Vanessa Quigley Co-Founder Chatbooks Interview

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: Courtney McOmber

Vanessa Quigley co-founder of Chatbooks

In an interview with Forbes, you revealed that an intense episode of mom guilt drove you to start Chatbooks. Can you take us back to that moment? What inspired you to launch your business and pursue this path? 

I have seven children, and for the first seven years of motherhood, I was very good at scrapbooking our family's story. But things changed as more babies came and as digital photography became the norm. Years later, I found my youngest, who was five at the time, in bed bawling his eyes out. He had been looking at a little photo album his preschool teacher made for him and was moved to tears when he told me, "Mama, I never want to grow up!" It was adorable and a gut punch all at the same time. I wanted him to be able to hold onto more of his memories and knew that I needed to create an easier way to do that for us and families everywhere!

You’re a mom of seven and the co-founder of Chatbooks along with your husband. How has being a mother changed your priorities and your focus in terms of your career? Do you think motherhood has made you a better business person? 

My career has actually made me a better mother. I'm happiest when I'm stretching myself, learning, and growing, and I've never felt more stretched before in my life than I have been while building our business. I was a stay-at-home mom for years before becoming an entrepreneur, and motherhood prepared me not only to have my product insight but also taught me the importance of team culture. We refer to our family as "Team Quigley" and I work very hard at helping my children know what it means to be a Quigley and what is expected of them and how important it is that we are all aligned on our goals to work together. And it's the same for our Chatbooks team.

Since launching Chatbooks in 2014, you’ve raised over $20 million in funding from investors. 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?

1. How big is this opportunity? How do we know it’s a big opportunity? How can we show that we’re off to a good start capturing that big opportunity? What is our plan to continue and accelerate the momentum we have?

2. Why now? Why is right now the best time to chase this opportunity? Why was five years ago too early? What market change or technological breakthrough makes today the right time?

3. Why you? Why are we going to win versus the next team? What is the founder-market fit story? What secret have we discovered and do we believe in more than anyone else?

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 is a partnership. At least, that is how we view it. Investors need to bring expertise in some aspect of company building that complements your own team’s current abilities. Also, make sure you are on the same page as far as a timeline. Some investors are in it for the long haul, and some are looking for more of a quick return. Make sure you’re both trying to win the same game before you bring on a new partner. 

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

It depends on your business, but for us, product and marketing have been the biggest areas of investment. When we raised our Series A it was on the strength of our performance and we just needed more fuel to put on the fire. We had a product that worked, and it was great to be able to get more financing to spend on marketing. Your business is going to grow and you will need money to hire a team to support it and to, most importantly, hire the right people—and that is expensive. 

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

Our first large expense was on the creation of our viral “Real Mom” video. To make the video we spent more than we ever had on anything. However, we got back the investment in three days. Today, the video has more than 100 million views. 

What are your top three largest expenses every month?

1. Advertising 2. Printing/shipping 3. Personnel costs 

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

In the early days, we did not pay ourselves; it was actually a couple of years of no paychecks. And then we went to the bare minimum, enough to sustain life and pay the bills. As the business has grown and we’ve become more profitable, we have gotten a small raise here and there. The real value now is in our ownership of the company. 

Photo: Courtney McOmber

Would you recommend other small business owners pay themselves? 

If you don’t have to, then no, bootstrap as much as you can. If you can hire and build the business without paying yourself, then don’t pay yourself. The more ownership you can retain the better. For us, we went a couple of years without paying ourselves and by the time we landed on a product that was working, we had to raise money because we had a business team, seven kids, and a mortgage. 

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

In the beginning, we hired an accountant, and then years later, we got someone in-house at Chatbooks. My husband was an accounting major and has an MBA, so finance stuff was the easy part. Making something people want and figuring out how to sell it is the hard part. Do that and everything else will work out. We recommend starting with Quickbooks and Excel, and then when it gets complicated hire an accountant.

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

We were trying to build software and we didn’t know how to code so we needed help with the front-end and the back-end. Luckily, we found our first backend developer on Craigslist and he was really, really good and he is still with us today. That is why we couldn’t pay ourselves because we had to hire for the skills we lacked. Be honest with yourself about your skillset and the help you are going to need. Consider possibly taking on a partner. We took on a partner who was a tech wizard and that is what we needed more than anything. 

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

Yes, yes, yes. Women tend to shy away from talking about money. No topic should be off the table. Whenever I interview an entrepreneur on my podcast, “The MomForce Podcast,” I ask them about funding and money matters. I think we should all be more comfortable talking about that.

Do you have a financial mentor, and do you think all business owners need one?

Yes, everyone needs one unless you have a background in that. That could be an adviser, investor, or partner. There are some things that you can do early on in your business that will have real, lasting repercussions. I also suggest hiring a lawyer to help protect your business from the get-go. 

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

We gave some equity to advisors early on. That, in some cases, was really helpful because we could give equity instead of payment, but we had varied success with that. Some people did a ton to help us and were really engaged with us and some, not so much. If I could do it again I would be more careful choosing advisors and working more closely with them. I wish we had set regular meetings with them and gotten more out of the relationships. 

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

Don’t run out of money. No, but seriously, figure out what is most important in growing your business, and don’t get ahead of yourself. We didn’t have a glamorous office space in the beginning, just a corner with a bunch of desks in a shared space. Today, we have a beautiful office with sweeping views of Utah Lake. When you are going to hire, get the best people. The best is not always the most expensive. If you realize it is not a good fit, don’t be afraid to cut them and start again. A lot of mistakes are made in hiring. Don’t be afraid to say this isn’t working and try again. 

Anything else to add?

“The Lean Startup” is the bible. And creating an MVP, a minimally viable product, to test your concept before going all-in is a must. Start small, do a test, see if there is interest. Like doing a pre-sale or Kickstarter, just get really creative to test the concept before you spend. When we started showing Chatbooks to people and they said, “Shut up and take my money!,” we knew we were onto something good and ready to invest.

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How Multiple Income Streams Helped This Small Biz Owner Find Freedom

Everyone daydreams about the things they would do and the places they’d go if they had money and the freedom to not work anymore⎯ but as Taylor deDiego has experienced, there are ways to structure your life to accommodate a job you’re passionate about while putting yourself on track to fulfill your dreams. How'd she do it? She found financial freedom through multiple income streams.

deDiego is an accomplished editorial copy director and brand strategist in the beauty industry who began her career at Sephora, working as a copywriter and editorial director for five years. After, she moved to Herbivore Botanicals to lead editorial copy direction. Two months ago she left Herbivore and more recently, she decided to go freelance to be able to work with multiple clients and increase her income stream. 

Though deDiego has only had her business for two months, she's already noticed internal and external shifts that reassure her she made the right decision. “It doesn't feel like I have this glass feeling over my head, the way that I felt when I was in a 9 to 5 working for one company. I get to strategically figure out what kind of clients work for me, and how much work can I take on. And then that, in turn, is reflected in financial advances and possibilities," deDiego says. She generously shares her tips and insights into what it’s taken to find personal freedom, by increasing her revenue stream while successfully operating a new small business. 

1. Know your value

One of deDiego’s biggest strengths is not accepting breadcrumbs. She stands firm in the value her expertise in her niche brings. “I'm not chasing clients who don't agree with my value,” she says. “What I'm charging is offering you value beyond, ‘Okay, great. We have somebody who's doing our copywriting and we don't have to do it.’ It's like impacting their business as a whole. I know the value of what I'm offering and not just as a service, but what the bottom line is for their business. I know the impact of having strong editorial direction and very strong copywriting.” 

This mindset has provided growth in more ways than one. “It's based in neuroscience and reprogramming your brain to really come from a high-value place. And that has been super impactful for me,” she shares. “It has overhauled my entire life, whether it comes down to career, or personal and family relationships. That has been foundational in getting me to a place where I know that I can hold out for the clients that are the most aligned for both, pay and projects, and long-term relationships.”

2. Assess your priorities

For deDiego, as for many, the pandemic “shifted” a lot of things. “I got really clear on what is important to me. What are my long-term goals? What are my short-term goals? And refocusing on a career that felt fruitful and exciting was a place that I found I spent a lot of time thinking about.”

When you get clear on what you want, and even what you don’t want, you can start to intentionally create your life in a way that allows those things the opportunity to come to fruition. “I think that more than anything, I look at this as a real lifestyle shift,” she says. “I just think that it opens up a lot of freedom in my life.”

3. Merge multiple income streams

“I see the potential of how far this can go,” she says, of her ability to earn significantly more than she did at her previous 9 to 5 jobs. Multiple income streams allow her to control working from different places, and she’s planning on using that to her advantage. “I've always wanted to live in multiple cities,” she explains. “San Francisco is my home. It's where my family is. I have a beautiful apartment here! But I can also pick up and go work in New York for a week and be on a client's shoot there, effortlessly and easy.”   

Another place on her list that can now be a reality? Paris. “That's the city that I've always wanted to live in again,” she shares. And I'm like, ‘Great. You can go on your quarterly vacation there,’ and spend significant amounts of time, doing the things that really light me up.”

While travel is great, her eyes are also on the future and stability that’s now possible to continue along this path. “And then I think on the longer-term goals, like buying a house always felt like, 'oh my God, how would I do that?'” Now, with multiple income streams, she doesn’t have to worry.

Written by: Abby Stern

When COVID Hit, She Had to Close Her Restaurant—Now Her Products Are Flying Off the Shelves at Whole Foods

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 Ayeshah Abuelhiga

Ayeshah Abuelhiga was first inspired to open her own restaurant while working at local eateries in Washington, D.C. as an undergraduate at George Washington University. “It’s where I learned the value of a hard-earned dollar, where I learned Spanish, and where I saw people like me who didn’t necessarily have rich parents with white-collar jobs who paid their tuition,” explains Abuelhiga. “I saw the opportunity for restaurants to modernize, and ultimately, I knew that one day I wanted to own a restaurant." And after 14 years of climbing the corporate ladder, she did finally open the doors to her own restaurant, Mason Dixie, an authentic Southern comfort food hotspot, in D.C.

Although she had the make the difficult decision to close her restaurant after six years of serving the D.C. community due to COVID-19, she’s stumbled upon an even more impactful way to modernize the food industry. Like so many small business owners in 2020, she pivoted, identifying an opportunity to bring the wholesome biscuits that people would line up around the block for in D.C. into frozen food aisles across the county. Today, Mason Dixie has evolved into a clean frozen food company that makes biscuits and breakfast sandwiches that are available at over 6,000 stores, including Whole Foods, Target, Safeway, Costco, and more. And Abuelhiga is just getting started.

Below, the founder tells Create & Cultivate how she’s scaled her company sustainably, why she’s opted to raise funds from private investors (rather than through venture capital), and what major mistakes she’s made and learned from along the way.

You started Mason Dixie, in part, because you believe everyone should have access to affordable, wholesome food. Take us back to the beginning—What was the lightbulb moment for Mason Dixie and what inspired you to launch your business and pursue this path? 

I grew up poor. I was raised in low-income housing in Baltimore up until I was 11, but my parents did their best to instill the values of home-cooked, wholesome meals. We shopped at farmer’s markets and bought produce that was bruised, but we ate very balanced meals. I notice now looking back that the kids I still remember that I grew up with in Section 8 that ate out of vending machines are still in the system today, and those who had better access to food, are in better places. You truly are what you eat and I have always believed we deserve better. 

In that same vein, my immigrant parents owned a soul-food carry-out restaurant and convenience store when I was little and I got my taste for American cuisine from it. It was also a deciding cuisine when my Middle Eastern dad and Korean mother would disagree about whose cuisine would win out for dinner that night. I craved soul food even as I was coming of age in college, but I could never find homestyle, scratch-made comfort food, only fast food equivalents.  

Fast forward to college. I was the first member of my family to attend college and since my parents didn’t make a lot of money, I had to work to pay for school, so I worked in restaurants throughout my years at George Washington University. It’s where I learned the value of a hard-earned dollar, where I learned Spanish, and where I saw people like me who didn’t necessarily have rich parents with white-collar jobs who paid their tuition. I saw the opportunity for restaurants to modernize, and ultimately, I knew that one day I wanted to own a restaurant. 

So after working for 14 years in male-dominated industries, like tech and auto, and quickly climbing the corporate ladder, I realized I was an upper-level manager who was unfulfilled and had another 20  years to go before I could go after the only female C-level role that I didn’t even want. I was disenchanted and uninspired. So, I decided it was time to start my dream of owning a  restaurant. So in 2014, I founded Mason Dixie. I saw a huge opportunity in the lack of comfort food options available in the growing, better-for-you food space, and an even bigger opportunity making biscuits the focal point since there were no real, scratch-made biscuits on the market. I also saw an opportunity to make scratch-made comfort food affordable and accessible to the masses versus just doing better-for-you food in the fine dining realm by looking at the fast-casual scale and ultimately, grocery, as an even better avenue to do just that. 

You recently raised $6.3 million in Series A funding from investors—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?

1. Know the problem you are solving and how big the addressable market really is. Frequently I see founders who do not research the market space enough and show a $20M market opportunity. No investor gets excited about the opportunity to take up to 10% of a $20M market. If you make a seed oil and that segment is small, how big is the oil market in general? Sell the sizzle. It’s the opportunity size that gets early-stage investors going. But be realistic. Be able to defend the market size with real data. 

2. Know your sales performance and gross margins inside and out; it is ultimately how investors judge your worth. I cannot tell you how many founders I talk to that don’t even know what goes into a gross margin calculation, or where their strongest sales are coming from. This is important stuff you should be able to spat out on command. 

3. Know how you are going to use the funds. Don’t just say I need $1M. What is that $1M built from? Half to overhead/salaries, some to equipment, a third to working capital? Show in your projections how you get to that number. You will always be surprised after analyzing cash flow projections how much more you really need than you thought.  

You decided to forgo venture capital and instead opted to raise funds from private investors, many of whom are women. What advice can you share for entrepreneurs, particularly WOC, on partnering with the right investors, and what do investors need to bring to the table other than just money?

I say this until my face turns blue and people still look at me like I have three heads but choosing investors is like choosing a husband. They are almost identical on legal paper. They own your assets, you share financial responsibilities with them, and ultimately your relationship will be what allows you to succeed or fail. They are not a bank or a cash lender; they are meant to be business partners. 

You have to know the type of personalities you vibe with, what their values are, do you have the same humor even. It’s like dating. You have to ask yourself, “Could I be with these people forever? Are they my people? Do they really believe in me and what I am trying to achieve?” These are some of the top questions I ask of my investors when getting to know them and I highly recommend founders do the same when they go out to raise. This is why for WOC especially, it’s important to find your people. The check is secondary to shared values and work style. 

You launched Mason Dixie in 2014, and now the brand is available at over 6,000 stores, including Whole Foods, Target, Safeway, Costco, and more. What has been the biggest challenge in scaling your business and what lessons have you learned along the way? What advice can you share on how to scale a business sustainably?

The hardest part about scaling a fast-paced growth business is predicting growth. There are times when you get it dead wrong and over-project, and there are times you go gangbusters and hit it out of the park. Both scenarios are challenging to plan for. 

I think the way we have navigated our business growth best was by learning the hard way at first and then optimizing each year. At first, we sprinted and made some mistakes. We were lucky in that the sprint just qualified us for the next race, but we weren’t ready. We just happened to be the fastest runner in that first race. I would have preferred looking back to have trained and prepared for the second race. 

So with each misstep, we corrected, learned, and analyzed our weak points and then went in more cautiously. We chose better retailers, improved our product mix, then accelerated. I would always make sure to be cautious. If I could do it again, I would win strategically big and focus on making those wins bigger before going wider. It helps mobilize the team better, focuses your assets, and then allows you to move stronger into new markets. 

There are a lot of small business owners reading this interview who would love to have their products sold at major retailers like you. How can these founders follow in your footsteps? What advice can you share for getting a foot in the door with a big-name retailer?

Fair warning: the market has changed a LOT since we first got started. Anyone who started before a couple of years ago were the pioneers. You did a lot and asked for forgiveness later and people were more willing to grow/make mistakes with you. 

Now, the world has changed. There is a lot more competition—a lot more products out there—and retailers are getting smarter. Before you go pitch to a big retailer, you have to really know if you are ready. Do you have the marketing and trade budget to support the account? Can you keep up with the volume? Can you afford slotting fees? Do you have a sales support team to monitor and manage the account? 

Remember, these players have dealt with far more billion-dollar companies than they have thousand-dollar companies, so the rules are set for much bigger fish than you. 

Get educated, get funded, then jump into those waters with caution. Surround yourself with skilled and experienced advisors who have worked in the category/product type you are developing. Ask other companies in those retailers about their experience—both their successes and their follies. Get informed before you pitch. 

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

Being a founder/CEO means you need to know everything about your business—point-blank.  There isn’t one area that is more important than the other. It’s a living system and all parts of the system need to be financially healthy in order for the business to thrive. Now, this doesn’t mean you need to be the expert. Hire a great accountant or CFO early. Allow them to train your eye to see the dark spots and opportunities clearly. Focus on understanding your business over how to be a financial whiz. 

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

People. People people people. They should always be your first biggest expense. Who is helping you to create your projections? Who is going to manage your first order, or even make it? Remember, you cannot do this on your own and the value of the people you surround yourself with will be invaluable in the long run. 

What are your top three largest expenses every month?

1. COGs – All of your cost of goods should and will be your largest expense. 

2. Trade expenses/marketing – In frozen, we invest a lot into trade since it’s not as easy for us to market and get trial by handing out free sample packs at a metro station or triathlon. Investing back into trade helps us grow and should be one of your largest expenses as you scale.  

3. People – Your people should be the best of the best and they deserve to be financially treated as such so they are spending 100% of their time worrying about their business and not if they will get paid. Remember – this industry is tough and financially risky. This is always on the minds of your people so make sure you can pay them on time, and in full. 

Photo: Courtesy of Mason Dixie

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

I didn’t pay myself for four years so that others might eat. I lived off of savings and credit cards for as long as I could to ensure I could snag the best people, finance the next purchase order, or invest in the next piece of equipment or manufacturer. I only started to pay myself once I knew I 

couldn’t cut checks big enough anymore to fuel the business and took in our first investment,  but even then I was conservative and only took what I need to pay rent and eat. As an owner, don’t forget you own the company and that is way more valuable than a salary. 

At first, conserve as much cash as you can otherwise you will burn through equity instead. Taking a big salary is a cash burn that will cost you more equity when you need to raise more money before the company has earned the valuation it deserves. So be frugal about what you need in the beginning until the business can afford to pay you. 

Would you recommend other small business owners pay themselves?

It just depends on that owner’s personal situation. If I started a business as a single mom with three kids and little savings to live off of, I probably would pay myself the bare minimum I needed to feed my family. But as a single woman with nothing to lose, I lived as bare as I could on what I had. In fact, I worked side hustles until the business could afford to pay for me. It really depends on your financial needs and situation—just be frugal is the biggest advice I can give. 

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

You are always ready to hire. No one is good at everything. I would have a hard look at your skills and experience, rate those against the different business functions your business needs,  and then hire for anything you didn’t rate yourself strongly for. When I took in a business partner, my COO, Ross, I knew I was terrible at operations and needed help. Similarly, when I  saw sales ramping up, even though I knew I was good at sales, I only had so much time so rather than spread myself too thin, I invested in the hires knowing that yes, I could still do it, but what was the opportunity cost?  

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

Yes. This should be one of your first hires. I rarely have ever met a founder who is an accountant/financially trained. These people are, you need them. Again, they will educate you about how to look at your business and ultimately help you finance it. They are a critical function. 

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

Every business can start with Quickbooks or any off-the-shelf software. In fact, there is a huge market opportunity for you software engineers out there to design scalable accounting software for product companies—hint hint! It’s been fine because of its ease of use and cloud-based 

access, but terrible for really using it as a business intelligence and decision support tool. At the end of the day, it’s accounting software, so decision support is still happening in Excel for us. I  don’t think there are better solutions until you advance a bit more, but I am always looking. 

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

Yes, we are the biggest consumers in the world! We are business!! More decisions need to be made by the women who LITERALLY hold the purse strings. It can only happen with us talking out loud about it and informing the powers that be how we view money, business, services, etc.  The more we show up, the louder we are, the more we will be seen, the more will change. 

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

The funniest mistake was when I thought I was going to be Willy Wonka and open a biscuit factory in just a few months! It was actually one of the best mistakes I ever made. When we sold into Whole Foods our growth was so fast that we were getting requests for products everywhere. Naively, my business partner Ross Perkins and I decided to go after more accounts, particularly in the South because if these biscuits couldn’t sell down there, then we should just call this a good swag item and not further invest. Well, we got both Publix and  Kroger to buy our biscuits and were going to go from 100 stores to 1,000 stores in just under nine months. With no idea how to do this, Ross and I leased a drive-thru restaurant with a huge parking lot in the middle of nowhere so we could make pallets of biscuits and store them in a portable trailer freezer on the lot. 

We kept doing this for months and transporting the pallets, but the demand kept growing locally,  so we couldn’t even keep the inventory we had reserved for the new accounts. I thought we needed to build a bakery! A frozen dough bakery! In the middle of DC! I spent a ton of money on fully engineered plans for this biscuit factory that was also going to have our restaurant attached for the full Ghirardelli experience until we were about to pull the trigger on this huge spiral freezer. Turns out the freezer requires either ammonia or freon—which in DC—are banned in the quantities we needed to fuel this machine. So, we were dead in the water, and we had to pivot to find a way to make biscuits within four months. 

I say it was the best mistake I ever made because I ended up being fluent in frozen biscuit production—I knew exactly the equipment I needed, the process, the cost of things—so when I went on the hunt for the facility that would ultimately make our biscuits, I knew everything I  needed to know to make the search easy. Because I failed at building a factory, I succeeded in finding the best co-manufacturer out there for our biscuits, and that is what ultimately allowed us to scale and has brought us to where we are today. 

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

Learn about venture capital and investing before you start. It’s way more complicated,  personal, and nuanced than anyone tells you. I did my best to read and research but only as I  was hearing no’s during our initial raises. I even did a killer pitch where every investor in the room asked for follow-up discussions. But sometimes it’s not just about your business track record. Sometimes it’s about the color of the money on the table or how much more money is needed and it’s hard to stomach when you think everything else is A+ and you still can’t close the deal. 

Anything else to add?

Whenever the going gets tough, ask yourself, what have you ever failed at that you tried your absolute hardest at?  

I can’t think of a single time when I put my all into something where I didn’t succeed, so I know if  I keep trying, anything can happen. I realized if I didn’t stop trying and if I continued to persevere and stop putting a period at the end of the task, I would ultimately succeed. It’s been the driving statement that through every bad turning point in the path to getting Mason Dixie where it is today, and it is 100% effective.

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How to Become a Millionaire and Live Your Dream Life, According to Rachel Rodgers

What is your relationship with money? Do you live in scarcity mode or do you have an abundance mindset? Either way, we need to get better at talking about money if we ever want to be better at managing it, and eventually having more of it. Well, our new series, The Money Files is set to change all that by helping women become masters of their own finances so they can manage their money and their future.

Imagine having to work eight extra months just to earn the same pay as your white male co-workers. This is the likely reality for Black women in the United States as we marked Black Women’s Equal Pay Day on August 3rd this year. According to the National Women’s Law Center, on average, Black women are paid $0.63 for every $1 their white male counterparts earn. That equates to $964,400 (nearly $1 million) in lost income over a 40-year career. 

In honor and support of Black Women’s Equal Pay Day, we spoke with Rachel Rodgers—who's leading the conversation around social injustice and Black wealth—about her mission to change these statistics and close the pay gap. Through her company, Hello Seven, and her recently published book, “We Should All Be Millionaires,” she is empowering other women to hit seven figures by changing their relationship with money, stop procrastinating, and start making million-dollar decisions. 

How do you become a millionaire? What does it take to hit seven figures?

These are questions most of us have asked ourselves at least once in our lifetime and while you might think it’s a pipedream, Rodgers is here to tell you that it isn’t. The author, intellectual property lawyer, business coach, CEO of Hello Seven is on a mission to help other women hit seven figures without sacrificing their family or sanity. Over the past eight years, Rodgers has worked with New York Times-bestselling authors, tech startups, coaches, consultants, doctors, accountants, nutritionists, and so many more to take their business to the next level by creating and protecting their own intellectual property to scale their businesses to a million-dollar (or more) enterprise. (She outlines her four steps to becoming wealthy in any climate over on our Ask an Expert series on IGTV.)

In addition to her work at Hello Seven, Rodgers is also leading the conversation around social injustice and Black wealth with her Anti-Racist Small Business pledge. Instead of calling them out, Rodgers is calling companies in to have an honest discussion about racial justice and to help them determine how they can and should be part of the solution—that pledge has been signed by 2,200 businesses and counting.

So, do you want to learn more about Rodgers’ strategy for how to become a millionaire without sacrificing your family or your sanity? It’s time to stop procrastinating and start making million-dollar decisions by investing in yourself to build your dream life.

“One of my s’ heroes, Madam C.J. Walker, became America’s first female millionaire back in 1906,” Rodgers explains. “She was born to slaves. She was poor. She was Black. She was oppressed. She had every obstacle you can imagine and more. All the odds were stacked against her. Yet, she became fabulously wealthy. She launched a haircare company, built her fortune, and provided dignified jobs for hundreds of people. She bettered herself and the world. If she could do it then, you can absolutely do it now. And you can start today.” 

Of course, there is no magical solution to gaining wealth but there are fundamental objectives that can help you get there. In the words of Rodgers, “Instead of obsessing about how to trim your budget down to the bare bones, focus on exponentially expanding your income.” And you can start with as little as $100 (or less). Are you ready? Let’s go!

Photo: Courtesy of Hello Seven.

Stop procrastinating

The sooner you start building wealth, the better. 

If you’re struggling to motivate yourself to make and save more money, the main thing to remember is that having more money is never really about “the money.” It’s about the people you love and the causes you care about.

Here’s an example: A few years ago, I was traveling out of town for work, and I received a phone call about an emergency situation happening at home. I was immediately panic-stricken. All I could think was, “I need to get home now. Get me on the next flight home. I don’t care what it costs.”

I booked a super-last minute flight with three layovers and it cost $1,700. An outrageously expensive flight, but I didn’t care, and it didn’t matter. I could afford it. No problem. Done.

A typical American does not have an extra $1,700 laying around for emergencies or pleasure or any other reason. And this is a problem. 

You need more money because money provides more options for you. The option to fly home immediately if you need to. The option to send your kids to the best school. The option to leave a bad relationship without worrying if you can afford to live by yourself. The option to donate to causes like Black Lives Matter. The option to live as you choose, in freedom, in peace.

Again, if you’re struggling to motivate yourself, remember, it’s not about the money. It’s about the people you love. It’s about the lifestyle you want. It’s about having options instead of limitations. 

Look: do you want options, or not? If you do, then get after that coin!

Start Investing

Like so many things in life—jogging, cycling, twerking—investing may seem intimidating at first, but you just gotta dive in and start! 

Start small and keep it simple. I love the app called Mint which is a great way to get started with investing. You can start with $100 (or less) and go from there. Once your $100 investment brings you an extra $20 that you didn’t have before, you’ll be like, “Omg, I just made $20 bucks! Yay, free money! I love this!” and you’ll be inspired to keep going!

Make Million-Dollar Decisions

If you want to start earning more money than ever before and build serious wealth, these are the three fundamentals:

1. Stop making broke-ass decisions.

A broke-ass decision (a.k.a., B.A.D.) is any decision that steals your money or steals your time, energy, peace, joy, or power, and therefore, blocks you from becoming wealthy. For example, allowing your spouse (or child) to interrupt you 15 times an hour when you’re trying to work from home, thereby making it impossible for you to concentrate. That is a broke-ass decision. Stop doing that. 

2. Start making million-dollar decisions.

A million-dollar decision is any decision that brings you more money, and/or more time, energy, peace, joy, and power. It’s a decision that makes you feel rich—financially, emotionally, or both! Investing in a new blazer that makes you feel like a CEO instead of a shlub? Yes! That’s a million-dollar decision. Raising your hourly rate? Yes. Starting a side-hustle so you can start earning an extra $5,000 per month? Yes. Fueling yourself with high-quality food? Yes. Exercising daily? Yes. The path to millionaire status is paved with million-dollar decisions.

3. Surround yourself with people who are doing it. 

Fact: You are heavily influenced by your social circle. For instance, one study found that when low-performing students start hanging out with straight-A students, the low-performing students start scoring higher grades too. Success is infectious. It’s true with grades and it’s true with money, too.

If you want to become wealthy, start hanging out with ambitious people who are already wealthy, or, who are committed to the same goal. 

That’s why I launched my Club, a place for women who want to make serious money. Because when you hang out with millionaires and millionaires-in-the-making, the golden-money dust rubs off on you!

Invest in Yourself

To me, “investing in yourself” means doing anything that makes you feel powerful. Because the more powerful and confident you feel, the more money you’re gonna make. 

There are infinite ways to invest in yourself, and it looks different for every person. 

You can throw out your stained yoga pants and invest in a new wardrobe that makes you feel like a boss. You can invest in hiring a part-time personal assistant five hours a week so they can clear 1,000 tedious tasks off your plate and free up your mental bandwidth. You can invest in education, training, coaching, therapy, or all of the above. What’s going to help you feel your best? Whatever it is, do that.

Swap Budgeting for Expanding

Many people, especially women, are told, “You should go on a diet,” and, “You should cut back on your spending.” 

Both of these statements are deeply offensive to me because what you’re really saying is, “You should shrink and make yourself smaller.” “You shouldn’t reach for too much.” “You should find a way to be satisfied with much less.” “You shouldn’t take up too much space.” “You shouldn’t want too much, have too much, be too much.” 

Boo to that oppressive patriarchal nonsense! 

I take the opposite stance. I say, “How big do you want to live? What’s your dream life?” and then, “Cool, so what’s your plan to make that happen?” 

Try this: get a piece of paper and write down everything you would love to have. Your ultimate dream life. 

Do you want a three-bedroom house in the best neighborhood in town? Do you want a full-time nanny? A tutor for your kids? A new car with all the latest safety features? Make a list of what you truly want. 

Then, take your dream-life-list, head to Google, and find out how much each item costs. Crunch the numbers. Find out what it would cost to have your ultimate dream life. It might not be as much as you think. You might realize, “Huh, okay, my dream life costs $10,000 per month,” or $20,000, or $30,000, or whatever it is. 

Once you have this information, it’s empowering, and it leads to new questions. Now you can ask yourself, “Well, what’s it going to take to earn $10,000/$20,000/whatever amount per month so I can have my dream life? How can I pull this off?” Get creative and write down 25 different ways you could earn more and make it happen.

I do this exercise with my clients and it’s fascinating to see what they come up with. 

Instead of obsessing over how to trim your budget down to the bare bones, focus on exponentially expanding your income. 

Ditch the Debt Stress and Focus on Earning More

Stop stressing about debt, and instead, just focus on earning more money. It’s really that simple. 

Start a side hustle. Ask for a raise at work. Double your hourly rate. Text your cousin and tell him it’s time to pay back that loan. Focus your attention, time, and energy on one question: “How can I bring more money in the door?” Focus on that. Get that cheddar. And before too long, you’ll be able to pay off whatever debt you owe.

Learn to Trust Yourself

Taking a risk really just means, “doing something that’s going to change your life in a positive way before you feel totally 100% ready to do it.” And guess what? You are never gonna feel 100% ready. If you’re waiting for that moment of perfect readiness to arrive, it never will. So you might as well take the leap now. 

Part of becoming wealthy is learning to trust yourself. Trust your instincts. Trust that you will always land on your feet, one way or another. Trust in your creativity and resourcefulness. Trust in your ability to get things done. By taking a tiny risk now, and thriving, you build a little more trust in yourself. You gain evidence that it’s okay to take risks. This emboldens you to take bigger risks later on. So, start with a tiny risk today and build from there.

Diversify, Diversify, Diversify

I’m all about multiple revenue streams! In terms of how to do this, step one is, you need to leverage your intellectual property. Leverage your what, now? This just means, take something you’ve created (a system, method, process, formula, system, secret recipe, etc.) and package it so that people can purchase it 24/7 even when you’re asleep. 

A great example is, let’s say you’re a dog trainer. You have a unique training process that your clients love. They get amazing results and always rave about you but you can only see 10 clients per week so that’s limiting your income. 

So, you decide to create an online program (with tutorial videos) so that people all around the world can learn your special process. You sell your program on your website. Cha-ching! You just turned your intellectual property (a.k.a. your unique process) into a cash-generating product. 

You might be thinking, “But I don’t have any intellectual property!” but that’s not true. You do. Almost everyone does. You probably have some blind spots and you’re not seeing yourself clearly. Chat with a friend, hire a business coach, or join my Club and you’ll quickly see, “Oh, wow. I’ve been sitting on a million-dollar idea, and I didn’t even realize it.”

Make Wealth Your Reality

What’s a one-million-dollar decision you could make today? One decision (big or small) that would bring more money, or, more time, energy, peace, and power into your life? 

Do it. Make that decision. Then another. And another. This is how you will build wealth, and enjoy the freedom and options you want. “Other people have done this, and I can do it too” needs to become your new daily mantra. It’s the truth. And the more fiercely you believe it, the sooner it will become your reality.

Click to learn more about Rachel Rodgers’ business Hello Seven and start your journey toward building wealth today!

This story was originally published on August 13, 2020, and has since been updated.

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These Founders Are Bringing Fair Labor Practices, Artisanal Jobs, and Economic Development to Tunisia

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 Fouta Harissa

When Alia Mahmoud and Lamia Hatira met, they felt an immediate kinship. “We each have a Tunisian father and an American mother and our lives were sort of mirror images,” says Mahmoud. “Lamia was born and raised in Tunis and spent time in Seattle growing up, while I grew up in New York City and spent summers in Mahdia, Tunisia,” she elaborates. Although both women live abroad today—Mahmoud in Miami and Hatira in São Paulo—their families still live in Tunisia, and the textile brand Mahmoud and Hatira founded, Fouta Harissa, is their way of investing in their “tiny but mighty Mediterranean country,” Mahmoud tells Create & Cultivate. But they’re not just investing capital, they’re investing in fair labor practices for the country’s artisanal community.

By working with Tunisian artisans to craft high-quality, hand-loomed textiles, the brand is dedicated to preserving artisanal weaving in Tunisia while also contributing to the country’s economic development. “Unfortunately, Tunisian artisans are generally undervalued and underpaid as the custodians of our cultural heritage,” explains Mahmoud. “We want to change that by bringing the world a modern take on handmade artisanal products that also support fair labor practices, use sustainably sourced materials, and contribute to economic development in Tunisia,” she notes. Not only that but each of the artisans they work with is employed in a full-time position at the brand’s partner workshop and paid an above-market rate that exceeds the living wage.

Ahead, Create & Cultivate asks the co-founders all about how they self-funded the socially-driven brand, why they recommend hiring an accountant ASAP, and what money mistake has taught them the biggest lesson.

How did you fund Fouta Harissa? What were the challenges and what would you change? Would you recommend your route to other entrepreneurs? 

Lamia Hatira: We started with a small friends-and-family investment of $20,000 which helped us start our entities in both Brazil and the U.S.A. We are definitely still working on a small budget. It’s challenging because you don’t have the resources to do everything you want to do right off the bat, but it’s also kind of wonderful because you learn what really matters for your business and how to make the most of what you have. 

Each experience is definitely unique, but if you have an opportunity to get seed investment from friends and family at the initial stages, embrace it. Just make sure you’re on the same page with your investors about how active a role they will play and get in writing in your operating agreement.

The most important thing is to do what you’re comfortable with. We knew we weren’t ready to take out a huge loan or ask for a larger amount at the beginning because we didn’t want to owe anyone money or give away too much equity before we knew more about the intricacies of our business.

Three years later, we are now ready to take on more investment because of everything we’ve learned and because we know what works and doesn't work for Fouta Harissa at this stage. 

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

Alia: Legal fees to register our business and write an operating agreement, as well as placing our first major product orders with our manufacturer were definitely our first big expenses. I would advise taking the time to build a business plan in order to price out these early costs to the best of your ability, from there figure out where that money is coming from. A great way to generate some early cash flow is to do a friends-and-family sale before your product launches officially. This can help you raise some money and generate buzz.

Lamia: Beyond your most basic costs, make sure to include the other expenses that will ensure that your first customers get the experience you want them to have when they receive their product. This not only includes the product itself and its shipping, but the packaging, the marketing, the communications—they add up. 

What are your top three biggest business expenses every month?

Alia: Beyond paying for production, our biggest monthly expenses include the shipping costs to send our Foutas to customers, digital ads on Facebook and Instagram, and investing in regular digital marketing and PR.

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

Lamia: Not yet! We’re working on it.

Would you recommend other small business owners pay themselves? 

Alia: Absolutely. When it’s your business, you’ll work harder than you’ve ever worked on anything else before. Your time is valuable. Your effort is valuable. Build it in from the beginning. One thing we didn’t take into consideration, that we wish we had, is the employee taxes a business incurs in order to draw a salary. Even as founders! So until you’re making enough profit to distribute in those early years, build a small salary into your costs plus taxes.

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

Lamia: You don’t have to go from being a founding team to hiring a staff of full-time employees. We work with a lot of brilliant people, mostly as independent contractors. At this early stage in our business, it gives us the flexibility we need to try new things, learn, and try again. We’re so grateful to the talented people who believe in Fouta Harissa enough to devote their time to growing this business with us. 

I think you know when you’re ready when you realize you don’t know how to do everything, and that’s okay! We’re still in the process of learning exactly what our strengths are as co-founders and when and where it makes the most sense to invest in a new skill versus finding an expert who can help. We look forward to the day when we can have full-time staff on the team. 

Did you hire an accountant, and if so, would you recommend hiring an accountant to other small business owners? 

Alia: 100%. We recommend hiring an accountant as one of the first things you do. They can even advise you when you’re registering your business. We asked around and got recommendations from other female business owners until we found ours.

What are some of the tools or programs you use to stay on top of your business finances? 

Alia: Quickbooks has been a lifesaver. It’s a worthwhile investment and makes your accountant’s life a lot easier come tax time. We also use Square for offline payments and inventory tracking. And of course, Excel—a classic—where all the planning and projections happen.

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

Lamia: I’d say focus your energy on product quality and your people. Your product has to be the best possible thing you can put out into the world. At the end of the day, if you don’t have a great product, you don’t have a business. Just as importantly, invest in relationships. They are everything, especially at the beginning. You might not always be able to pay everyone you want to but be creative. Find ways to uplift them, involve them in decisions, consult them, and barter with them.

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

Alia: Definitely. We’re always worried about speaking up because we think everyone else has it all figured out. When you’re a small startup, you think there’s no way others have made the same mistakes that you have. But if we can talk about it more openly, with no shame or pretense, then we can really support each other to make the best and most savvy money decisions. 

The reality is, without good finances, there is no good business, and some of us can really use all the help we can get. 

Do you have a financial mentor, and do you think business owners should have one?

Lamia: We have two. One on the more day-to-day financial management who helps us build spreadsheets, come up with pricing strategies, and analyze reports; and another one who advises more on visionary planning and fundraising. Both are women and both are total badasses.

Business owners definitely need a financial mentor, or more. Find as many quality mentors who care about you as possible, and cultivate those relationships.

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

Alia: Underestimating the cost of digital marketing. As an e-commerce brand, we definitely did not anticipate the challenge of competing with companies putting in $10,000+ into social media advertising every month. When you’re just starting out with limited budgets for digital ads, it can be hard to compete. This became even more acute during the pandemic because everyone became an e-commerce brand and doubled down on digital. My advice would be, plan for a bigger budget for ads early on or find creative ways to not rely on them like collaborations, partnerships with brick and mortar stores, and investments into your most loyal customer base to encourage repeat buys.

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

Alia: Whatever price you’ve determined for your product, double it. Seriously, there are so many costs you don’t even know exist, beyond your COGS, when you launch a new product. All of those should be built into your MSRP. And do as solid a financial plan as you can. 

Anything else to add?

Lamia: If finance is your thing, use it to your full advantage and help others out. If financial matters don’t come naturally to you, make sure you learn the basics of your business finances to always know what’s going on, and surround yourself with people who know what they’re doing and who you can learn from.

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5 Black Financial Educators Who Are Empowering Us to Take Control of Our Finances

Photo: Courtesy of Tonya Rapley

Welcome to 5 for 5, where we spotlight 5 women in 5 minutes or less.

It’s no secret that Black women are not paid fairly. On average, Black women are paid 37% less than white men and 20% less than white women for doing the same work, according to LeanIn.org. But despite the stats, Black women *can* build wealth. Ahead are five financial educators who are advocating for change, empowering women to take control of their finances, and pushing these stats in the right direction.

1. Dasha Kennedy

Dasha Kennedy, a.k.a. @thebrokeblackgirl, doesn’t hold back when it comes to sharing tips for assessing personal debt, reaching a big financial goal, and implementing a financial wellness self-care routine.

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2. Tonya Rapley

The “Millennial Money Expert” and founder of My Fab Finance, Tonya Rapley, is on a mission to help 100,000 people make at least one money decision they’re proud of, whether it’s buying a home or saving money on a trip.

3. Tiffany Aliche

Known as @thebudgetnista on Instagram, Tiffany Aliche breaks down big goals like building wealth, paying off a mortgage, and buying a home while paying off student debt into achievable (dare we say simple) steps.

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4. Marsha Barnes

The brains behind @thefinancebar, Marsha Barnes is a must-follow for friendly reminders to engage with your finances, adjust your budgeting plan, and start an emergency fund, as well as tips on how to follow through.

5. Jamila Souffrant

The founder of @journeytolaunch, Jamila Souffrant, is all about helping people grow their savings, get out of debt, and gain financial freedom and independence. (Psst… her podcast, Journey to Launch, is a must-listen!)

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Attention, Self-Employed Bosses! Here Are 4 Tips for Budgeting on a Variable Income

Photo: ColorJoy Stock

During my first month as an entrepreneur back in December of 2018, I made $226 as an administrative assistant. Fifteen months later, I would go on to quit my day job and make upwards of $5,000 a month as a freelance writer and content creator for Rosetta Stone. 

While I had excitedly waited to get to this point, it was still hard for me to give up the financial security of my day job. Without corporate perks like PTO, health insurance, and automatically deducted taxes, I suddenly had to make sure I had enough to get through the expected—and unexpected—costs each month without the help of a regular paycheck. 

As an entrepreneur or freelancer, it is completely normal to have an irregular income, but it can definitely make budgeting your money a little trickier. Luckily, after a lot of trial and error and some helpful advice from a top-notch financial coach, I can finally say I’ve figured out how to budget with a variable income. Since this is something I wish I had known years ago, I decided it was time to share with my fellow business owners!

1. Calculate Your Monthly Needs

Before taking control of my budget, I had no clue how much I really spent per month. Like most young business owners, in my first two years of business, I was pretty much taking whatever job I could get—mostly because I just needed to get my bills paid. Never really knowing how much to expect from month-to-month, I ignored my bank account completely.

Every month I would just cross my fingers and hope I wouldn’t get an “insufficient funds” notice from my bank. But, this method led to a lot of extra stress and negative emotions around money. 

So, one day, I sat down and went through my last three months of bank and credit card statements and looked at how much I had been spending on necessities. This helped me figure out how much I really needed to be making each month to get by. Some common needs within a personal budget include things like:

• Rent

• Utilities

• Groceries

• Gas (only for required outings)

• Debt repayments (minimum required payment)

• Phone

• Personal care (toiletries, medicine, etc.)

• Insurance (car, life, etc.)

• Essential family expenses (childcare, clothing, etc.)

I also included the needs I had for my business. Some common business needs within a budget include things like:

• Employee/contractual worker wages

• Website hosting

• Email hosting

• Insurance (health, business, etc.)

• Public relations

• Marketing/advertising

• Business-related debt repayment

• Travel

• Taxes

• Business-related software (accounting, email management, website building, social media marketing, SEO, project management, CRM, communication/messaging, etc.)

• Business-related hardware (computers, phones, printers, etc.)

And this isn’t just what I learned from personal experience. When I sat down with financial coach Yvonne Tran for one of my podcast episodes, she echoed this sentiment as well. “If you have variable income my biggest tip would be to know how much you need to pay every month for expenses or bills and make that a goal to bring in every month in your business,” Yvonne shared.

2. Reset Your Money Mindset

Like it or not, we all have certain ideas about money. Whether you grew up hearing “money is the root of all evil,” “a penny saved is a penny earned,” or any other common money-related beliefs, our society has a lot of positive and negative associations with money.

Having grown up in a family of entrepreneurs, money struggles—and the negative money mindset that comes with them—were no stranger to me. For a long time, money was something that I considered stressful and even dirty. It wasn’t until I learned to see money as a tool and something to be grateful for that the money really started flowing. 

“Money mindset is definitely really important because if you view money as so stressful, super complicated, and intimidating then I can show you all the ways that you can fix your financial situation, but if your mindset is telling you ‘no’ then it’s not going to work out in the end,” Yvonne told me. 

A few ways you can reset your money mindset are:

• Using positive affirmations around money (and putting them everywhere!)

• Learning to give money away without fear

• Evaluating your beliefs around money 

• Actively fighting off any negative thoughts about money

• Fostering gratitude in every transaction

3. Cultivate Healthy Money Habits

Creating a strong budget and resetting your mindset creates a strong foundation for making good financial decisions, but keeping up with those good financial decisions means you have to cultivate healthy money habits too. Some healthy money habits that could help keep your budget on track are:

• Downloading a money-tracking app like Mint

• Spending with gratitude, not fear by using affirmations like, “I am grateful for all that money brings me,” or “I am grateful that I can contribute my money to the economy/this cause/this person,” when spending money

• Setting financial goals each quarter

• Waiting 24 hours before buying “wants” to avoid impulse purchases

• Saving 20% of your income for the unexpected

Yvonne is a big proponent of saving, especially when you have a variable income. “If you happen to have a short month one month and not bring in as much as you need then hopefully you’ll have that extra savings already set aside,” she shared. “That way, that can come in to fill the gap for that month, and then you’ll just work harder next month to bring in more money.”

4. Re-Evaluate Your Budget Each Month

If you have a variable income it is best to evaluate your budget pretty frequently. By re-evaluating your budget more often, you’ll have a better handle on your money as your income changes.

Since I can usually predict my income for the next few months, I tend to re-evaluate my budget each quarter, but monthly works great too. Here’s the method I use: first, I calculate how much I’ll be making over the next three months. Then, I divide that up to give myself a general monthly budget. Finally, I calculate all of those personal and business needs we talked about earlier. 

Next, I subtract my needs from my income and I use that final number as my budget for the month. I’ll usually take out a percentage for savings, but the rest I let myself spend freely. Some people prefer to take their savings directly out of their income, but it makes me feel better knowing everything else is taken care of first. This works well for me because on good months I can splurge on certain items, whereas on not-so-good months I have to reign myself in a little bit. But either way, it gives me a concrete number to focus on each month. 

There are hundreds of ways to budget your money, but the best budget is the budget that works best for you. I tried a lot of budgeting methods before I found one that really worked for me, so don’t get discouraged if you struggle a little bit. For me, once I changed my mindset around money everything changed, so I would definitely suggest digging into your own stories around money before getting started. Happy money-making!

“There are hundreds of ways to budget your money, but the best budget is the budget that works best for you.”

—Calli Zarpas, Founder of the Do Well Department

About the Author: Calli Zarpas is the founder of the Do Well Department, a holistic business program created to help overwhelmed business owners cultivate a business and life they love. When Calli isn’t running her community, she’s writing her weekly newsletter and hosting her podcast called Unstrictly Business, all about how successful business owners foster success in both their business and personal lives (Yvonne’s episode is an awesome place to start!).

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How to Triple Your Revenue in 2021

Photo: Smith House Photo

Let’s talk about revenue.

Building a business means setting aside time to map out revenue goals and growth strategies. Which can be a daunting task if you’re a dreamer with big financial goals for your business this year.

For those of you looking at your current balance sheet and wondering how in the world you’ll get there by the end of the year, I’m breaking down a few simple, proven strategies you can implement to see massive growth in hitting that bottom (or top) line.

1. Raise your prices.

Want to know the #1 way to increase revenue without adding additional work? RAISE YOUR PRICES.

Spend an afternoon doing a little internal audit of your services, products & pricing. Determine how many clients you need to book or products you need to sell this year to reach your stretch revenue goals. If it’s a lot...as in, that amount of work will leave you completely burnt out, it’s time to start charging more.

For example, if this year’s annual revenue goal for your design agency is $100,000 and your average service costs $2k, you will need to book 50 client projects this year to reach your goal. However, if you start charging $10k for that same package, you only need 10 clients. And if you book 50 clients, you’ll make $500,000 in revenue. Simple. But hugely profitable.

If you’re wondering if it’s time to raise your prices, here are a few things to consider…

What is the value of your product or service?

The first thing to look at when deciding to raise your prices is the value your service or product holds for your customers. Will your offerings allow them to raise their prices? Sell more of their products? Book more clients? Reach new audiences? Gain new opportunities? Automate their processes? The list goes on.

For example, we have seen our clients double their revenue and quadruple their client roster after working with us. We've seen them go from being a brand nobody has heard of to an iconic leader in their field. The websites we build for our clients have the potential to bring in hundreds of thousands of dollars in sales. We've helped our clients organize and effectively present information that's saved them time and money answering emails or hopping on long sales calls.

Your prices should reflect the value and ROI your product or service brings.

Are you presenting your brand in a way that LOOKS as valuable as it is?

How you present & position your offerings is EVERYTHING. Presentation adds perceived value. There is a reason why beautiful things cost more - they look more valuable.

Your potential clients and customers probably don't know how good your product or service is yet. All they have to go off of is the way it looks.

So ask yourself...

If I knew nothing about my brand, would I pay top dollar for what I'm selling?

Do my offerings look as high value as they are?

Do I stand out and compete with other brands in my industry?

If you answered "no" to any of those questions, it might be time to consider investing in a rebrand. You are probably leaving a lot of money on the table, purely because you don't look like the high-value brand or expert that you are.

What does the experience feel like for your customers?

What happens after the customer buys? Will their experience after purchasing reinforce their decision to buy from you? Was the experience one that will make them want to buy again? Will they tell their friends or colleagues about you?

The customer experience after purchase is just as important. For service-based businesses, this comes through in your client process, the way you communicate, how well the client feels taken care of and how your service is ultimately delivered. For product-based businesses, this is your unboxing experience, the culture you're creating, on-going customer exclusives and how you're building brand loyalty.

Oftentimes, the customers you already have are your best customers. How are you taking care of them and making them feel valued after they’ve purchased?

2. Invest in education.

New skills can help you reach more people, uplevel your current offerings and better establish yourself in your industry. If you want to increase revenue, you should continually be learning and developing your skills.

Start by identifying areas of your business that you wish you knew more about. Or think about services that would complement what you currently offer to offer clients and customers even more support.

Here are a couple of great needle-moving skills to invest in learning…

• Marketing & Sales

• Facebook Ad Management

• Brand Strategy

• Copywriting

• Basic Graphic Design

3. Outsource and invest in support.

If you see growth in your immediate future, you will need to invest in additional support. As your business scales, so should your team. And as scary as it feels, you need to hire help before the growth comes so you’re ready when it does.

Start making decisions as your next-level self. This will allow you to grow faster, become more efficient, and handle even more growth in the coming year.

4. Develop content & products for a new audience.

Spend 20 minutes this week scrolling through your social media followers. Get to know them. Are your products or services for them? If 20% or more of your followers aren’t your ideal customer, you are leaving money on the table.

Take some time to think about a new product that you could offer. These people are clearly interested in something you currently do. But you haven’t given them an opportunity to convert.

Never underestimate the power of simply listening to what your audience is asking for. It’s probably something completely different than what you think you should offer. Or servicing a new audience entirely. But it will be the most aligned thing you ever do for your business.

Increasing your revenue means trying new things, taking new risks, and learning more than you ever have had before. Step into your next-level self and create a scalable path to revenue growth.

“New skills can help you reach more people, uplevel your current offerings and better establish yourself in your industry.”

—Ariel Garcia, Graphic Designer and Founder of ByAriel

Photo: Clarin J Photo

About the author: Ariel Garcia is a self-taught graphic designer and founder of the creative agency, ByAriel. She is committed to pushing the boundaries of creative innovation and carries that into each project, campaign, or brand she’s a part of. She also mentors graphic designers on developing their own unique style and artistry. Ariel’s typical day consists of several cups of coffee, logo designing, collaborating with clients, styling products, and planning her next adventure.

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5 of Your Most Pressing Money Questions–Answered

Photo: ColorJoy Stock

COVID has shown us how quickly unexpected events can throw our plans off course. Now, more than ever, it’s important to plan ahead–especially when it comes to your finances. Whether you're bootstrapping your business, setting up your retirement fund, or simply learning the financial basics, it pays to pay yourself forward. Investing in your future will pay back dividends. 

To help you master your own financial future, we teamed up with Ally for our recent Money Moves digital summit to host a mentor power-hour with five financial experts to answer your most pressing money questions.

In case you missed it, we’re sharing a few of the Q&As from our Money Moves mentor session. Read on for some sage financial advice from our five mentors who know quite a bit about the importance of investing in yourself, your business, and your financial future.

Jack Howard serves as the Senior Director of Wealth Advisors Operations for Ally Invest.  In this role she manages the day-to-day operational processes of the Wealth Advisor business.  She is also responsible for the Ally Invest Inclusive Wealth strategy that is part of the Ally enterprise Financial Social Inclusion (FSI) efforts and serves as secretary for the Ally Charitable Foundation. Prior to joining Ally Invest, Jack served as Senior Director of Ally Corporate Citizenship.  She was responsible for the creation and execution of strategic programs for the organization’s financial literacy program, corporate giving initiatives and employee giving/volunteerism programs. 

Jack graduated from Michigan State University with a Bachelor of Arts degree in Journalism and is currently a student in Syracuse University’s Master of Science in Communications Management program. An active professional, Jacqueline is a member of Alpha Kappa Alpha Sorority, Inc. and Jack and Jill of America, Inc. She also serves on the national board of directors for the American Bankers Association Foundation and Society for Financial Education and Professional Development (SFEPD), as well as the Boys and Girls Club of SE Michigan.

Jacqueline has a deep passion for helping Brown and Black communities build wealth through economic mobility. Her work has earned her a spot as one of the 15 women on the inaugural Next list - an extension of the American Banker Most Powerful Women in Banking program.

Q: Investing can be intimidating–what advice do you have for someone who’s new to investing and doesn’t know where to start. How do I overcome the intimidation factor?

JACQUELINE: As a first-generation stock investor, I know what it feels like to be paralyzed with fear because you don’t know what to do first. I am the daughter of a police officer and teacher who had pensions to fund retirement, so the stock market was not a topic of discussion at my dinner table during childhood. After graduating from college, I realized the importance of owning stocks as a piece of my wealth building strategy. I started small and made a $25 contribution to the 401K provided by my employer. As my salary increased, I contributed more, hired a financial advisor, and opened a Roth IRA account.  I also worked hard to eliminate credit card and student loan debt.  Over time, I became obsessed with understanding money and wealth building.  Now, I am constantly listening to audio books and podcasts, watching CNBC or reading the Wall Street Journal and Barron’s.  All of those efforts helped me to better understand money and investing.  So, my top tips for new investors: start small, automate the process and make a commitment to learning.

Allyson Byrd is also known as the “Profit Accelerator™ and she is celebrated as one of the world's most trusted leadership advisors and sales experts for entrepreneurs and small business owners. Today, her and her team executive produce exclusive virtual membership communities for influencers with online audiences over 1 million in reach. Allyson’s clients generate a collective $33 million-plus in sales revenue annually. She and her team have coached 7500 entrepreneurial leaders to create $260 MILLION in NEW revenue over the past 9-years. You’ll be able to hear more of Allyson’s journey to success from an underprivileged life on food stamps, a dad in prison and single mom raising two kids to the ultra-passionate successful leader she is today and the undeniable stand she has for women rising into their greatness in her latest collaboration with Amazon Prime TV. Allyson’s press features include CNN, USA Today, NPR, Time Money, Forbes, Yahoo Finance, Business Insider, CNBC, MSN, Black Enterprise, Essence and Entrepreneur.com.

Q: If this last year taught us anything, it was the importance of planning for the unexpected. As a small business owner, how can I be better prepared financially for emergencies?

ALLYSON: The last year taught us many lessons and brought significant stress to women business leaders all over the world. We found ourselves questioning how to properly position our services, pivot our product lines and staff our teams amidst a global pandemic and a world-wide racial reckoning. This was not easy, but we survived. 

There are (3) things that I shared with our clients averaging $250,000+ annually to keep them on track and committed to success. 

1. When money stress hits, do NOT discuss the stress. Focus on the pivot. Ask yourself, “What is my lowest hanging fruit to sell and position to the market?” Your job is to sell with intention, sell fast and secure your cash flow.

2. Get LOUDER in your marketplace. Our tendency when stress hits is to go quiet and enter protective mode. Choose from a place of power and connect with your audience like never before. Do the things others aren’t doing so you can curate success for your business in ways others are not. 

3. Finally, as the business leader–center yourself. Know your numbers, meet with your accounting team (bookkeeper, accountant, heck… this may be you having a meeting with you) but whatever you do, don’t hide behind your numbers, stand on them. Have a clear picture of where you are so you know where you’re taking the business. 

Financial stress can cause us to take our mind off our business goals, slide away from leading with discipline and throw us quickly into a state of overwhelm and fear. 

Use affirmations like the one below to kick off your breathwork or meditation because if you’re riddled with anxieties and high-stress emotions, your business and your bottom line will soon follow.

REPEAT AFTER ME: I am a vibrational match for financial prosperity because I choose to only allow massive well-being. I stay in the place of already receiving monetary abundance from all sources that are for my highest good and greatest joy.

Stay the course. It’s the ebb and flow of business and keeping your mind centered, your energies focused and your intentions clear will get you through the storm and back into the sunlight of your success. 

Britney “Jeanine” Canidate is the owner and founder of Britney Jeanine & Co., a business coaching firm based in the heart of Atlanta, Georgia. Serving as the head Business Coach and Pivot Strategist, Britney believes that every entrepreneur should build a business they are most passionate about—even if it means slapping fear in the face and pivoting accordingly. Wife, mom of 2 and a business owner for over thirteen years, Britney has established herself as an industry leading business and brand strategist, and has supported clients across a multitude of industries. From corporate executives, high-ranking government officials and thousands of creative entrepreneurs, Britney has intently positioned her expertise in order to build a business focused on greater results, revenue and retention. Known for her spunky-tough-love approach, creativity, strategic mind and attention to detail, Britney is a proud graduate of Georgetown University where she received her Masters in Public Relations & Corporate Communications, and a Florida State Seminole with a background in Finance & Marketing. Using her signature system, you can find Britney working with experienced [yet transitioning entrepreneurs] who are ready to confidently plan their pivot without compromising their coins and credibility.

Q: I am currently working full-time for an employer but I plan to launch my own business soon–where is the most important area for me to focus my financial energy right now in order to take the leap?

BRITNEY: What a great question... and it's awesome that you're starting to think of this now. A mistake I often find those starting new businesses make is: investing based on what others are doing, and not based upon their OWN goals/needs.

So here is my advice:

• First define your brand by outlining your what, why, how, who and who not.

• Then focus on the who and determine how you can solve their problem(s).

• Now that you have the solution to their problem(s), package it up... is it a product, service and/or program...

• Now it's time to launch it into the world... who are the key people that can help you make this happen?

So to answer your initial question... your financial energy will go into "the key people that can help you make [your launch] happen".

 Maybe it's inventory samples? Maybe it's a business coach? Perhaps it's a brand designer or operations strategist... but the question still remains—who are the key people that can help you make the launch of your new business happen? Start there.

Alaina is an accountant, certified financial coach, author, and content creator. She helps busy people who struggle with budgeting and time management use a paper planner to get organized. She shares her easy approach to productivity & finances through her YouTube channel and has amassed over 75,000 subscribers and 3.5 million views on the platform. Her work has been featured in Yahoo Finance, Martha Stewart Living, Wired, The New York Weekly, The Huffington Post, and she was recently selected as one of LA Wire's 40 under 40. Alaina lives in New Orleans, Louisiana with her husband Torrey and their two daughters Tori Michelle and Alyssa Jade.

Q: I’m reevaluating how I split up my finances in the wake of 2020. How much cash should I keep in my savings and checking account?

ALAINA: Here is how I break down cash in my accounts:

Checking Account: I keep a small cushion in this account (no more than $200 - $500) just to cover any unexpected expenses from my daily spending. I don't like to keep more than that just in case my debit card is compromised.

Short Term Savings Account: With my short-term savings account, I am keeping money for any repairs or things that don't happen every month (like birthdays). In this account I keep one month of expenses. 

Long Term Savings Account: This is my emergency fund. I would keep 3 - 6 months of expenses in this account in case you may lose your job. If you have a very secure job or you can get a new job very easily, I would keep 3 months, however if you are self-employed or your job is unstable, I would keep 6 months of expenses.

Savvy Girl Money is a financial platform created to inspire women to reach their financial goals.

Q: I’m saving up to buy a home, but I’m worried that my credit score is too low. How can I increase my credit score and maintain it?

ASHIRA: The best way to increase and maintain your credit score is to start paying all your bills on time. A late payment can have a substantial effect on your score.

You want to keep your credit card utilization ratio under 30%. Your credit card utilization ratio is calculated by dividing your credit card balance by the total credit card limit. Make sure each individual credit card utilization is under 30%. Credit utilization makes up roughly 30% of your credit score, this makes it one of the most important factors in increasing or maintain your credit score.

You could also dispute negative or inaccurate items reported on your credit report. The best option is to write a letter to the three credit bureaus explaining why the information is inaccurate and provide evidence. Make sure to mail the letter certified mail with return-receipt requested as proof you sent the letter.

Don't Live Paycheck to Paycheck—This Is How to Save Money in Your 20s

Photo: ColorJoy Stock

A lot of people in their 20s are dealing with large amounts of student loans and credit card debt and living paycheck to paycheck, dreaming of days when they can begin to use their money to reach their financial goals. While it's easy to that think financial planning at this stage in your life is pointless, the truth is there are some basic strategies you can implement, regardless of how much debt you have or how much income you’re earning.

Learning these strategies will help set up the financial foundation you need to move through this challenging time in your life and set the stage for a strong financial future. Read on for eight simple steps to get out of that paycheck-to-paycheck cycle and start saving money ASAP.

1. Create a budget.

Even as a young adult who may not be making that much money yet, budgeting is critical because it allows you to see how much money is coming in and going out every month (it’s all about tracking your spending!). Although most 20-year-olds understand they should budget, the reality is most just don’t do it.

Get a budgeting system as early in place as possible and review how you are spending your money so you can make adjustments, if necessary, to ensure you are living within your means and able to save for your financial goals. There are apps that can help you now too such as YNAB.

The basic budget formula for after-tax income is:

• 50% for fixed expenses, such as housing (28% or less for housing expenses), basic food, insurance premiums, etc.

• 20% for financial goals. This would include extra debt payments, your cash cushion, retirement, etc.

• 30% for variable expenses, such as dining out, entertainment, travel, etc.

2. Set up weekly money dates.

Set up weekly money dates to review your budget and manage and plan out your finances. During your money date, you should pay your bills (although most should be set up as auto-pay), update and review your budget and take care of any other financial concerns. By calling this allocated time with your money a “date,” you can begin to bring a fun, exciting element into your financial life to help you stay committed for the long haul.

3. Open up a savings account and set up automatic contributions.

Most people don’t save because they make it way too difficult for themselves. Instead, review your budget and aim to start saving toward your financial goals by following the “pay yourself first” strategy. Under this method, you set up your savings to be automated every month and you save before you spend money on variable expenses. 

The goal is to save 20% of your net income but don’t let that amount scare you. Even if you can only start with $10 a month, that’s better than nothing. Every year, review and see if you can increase your savings amount. 

4. Build up a cash cushion.

The goal of a cash cushion is to have three to nine months of your fixed expenses in a savings account to pay for life’s unexpected incidents. Life always throws curveballs—your car breaks down, your computer crashes or you receive an unexpected medical bill—and having money in the bank to cover those expenses will help you maintain your financial peace of mind.

If your fixed expenses are $3,000 per month, you should aim to build a cash cushion of anywhere between $9,000-$18,000, depending on your comfort level, job security, etc. That sounds like a lot, I know. But remember, just start with what you can to build your cash cushion over a few years. Again, even if it’s $10 a week, that’s still one step in the right direction.

5. Keep an eye on your credit score.

Our credit score affects nearly everything in our financial lives. It affects the interest rate on the car loan we apply for, the mortgage loan, the credit cards—and even employers and landlords can reference your credit score when reviewing your application.

By monitoring your credit score, you can see where you stand and what you can do to improve it if necessary. Use websites like creditkarma.com to view your credit score (not your actual FICO) regularly for free and then pay to see your actual credit score at least annually using annualcreditreport.com.

6. Create a debt reduction plan.

The first step is to make a list of all your debts. Get clear about how much you owe, the interest rate of each debt, and the minimum payment due. Then review your budget to determine how much you can realistically add toward extra debt payments and start with the debt with the highest interest rate while paying the minimums on the rest.

This will allow you to save the most in interest payments. Once the debt with the highest interest rate is paid off, move on to the second-highest, and so on.

7. Start saving for long-term goals.

If you have the ability to start investing in your retirement accounts after you’ve allocated some monthly funds toward building your cash cushion and paying off your debts, then set up an automatic contribution into your retirement account. By starting early, you can allow compounding interest to work in your favor on your investment accounts.

If you are new to investing, make sure you do your homework and read investment books so you are clear about what to expect when investing in your future.

8. Focus on building your earning potential.

Income is one of the biggest factors in wealth creation over time. After all, if you don’t make money—or don’t make enough money—it is very difficult to save for your financial future. So if you can’t save as much as you would like to due to your income level, focus on ways to increase your earning potential for the long run. There are a lot of free courses you can take online, and even watching YouTube videos to sharpen your skills is something anyone can do. Also, there are so many ways you can earn extra money on the side. Ramit Sethi teaches this to his community at I Will Teach You To Be Rich. 

Think outside the box, and continue to focus on increasing your earning potential every year.

About the Author: Brittney Castro is the founder and CEO of Financially Wise Women, a Los Angeles-based financial planning firm for women. She specializes in working with busy, established professional and entrepreneurial women who are passionate about life and want to finally understand money—how to manage it, save it, invest it, and protect it—in a fun and simple way. Follow Brittney @brittneycastro.

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This story was originally published on June 15, 2017, and has since been updated.

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5 Things To Do Before You Start Investing

Photo by Karolina Grabowska from Pexels

Investing can be intimidating. But if you’re looking to build your wealth, buy a house or set up a retirement fund, investing is not only one of the best money moves that you can make –– it’s a must. For most people, understanding the basics and choosing the right investment strategy is enough to get started. But the most important question to ask when it comes to planning your financial future is whether investing is right for you, given your current financial situation.

So, to have a candid conversation about making strides toward the financial future you want for yourself, we tapped Lauren Anastasio, CFP® (Certified Financial Planner) at SoFi, during our recent Money Moves Digital Summit to share some tips on building wealth through investing, including what you need to know before you start, and how to really know if investing is right for you.

She identified five financial goals to accomplish in chronological order, before you begin investing in order to build the best possible financial foundation. ICYMI, we’re sharing them below, along with Lauren’s tips to yield your best benefit.

1. Establish a Safety Net

   The first thing you want to do before you consider investing, is establish a safety net. Think about this as a cash savings equivalent to approximately one month's worth of your essential expenses. If you don't have at least enough cash to cover all of your living expenses for one month, then saving is your very first priority––that's the thing you should be doing, before anything else.

2. Seek Employer Match

   Step number two is to obtain any employer match you might be eligible for. If you're not strictly self employed or you do have access to an employer sponsored plan, you will want to make sure that you're maximizing any match that you might be eligible for––you never want to leave free money on the table!

3. Protect Your Income

   Third, protect your income. This means pursuing an appropriate amount of disability or life insurance, depending on your circumstances.

4. Attack Bad Debt

   Next, you want to eliminate any bad debt, It’s important to make the distinction between between good debt and bad debt. Bad debt includes things like credit cards or personal loans, essentially anything charging 7% interest or higher. You will want to eliminate these in their entirety before moving on to investing. The reason is, there's an opportunity cost if you're investing and you can expect realistic average annualized returns of seven or 8% –but if your credit card is charging you 20% that's compounding daily, your money is going to be far more valuable going towards paying off that high interest rate debt than it will be going into the market. This is one step you absolutely do not want to skip.

5. Build an Emergency Fund

   Step five includes establishing a fully funded emergency fund. This is when you take that safety net and build it up to a balance that's closer to between three to six months worth of your essential expenses. This is vitally important, because if you do have an emergency that comes up, including some type of loss of income, you don't want to have to take money out of the market and possibly trigger a taxable event or have to dip into that money when the market is down. You will want to make sure you always have cash on hand.

Once you’ve accomplished steps one through five, you’re likely ready to start investing! To learn more about investing and how to align your approach to your goals, visit SoFi.com/Invest. 

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ABOUT SOFI: 

SoFi is a different kind of finance company whose goal is to help people get their money right. Whether you're looking to save, spend, earn, borrow or invest, SoFi is a one-stop shop for your finances, designed to work better together. Our products are built around our members—so that they have the tools they need to take control of their financial futures. Learn more by visiting SoFi.com.

DISCLAIMERS:

Advisory services are offered through SoFi Wealth, LLC an SEC-Registered Investment Adviser.

Certified Financial Planner Board of Standards Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design), and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Why This Founder Wants You to Adopt a "Profit First" Mentality

Photo: Courtesy of Caroll Lee

Being a small business owner means always being flexible, able to pivot quickly, and willing to veer from the plan as needed. The COVID-19 pandemic certainly put those skills to the test this year, and my team at Provenance Meals was able to step up to the task and propel us forward. 

Before founding Provenance Meals, I was a certified holistic health coach in Brooklyn. I encouraged my clients to follow a simple elimination diet replacing processed and packaged foods with wholesome ingredients, and their overall health, vitality, and energy levels dramatically improved. But finding the ongoing time, motivation, and know-how to cook healthy meals at home—and sustain these life-changing benefits—was a challenge for most everyone I worked with, and I knew I could help. After finding this clear gap in the market, I launched Provenance Meals in 2012, making it easy for time-pressed humans to achieve their wellness goals, nourish their bodies, and replenish their spirits with 100% gluten-free, dairy-free, and refined sugar-free meals designed by wellness experts, and made from scratch with thoughtfully sourced, local ingredients.   

Launching Provenance Meals was not my first entrepreneurial venture—I invested my heart, soul, and just about all of my savings into a small gourmet market in 2016 that sold semi-prepared, organic meals to busy New Yorkers. Shortly after opening, my business partner decided that to back out of our business deal and sue for all of the money she had invested. It was an incredibly stressful time, and I went into a great deal of debt to buy her out, but I appreciate that the experience taught me valuable lessons that would help propel me to launch Provenance Meals.  

The biggest lesson I learned was to maintain a healthy cash reserve to stay afloat through unforeseen challenges. Since then, I have followed the “profit first” mentality, setting aside money for a small profit and taxes from our sales, and only then allowing myself to spend what was leftover to operate. I didn’t know anything about raising money or wooing investors when I opened my first business. As the daughter of immigrants, I was taught that to get ahead, you must work hard, spend frugally, and save money. Now I also know that you need to start with a business model and unit economics that work from the get-go, and you will be that much more prepared for emergencies in the future. 

This system is how I’ve been able to bootstrap Provenance Meals without relying on investor life support. We have been profitable since launch, with $0 raised until this year's community-driven campaign on Republic, our first-ever fundraising effort (at 742% of the minimum goal), which allows for angel investors and Provenance Meals' longtime community members to buy a stake in the company. Since our nationwide launch this spring, we’ve seen revenue increase 78% month over month. 

For small businesses looking to expand their brands during a time of uncertainty, here are some additional pieces of advice that have served me well over the years: 

React quickly and assertively in the short term.

But be aware of longer-term consequences. Right when COVID-19 hit New York City in the spring of 2020, we realized quickly we needed to pivot to meet our community’s changing needs (as many New Yorkers fled to second homes). We expanded our local courier zones in New York to include Connecticut, Westchester, and Long Island in order to follow our clients, and have seen demand soar in these regions. This led us to begin shipping nationwide and expand our offering to include new products. Because we’re now in a position to reach a larger audience and garner higher total revenue, we’re able to lower prices to make our products more accessible—our Daily Essentials program now starts at $52/day (originally $68).

Double down on your values.

Don’t be wishy-washy when it comes to why you do what you do. Your mission statement, your company’s core values, and your voice are your “North stars” in making business decisions. The more authentic you are about why you’re doing what you’re doing, the more you’ll love your business and the more you’ll attract customers. I see so many starting founders comparing themselves with other entrepreneurs. Truthfully, we’re all figuring it out as we go along! Stick to what makes your business uniquely your own and you’ll find success in your field. 

Celebrate your strengths.

A perfect company, strategy, or plan doesn’t exist, but what does exist is my own confidence in the future, which I pass on to my team. I like to think my perpetual optimism helps show everyone how bright the future can be and inspires my team to share the dream with me. That’s one of my strengths as a leader. What are yours? Celebrate your strengths and use them to your and your team’s advantage.

Balance is key.

As the founder, in many ways, you are the business. When you take care of yourself, you’re also taking care of your business. Having two young children when I first started Provenance, I had no choice but to prioritize my family. The process was a stressful juggling act at the time, but in retrospect, forced me to be fully present in my home life and separate my work life. Over the years, I’ve learned strategies to cope with the stress and holding the responsibility of my business and my staff’s livelihoods on my shoulders, with practicing presence and meditation at the top of the list.

Give back where you can.

The coronavirus pandemic has exposed a lot of problems that already existed in the food industry, including the tremendous amount of food waste, the working conditions of farm and factory workers, the tenuous nature of the hospitality industry, how the way we grow and eat food affects global climate change, how representation matters, and the amount of food insecurity that exists in the United States. As Provenance Meals grew, we knew that we wanted to prioritize giving back to our community. We forged a nonprofit partnership with Kiss the Ground, underscoring our mission to support independent farmers and further provide widespread access to nutrient-dense ingredients. 

Founding and running my own business is a dream come true. I have so much pride in what my team and I have built, and feel like we’re only just getting started. Especially in challenging times such as these, I rely on our spirit and determination to further our mission to improve the health and lives of others through the power of (delicious) food as medicine.

About the Author: Caroll Lee launched Provenance Meals to make it easy for modern, time-pressed people to achieve their wellness goals, nourish their bodies, and replenish their spirits. Caroll believes nutrition is the bedrock for feeling good, performing well, and living a longer, happier life. She launched the meal program in 2012, and in eight successful years, Provenance Meals has amassed a dedicated community, including noteworthy fans like Naomi Watts, Taryn Toomey, and Rachel Brosnahan. The nourishing, anti-inflammatory food offerings are all 100% gluten-free, dairy-free, refined sugar-free, and composed of organic, local ingredients.

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The Simple Trick That Helped Me Double My Income in a Month

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I’ve always felt chronically underpaid. With a master’s degree in history and a passion for social media marketing, I applied for 347 jobs in a single year before I got my first “real” job (yes, I kept a list)—working four part-time jobs at once during that time—and my first-ever salary clocked in at a whopping $30,000. I thought I’d struck gold, and I foolishly believed that my salary was going to be enough to pay for rent in Nashville, living expenses, insurance, my phone bill, building a savings, and the massive chunk of student debt I had after earning two degrees. 

After my dream job turned out to be a nightmare, however, I started to get desperate. I took a part-time paid internship at a publishing company hoping to turn it into a full-time position and—surprisingly—it worked. A month later, the owner of the company pulled me into his office and asked me if I wanted a job taking over as the director of marketing.

Obviously, I said yes. I went from intern to leading a department overnight, and I happily accepted the $35,000 salary—completely unaware that it wasn’t anywhere near the industry standard—and clung to the promise of a raise within six months. Six months later, armed with countless spreadsheets and a report on everything I’d accomplished on behalf of the company, I walked into my boss’ office and asked for my promised raise. 

And he laughed at me. 

Even though I quit the job soon after, I’ll never forget that moment or the way it impacted my career (and more importantly, my salary growth) from that point on. Even though I knew I should negotiate, I found myself wavering in every conversation about money for years to follow. At my next job, when I discovered that my predecessor had been paid a whopping $25,000 more than I was, I accepted it—telling myself that they’d get me up there eventually—but after two years spent trying to prove myself worthy, I was told to “be grateful” for the amount I was given.

Eventually, I started believing that I would never break past $50,000. It was too much—too high to achieve—and despite ten years of experience, two director-level positions, speaking gigs, and a slew of clients who were obsessed with my work, that belief turned out to be a self-fulfilling prophecy. No matter what I did, no matter how many books or courses or life coaching sessions I took, the line didn’t budge. And my self-worth tanked.

I’d always believed that something was better than nothing, so I found myself accepting every opportunity that came my way. A freelance writing gig that barely paid above minimum wage? I’ll take it. A $3,000 class that promised to teach me how to build a successful online business? I’ll buy it. An unpaid speaking gig? I’ll do it. I wrote and published my first novel. I launched a podcast. I created digital products. I sold an online course. I hustled and created and pushed myself to do more, but no matter how much of myself I gave away I felt like I couldn’t get anything in return.

I barely made $10,000 during my first year of self-employment. 

Eventually, I knew something had to give. Work felt like I was attempting to lift a 500-pound weight, and—even though it wasn’t budging—I was constantly exhausted from the effort. Instead of letting myself continue to feel like a failure while half-heartedly juggling everything I’d built over the past several years, I made the difficult decision to let everything drop. I was grateful and privileged enough to have a partner who kept most of our finances afloat, so I maintained my core clients and said goodbye to maintaining my podcast, my writing, my social media platforms, my course, and more. I needed time to decide whether or not I even wanted to pick those things up again, or if I was ready to admit defeat.

Barely able to function, I remember telling my therapist that I was ready to give in, but that I wasn’t sure how I could survive a desk job. Over the last three years, I’d learned to love my independence and my ability to set my own schedule, and I was terrified that the only way I could be “successful” and hit that $50k mark was if I threw myself into a 60-80 hour a week corporate job that obliterated my free time...and my happiness.

“Forget the $50k thing, that’s a separate issue,” my therapist said. “What is your time worth? Not just the time you’re working, what is your free time worth?”

“Like, hourly?” I asked. 

She nodded. 

If I was honest, I didn’t spend a lot of time thinking about my hourly rate. I accepted whatever was offered because I was grateful for the work, and the idea of my free time having a dollar amount next to it didn’t sit well. Why would it have an hourly rate attached to it? It’s just the time I wasn’t working. It doesn’t have worth. 

Except it did. If my time had value—and even my free time had value—then that could change everything I did, and not just in my career. Later that day, I told my partner about the question and he asked if I had an answer. I laughed awkwardly and joked, “I don’t know. Seventy-five dollars an hour.”

It was more than double the amount that I was making as a freelancer, but it was a joke—it wasn’t real—so it felt safe to dream. It was just a post-therapy conversation, after all, not a quote for a potential client, so it didn’t mean anything...until I found myself watching a movie on Netflix that I didn’t even enjoy and wondered, “Is this worth $75 and hour?”

It shocked me when the answer was no.

Slowly but surely, I found myself asking that question more often than not. It shaped my decisions of how I spent my time, and I realized just how much time I was wasting on things that didn’t even bring me joy. It was like I was Marie Kondo-ing my free time, and—while sometimes the answer was a resounding yes, like when I took a much-needed break to play three hours of Animal Crossing on my Nintendo Switch—it changed the hobbies I engaged in, the people I talked to, and even my business. 

I started saying no to low-paying work. I ditched the mentality that something was better than nothing and started looking for clients who could afford to pay me more. I quoted higher than I ever had, and within a month I doubled my income. Eventually, I realized that I was earning the same amount of money working part-time that I made at my first full-time job. I was ecstatic, and I even started turning away work that no longer fit my goals. Because my time had value, because I had value, the decisions I was making as an individual and as an entrepreneur started to change.

Slowly but surely, I stopped undercutting myself at every turn. Over the next few months, my business exploded. I doubled a massive proposal to a new client at the last minute—fully expecting them to negotiate for a lower rate—and was stunned when they accepted it as is. I hired an assistant, plucked up the courage to fire a client who was mistreating me, and even walked away from my lowest paying gig.

In the end, I realized that feeling underpaid was just that: a feeling. I didn’t have a $50,000 upper limit. I was my upper limit. I was the one holding myself back, I was the one consistently accepting less, and I was the one who let my imposter syndrome talk me out of tens of thousands of dollars. It was only once I decided what I was worth—and owned it—that other people could see it too.

“I ditched the mentality that something was better than nothing and started looking for clients who could afford to pay me more.”

—Jandra Sutton, Founder of The Wildest Co

About the Author: Jandra Sutton is a writer, entrepreneur, and founder of The Wildest Co, a creative agency specializing in content creation, branding, and marketing for busy entrepreneurs and small business owners. She's also the host of The Wildest Podcast, a weekly personal development podcast in 10 minutes or less. You can follow her on Instagram @jandralee.

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A Millennial's Bucket List for Achieving Financial Freedom (Step 1: Start ASAP)

Photo: Smith House Photo

If you’re a millennial who wants to achieve financial freedom sooner rather than later, there are several important money moves you should be making now. If you wait too long, you’ll spend your later years catching up rather than going on vacations, upgrading your house, or taking early retirement.

Ideally, you want to start making these money moves while you’re in your 20s and 30s, so you’ll be able to reap the benefits of your financial strategy for a maximum length of time. Here are the bucket-list items you should start checking off to set yourself up for financial freedom.

1. Create a budget.

A budget is essential. Make a list of all your income and expenditures, and add them up to see how you’re making out, monthly and annually. If you’re seeing a surplus, that’s great—but if not, you’ll need to tighten your budget by figuring out the amounts you need to make, save, and spend in order to make ends meet.

Even if it looks like you’re doing okay balancing your monthly budget, if there is room to scale down your spending, you should. Save a little extra and reroute that money into an investment.

2. Build an emergency fund.

One major car repair, injury, appliance replacement, or other big-ticket items can really set you back financially. Create an emergency fund against these possibilities and only dip into it when absolutely necessary. This way, you aren’t maxing out your credit cards or depleting your other funds if something unexpected pops up.

If you struggle with building up your fund, have extra money deducted from your paycheck so you’ll get a refund at tax time, then funnel that money into your emergency fund. And think of it this way: If you’re fortunate enough not to need your emergency fund, then you’ll be ahead of the game financially when your 50s arrive.

3. Set up a retirement fund.

Too many people wait to start saving for retirement until they reach middle age, which is way too late. Many millennials are tracking to follow suit, with two-thirds of them having saved nothing yet, despite the fact that they see retiring around age 61 as a reasonable goal.

Experts typically recommend that young adults should open an IRA or other retirement accounts,  and definitely should invest in their 401(k) accounts, especially when employers offer matching funds. In fact, many Americans, in general, are missing out on this financially smart benefit. A solid rule of thumb is to put about 15 percent of your pay annually into a 401(k).

4. Think big.

A savings account is a smart idea; however, it’s not going to yield a big return via interest nor ferry you to early retirement. But if you do have money saved, then you have the option to make significant and potentially lucrative investments.

For instance, you could buy a rental property. You can list your home on vacation rental sites, collect rent, pay your mortgage, stash away the remaining funds, and build some equity. Over time, you might even want to add a property or two to your portfolio.

Or start your own business. Got an idea, passion, or golden opportunity? Take an entrepreneurial leap! Many businesses can be launched right from home on a shoestring budget. Put a plan together, get the word out on social media, then attend trade shows and other networking events to promote yourself and build your company.

These two options or similar ones put your wallet to work, and can eventually position you for solid financial footing down the road.

5. Take a few investment risks.

Even if you're risk-averse, it’s not a bad idea to know how the world of investment works. Done right, it’s a venture that can be quite lucrative. Look into investing just a little at first, whether in stocks, bonds, commodities, real estate, your sister’s promising business, or another opportunity. Then watch your investment carefully to see if and when it pays off. If it doesn’t, look to shift into another type of investment.

6. Rethink your location.

If you’re living in an expensive city, consider a change of scenery. These younger years are a perfect time to try out new places, anyway. So why spend thousands a month on sky-high rent or property taxes? By moving to a more affordable city, you could save loads on rent and living expenses. For example, Omaha is a cheaper market than Los Angeles. Take your savings and put them to work toward your financial goals.

7. Watch your credit spending.

As millennials, we are firmly a part of the digital spending revolution, which is convenient but makes it easy to overspend. When you can’t pay off your credit card bill every month, you’re charging too much.

To avoid accumulating credit card debt, pay close attention to your spending, delete shopping apps off your phone (or at least keep yourself logged out), and track your receipts. If you’re already in debt, consider debt consolidation so you can get back on track. (And speaking of debt, if you’re still carrying student loans, look into loan forgiveness programs or refinancing.)

At this point in your life, you’re young enough that small moves can make a big difference to your financial future. While age 60 might sound far off, the passage of time can surprise you. If you’re looking to get on track toward fiscal stability, now is the time. Check off these bucket list items and watch your financial freedom begin to become a reality.

Written by Molly Barnes, Digital Nomad Life.

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This post was originally published on June 5, 2019, and has since been updated.

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10 Money Questions to Ask Yourself (So You Can Afford the Life You Want)

What is your relationship with money? Do you love to save and budget for the future, or are you all about enjoying that hard-earned money and prepared to go into debt for it? Either way, we need to get better at talking about it if we ever want to be better at managing it, and eventually having more of it. Especially when you consider that globally, women control upwards of $20 trillion in annual consumer spending. But sadly, when it comes to managing money and planning for their financial future, women aren’t as independent as you’d expect. A study found that more millennial women cede control to their husbands than women of older generations. Well, our new series, The Money Files is set to change all that by helping women become masters of their own finances so they can manage their money and their future.

Photo: Smith House Photo

Money. We all love spending it and we all want more of it, but saving it is the hard part. It’s not that we don’t want to see more money in the bank (duh) but striking a balance between saving for the future and living the life you want isn’t always an easy one to master. Too often, the pendulum swings farther into the spending camp and before you know it, you’re in the red and playing catch-up with the interest charged on your credit card debt.

Don’t worry, we get it. That’s why we asked Priya Malani, partner of Stash Wealth, to help us all get our finances in order. So, she sent us 10 important money questions to ask ourselves so we can bank that cash, pay off that debt, and live life like a millionaire (well, that’s the dream).

1. What can I realistically do to improve my income level?

Negotiation is never a bad idea as long as you’ve planned for it. Most managers plan for you to negotiate and so there’s wiggle room in your salary range. An annual negotiation is perfectly appropriate. Use the months leading up the conversation to prime your manager and document the proof that you’ll use when going in for the ask.

When is a negotiation not smart? When you go in cold and demand a raise. You’ll want to have data to support your request and documentation of your value-add (even if it’s qualitative, not quantitative). Stay factual and unemotional and above all, leave politics at the door.

Side note: IMHO, wanting to upgrade your lifestyle is not a strong reason to demand a raise. I was recently speaking to someone who was advised to use this strategy and as a business owner, I can say that not only would it not work, but it would leave me with a poorer opinion of the employee’s ability to #adult. Taking e-courses that are tangentially related to your field is an excellent way to demonstrate a commitment to increasing productivity and value and certainly supports your case for a raise.

2. What can I do to reverse bad credit and get my score back on track?

This may sound counterintuitive but start using a credit card and paying it off in full every single week or more often. This is one of my favorite FICO hacks (FICO is an abbreviation for the Fair Isaac Corporation, the first company to offer a credit-risk model with a score). It’s a quick and easy way to positively impact one of the most important parts of your credit score—your credit utilization ratio. Make sure to never charge up more than you can pay off.

If your credit cards are maxed, find ways you can pay down that debt ASAP. Consider selling stuff on FB Marketplace or via Poshmark, getting a roommate, cutting any unnecessary expenses that may free up cash that you can put towards your debt. And once you find the extra money, set up a regular debt repayment automation, so you don’t accidentally spend it.

If you want to explore other actions that may bump your score, download the CreditWise app (it’s free) which includes a credit score simulator. It shows you how different actions will impact your credit score before you actually commit to doing them. I’m a huge fan of this app and use it myself.

3. How much should I be saving for retirement?

There’s no easy answer here because retirement is not one-size-fits-all. You can start by using an online calculator to find out how much you’d need to put away to ensure you’ll replace a portion of your current income by the time you hit your desired retirement age.

Here are the main things you need to think about:

• How much you earn now?

• Is it just you in retirement or are you providing for someone else?

• At what age do you want to retire?

• How long do you expect your retirement to last (aka life expectancy—MORBID, I know!)

Once you determine these things, you’ll have the major inputs that will help you decide how much you should be putting away for the exact retirement you picture for yourself. Yes, it’s very hard to picture what your life may look like years from now, but I have three words for you: Playing. Catch-up. Sucks.

4. If I’m planning on having children, how can I ensure I have enough funds to take care of them on one income? When should I start saving for their schooling? 

A good exercise is to stash away 10-15% of your income today and see how it feels. That’s the percentage of your income that will go toward your children for basic day-to-day expenses (not including schooling). If you feel you can manage on 85-90% of what comes in the door, that’s a good indication that you have room for kids, financially.

When it comes to saving for school, it all depends on how much support you want to provide them. 100% of four years at a private institution? 50% of four years at a public institution? Once you have a sense of what your priorities are here, you’ll be able to back into your savings goal. Add that savings goal to the 10-15% I spoke about earlier and plan to live without that money—is it doable? If so, start saving as soon as possible.

Once again, it’s no fun to play catch up and the longer you wait, the more you’ll have to save to be on track for your goal.

5. What would happen if my spouse passed away? How can I plan for that?

This is a not-so-fun thing to think about and plan for but it’s pretty important to do so. When it comes to the financial support your spouse provides, the first step is to decide whether you feel dependent on your spouse's income or if you own property or have kids together. If so, life insurance may make sense. A life insurance person can help you evaluate how much coverage to obtain to ensure that if your spouse passes away, you wouldn’t have to change your lifestyle, in other words, you’d still be able to pay your mortgage and take care of your children in the same way you are now (monetarily speaking).

“Yes, it’s very hard to picture what your life may look like years from now, but I have three words for you: Playing. Catch-up. Sucks.”

6. When should I start investing money? And how do I know what to invest in?

This question deserves a whole article in and of itself. But the long and short of it is this. Investing is a way for your money to grow over time, not overnight. If you think investing leads to a “quick win,” you’re thinking about it all wrong. Wall Street loves to portray investing more like gambling but the fact of the matter is that the sooner you start investing, the more successful you’ll be because money grows with time and you need to be patient for it to work. 

As far as what to invest in, this is another area that Wall Street (and the media) portrays completely incorrectly. They make it seem like you're supposed to pick stocks and trade frequently when the opposite in fact is true—slow and steady wins the race. If you’ve ever heard of index funds, you’re on the right track.

Investing is a means to accomplish your financial goals and so technically, no one should tell you what to invest in until they know what you’re investing for. Goal-setting is the first step to knowing what to invest in.

7. How can I save for a house? What do I need to do?

Speaking to my point above, the first step to take is to commit to homeownership as a financial goal. If you’re in a relationship, you’ll want to have this conversation with your significant other. Define the timeframe in which you’d like to accomplish buying a home. Using sites like Zillow can help you evaluate what kind of home you’d like to buy and how much it will cost. Once you know what you’re aiming for, you can back into how much you’ll have to save for a down payment. About 20% is a relatively standard down payment, but many Millennials are opting for 10% down to get into a home sooner. This is totally fine as long as you have the cash flow to cover the mortgage with wiggle room. You don’t want to end up #housepoor.

8. How can I make a budget that still allows me to live the life I want? Are there any apps that I can use?

YNAB is a great app that helps you segregate your cash into different buckets so you can set money aside for your priorities first (rent, bills, student loan payments) and then blow the rest, guilt-free. At Stash, we call it reverse budgeting.

9. Should I have a financial planner? How do I find one that’s right for me and isn’t going to cost too much?

Financial planners serve many purposes, but their main job is to help you consider your short-, mid-, and long-term financial goals and then reverse engineer a game plan that puts you on track in the most cost-effective, tax-efficient way. Some people feel comfortable figuring this out on their own while others feel they might benefit from a guided conversation. A good financial planner can also serve as a mediator when you’re in a relationship and provide that unbiased outside opinion that’s sometimes the exact thing your spouse needs to hear from someone else. Some people feel they’ve done things right and use a financial planner simply for a second opinion from an experienced professional.

Finally, a financial planner knows that you may not know all the things you should be thinking about and makes suggestions to make sure there aren’t any holes in your plan. Stash Wealth is a virtual financial planning firm for H.E.N.R.Y.s™ (High Earners, Not Rich Yet) who are in their 20s and 30s and want to take their financial life to the next level. Stash Wealth is a fiduciary (no conflicts of interest) and charges a one-time flat fee to build you a customized game plan, called the Stash Plan®. Is the Stash Plan® right for me?

10. Do I have enough for an emergency fund? How much should I keep in that fund?

Unlike most financial professionals, Stash Wealth believes your emergency fund should be no more than three months’ worth of your fixed expenses (rent, bills, etc). Most personal financial gurus talk about six to 12 months, but we think that’s crazy for four reasons:

1. Your emergency fund is supposed to be your first line of defense, not your only line of defense.

2. Millennials are hustlers. If sh*t hits the fan, we’re at a time in our careers where we are able to reset our incomes pretty quickly (of course, you know your industry best)

3. We have so many other financial priorities. Waiting until we’ve saved up 6 months in cash, has us wasting precious time that could have been better used to help us achieve other financial goals.

4. That’s way too much money sitting in cash. As good as the online banks are (and that’s where we’d recommend you keep your Emergency Fund), your money is technically still losing value every year thanks to inflation. Millennials want their money to work harder for them. 

“If you think investing leads to a “quick win,” you’re thinking about it all wrong.”

-Priya Malani, Entrepreneur and Founding Partner at Stash Wealth

About the Author: Priya Malani is an entrepreneur and founding partner at Stash Wealth, a financial planning firm for H.E.N.R.Y.s™ (High Earners, Not Rich Yet). After years of working on Wall Street, Priya left to work with millennials, who are largely ignored by traditional financial firms. Stash’s clients are 20- and 30-somethings who make good money and want something to show for it. In addition to running Stash, Priya serves as the resident financial expert for Refinery29. She is a featured expert on numerous sites and speaks regularly at businesses and universities around the country. She appears regularly as a Millennial Money Expert on SiriusXM.

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This story was originally published on August 1, 2019, and has since been updated.

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This Founder Has Raised Over $4 Million in Venture Capital From the Backers of Warby Parker, Casper, Peloton, and More

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 Gibbons

In 2018, Nicole Gibbons launched a brand like no other: direct-to-consumer paint company Clare. After navigating the outdated paint industry on behalf of her clients for years, the longtime designer made it her mission to disrupt the space. “Frankly, shopping for paint has always been a huge hassle,” Gibbons tells Create & Cultivate. “There are thousands of overwhelming colors, too many product lines, the store environments are completely uninspiring, and there’s a lack of design guidance throughout the process.” So she set out to take the guesswork out of decorating by founding DTC paint brand Clare, which carries a curated selection of 56 designer-approved swatches.

But it’s not just about reinventing the fan deck. “At Clare, developing paint formulas that are healthier for our customers and the environment has been a priority since day one,” the founder explains. Clare’s paints are zero VOC, meaning they’re free of toxic carbon-based solvents that pollute the air and pose health risks, and Greenguard Gold-certified, meeting rigorous emissions standards, which is significant when you consider air indoors can be up to ten times more polluted than the air outdoors, according to the EPA. “People care now more than ever about the products they consume and the impact those products have on their health, their home, and the environment,” notes Gibbons.

Ahead, the founder shares how she’s raised over $4 million in venture capital funding for her clean and conscious DTC paint brand (including funding from the backers of DTC darlings by the likes of Warby Parker, Casper, Peleton, and more) and offers her best fundraising advice for aspiring entrepreneurs who want to replicate her success.

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

Prior to launching Clare, I was an interior designer, running my own design firm and also doing a lot of work in the media as a design expert, including appearing for three seasons on a DIY home makeover show on the Oprah Winfrey Network. Before that, I spent 10 years working as a PR executive for a large retailer while dabbling in interior design on the side. I’ve always been passionate about the home space and about helping people create beautiful spaces. 

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

Frankly, shopping for paint has always been a huge hassle. There are thousands of overwhelming colors, too many product lines, the store environments are completely uninspiring, and there’s a lack of design guidance throughout the process. After realizing that the paint shopping experience was broken and outdated and that no legacy paint brands were focused on delivering a seamless shopping experience for their customers, I had the lightbulb moment for Clare. We’ve reimagined an entirely new paint shopping experience that’s easier, faster, more inspiring, and more convenient. Our mission is to help people everywhere create a home they love and to become the go-to paint brand for a new generation of consumers who are passionate about their homes.

Clare’s paints are zero VOC and Greenguard Gold-certified. Can you tell us why was it important to you to create non-toxic paints?

At traditional paint brands, this is generally an afterthought, but at Clare, developing paint formulas that are healthier for our customers and the environment has been a priority since day one. People care now more than ever about the products they consume and the impact those products have on their health, their home, and the environment. The cost associated with achieving our Greenguard Gold certification for indoor air quality, which is a top tier, EPA-endorsed green certification, was not inexpensive for us as a small startup. However, we felt this was an important step to take in order to give our customers confidence in our products. 

You’ve raised over $4 million in funding for Clare to date, 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?

First, tell a great brand story. Investors see hundreds of deals, if not more, so it’s important to present your brand in a way that grabs their attention and tells a compelling story. You want investors to immediately have a clear sense of your brand, your mission, what sets your company apart, and why they should get excited about both you as a founder and your company. 

Second, tell a great numbers story. Your business model, or how you’ll make money, should be clear, as should the basic unit economics of your business and your growth projections. And these numbers need to be super compelling. A favorite line from one of our biggest investors is: There’s nothing like bad numbers to f*ck up a great story! 

Lastly, do all of the above with conciseness, clarity, and a laser focus on the most important takeaways that you want the investors to remember. 

Your investors include First Round Capital (an investor in Warby Parker), Imaginary (Net-a-Porter founder Natalie Massenet's fund), and Bullish (a Casper, Peloton, and Harry's razors backer). What advice can you share for entrepreneurs on partnering with the right investors?

At the beginning of your journey, the power dynamics feel very much in favor of the investors. They have the money you need and, especially when you’re a first-time founder, you tend to believe they also have the secret sauce that’s going to help your business get to the next level, especially if they’re a bluechip fund with a lot of cachet. In reality, that is typically not the case. Most investors aren’t super hands-on, will never know as much about your business or category as you do, and often they don’t add a ton of value beyond the check. Founders often feel pressure to take whatever money you can get, but the investors YOU choose and the energy and influence they bring to the table can make or break your success. So the best advice I can offer is to be picky about the investors you choose and bet on yourself over betting on any individual investor being the key to your success.

Startups led by Black women receive less than 1% of venture capital funding. Why do you think there is still so much inequality in the venture capital world, and what advice can you share for BIPOC entrepreneurs who are currently seeking funding?

The venture capital world is incredibly homogenous. I’ve met a ton of venture capitalists and, overwhelmingly, they’re white men who are already rich and often born into privilege as well. So when it comes to deal sourcing, they’re focused on their own insular network of people who come from similar backgrounds which naturally leads to an extreme lack of diversity. 

VCs are also taught to “pattern match,” which is to look for patterns in founders that mirror previous founders who have been successful, but there’s an inherent bias in this approach when all of their founders come from similar backgrounds. Data proves that diverse teams lead to higher returns yet it’s still difficult for VCs to get out of their insular bubbles and actually invest in diverse founders and teams. In order to create more equality in terms of who gets funded, funds need to diversify their own teams, especially at the partner level since partners are who ultimately make the investment decisions. This will lead to a more diverse pool of deals to source from, and in turn, more BIPOC entrepreneurs seeing their ventures get funded. 

For entrepreneurs of color seeking funding, I’d say to first focus on funds that have a track record of funding diverse founders. This might mean funds that have a specific diversity focus, or simply who have a more balanced representation of founders in their portfolios. Next, don’t be intimidated by any data that shows the odds may be stacked against you. Instead, let your passion and confidence in what you’re building guide your process. Finally, be relentless and don’t get discouraged by the “no’s.” Raising venture capital is an incredibly difficult and draining process for any founder and even those who are very successful at raising capital face a lot of rejection. Trust that the right investors will be aligned with your vision.  

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

My first big expense was building out our website. I was lucky enough to find a team who really believed in me and the business and agreed to help start the high-level conceptual and creative direction work for the site without pay before I raised capital. Once I closed our financing, I was able to pay them properly. We started working on that before I actually put any physical product into production.

Photo: Courtesy of Clare

What are your top three largest expenses every month?

We don’t replenish inventory monthly, but during the months we do, that by far is our biggest expense. Payroll and marketing are our next biggest expenses. 

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

Most people assume that being a CEO of a highly publicized company means you’re rich or you have a hefty salary, but most startup founders, especially at the early stage are grossly underpaid because everyone is incentivized to put as much value as possible into the business. I’m lucky that because we had an influx of capital from venture investors I was able to pay myself a modest salary, but the salary I’m paid is around a 60-70% decrease from what I was making before Clare and a huge short-term sacrifice. I basically pay myself enough to cover my monthly expenses and not much more. The hope when you’re building a company is that the upside will be significant so any initial sacrifice or temporary discomfort are both necessary but also well worth it in the long run.

Would you recommend other small business owners pay themselves? 

Absolutely. To the extent that you can pay yourself a liveable salary, you should absolutely do so. Running a business is incredibly stressful, and it will be difficult to stay focused on the business if you’re also highly stressed about your personal finances and don’t have enough money to cover your basic necessities. The only exception is that if you’re lucky enough to have someone else taking care of you financially (i.e., family support, a spouse, etc.) then, depending on your situation, you might be better served not taking a salary and investing everything you have into growing your business. It all boils down to your goals, your plans for growth, and what you need to get you to your next milestone. 

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

With Clare, as a venture-backed company, the goal is to build a venture-scale business, so I knew there was no way I could do this on my own. I hired people as soon as I possibly could to help fill expertise gaps and also increase my bandwidth. When I started out, key hires included a digital marketer and head of supply chain since those were areas that needed a lot of attention and where I lacked the skills and expertise.  

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 have an outsourced CFO and an accounting firm who manage all of the day-to-day finances but keep a close eye on everything. In terms of tools, we use Quickbooks to manage our accounting. Google Sheets and Excel are tools of choice for building out reports to look at trends and gain deeper insights into how we’re doing. 

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

This really depends on your goals. If your goals are growth then investing in marketing is probably going to be the most important area to focus on. If you have a highly technical product with a big innovation roadmap, you might invest in hiring engineers. If you have a capital-intensive supply chain, investing in building efficiency there might make the most sense. 

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

Absolutely. Having collaborative discussions around business, finance, and sharing best practices with peers is often the best way to learn and grow.

Do you have a financial mentor? If so, how did you find one and do you think all business owners need one?

I’m lucky now that I do have people around me who I can go to for guidance, but I haven’t always. This is unfortunate because I feel like I could have prevented a lot of costly mistakes in both my business and personal finances if I had someone guiding me. I’ve had to figure a lot out of my own over the years, so if you have access to a mentor, lean on them to help you navigate all the things you don’t know. 

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

Ruthlessly prioritize what’s most important to your business and what’s in the best interest of your brand mission. When you’re running a young company, everything feels like a priority and so many opportunities come up that seem worthwhile, but when bandwidth is slim, you have to prioritize like a boss. Focus both your dollars and your human capital on the initiatives and opportunities that will propel your business forward and deliver the most value.

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79% of Women Are Feeling Weighed Down by Money and Stress—The Millennial Money Expert Is Here to Help

Photo: Courtesy of Tonya Rapley

One year into the COVID-19 crisis, women are more financially stressed than ever. 

Studies have shown that women typically suffer from more money stress than men, but the coronavirus pandemic has put even more of a strain on women. In fact, a recent survey by Fidelity Investments revealed 79% of women are feeling weighed down by money and stress, which is up from 67% last fall.

To talk about practical ways to take control of your finances, manage your money anxiety, and make smart money moves during these trying and stressful times, Jaclyn Johnson sat down with Tonya Rapley, a.k.a “The Millennial Money Expert” and founder of My Fab Finance, on this episode of WorkParty.

Tonya has completely changed the game, turning the once stuffy financial industry into a fun, familiar, and, dare I say, cool space. She’s been named the “New Face of Wealth Building” by Black Enterprise magazine, lauded as a modern “history maker,” and honored on Create & Cultivate’s CC100 List.

Scroll on to tune into the episode (and grab a pen because Tonya drops some serious knowledge!) and read on for just a few of the many, many mic-drop moments.

Subscribe to WorkParty and never miss an episode.

On setting your financial goals…

“Your financial goals should be based on what’s most important to you. Is it important to you to retire early and travel the world? Is it important for you to continue to work and build passive income and then retire? What’s most important to you?”

On assessing your unique financial situation…

“A lot of people want to do things the ‘right’ way because they’re afraid of doing things the wrong way, but right looks so different for so many people.”

On managing COVID-induced money anxiety...

“First, we have to question where that anxiety comes from and if it’s own or if it’s external or environmentally induced anxiety when it comes to our finances.”

“A lot of times it’s helpful to just go sit and look at the numbers. Sit down and look at your bank account, look at your expenses. Really face the numbers.”

On leaning on your support system…

“If you are dealing with things like a loss of income, then really lean on your support network. Be honest and transparent and ask for what you need.”

“Ask for what you need and don’t be ashamed to do it because everyone has seasons when they need support and help.”

“No one is going to judge you for what you’re going through. It’s a collective experience.”

On investing your money as a beginner…

“Start small. Use that money to learn. Don’t put it all in one place at one time and don’t go out and buy what is trending, such as Game Stop.”

“Don’t be afraid to hire someone else to do it. If you don’t feel comfortable doing it on your own or if you don’t have the space to learn.”

On her top three money tips for WorkParty listeners…

“Make sure that you’re saving. You always want to make sure you’re saving so you can be your own emergency fund.”

“Don’t overcomplicate your finances. Start with what’s simple and try to keep things simple for as long as possible.”

“If you don’t know how to do it, find someone who does.”

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The Fashion Industry Accounts for 4% of the Globe’s Greenhouse Gas Emissions—So These Founders Are Doing Things Differently

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 Londre Bodywear

It’s no secret that fashion has a sustainability problem. But while the industry currently accounts for 4% of all global greenhouse gas emissions, consumers are advocating for change and spending their dollars accordingly, investing in brands that are committed to reducing their impact on the environment. Londre is the latest sustainable fashion brand to catch our attention at Create & Cultivate, and we’re not the only ones. The Canadian fashion brand recently received a $208K investment on “Dragons’ Den” (a.k.a the “Shark Tank” of Canada) and we’re eager to share the story behind the brand before you see it all over your Instagram feed (because trust us, you will).

Based in Vancouver, Ainsley Rose and Hannah Todd launched Londre in reaction to the startling amount of plastic pollution in the world's oceans. To date, the brand has recycled 100,000 plastic bottles off of the streets and beaches of Taiwan into their sustainable swimwear offering. But sustainability isn’t just about the planet for Rose and Todd, it’s also about the people. “Our products represent 360-degree sustainability, and this is something we heavily invest in,” Rose tells Create & Cultivate. “We believe that you can’t take care of the planet without taking care of its people, so ensuring our internal and external teams are treated fairly is critical,” Todd adds.

Here, the co-founders share how they bootstrapped the brand with an initial investment of just $15,000 and turned it into a business that generates seven-figure revenue.

Talk us through your bootstrapping process. How did you self-fund Londre, and would you recommend that route to other entrepreneurs today? 

AINSLEY ROSE: We took an initial $15,000 CAD investment from a close friend to help with our first round of samples. Since then, we’ve completely bootstrapped our business and have been self-sustaining. As a sustainable mission-driven brand our finances have to be looked at strategically to ensure that we can make choices that enact positive change and benefit both the planet and our business. 

HANNAH TODD: Since inception, Londre has seen a 300% year-over-year growth, and a big reason why is that we’ve been scrappy. This has helped us develop clarity in our business because sometimes having too much cash allows you to put a bandaid on a problem instead of fixing the issue from the start. This has also allowed us to grow organically, putting community first and ensuring market need. Not being beholden to a VC or large stake investor also has allowed us to work without an additional layer of pressure, and better tune into our intuition about what is best for our business. 

Can you share three crucial elements everyone should include in a pitch deck when raising money?

HT: Because we were pitching to someone we have a strong personal relationship with, our pitch was super simple. We didn’t even have a sample made yet. Ultimately, they chose to invest in us because they had faith in the values and ethics we hold as people, and less so in the product offering itself. Being empathetic, speaking from the heart, and having a good understanding of market trends helped us in our pitch. 

AR: The person who invested in us originally is still a trusted advisor and has been able to provide incredibly helpful insights over the years. 

What are some of the most common mistakes people make when raising money?

AR: I think the most common thing we see is valuing skills over the relationship. In choosing an investor, or business partner for that matter, ensuring that you feel comfortable communicating honestly and have a strong foundation of trust is key. 

HT: We also see people asking for too much too soon. If you are creative enough, you can likely get by with less than you think, and having too many controlling voices involved can complicate things.  

How much do you pay yourselves, and how did you know what to pay yourselves?

AR: Londre started out as a side hustle for Hannah and me that eventually became our main gig and source of income. I was working as a photographer, which allowed me to set my own schedule and develop a great network. I eventually stopped taking on new clients once Londre had reached a point where I felt comfortable taking a meaningful salary.

HT: I was working as a yoga instructor so also was able to make my own schedule. We chose how much to pay ourselves based on our lifestyle. To decide on our salaries we budgeted how much we needed each to live comfortable, satisfying, and sustainable lives in Vancouver and worked backward from there! We also allocated a bonus structure to celebrate when sales goals are hit. 

How did you decide what to pay employees? 

HT: Currently, we work with a team of contractors who are all small business owners in their own right. We find that this gives both parties more flexibility and freedom. We collaboratively decide on compensation and offer performance-based incentives. We believe that you can’t take care of the planet without taking care of its people, so ensuring our internal and external teams are treated fairly is critical. 

AR: We look to third-party certifications like Oeko Tex 100 for our fabric and work with Vancouver-based companies with an A+ Better Business rating to ensure that our ethical and sustainable mandate is met. Although working this way is more expensive than using a more traditional fashion model, ensuring value alignment in our brand has made our business thrive, generating seven-figure revenue and feels deeply rewarding. 

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

AR: Our products represent 360-degree sustainability, and this is something we heavily invest in. We notice more brands are using more recycled materials and it’s something we love to see! However, if sustainability isn’t looked at from a holistic lens, it may easily be greenwashing. 

HT: For example, even if a product is made from recycled materials but isn’t functional and high quality, packaged using sustainable materials, and without a plan for the end of its life cycle, it ultimately will end up in a landfill contributing to further waste. We’ve focussed most of our financial energy on product development and quality control. Ensuring that our products are high quality and long-lasting is our first concern, not only from a customer satisfaction standpoint but also from a sustainability perspective. We just launched our first loungewear collection, The Essentials, and a lot of research went into finding fabrics and components that stay true to our 360-degree approach. 

What was your first big expense as a business owner?

HT: Our first round of samples. What we thought was going to be a $5000, two-month project turned into a $16,000 venture, nine months later. The first suit we created, the Minimalist in Matte Black, is still our biggest seller, so ultimately the hundreds of revisions were worth it. 

What are your top three largest expenses every month?

AR: Production costs (ethical manufacturing and sustainable materials); shipping and compostable and recyclable packaging; and digital ads (we actually only started running them in the last year). 

How much do you spend on office space?

HT: $0. We are fully remote.

How much do you spend on employee salaries?

AR: Contractors and our salaries: ~$25,000 a month 

How much are you saving, and when did you start being able to save some of your income?

HT: We as co-founders save about $1,000 a month each. We’ve only started paying ourselves enough to save within the past year. 

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

AR: Yes! We have an accountant who supports our year-end and we use QuickBooks for day-to-day accounting. 

HT: Ainsley’s fiance is a CPA and he’s stepped in to help us with inventory forecasting and budgeting when we need support with more complex financial modeling

What are some of the tools you use to stay on top of your business financials? 

AR: We use QuickBooks for our accounting. We also have a detailed model which helps us plan our inventory, forecasting, and budgeting. Additionally, we have a recurring calendar event monthly to go over inventory and budgeting. 

What do you wish you’d done anything differently in your financial journey as business owners?

HT: We overspent on in-person events. The most successful event we held was actually the least expensive, as connection trumps extravagant details every time. 

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

AR: Absolutely! There is so much stigma around gaining wealth, particularly for women. We’ve both taken courses by Lacy Phillips to break down any blocks and baggage we may hold around money and learn how to move into abundance. 

HT: We feel privileged to have a community of entrepreneurial womxn who we can talk candidly about finances and this has helped us immeasurably. 

Do you have a financial mentor, and do you think all business owners need one? 

HT: Our investor, who still has a small stake in Londre Bodywear, is our financial mentor. This relationship works for us because we can communicate openly with them and have been able to lean on their entrepreneurial experience. We check in every two months so we can ask general questions. 

AR: We don’t think you necessarily need a mentor because your intuition is best, but having a mentor who you can trust to gather advice from and see if it fits has been helpful for us. 

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

HT: Get super clear on your values. There are tons of shiny things to be distracted by but when you have a foundation of nonnegotiable sustainability (or whatever your chief value is) it allows for further clarity. 

AR: Also, don’t be afraid to negotiate and see what transactions you can do as trade instead of monetarily. Get creative with your trades! We asked for tons of help and in exchange would not only offer store credit, but also services that lined up with our skills. For example, Hannah was a yoga instructor and would offer a private yoga session in exchange for someone helping us build a financial model.  

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

AR: We originally wanted to start our business in Bali. Our fabric and samples were stolen, and I was left waiting at the airport at 1 A.M. for the sample maker, who never showed up, and had nothing to show for a two-week-long trip. We ended up restarting in Vancouver (where we live), and now are able to have eyes on production. Keeping things close to home so you can directly oversee everything gives you more control over how your money is used.

HT: Wait until you have clear market approvable before creating a huge run of your product. We’ve always valued organic growth and doing small runs and which has contributed to increased demand and zero wasted product.  

What is your #1 money tip for small business owners?

HT: Be scrappy, don’t be afraid to ask hard questions, and negotiate in a kind and empathetic way. 

AR: Keep your values at the forefront of all of your financial decisions.

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“Always Have a Counter Offer”—and More Money Advice From Our Equal Pay Day Summit

Photo: Smith House Photo

Equal Pay Day symbolizes how far into the year women would have to work, on average, in order to match what men earned the previous year. In other words, women have to work an extra 83 days into 2021, on average, in order to get paid the same amount of money a man made in 2020. But the keyword here is “average.” 

When you break the gender pay gap down by race and ethnicity, it's even wider for Black women, Indigenous women, and Latina women. To put it into perspective, this year Equal Pay Day for Black women is on August 3rd, on September 8th for Indigenous Women, and on October 21 for Latinas. Although the gender pay gap is narrower for Asian American and Pacific Islander women, AAPI Equal Pay Day—which fell on March 9th this year—was still 68 days further from December 31 than it should be.

At our Equal Pay Day Summit presented by Mastercard, we hosted a thoughtful discussion on pay equity with Blake Gifford, an attorney and content creator, Kameron Monet, an attorney and content creator, Kelly Joscelyne, the chief talent officer at Mastercard, and Brenda J. Schamy, partner and co-founder of DiSchino & Schamy, PLLC.

ICYMI, we’ve jotted down all the mic-drop-worthy moments for you, but if you’re still experiencing FOMO, you can join C&C Insiders to get access to all of the workshops, mentor sessions, panels, and keynotes from our Equal Pay Day Summit and all of our past events. (Yes, you read that correctly!).

On knowing your worth…

“If you don’t know your worth (and you should), then research it. Research your value so that you truly know your worth.” — Kelly Joscelyne

“Ask other people. No one wants to talk about money, no one wants to talk about pay. Let's talk about it. Let's bring it to the forefront.” — Kameron Monet

“Employers bank on you not talking about [your salary with your coworkers], because it helps them to hide their hands. Talk about it.” — Blake Gifford

“Make friends at work. Networking is everything. Chase relationships and the checks will come.” — Brenda J. Schamy

On negotiating your salary…

“Negotiating is not a negative it’s a healthy business practice.” — Kameron Monet

“Come in first and come in firm. It anchors the conversation in your favor.” — Blake Gifford

“Know your worth and always have a counter offer.” — Kelly Joscelyne

“Be creative in your negotiations and think outside the box. There's no such thing as no deal if you want it.” — Brenda J. Schamy

On cultivating your dream career…

“You belong in every room you are you're in.” — Blake Gifford

“What’s for you is for you, no matter how much value you give to other people it’s never going to interfere with what’s for you.” — Kameron Monet

“Do anything you want. Reach for it.” — Kelly Joscelyne

“Try it.” — Brenda J. Schamy

On the best money books to read…

“The Confidence Code: The Science and Art of Self-Assurance—What Women Should Know by Katty Kay and Claire Shipman.” — Kelly Joscelyne

“You Are a Badass at Making Money by Jen Sincero.” — Kameron Monet

“Money Diaries by Lindsey Stanberry.— Blake Gifford

“Wise Guy by Guy Kawasaki.” — Brenda J. Schamy

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Mastercard's Ginger Siegel on Real Ways Small Business Owners Can Improve Pay Equity Policies

“Make sure that each employee is aware of expectations and those are equal expectations for equal jobs.”

—Ginger Siegel, North America Small Business Lead, Mastercard

Small businesses have been hit hard by the coronavirus pandemic—and women-owned small businesses have been hit even harder. According to the U.S. Chamber of Commerce, women-owned small businesses have less optimistic revenue, investment, and hiring plans when compared to male-owned small businesses. Still, even despite these challenges, there are a number of impactful ways small business owners—even those with limited resources—can help close the gender pay gap.

To help tackle all your burning questions about how small business owners should be assessing equal pay policies, measuring compensation biases, and retaining working mothers, we tapped Ginger Siegel, the North America small business lead at Mastercard to answer your inquiries in real-time. During a virtual mentor session at our Equal Pay Day Summit presented by Mastercard, she shared some #realtalk on real ways that small business owners can improve their equal-pay policies.

In case you missed it, we’re sharing a few of the Q&As from this eye-opening Equal Pay Day mentor session. Read on for Siegel’s sage advice.

Q: As a small business owner, how should I assess my pay policies and procedures?

“When you think about the assessment of your wages and what you're going to pay, it really should be done in the context of overall employee policy. You want to think through things that are of major importance to employees. Monetary compensation is one, but it's not the only factor. You want to ensure that you create an employee policy that takes into account issues like maintaining a balance between work and family, reducing job stress, and looking at the type of health and retirement benefits you offer. Then, as you structure your performance reviews, make sure that each employee is aware of expectations and those are equal expectations for equal jobs.”

Q: How should I communicate pay equity processes internally?

“Making sure your organization has a very clear view on how you've established jobs, how you've established duties, and how you've established overall functions is critically important. You should also review employee compensation on a regular basis and separate compensation reviews from performance reviews. As a small business owner, you need to understand how your compensation is going to be built in place to provide equal pay for equal work, disclose salary ranges for different positions and levels, and, of course, advocate for your people, encouraging them to be open and honest when these discussions take place.”

Q: It's no secret that women are exiting the workforce when they have children. What policies and procedures should I put in place to prevent this from happening?

“We know discriminatory hiring practices and promotion decisions that prevent women from gaining leadership roles and highly paid positions are actually sustaining the gender pay gap. And it's not only the pay gap—but it's also the opportunity gap. During COVID, 305 million full-time jobs have been lost, many of them held by women, so this issue is critically important. As you're building out your business’ policies, ensure that there's a lot of focus on helping female employees who may be taking more of the burden in terms of the home life, by creating a work-life balance to ensure that your female workers can have the access to help they need and can also have some flexibility.”

Q: How can I actually measure compensation differences to see if there's a bias?

“In order to ensure that there isn't bias, this can't be a one-and-done situation. There has to be a constant constant focus on looking at your pay, looking at all of your employees, and making sure that these things are consistently held equal. It really starts with job descriptions and really ensuring that your job descriptions are not based on who has the job but based on the job.”

If you’re experiencing FOMO and want to know the answers to all the questions Ginger spoke to in this session, you can join C&C Insiders to get access to all of the mentor sessions, workshops, panels, and keynotes from our Equal Pay Day Summit and all of our past events. (Yes, you read that right!).

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