreneurs. In this series, you’ll learn what successful women in business spend on office spaces and employee salaries, how they knew it was time to hire someone to manage their finances, and their best advice for talking about money.

Photo: Courtesy of Jacquelyn Rodgers

Jacquelyn Rodgers knows firsthand that representation matters. “Growing up, my mom painted angels, nativity scenes, and Santas brown, like our family,” explains Rodgers. “She was very intentional about making sure we had images that looked like us.” So naturally, when Rodgers had children of her own, she also wanted her son and daughter to see themselves reflected in a Santa who looked like them, but she soon discovered there was still a void in the market for diverse representations of the Christmas character, even all these years later. After a search for Black Santa-themed holiday wrapping paper left Rodgers empty-handed, she decided to do something about it. Given her past experience in consumer packaged goods and her knack for sales and marketing, she was confident she could address the gap in the market for diverse gift wrap.

And that's exactly what she's been focused on since launching Greentop Gifts in 2016. Today, the brand’s signature character, Clarence Claus, isn’t just on gift wrap, he’s also on pajama sets, “ugly” Christmas sweaters, and ornaments, all of which helped propel Greentop Gifts to recording its highest sales yet in 2020. And being featured in O Magazine as one of Oprah Winfrey’s “Favorite Things” certainly helped the brand’s rapid growth! Despite the pandemic, the business has continued to thrive thanks in part to Rodgers being the recent recipient of small business grants from the Visa and IFundWomen Black Women-Owned Business Grant Program and the Black-Owned Small Business Impact Fund from Beyoncé’s BeyGood and the NAACP. In fact, next month, the brand is set to expand its offerings beyond the holidays to include year-round celebrations, from baby showers and children’s birthdays to graduations, with the goal of making these special occasions more inclusive and diverse.

Scroll on to learn more about how the successful entrepreneur built her barrier-breaking brand, including why she believes having honest conversations about money can make all the difference in the financial success of a company.

Can you tell us a bit about your background and what you were doing professionally before launching Greentop Gifts? 

My background is in sales and marketing. Prior to working on Greentop Gifts full time, I worked for over a decade at two of the top 100 consumer packaged goods companies in the United States. I started the business while working full time and so many of the skills and day-to-day functions of my corporate career have been extremely helpful in starting my own business.

What was the “lightbulb moment” for Greentop Gifts? What inspired you to start your business and pursue this path?  

Growing up, my mom painted angels, nativity scenes, and Santas brown, like our family. She was very intentional about making sure we had images that looked like us. Once I had my son, I wanted him to see images that looked like him, and I quickly realized there was still a void in the market. After searching retail stores in multiple states and not seeing any products like my idea at the time, I knew there was a void in the market and a need for items like we created.

How did you fund Greentop Gifts? What were the challenges and what would you change? Would you recommend that route to other entrepreneurs? 

We self-funded the business in the beginning. We later had a small friends-and-family round to help us with buying inventory early on. In 2020, we won three small business grants that have helped us fund our marketing efforts even more. The challenges with self-funding, for us, was growing slowly. Every penny counts and we had to be very intentional with our spending. If you are able to self-fund or take out business loans for product-based businesses, I would recommend it. Everyone doesn’t need to bring on investors in the beginning. 

Where do you think is the most important area for a business owner to focus their financial energy and why?  

The most important area to focus your financial energy is understanding your basic cost of doing business and your margins. Before launching our business, we researched shipping, freight, sales and usage tax, shipping supplies, etc. Making a list of all your expenses and fees is always a great exercise to focus on before launching your business.

What was your first big expense as a business owner and how should small business owners prepare for that now? 

Our first really big expense was shipping. We are an e-commerce based business and seeing our first shipping bill from our fulfillment company was a shock. 

What are your top three largest expenses every month? 

Our top three expenses every month are marketing, shipping fees, and payroll.  

Do you pay yourself, and if so, how did you know what to pay yourself? 

I don't pay myself a formal salary.  

Photo: Courtesy of Jacquelyn Rodgers

Would you recommend other small business owners pay themselves? 

In the beginning, you should pay yourself enough to survive. Remember, starting a business is one thing, but turning a business into one that has consistent success is going to take sacrifice. Most of your money has to be reinvested in the business to really grow it. The next idea, the next employee, the next office, the next warehouse. You have to eat and pay the bills obviously, but beyond that, you've got to make sure that your business is surviving as well. 

How did you know you were ready to hire and what advice can you share on preparing for this stage of your business? 

I knew we were ready to hire when I couldn’t focus on innovating new products because I was focused on the operations side of the business. The business would not grow if I didn't make time to create new products. When you start your entrepreneurship journey, your business is your baby. I struggled to turn over some aspects of my business, but once I found the right people who were experts in their fields and could help us grow, it made it easier to hand off certain aspects of the business. 

Did you hire an accountant? Who helped you with the financial decisions and set up? 

We did hire an accountant. My husband has a background in finance and was able to manage those decisions in the beginning.  

What apps or software are you using for finances? What has worked and what hasn’t? 

When we first launched we used QuickBooks and recently switched to Bench Accounting. Both have been helpful as we grow and scale our business.

What are some of the tools you use to stay on top of your business financials? What do you recommend for small business owners on a budget?

For small business owners, get rid of bills that are burning money! We had a few subscriptions and services we were not utilizing and those were first to go. 

Do you think women should talk about money and business more? Why?  

Yes! Having conversations about business credit, raising capital, and making smart financial decisions early can make all the difference in the financial success of your company.

Do you have a financial mentor? Do you think business owners need one? 

I don’t currently have a financial mentor, but I have strong business relationships with our accountant and a local bank. My co-founder has an MBA in finance. His background and work experience have been extremely helpful as we grow our business.

What is your best piece of money advice for new entrepreneurs?  

Don't blow your money. It is going to be tempting to think you've made it in the beginning and go out and spend money. Avoid that urge. Think about your business. Plan for your business. You haven't made it just yet.

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This Female Entrepreneur Built a $500K Company Helping Women Grow Their Businesses on Instagram

“No one can do it alone. The most important part of entrepreneurship is knowing when to ask for help.”

—Madison Tinder, Marketing and Visibility Coach

As I write this, I’m sitting on the porch of my home, which I bought on my own at 25 years old. If you had told me a couple of years ago that I would be able to buy a home in a new city and not only be financially independent but thriving, I wouldn’t have believed you. 

Back then, I thought my path was clear, a bachelor's degree, a master’s degree, then working in the sports industry in my dream city, Dallas. Things didn’t go as planned. I graduated with my masters and, despite internships, classes, and a 9-5 job throughout my program, when I graduated, I didn’t get my dream job at my dream team. I was crushed.

But I pulled myself together and got a job. It wasn’t “the job” but it paid the bills. I decided to start doing social media management on the side as a way to bring in a little extra income. I never thought it would grow into anything more than a side hustle. I quickly went from one client to eight and realized that maybe I could really do this. 

Fast forward to today, I transitioned from social media management to marketing coaching online for entrepreneurs. For the past two years, I’ve been growing my business and helping women all over the world grow theirs. My business has become so much more than I ever imagined. I could say it was luck or any other cliché thing people attribute to success, but that’s not the truth. 

The truth is a six-figure business doesn’t happen overnight, and there is no formula that you can follow. However, there are a few lessons I’ve learned along the way that I believe helped me reach $500,000 in sales in only one year and launch my first product-based business, Soulful Scrunchies.

Tip #1: Own Your Confidence

No one wants to buy from someone who doesn’t believe in what they are selling. If you don’t believe in your product or service 100%, you should reevaluate. I fell into imposter syndrome when I first started out, it’s normal. But, once I took a step back and looked at the results of my clients, it reminded me that not only are my skills valuable but that I deserve to be in this space. 

For me, a huge step was realizing that I didn’t need to be someone else. When I first started as a marketing coach, I didn’t fit the mold of the other coaches in the space. I was younger, didn’t show up on Instagram with perfect curls and cute blouses, I was much more comfortable in a scrunchie and top knot. Being confident in yourself and your business is an ongoing process but it is one of the most important pieces to success 

Tip #2: Trust Your Gut

You know how doctors say that you know your body best? Well, the same goes for business. You know your business inside and out. You might get to a point where you aren’t involved in every single aspect of your business, but there are always going to be decisions that fall solely on you. It can be easy to wobble back and forth on big decisions, second guess yourself, and let others' opinions influence you. You have to trust your gut. 

A potential client is giving you red flags? Worried that someone on your team isn’t a good fit? You are probably right. Sometimes the best decisions for our businesses are not ones that we stew over, make pros and cons lists for, and are super logical. 

Tip #3: Know Your Audience

The key to growth is focusing on your target audience. You need to speak to your audience in a way that is aligned with where they are at. You need to know everything about your audience, beyond demographics. You are going to have to dig deeper to find their story, their struggles, what they are looking for, and their goals. If you don’t have that information, you might as well be speaking to a wall. 

Tip #4: Serve First

So many people in the online space get caught up in the next sale that they forget your most important asset is a happy client or customer. They are a walking billboard for you. Showing up and giving them your all should be your number one priority always. Not the likes on your Instagram photo or the sales numbers on a launch but the questions people ask and going above and beyond for your people always. 

Tip #5: Invest in Support

No one can do it alone. The most important part of entrepreneurship is knowing when to ask for help. The type of support will vary based on your business, but I suggest taking a look at where you are spending your time and reflect on what is draining you. This may mean deciding to hire help for social media, client management, accounting, design, etc. Or it could mean realizing that you need a mentor to get you to that next level. Having a community will help you prevent burnout, feel less isolated, and have people you can bounce ideas off of. 

There is no one-size-fits-all model for building a six-figure business. If anyone tells you otherwise, run the other way. But, through my time as an entrepreneur I’ve learned how helpful and important the tips above can be. If you are feeling frustrated and like your business is not having the momentum that you hoped for, be patient, take action, and remember that no one’s entrepreneurial journey is the same. 

About the Author: Madison Tinder is not like most 25-year-olds. Instead of stressing about finding “the job” or making rent, she is a homeowner and runs a six-figure business. She is a marketing and visibility coach based in Louisville, Kentucky, and helps her entrepreneur clients grow and market their brands through Instagram. She’s an Instagram story pro and launched her first product-based business this fall, Soulful Scrunchies.

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"I Maxed Out All of My Credit Cards and Lived Off Savings"—Now She's Built a $100M Company

You asked for more content around business finances, so we’re delivering. Welcome to Money Matters where we give you an inside look at the pocketbooks of CEOs and entrepreneurs. In this series, you’ll learn what successful women in business spend on office spaces and employee salaries, how they knew it was time to hire someone to manage their finances, and their best advice for talking about money.

“I took a risk and bet on myself. That’s the hardest part. If you don’t bet on yourself, who else ever will?”

—Gail Becker, CEO of CAULIPOWER

Money: like religion and politics, it’s off the table but if there’s one thing we need to talk about more, it’s money, especially as women. Why? Because more women than ever before are starting their own businesses and they’re growing at twice the speed. In fact, a new report found that 42% of all firms are female-owned and women started 1,817 businesses a day in the past year. Despite that, women-owned businesses still struggle to get crucial financing so we need to ditch the taboo and open up a public dialogue to better understand how to raise it, manage it, and grow it. 

Someone who is boycotting that ban is the founder, and CEO of CAULIPOWER, Gail Becker. Since 2017, Becker has built a $100m company and completely disrupted the food industry to become the #1 better-for-you pizza in the U.S. At our recent LA2020 conference, Becker had some no-filter money advice, especially around the topic of raising it. Having taken on two rounds of investment for CAULIPOWER, she knows each entrepreneur must make the right choice for them.  “Just because you can raise more money, doesn’t mean that you should” she told the audience. “It’s not a symbol of how successful you are… or will be.”

Becker also decided against a friends and family round for her startup. “It made me nervous to play with my friends’ and family’s money,” she explained. “I waited as long as I could before seeking outside funding. I used all of my own money initially and maxed out all my credit cards.” There are different ways to fund your business and, ultimately,  it needs to come down to what you feel most comfortable with and what your business needs are,” she explained. “I took a risk and bet on myself,“ she said. “That’s the hardest part. If you don’t bet on yourself, who else ever will?”

So, we tapped the powerhouse founder and CEO to share more of her money lessons, mistakes she’s made, and advice for small business owners. Read on and grab a pen, you’ll want to write these down.

On bootstrapping the company in the beginning…

When I first started CAULIPOWER, my goal actually wasn’t to make money. My dad, who was an entrepreneur and a Holocaust survivor, had recently passed away, and it made me recognize the fragility of life.  I had been working my way up the proverbial ladder of corporate America, and then decided that I really didn’t like the view.  I wanted to do something more meaningful with my life and I realized that I needed to make a change. That, along with my frustration in what I was seeing in the freezer aisle, created an ‘aha' moment that inspired me to launch CAULIPOWER.

My dad had left me with a small amount of money, and I knew the best way to honor his memory was to follow in his entrepreneurial footsteps.  I knew how hard my father worked for every dollar he made, so I spent each one cautiously. I also put in a fair amount of my own money and lived off my savings. On a personal note, it was an interesting transition for me. I was coming from a comfortable job in corporate America with a comfortable salary, and I was used to a certain lifestyle.

When I started CAULIPOWER, I said goodbye to that life and paid attention to every dollar that I was spending, both personally and for the company. I downgraded my lifestyle significantly, saying goodbye to any shopping (outside of the grocery store) and vacations, and even sold most of my former wardrobe such as purses and shoes online. Even that wasn’t enough to sustain the launch of CAULIPOWER, so I maxed out all of my credit cards and tapped into more of my savings.

While this was the right decision for me, everyone has to choose the route that makes sense for them. For me, this was the only way I could bring my vision to life. I was nervous to take money from friends or family, but that doesn’t mean that’s the wrong choice for others. In hindsight, I have several friends and family who now wish I would have asked. At the time, I just followed my gut and made a choice about how I could make things work without negatively impacting others.

On raising money twice since then…

I raised money for a few reasons. First, the frozen food industry is an extremely cash-intensive business. You have to make the product before you can sell it, and there’s a pretty quick need for money given cash flow. When it comes to raising money, timing is incredibly important. I learned quickly that you should try and build the business as much as possible before you raise money. Why? The smaller your business is, the more of the company you will have to give away when you raise money in exchange for equity. Ideally, it’s best to try and hold off until you’ve made some actual sales.

Having said that, one of the worst things you can do is starve a business from cash. Cash is like fuel. We need it to make our products, to pay for promotions, to hire staff, and to market the brand. The timing of it all is a delicate balance between raising too much money, forcing you to give away more of the company when it is of the least value and starving the business, stunting its growth and first-to-market advantage.

“Just because you can raise more money, doesn’t mean that you should. It’s not a symbol of how successful you are or will be.”

On the most surprising part of the venture capital process…

I was surprised at how personal the process became. It would be easy for someone to interpret reactions as a reflection of the quality of one’s idea. If a VC didn’t want to invest in CAULIPOWER or wanted to wait for more data, I questioned myself. What did that say about my idea? The reverse was also true. When you find a partner that believes in you and is prepared to invest money into your business,  it can be an incredible confidence boost. It’s a moment when you finally think, maybe this idea is not so crazy after all?!

One of the biggest mistakes that some people make during the fundraising process, is the instinctual desire to take money from the first person that offers it. You should always try to take ‘“smart” money—money from people who know more about the industry, category, and process of building a company than you do. What’s most important is to take money from people who will work hard for you and your idea.

Another part of the fundraising process that surprised me was how similar it was to, well, dating?! Remember, they’re not just interviewing you; you’re interviewing them too! You have to ask yourself ‘who do you want to be in the trenches with you for the long-term? Who will be there for you when the times and decisions get tough—because they will! Who shares your vision?

On the most common mistakes people make when raising money…

Raising too much. Just because you can, doesn’t mean you should. The ability to raise large amounts is not an indicator of the success of your business, rather it’s an indicator that a lot of people will be counting on you and you better deliver.  It’s important to raise what you need, which should be enough to hold you over for a while, but not forever. From there, you can build the company to something bigger, then raise more money when it becomes more valuable. My first round of funding was $2M.  

“One of the worst things you can do is starve a business from cash—cash is like fuel. ”

On the three crucial elements, every pitch deck should include…

First, you need to show the potential of the company or the white space. Why is this the right business at this time? What hole are you filling that currently doesn’t exist? Another crucial element is the data. You should try and show as much data as you can, even if you have to buy some of it. Show the real performance of your product if it's currently in stores, or use other competitive data to give a sense of how it might do. If it’s not already in the market, you need to prove why you believe it would do well, and this is best accomplished by definitive proof points. Show them that you have done your homework and that you don’t expect anyone to just take your word for it.

Finally, you need to show your passion. Most investors are not just investing in the business; they’re investing in YOU, the entrepreneur. If you're not passionate—and confident—about your own idea, then it really doesn't matter how good of a business plan you have.

On how much she paid herself in the beginning…

I didn't pay myself in the beginning. I lived off of my savings from about May 2016 to September 2017. Once I got VC funding, they made me take a salary and I’ve had the same one ever since. For comparison purposes, it is less than 1/5th of what I used to make when I worked in the corporate world… but I couldn't be happier.

On her first hire…

My first hire was someone who helped me fill out the deluge of paperwork I was facing from the retailers, brokers, and distributors. I realized all the time I was spending with paperwork was a huge opportunity cost and that my time would be better spent in other areas of the business. 

On the first big expense as a business owner…

The first order I placed to make the first product.

On when she hired an accountant…

One of the best things about the economy we live in is that you can hire contractors to help you with just about anything. Thanks to some referrals, Google, and some other people I had met in the industry, I came across an agency that performed CFO duties for-hire for small companies. As soon as I got my first order, I knew I had to hire them. 

I strongly believe that the most important thing to know as a first-time entrepreneur is to know what you don’t know and then hire around it. Many entrepreneurs mistakenly believe that they somehow need to know all aspects of their business. Nothing could be further from the truth. Know what you know and then hire experts to fill in the gaps.

“Know what you know and then hire experts to fill in the gaps. ”

On the most important area for business owners to focus their financial energy…

Put it into making the best product or service you possibly can. At the end of the day, you can have everything else figured out, but if you don’t have a product that people want, nothing else matters.  

On why women should talk about money and business more…

When I was in my first marriage and at my old job, I’m embarrassed to admit that there was a lot I didn’t know about my own finances. I wasn’t financially illiterate, but I never made it a priority to become informed. When I got divorced, the need to become financially literate hit me in the face. I remember thinking, “I will never do that again.”

On having a financial mentor…

I did have some incredible people in the industry (and outside of it) that I looked up to, asked lots of questions of and with whom I’ve stayed connected. I never really had a financial mentor, but then again that wasn’t the primary reason why I started CAULIPOWER. My initial goal wasn’t to make lots of money; it was simply to help people have access to better options. If that’s why you start your business though, then that’s fantastic and finding a financial mentor might be the right choice for you. Now that I am running a business and am responsible for other people, the financial decisions I take on have tremendous importance.

On the money mistakes she’s made and learned from along the way…

I think it all depends on whether you’re new to your industry or if you have a background in it. If I had any sort of experience in the frozen food space prior to launching CAULIPOWER, I probably could have made some different decisions. Since that wasn’t the case, I placed a lot of trust in other people. I trusted that they knew more than I did and there’s a fair amount of trust that I probably placed blindly. In some cases, that ended up having a high price tag associated with it.

“If you’re not passionate—and confident—about your own idea, then it really doesn’t matter how good of a business plan you have. ”

On her best money advice for new entrepreneurs…

You don’t have to know all of the answers. You just have to know enough to hire the people who do. Just because you may not be a financial wizard, it doesn’t mean you shouldn't go into business. Just surround yourself with the right people who can teach you…and ask lots of questions. Daily.

I don’t equate money and happiness. The experience of launching and building CAULIPOWER showed me that one of the reasons I was so hesitant to leave my stable career is that I thought I had a great life. There was this inherent fear that if I lost all of those trappings that I had grown accustomed to, I wouldn’t be happy.

Today people who know me often hear me say “half as rich, but twice as happy” and no sentiment could be truer.  Now, I realize that those things didn’t matter at all and the chance to build CAULIPOWER, take a bet on myself and help other people along the way has been the greatest professional joy of my life. I hope these words help to realize the same in you.

To learn more about CAULIPOWER and try their delicious pizzas, visit eatcaulipower.com.

A Day in the Life: Glitter Guide's Taylor Sterling Shares Her #1 Ritual for Success

Ever wondered what people do at work? If you’re a voyeur like us, then you’ll love our series A Day in the Life where we get a real behind-the-scenes glimpse into the professional lives of CEOs, business owners, and entrepreneurs we admire. From their morning routine to the rituals that set them up for success and questions such as “do you ever reach inbox zero?” because we all want to know how to streamline our lives.

Photo: Emily Scott

In a media-saturated world, it can be hard to decipher the realness from the noise but there’s one site we always have bookmarked: Glitter Guide. From fashion to home décor, beauty and wellness, founder Taylor Sterling has always served up engaging, educational, and topical content we love—like this story about about the myth of “age-appropriate” clothing—and that’s something she, along with her digital lead, Samantha Welker has decided to shift her focus towards with the new site redesign.

Sterling and Welker both made a conscious shift to focus on the brand’s core values rather than what "performs" the best. “Our new motto is ‘we want hearts, not eyeballs’ and we hope our audience will connect with our new creativity-focused content,” Welker tells me. We can’t wait to see more. We are always so inspired by Sterling and the content she creates so we wanted to get a sneak peek into a day in her life.

Ahead, Sterling gives us a snapshot of her day, what it really takes to be a founder, and key advice to propel your career.

What does an average day in your life look like? 

Most days aren’t all that glamourous. I wake up at 6 a.m. with the kids and get them ready for school and out the door. Then until about 3:30 I’m usually sitting at my desk working on assignments and having meetings. The rest of my day is dedicated to getting my kids from school, spending time with them and getting them ready for bed. 

What time do you get up? What’s the first thing you do upon waking?

Usually it’s 6 a.m. First it’s a quick snuggle with the kids (who wake me up) and then I immediately get some coffee. 

Are you a night owl or a morning person? When do you do your most important work and why?

Naturally I’m a night owl. Growing up I always felt the most creative and productive at night. However my husband is the opposite and he’s trained me to get to bed earlier. Also, since having kids it’s been crucial for me to change my ways. Now I’m most productive around 9 a.m. 

What does your morning, pre-work routine look like? What rituals set you up for success?

This past year I’ve really slowed everything down and made more time for self-care. That means that in the morning after the chaos of getting the kids to school I come back home (where I work) and I spend about 30 minutes doing a speed clean of the house. I’ve found I work better when it’s tidy and I don’t feel anxious about having to clean it later. I usually listen to a podcast while I clean or some relaxing music. Then I try to fit in a quick workout. Usually something at home or a run. I usually start work around 9:45 a.m. after I have made time for these things that help me feel centered. 

Photo: Emily Scott

Being a founder means you are wearing so many hats and across so many facets of the business. How do you manage your time effectively?

This used to be a huge struggle for me. I felt like I was doing everything and involved in everything. I started to burn out. We didn’t have good organizational systems. Once those were put into place and the entire team felt confident in their roles and obligations it freed us up and we weren’t juggling as much. 

Do you ever reach inbox zero? How do you handle the constant influx of inquiries and communication entrepreneurs are so familiar with?

This is going to sound so bad, but I’ve become really lazy with my emails. I used to be addicted. I would always respond to everything I could. Now that my team isn’t on my emails much I can be better about batching. Some days I don’t even check it. You have to get comfortable with missing something. It’s really felt like a weight has lifted. I know that’s not for everyone, but it’s been a relief. 

What are some work habits that help you stay healthy, productive, and on track to reach your goals?

Staying healthy and having good work habits is a huge priority. I want my team to know it’s something I value and I hope they will do the same. My team uses Asana and Slack daily and they have been game changers for us. I know that if I have a day where I can’t work as much, as long as I get my daily tasks done then it’s going to be okay. I carve out time for me and also my family. Work is something I’m passionate about, but at the end of the day it’s still work. My life is way more important. 

When do you go to bed? What’s your “optimal” # of sleep hours?

Ideally, I like to be asleep by 10 p.m. to set myself up for success. 

What’s the most rewarding part of your day?

I love days where I have taken care of my needs, had a productive work day and my family is happy. I always feel like I’m on top of the world when that happens. However, usually something in that mix gets thrown off. 

When did you know you wanted to start your own company? What was your journey like?

I never really went into it thinking, I want to start a business.  I just knew what I wanted to create and it happened to turn into a business. I think that’s the case for a lot of creative entrepreneurs. It’s almost better that I was naive and that I didn’t know what I didn’t know. I had to learn by doing. I’ve made so many mistakes over the past  ten years. As painful as that is, it’s crucial. It’s how I’ve grown. I’m thankful for it. 

Photo: Emily Scott

What advice do you have for aspiring female founders?

Always trust your gut. I’ve made the mistake of ignoring it before, but it never leads you astray. 

What are some of the biggest lessons you learned along the way?

I think one big lesson for me is that you are going to have ups and downs. It’s natural. It’s how you handle those downs that are really going to define you. Don’t let them distract you. Stay focused but flexible and you can come back up again. 

How do you combat the loneliness often felt by CEOs at the top?

Thankfully my team is so tiny that I don’t ever feel this way. I feel more lonely from us being a totally remote team. Using things like Slack, Google Hangout and having face-to-face meetings when we can really help. 

What’s the best piece of advice you’ve been given?

“Keep your blinders up.” This isn’t really the best advice, but it’s one I think of often. It’s a reminder that when you get distracted by what others are doing it can be a real downer. Stay positive and focus on what you love and things will often fall into place. 

What’s the worst piece of advice you’ve been given?

I’m not sure I’ve ever had bad advice. It’s usually more that people sometimes don’t get my industry or my situations and give advice based-off their own experiences. You have to keep that in mind when asking people. 

What are some exciting projects you’re working on this month? What are you most excited for in 2019?

Glitter Guide is about to relaunch our entire website. It’s getting a new look and will be much more user-friendly. With that we’re also changing a lot of our content. We want to connect to people’s hearts and tell stories that have meaning to us and those who we’re working with. We also want to explore creativity and how we can cultivate creative energy. I’m so excited for this new chapter.

Up Next: A Day in the Life: Inside the Cool and Colorful Life of Justina Blakeney of The Jungalow

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