3 Trends That Prove Digital is the New Normal–And What it Means For Your Business
Sage advice to keep your business safe online.
The COVID-19 pandemic, as well as recent consumer behavior shifts in e-commerce, have caused long-lasting impacts to the U.S. small business market, prompting businesses to digitize as a means of future-proofing their businesses.
Having a digitally led approach is critical to equipping small business owners with the tools and solutions they need to survive in an uncertain environment. Many small business owners are ready and willing to take the plunge and do what's needed to digitize their business, yet 64% have said they found it challenging to do so. (2020 North America SBO Comms Survey, Mastercard)
At our recent Money Moves Digital Summit, Ginger Siegel, the North America small business lead at Mastercard, identified three trends that prove that digital is the new normal. ICYMI, we’re sharing them below, along with Siegel’s tips to help reinvigorate your business both on and offline–and more importantly, keep it safe. Read on for her sage advice.
Trend #1: Contactless Spending
As the realities of COVID-19 hit businesses and individuals alike demanded lower touch options for making and receiving payments.
Although 2020 was already a year we expected to see increases in contactless spending, COVID-19 has accelerated this behavior and made consumer demand shift quicker than anticipated. 46% of global consumers have swapped out their top-of wallet card for a card that provides contactless functionality (2020 North America SBO Comms Survey, Mastercard)
With social distancing evolving into a long-term norm, continued reliance on delivery, pick-up, and alternative points of sale will mandate versatile payment methods, making the market primed for tap on phone adoption. 74% of consumers said they will continue using contactless post-pandemic. (2020 North America SBO Comms Survey, Mastercard)
Trend #2: Digital Services
As COVID-19 continues to stress small businesses financially and operationally, small business owners across North America are turning to digital services to improve cash flow and modernize their payments ecosystems.
The majority of small businesses said that speed and security and transparency were their top priorities. This includes changing how their business sends and receives payments and moving clients to more digital methods. This shift to digital services is not only good for business, it increases customer satisfaction as well. In fact, 81% of businesses said when they do move to more digital payments, it does improve the satisfaction level of their customers, proving digital really is the new normal. (2020 North America SBO Comms Survey, Mastercard)
Trend #3: Cybersecurity Prevention
In our new normal, heightened fraud and bad actors in the ecosystem will require small businesses to start paying for far greater attention to cyber security threats than ever before. Business is uncertain enough—with 80% of small businesses reporting they did not monitor cyber security threats prior to the pandemic, many are incredibly vulnerable to exploitation by bad actors looking to capitalize on the current market chaos. (Zogby Analytics survey commissioned by National Cyber Security Alliance (NCSA) - Oct 2019)
Small businesses are looking for partners and advisors to help protect them against the unknown in a new world. Partners who step in and predict, educate, and guide small businesses on impending threats will become essential to their survival in the new normal.
To help close the digital divide and prepare for what’s next, Mastercard’s Digital Doors™ program, provides small businesses the everyday business management tools and solutions to help small businesses go digital–and keep them safe. Digital Doors offers the resources and support to help small businesses navigate through current challenges and build for the future–from digital readiness diagnostic tools, educational content, and Mastercard and partner solutions.
How to Build a Brand Through Storytelling on Social Media
Every brand has a voice. Have you found yours?
Photo: Smith House Photography
Storytelling is an art. It’s all about authenticity, relevancy, and transparency. In building Stylebymalvika, my personal platform dedicated to providing style inspiration to the driven dreamers of the world, I’ve noticed that I owe much of my success thus far to being vulnerable, speaking without too many qualms, and delivering on what it is exactly that my audience responds best to that I can provide consistently. Surprisingly, being a bit of a spontaneous creative at heart has worked towards my benefit. In hopes of helping you build your brand on social media, I’m going to share a bit about how I’ve navigated telling my story online.
When I started my platform almost two years ago, I had absolutely no direction, and in many ways, I’m thankful I didn’t. It allowed me to experiment, speak about everything, and understand what worked best for both me and my audience. Everyone told me to “niche myself,” but I couldn’t understand what that meant. I’m a human, after all, and all humans are multifaceted and complex. Naturally, and as a result of merely creating, I slowly began to understand that perhaps a photo of Louboutins with a heart caption wasn’t doing anything for me or my audience.
Get real
Let’s face it: Today, everyone can post a photo of their favorite items, foods, etc. But not everyone is you. Understanding that there’s a very distinct, unique person behind all you put out is what’s most important when trying to find your voice on social media. Whether you’re an individual or a brand trying to craft an image, free yourself of any bounds so that you can slowly discover your value to others based on feedback.
Personally, I have found that my distinct value is in my perspective on fashion. I’m an Indian born and bred in America who is still deeply immersed in the Indian culture and values of quality and craftsmanship, which feed my love for high-end designers. My upbringing has taught me to strive to achieve great things, and thus the “driven” aspect of my value proposition was born. Being real about who you are and where you’re coming from will slowly but surely ensure your value becomes evident as well.
Be transparent
Combining my love for luxury fashion and my drive naturally helped me understand that I was a driven dreamer, and that what I put out there appealed to others who were the same. Still, I’m writing my narrative, and finding what more I can share about myself that will continue to provide value to my audience. I’m sure that in a year’s time, I’ll have a bit of a different value. I firmly believe that being transparent about new dynamics or changes that arise, either in action or perspective, can only strengthen a narrative—that is, if you share the whole process.
Learn from your audience
The thing about social media and building any type of brand image online is being true to who you are, and not overthinking it, especially in the beginning. There will be several learning curves, and you must remember that the journey quite literally is the destination. A huge part of your storytelling journey will be not having too narrow of a scope of communication with your audience—not “over-niching” yourself.
Allow yourself the grace of time and experience, and let your audience play a role in building your brand’s unique image. People enjoy being included in a conversation rather than being spoken at. Don’t just start by telling a story to your viewers and listeners: allow them to have a stake in your story by being the very people who shape it.
About the Author: Malvika Sheth is the founder of popular fashion platform Stylebymalvika, which has appeared on BuzzFeed and in Bella New York Magazine. She has previously collaborated with brands such as Clarins, Reebok, Jimmy Choo, and Lancôme in her journey as a content creator. Check her out on her Instagram and read more about her on her blog.
Love this story? Pin the below graphic to your Pinterest board.
This post was originally published on April 27, 2019, and has since been updated.
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12 LGBTQIA+ Founders, Executives, and Leaders Who Are Shaping Major Companies and Shifting Culture in the Process
From Coolhaus to Beautycon to Netflix—and beyond.
Until now, over half (52%) of the people who identify as LGBTQIA+ in the U.S. were living in states where they could be fired, passed over for a promotion, denied training, and harassed in the workplace based on their gender identity or sexual orientation.
On June 15, 2020, the U.S. Supreme Court took a long-overdue step in ending these discriminatory practices by ruling that the Civil Rights Act of 1964, which prohibits employment discrimination based on race, religion, national origin, and sex, also applies to discrimination based on sexual orientation or gender identity. “An employer who fires an individual merely for being gay or transgender defies the law,” Justice Neil M. Gorsuch wrote for the majority in the historic six-to-three ruling.
In honor of this landmark ruling, which also just so happens to coincide with Pride, we’re using our platform to shine a spotlight on LGBTQIA+ entrepreneurs and leaders who are running cool companies and shifting culture in the process. Scroll on to meet just a few of the founders, executives, and leaders who are shaping some of the most influential businesses in our cultural lexicon—like Netflix, Facebook, and Reddit to name drop a few—and paving the way to the boardroom for the young LGBTQIA+ individuals coming up behind them.
Freya Estreller & Natasha Case
Co-Founders, Coolhaus
“When you are a true CEO, you are driving your own dream but you think of the company as a place for all of your employees to accomplish their dreams as well.”
—Natasha Case, CEO & Co-Founder, Coolhaus
It’s safe to say Freya Estreller and Natasha Case have successfully disrupted the freezer aisle. The co-founders of the women-owned, women-run ice cream brand Coolhaus, which is known for its innovative flavors (think street cart churro dough) and “farchitecture” ice cream sandwiches, have built a formidable franchise complete with a fleet of ice cream trucks, two scoop shops, and premium placement in the freezer aisle in over 7,500 grocery stores from Safeway to Whole Foods. Earlier this year, we shined a spotlight on the innovative founders as Create & Cultivate 100 honorees.
Jimena Almendares
Product Executive, Facebook
Jimena Almendares’ résumé is impressive, to put it mildly. Before she landed her current role as product executive at Facebook, she helped shape other major companies like Intuit, OkCupid, and Meetup. While at OkCupid, she led the company through its IPO, and ad Intuit, she led the expansion of Quickbooks into Mexico and set the record for the fastest global launch the company’s history in the process. Not to mention, she’s on the board of Out for Undergrad (O4U), an organization dedicated to helping high-achieving LGBTQ+ undergraduates reach their full potential.
Rachel Tipograph
Founder & CEO, MikMak
“
Invest in your voice. Your ability to be a powerful orator will get you much further than any other skill.”
—Rachel Tipograph Founder & CEO, MikMak
Rachel Tipograph is making marketing cool again. With a client list that includes brands like L’Oreal, Hershey’s, Unilever, and Estée Lauder, the founder of MikMak is leveraging social media for major profits, something the 2017 Create & Cultivate 100 honoree talked about at our recent Digital Money Moves Summit. It’s no wonder the innovative entrepreneur has been honored in Forbes’ 30 Under 30 Who Are Changing the World, Marie Claire’s 50 Most Influential Women in America, Fast Company’s Most Creative People in Business, and Entrepreneur's 50 Most Daring Entrepreneurs lists. She’s also an angel investor who’s passionate about funding women, POC, and LGBTQIA+ founders.
Jen Wong
COO, Reddit
“We share responsibility for the health and safety of the platform with our communities.”
Jen Wong’s career reads like a dream run on paper. Before joining Reddit, Wong served as president and COO of Time, Inc, where she was the highest-ranking female executive. Before that, she served as PopSugar’s chief business officer and even spent a stint as AOL’s global head of business operations. Under Wong’s leadership, Reddit is reportedly on track to reach $262 million dollars in ad revenue by 2021, which is more than double last year’s revenue.
Photo credit: @onewong
Leanne Pittsford
Founder, Lesbians Who Tech & Allies
“Power doesn’t give up power. You must create urgency around change. It doesn’t happen naturally.”
—Leanne Pittsford, Founder, Lesbians Who Tech & Allies
In 2012, Leanne Pittsford organized a series of happy hour networking events for lesbians in technology. Fast-forward to 2020 and what started as a small gathering of just 30 people has grown into Lesbians Who Tech & Allies, a veritable tech community of 40,000 members with chapters in 40 cities. Since then, the 2019 Create & Cultivate 100 honoree has founded two more companies to help underrepresented people in tech land their dream jobs: Include.io, a mentoring and recruiting platform, and Tech Jobs Tour, a series of networking events across the country to bridge the gap between tech companies and prospective job candidates.
Lydia Polgreen
Head of Content, Gimlet Media
Earlier this year, Lydia Polgreen resigned as HuffPost’s editor in chief—a role she took on when Arianna Huffington, the founder, stepped down—to become head of content at Gimlet Media. In doing so, the seasoned storyteller, who spent nearly 15 years on staff at The New York Times before joining HuffPost, validated what many in media already suspected: podcasting is on the rise. In fact, Spotify paid nearly $340 million in a combined deal to acquire both Gimlet and Anchor, a company that makes easy-to-use tools for producing podcasts, in 2019.
Arlan Hamilton
Founder & Managing Partner, Backstage Capital
“
It started with my mom telling me I deserved to be in any room and shouldn't shrink myself to make someone else feel better about themselves.”
—Arlan Hamilton, Founder & Managing Partner, Backstage Capital
Here are some startling stats: Only 12% of venture capital funds are invested in companies with at least one female founder, according to All Raise. Additionally, of the $425 billion raised in VC funding since 2009, a mere 0.32% went to Latinx female founders and .0006% to startups led by Black women. Arlan Hamilton, the founder and managing partner of the venture capital firm Backstage Capital, is on a mission to tip these statistics in the right direction. Since launching in 2015, Backstage Capital has invested over $7M in 130 companies led by underrepresented founders, according to the company’s website. It’s no wonder we included her on our 2018 Create & Cultivate 100 list.
Emma Mcilroy
CEO, Wildfang
Emma Mcilroy started a feminist revolution in 2013 when she launched her clothing brand, Wildfang—remember this Wild Feminist T-shirt?—dismantling the patriarchy and gender norms in the process. And it seems a lot of people want to join Mcilroy for the ride. Now a multi-million-dollar company, Wildfang is also a global community and a place for women to feel that they can conquer anything.
Denyelle Bruno
CEO, Tender Greens
“It’s easy to get caught up in the game of trying to be like others, but the best copying will result in a less good version of another person.”
—Denyelle Bruno, CEO, Tender Greens
As the CEO of Tender Greens, Denyelle Bruno is at the helm of a casual restaurant chain that serves over seven million customers across 30 locations in California, New York, and Massachusetts and, not to mention, brings in an impressive $100 million in annual revenue. But it’s not just about the bottom line for Bruno. In an industry where the gender gap is getting wider, not narrower, Bruno is leading the charge in gender diversity. In fact, by the end of 2020, Tender Greens achieved gender parity across the company’s restaurant leadership, from executive chefs to sous chefs, which is one of the many reasons we included Bruno on our 2020 Create & Cultivate 100 list.
Angelica Ross
Actor, Writer, Producer, Founder and CEO, TransTech Social Enterprises
You probably know Angelica Ross as Candy Ferocity on Pose, but she’s also a leading figure in the movement for trans and racial equality. When you consider the statistics—72% of trans homicide victims between 2010 and 2016 were black trans women and femmes—it’s easy to see why Ross wants to ensure that these women aren’t reduced to a statistic. As the founder of TransTech Social Enterprises, she’s is working to empower trans and gender-nonconforming people through on-the-job training in leadership and workplace skills. As a powerful speaker, she tours nationally to share her mission with business leaders, educators, and the President of the United States.
Cindy Holland
VP of Original Content, Netflix
As vice president of original content at Netflix, Cindy Holland, who has been with the company since 2002, oversees the production of the streaming giant’s binge-worthy original series and the multi-billion-dollar budget needed to bring that high-quality, programming to the platform’s 182 million subscribers and counting. Under Holland’s watch, Netflix earned 117 Emmy nominations in 2019, 17 Golden Globe nominations in 2020, and has secured deals with the likes of Shonda Rhimes and Janet Mock, who is the first openly trans creator to sign a major deal with Netflix.
Up next: 19 Powerful LGBTQIA+ Leaders on Instagram to Follow and Support Now and Always
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How the Right Website Copy Is Like Having a Sales Team
Now comes the part where you've got to make your business profitable.
Photo: Vlada Karpovich for Pexels
So you've got a new business. You've developed a crazy-good "why hasn't anyone invented this yet" product. Or maybe you're delivering an "oh-my-goodness-what-did-I-do-without-you" service for clients. Either way, you're clear on what you're selling, you're clear on who needs your business, and you're clear on how you want to come across to your customers.
Now comes the part where you've got to make your business profitable. So you buy your domain and set up your email accounts. You get a business bank account. But then you're faced with a series of dilemmas:
Do you hire a graphic designer to make your site look like a million bucks?
Do you need new brand photos every month to keep up with the changing seasons?
Which of the software solutions your trialing deserves a subscription fee?
What add-ons will actually help your bottom line, and which ones will just drain your profits?
In the rush to create a brand that looks beautiful, with just the right fonts and colors, copywriting often gets overlooked.
Once your site is ready to go live, only then are those placeholder blocks of text addressed. But here's the thing: just writing about your company isn't enough, just coming up with a cute tagline won't get you any additional customers, and just describing your products and hoping photos convert buyers... while you might get some buyers, a lot more would-be customers will leave without a compelling written message.
The superpower of copy is that it isn't just text.
In fact, it isn't even just marketing. Well-crafted copy is an online salesperson who works around the clock for you. Even better, copy can have 1:1 interactions with hundreds of prospects at once. All while you sleep. Or work on R&D. Or actually get to the gym for once this month.
It works its magic by entering the conversation already happening in the mind of your customers
What are people worried about? What's a pain your product could solve? Great copywriting goes way beyond analyzing search terms. Because behind every feature of your product or service, there's a deeper benefit: something unique about your offering that will make your customers' lives better the moment they open your box. To find those key benefits — the things your customers are truly looking for — you've got to do some digging.
Start with customer surveys. Ask your customers why they purchased from you at this time - what they needed, and how you've solved their problems or brought more happiness into their world. Then write copy that addresses those very problems and frustrations head-on. Get specific with them. Finally: take those messages and put 'em on your site!
With copy, one round of investment means you're getting a 24/7 global salesforce
How's that for scale? Oh, and the other thing: Once you've established a strong message about outcomes and benefits that resonates with your market, you can stick with it for a long time. Meaning, you get long-lasting ROI, and that’s something any business owner can celebrate.
About the Author: Anna Bradshaw is a conversion copywriter for happy brands. She helps businesses find their core messages and writes data-backed copy that's packed with flavor. She writes from Southern California where she lives with her husband.
This story was originally published on June 1, 2019, and has since been updated
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We Talked to 4 Music Industry Insiders About How Coronavirus Is Impacting Their Business
And how they’re pivoting in these unprecedented times.
Photo: Retha Ferguson for Pexels
No industry is immune to the sudden rise of the stay-at-home economy—and the music industry is no exception. With people around the world practicing social distancing, self-quarantining, and sheltering in place, concert venues have been shuttered, music festivals have been postponed, and album tours have been canceled in a concerted effort to flatten the coronavirus curve.
To find out how the unprecedented COVID-19 pandemic is impacting the music industry, we chatted with artists, record-label founders, and even the music partnerships manager at Instagram. Ahead, they fill us in on how they’re adjusting to the new normal, how they’re pivoting to adapt during this period, and what fans can do to help support the industry, even if they don’t have a dollar to spare.
Lizzy Plapinger, aka LPX, Co-Founder of Neon Gold Records
“A
rtists will continue to create and be mirrors and loudspeakers to the world around us, they/we can be light in the darkest of times, or a friend and voice in the void.”
—Lizzy Plapinger, aka LPX, Co-Founder of Neon Gold Records
How are you handling the news as the co-founder of a record label and as an independent artist? Are you able to work from home?
While I’m generally a pretty productive person and regular self-starter, it’s been challenging to go about “business as usual” because nothing about the world is “as usual” right now. I’m grateful that, while not ideal, it is actually possible for me to work from home and that I’m still able to freely pivot between my roles at Neon Gold and as LPX throughout the day, but it is a huge adjustment emotionally and mentally.
Right now I’m focused on regularly checking in with my artists to see how they’re doing and how/if I can help provide them with resources to create, listening to their music and providing feedback. Writing new music as LPX and going through old demos while trying to finish up new releases I have slated for the coming months. Exploring more sync opportunities. Reaching out to people for collaborations, remixes, production edits, features etc. Deep diving on new music for both pleasure and business. Looking at music grants to apply for and share with my community for anyone in need, including myself. Getting creative with DIY video projects. Putting deals together for new artists to make sure we’re continuing to sow seeds of opportunity for the future. Encouraging myself and more women to try their hand at producing and engaging on the more technical side of things. And potentially most importantly, talking to friends, artists, family (and myself) off the ledge in those understandable moments of *wtf is going on.*
Allowing myself, my colleagues and my artists the space to cut themselves some slack and give them the support they need for their mental well being has and is an important piece of this. In the end, we’re only human and these are unprecedented times. Finding the balance between carrying on and finding a new normal for what a constructive day looks like while also taking care of oneself is going to take a minute to figure out.
How has social distancing and the cancelation of festivals, concerts, tours, and live events impacted your business operations and financials? Can you share some ways that you've pivoted to adapt during this period?
With the live side completely shut down, it feels like losing a limb. Shows, tours, and festivals are a CRUCIAL part of this industry. To take that out of the equation is a detriment to everyone involved (the artists, the fans, the agents, the promoters, and the labels). Financially, it’s a hit for everyone. And an enormous loss to the artists and their fans.
As LPX, I had two tours on the horizon supporting Maggie Rogers and Carly Rae Jepsen and a headline tour of my own (and two more for the fall to be confirmed), which are now all up in the air. I rely on those opportunities to make money, sell merch, engage new fans and connect with an audience. It’s also the most sacred and important aspect of being an artist to me, so on a personal level, it is emotionally, artistically and financially gutting.
The emphasis is now on engaging fans on the social side and continuing to release music and take advantage of the people (artists, producers, mixers, writers, etc.) who might have otherwise been too busy or unavailable. Some of our artists are doing live streams and we’re trying to get creative in ways that are genuine to both the artists and the fans. Whether that’s an acoustic set, inviting people into the studio with them, releasing live videos of old performances, showcasing other sides or talents they have on social media. It’s cool to be let into people's creative process or to see a song in the raw etc. But for me it doesn’t come close to replacing the live side—nothing could.
But artists will continue to create and be mirrors and loudspeakers to the world around us, they/we can be light in the darkest of times, or a friend and voice in the void. I have always felt purpose in music, from both sides, and now more than ever. Nothing will take that away, not even the indefinite halting of shows.
What advice can you share for fans who want to help support the music industry right now?
There are SO many concrete ways to help support the artists you love, financially and otherwise, and it is NEEDED right now more than ever. Below are a number of ways you can really help the music industry and artists you love:
STREAM their music. A song has to played for at least 30 seconds for it to register as a “play,” and every stream helps show the DSPS (Spotify/Apple/Amazon/Pandora, etc.) that there is a fan while also helping to pay the artist, labels, and publishers. It will also help get them placed on more playlists which will help get the artist more exposure.
ADD songs to your playlists (public and private). This registers behind the scenes in a way that is super helpful for the artist.
SHARE and PROMOTE the songs and artists you love on socials and TAG them. Introducing new fans to their music is crucial and you are their best and most important asset in doing that.
BUY MERCH if you can afford to. This helps put money back in the pocket of the artist directly (where they usually sell on tour) and in a lot of cases right now artists are using that money to help give back to their band and former road crews who are currently out of work.
BUY MUSIC online, vinyl, cd, tape if you can afford to.
COMMENT/LIKE/FOLLOW/SUBSCRIBE on all socials across the board: Instagram, Twitter, Facebook, TikTok, YouTube, etc.
Noelle Scaggs of Fitz and the Tantrums
“
Our entire industry is taking a hit, so we are all in it together in figuring out ways to support our crew members, the venues, and back-end business representatives.”
How are you handling the news as an artist? Are you able to work from home? How have you pivoted to that schedule?
As far as the social distancing aspect of all of this, oddly enough, it’s not so far off from my lifestyle anyway. I pretty much stay in the house and work from home, especially when I’m not on the road. I think the main factors for me have been the uncertainty of how long this will realistically be, how it’s going to affect our ability to pay our staff that we keep on retainer when we will actually be able to tour, and when we can have sessions in the same space as other human beings without worrying.
I think with the shift of musicians having their own home studio spaces and making music without having to go to pay hourly locations has made it easier to continue to be creative, COVID-19 can’t really stop that ship from sailing. So where I may pivot from collaboration in the same space as others, I’m able to do a lot of work virtually, it’s just a learning curve because I am forced to engineer my own sessions, which can be frustrating but liberating.
How has social distancing and the cancelation of festivals, concerts, tours, and live events impacted your business operations and financials?
We were very lucky in that we got through the majority of our summer tour. A lot of my friends were not so lucky and are having to revise their plans. At this point, all any of us can do is wait it out. Personally, I’ve been trying not to wrap my head around things I cannot control and allowing our teams to strategize and figure out how to best plan the rest of the year.
However, I am working to help support initiatives that help others. Our entire industry is taking a hit, so we are all in it together in figuring out ways to support our crew members, the venues, and back-end business representatives. I know that the entertainment agencies are working to get some sort of stimulus in order. A lot of bands and artists are rescheduling tours for later in the season. It’s really a wait-and-see at this stage. IG Live has become a popular tool for many of us, including DJs who can’t work due to venue and event cancelations.
What advice can you share for fans who want to help support the music industry right now?
I think, monetarily speaking, people can donate to organizations like Sweet Relief Musicians Fund, Music For Relief (which currently has a COVID-19 response fund running to support industry professionals who are most vulnerable to the economic crisis, as well as funding public health efforts), and Plus1, which also has a COVID-19 Relief fund running. Other simple ways are buying band merchandise, especially merch from smaller baby bands and independents, and yes, buying music still matters.
I think people can support in non-monetary ways by supporting artists’ posts, watching their live feeds on IG and FB, commenting just letting us know that you appreciate us, and spreading the word about causes we are trying to support. I would also say by being compassionate towards artists who have to cancel shows. Keep things positive. It is really hard to let our fans down, even harder when we have to read negative comments on our pages. Above all STAY HOME, so we can get through this sooner!
Lola Plaku, CEO of Lola Media Group & Founder of Girl Connected
“
Don’t just listen to a song or an album or watch a YouTube clip; share that with someone, even if it’s just two or three people in your immediate circle. Hopefully, your one view can turn into 10, that 10 can turn into 100, that 100 into 1000, and so on.”
—Lola Plaku, CEO of Lola Media Group & Founder of Girl Connected
How are you handling the news as the founder and owner of a leading artist management and branding company? Are you able to work from home?
Over the past year, I have spent most of my time working in the office growing my business and my team. Many of the marketing ideas we execute are online, so working during this time hasn’t been much different.
The methods have shifted slightly, so we’re constantly figuring out how to best deliver messages to consumers without over saturating them. Some ideas we were hoping to implement have been halted due to social distancing and businesses closing down temporarily, so that’s been a little bit tough for the artists and projects that require creative asset delivery.
How has social distancing and the cancelation of live events impacted your business operations and financials? Can you share some ways that you've pivoted to adapt during this period?
Social distancing has mainly affected the creation of certain content like photo and video shoots, in-studio interviews, and any other creative that requires several individuals to work together. I haven’t had to deal with booking cancellations for talent yet, but I’m sure as the weeks pass we’ll have to plan and adjust accordingly. The company’s Girl Connected initiative for women in the entertainment community produces quarterly events for over 400 attendees, so we have put those events on hold for now and will offer online tools and resources to our group of mentees and community members.
What advice can you share for fans who want to help support the music industry right now?
I think people are finding ways to create and support from home, and conversation and consumption are two of the biggest driving factors of an artist's success. Conversation is you telling your friends, your family and your immediate and social network about something or someone you like. Hopefully, 10% of those people engage with what you are saying and tell their social circle about that artist, song, album, movie, show, etc. as well. And the circle continues.
If you and the people you are communicating with also decide to stream/watch/talk about said artist, then you have created a domino effect that can turn into financial income for the artist on the backend. While you’re at home, share what you’re doing with others. What are you listening to? What are you watching? Where are you getting information from? Don’t just listen to a song or an album or watch a YouTube clip; share that with someone, even if it’s just two or three people in your immediate circle. Hopefully, your one view can turn into 10, that 10 can turn into 100, that 100 into 1000, and so on. Artists, writers, producers, and managers can make money off streams, publishing, and sales from projects and content that have already been delivered to platforms!
Fadia Kader, Music Partnership Manager at Instagram
“
I suggest not only supporting your favorite artists by streaming their music or purchasing merch, but also by being kind to one another and sharing uplifting messages with other fans and the artist directly.”
—Fadia Kader, Music Partnership Manager at Instagram
How are you handling the news as the music partnership manager at Instagram?
Going with the flow. It’s important for me to stay on top of the news and find a way to engage with music partners to keep them motivated during these times, which in turn, keeps me motivated and creative.
Are you able to work from home? How have you pivoted to that schedule?
I am very lucky to have the kind of role that allows me the flexibility to do my job remotely, so the working-from-home adjustment hasn’t been too bad for me, but I do miss interacting with my colleagues in the office. Sticking to my daily schedule gives me a sense of normalcy.
What trends have you been seeing across Instagram and how have artists been using the platform to their advantage?
With artists not being able to connect to their audiences and fans in person at shows, it’s been really inspiring to see them connect in real-time on IG Live. More than ever, artists are getting more and more comfortable with the feature and realizing the value of connecting directly with an audience in real-time.
What advice can you share for fans who want to help support the music industry right now?
I suggest not only supporting your favorite artists by streaming their music or purchasing merch, but also by being kind to one another and sharing uplifting messages with other fans and the artist directly. Encouraging artists to stay their creative ground and practice self-care in these times. We are all in the same boat and all we need right now is to be there for one another. Even if it's virtual.
Up next: 7 Things a Financial Expert Says to Do to Prepare for COVID-19
How to Build an Amazing Brand When You Have Zero Budget
Yes, it's possible.
Photo: Kaboompics.com for Pexels
When you're first launching a business, it can be difficult to know where to spend money, where you can save money, and how to get a little scrappy. Do you invest in that pricier domain name? Do you hire a designer to create your logo? Is it really necessary to consult an SEO pro to hone your content strategy?
Thankfully, the folks at GoDaddy know all about building a brand (and websites). So we picked their brain for insider tips and tricks that will pay off in the longterm, including some freebies you should 100% take advantage of. Keep scrolling for 10 zero-dollar ways to get your brand off the ground RN.
Treat your domain name like an investment.
The longer you have it, the more value it holds. Links pointing to your site are a major factor in ranking on search engines. As you accumulate more links over time, your credibility improves, and so does your search ranking. The age of your domain is also a ranking factor.
Changing your domain name has serious implications; it’s like changing your business name. If you change your domain, you’ll need to rebuild the credibility with search engines (which takes time), and reach out to all of the sites that linked to you to get the links updated (which they may not do).
Register a domain name early on in your business and stick to using the same domain name as your business evolves.
Use the same username/handle everywhere.
These days, your username is a core part of your online brand. Your business should be using the same username for Facebook, Instagram, Twitter, YouTube, TikTok, Snapchat, Pinterest, Etsy, and so on. This demonstrates a strong, professional brand that’s integrated across all channels. As with your domain name, choose your business username early on and treat it like an investment—you’ll earn links and mentions over time, all of which contribute to your business getting discovered.
Deciding on a name for a new business? Google it.
See what comes up. If there are existing businesses using the name you want, or even individuals who have a similar username for their social media accounts, try a different name. One of the perks of starting from scratch is that you can see what’s available and lock in your usernames across multiple platforms before your new business has even launched. Tip: Namechk lets you quickly figure out if a name is available across different domains and social media platforms.
Use consistent branding everywhere.
Aim for as much brand uniformity as possible everywhere that your business is present online. Use the same profile pictures, colors, fonts, image styles, etc. If you’re doing offline marketing, like flyers or business cards, your online branding should be consistent with that. An easy starting point is to lock in your brand color guide. Find a set of colors that reflect your business. Coolors is a free tool for generating color schemes.
Invest in design.
Visuals matter more than ever. If you’re not artistically inclined, hiring a designer can do wonders to give your online presence a professional boost.
If you’re just starting out and have minimal budget, sites like Fiverr or 99Designs can connect you with designers in your price range. If you can afford local market rates, look for designers in your area, especially if you have an arts or design school nearby!
Start off with something small, like images for your website or social media, to get a feel for the relationship. Once you’ve found a designer that you’re comfortable working with, start exploring bigger projects, like branding or site (re)design. (Have zero budget to work with? Canva is a great DIY tool for putting simple visuals together.)
Invest in photography.
The need for strong visuals carries over to photography. Poorly-lit, low-resolution snapshots are good for authenticity on social media, but you still need crisp, professional imagery for other purposes. If you’re putting photos of yourself, your team, your workplace, or your customers on the web, take photos specifically for that purpose. Smartphone cameras have come a long way, so if you prefer to go the DIY route, read some introductory tutorials so you understand the basics of lighting and composition.
Use simple, clean templates and layouts for your website.
Too much visual clutter distracts and overwhelms. A simple website layout, combined with strong design (fonts, colors, branding) and strong visuals (images, photographs) works wonders. Plenty of margin and whitespace between elements lets the page “breathe” and makes it easier for site visitors to skim over your content. Speaking of content…
Use your website to answer questions before they’re asked.
When someone hits a website for the first time, they start judging it very quickly, taking everything in at once, trying to determine if the site is relevant to them. When you review the content on your site, put yourself in the shoes of someone who doesn’t know a thing about your business, and think of the questions they might ask.
How do you introduce yourself? How do you prove that you know what you’re talking about? What are the benefits of the things you’re trying to sell – why should the visitor care? Why should they trust you? What are others saying about the products you sell, or the services you provide? What about other FAQs, like return policies, or customer support? Use those questions to guide your site’s content.
Collect email addresses.
An email mailing list is one of the greatest assets you can develop through your website. And you can segment the list based on your relationship with the person.
Are they someone who follows you on social but hasn’t bought yet? Are they a customer? Are they a loyal customer who’s repeatedly bought from you? Maybe they’re an influencer with an audience of their own?
You can send out highly relevant, targeted messaging that’s unique to each segment. And the more targeted and relevant your messaging is, the more effective it will be. We’ve got a bunch of tips on email marketing in the GoDaddy blog.
Measure everything.
Sign up for Google Analytics. Google Analytics will give you visibility into where visitors are coming from, and what visitors are doing once they’re on your site. This guide walks you through the process, including setting up goal funnels. Review your Analytics reports at least once a month, alongside your email mail list reports and other reports, to inform your planning.
We’ve incorporated all of these top tips into the new GoDaddy GoCentral website builder. It includes clean layouts you can customize for your business; a library of beautiful photographs to pull images from; support for a wide range of content types; integration with GoDaddy Email Marketing to build your email list; and support for Google Analytics to monitor website usage.
About the Author: Andy McIlwain is a member of the GoDaddy blog team looking after content & resources for web designers and developers. You can connect with Andy on Twitter, Facebook, LinkedIn, Instagram, and his personal blog.
This story was originally published on April 30, 2017, and has since been updated.
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Drumroll Please... Introducing the Create & Cultivate Marketplace—a Business Toolkit for Women Just Like You
We’ve been working on something special.
Photo: Smith House Photography
That business? Launch it. That blog? Start it. That side-hustle? Build it. That idea? Execute it.
We get it. Starting something is scary. But we want you to turn down the “I’m not-enough” noise, unlock your potential, ditch the fear, and do it anyway, which is why we’re proud to announce the launch of Create & Cultivate Marketplace.
Whether you’re starting a side-hustle, launching a business, figuring out the freelancer life, or cultivating the career of your dreams, our brand-new business and career bundles have the tools, resources, worksheets, and checklists to help you do it all.
We’ll teach you everything you need to know from start to finish so you can build the brand or a career you’re really proud of. We’re big believers in the phrase “progress over perfection” because in our opinion, done is always better than perfect.
So, what are you waiting for? Don't sit on the sidelines watching others chase and catch their dreams. Isn’t it time you invested in yourself? Let’s grow! Scroll on to explore our current Marketplace offerings and stay tuned for more.
The Self-Care Bundle
Are you hitting your burnout zone? Being an entrepreneur, creator, heck a lady right now is exhausting. But, don't worry because we tapped experts far and wide to have a conversation about self-care in an age of non-stop work. From a self-care check list and strategies to panel conversations, your new wellness ritual is here. So, sit back, light a candle, and dive into all things taking care of you!
$29.99
The Venture Capital Bundle
Angel? Venture? Seed? The Venture Capital landscape can be confusing but we are here to help. From a breakdown on how to read (and craft) a cap table to how to raise initial funds, panels with top VCs, and more—we've got your VC questions covered.
$24.99
The Bootstrapping & Budgeting Bundle
If you're building a small business from the ground-up, we know you're doing everything while you grow. But even if you have an accountant, every founder should know their numbers, and be across every spreadsheet. In this bundle, we show you how to bootstrap your biz with a monthly budget checklist, and more to make sure you're building a financially stable one.
$24.99
The Marketing Bundle
So you're almost ready to launch your business, but before you hit "go" it's time to get clear on your marketing strategy. Don't stress, we show you how to create a killer marketing campaign for launch along, a media kit checklist, and more. Sit back, relax, and get ready to grow.
$24.99
The PR Bundle
Congratulations you have launched your brand or business.... now what? We break down how to get your business out in the world from media-worthy pitches to creating brand collaborations that grow your audience. The time is now!
$14.99
The Branding Bundle
Dreaming of going out on your own one day and launching your own business? Before you take the leap and leave your job, start to map it out first. In this bundle, we show you how to expand on your idea including brainstorming the right brand name, writing a business plan, and crafting the perfect mission statement.
$24.99
The Launch Your Business Bundle
Ready to launch? Before you hit go we have some key information you might want to consider. Have you thought about trademarking? Copyrights? S-corp vs. LLC? Don't freak out! Our starting-your-business bundle has you covered from A to Z.
$24.99
The HR Bundle
Running a small business means you're wearing a lot of hats and if your company is under 50 employees, one of them is HR. That means you have to be across everything from hiring to firing. With our HR bundle you'll be able to onboard your employees, provide performance assessment, prevent workplace bullying, and yes, let a team member go when the time comes so you can build a culture of confidence and success.
$29.99
The Grow Your Instagram Bundle
Get your grid right, girl! We at C&C know the power of a strong Instagram profile. In this bundle, we break down the bio do's and don'ts, presets you need, and our strategy for Instagram success in a pay-to-play world!
$29.99
The Growth Hacking Bundle
Ready to grow your business from a seedling into a forest? Introducing growth hacking. We've outlined some creative, low-cost strategies from SEO to digital media optimization to help small businesses acquire and retain customers, expand your audience and see it thrive.
$17.99
The Job Hunting Bundle
It's time to create and cultivate the career of your dreams, but first up, job hunting. Okay, we know how grueling it can be but it doesn't have to be. We've got everything you need to land your ultimate role from resume templates, interview questions, and the all important post-interview follow-up email—the dream is yours for the taking!
$14.99
The Career-Boost Bundle
If your ambition is getting impatient then you're in luck. We have everything you need to step it up at work from mastering the lingo to ace your next meeting to setting goals (and achieving them)—let's take your career to the next level.
$14.99
Want all of these and more?
Get unlimited access to our entire library of downloads and videos when you join Insiders.
We Found 7 Resources to Provide COVID-19 Financial Relief for Small Businesses
You’ve got this.
Photo: Smith House Photography
We know every small business is being affected by the COVID-19 crisis right now, and our team at Create & Cultivate is here to help. Our mission—and our passion—is to help people create and cultivate the careers of their dreams, so quite frankly, there’s no better opportunity for us to be of service than right now.
In order to help small business owners navigate this uncertain time, we’ve compiled a list of relief resources and basic information for how to confront the COVID-19 pandemic. If you’re seeking a low-interest loan, needing to pause your student loan debt, or looking to apply for a small business grant, we’ve tracked down resources to help you do just that.
If You’re Seeking a Low-Interest Loan…
The Resource: U.S. Small Business Administration SBA Disaster Assistance
The Details: “The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the coronavirus (COVID-19) in all U.S. states and territories.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.”
How to Apply: Apply for assistance here.
The Resource: Kiva
The Details: "Kiva lenders have shown their commitment to providing financial assistance to all by making 0% interest loans to entrepreneurs in the U.S. on Kiva.org for the last 10 years.
In today's difficult circumstances, we'd like to make it as easy and impactful as possible for small businesses in the U.S. to have access to affordable capital on the Kiva platform—capital that may be the difference between shutting down and keeping their doors open.
Effective immediately, U.S. applicants for a Kiva loan will have access to the following: Expanded eligibility: More businesses in the US will be eligible for a Kiva loan; Larger loans: The maximum loan on the Kiva platform will increase from $10,000 to $15,000; Grace period: New borrowers may access a grace period of up to 6 months for greater financial flexibility.”
How to Apply: Apply for a loan here.
If You Want to Pause Your Student Loan Debt…
The Resource: Department of Education Federal Student Loan Relief
The Details: “If you’re having trouble making payments, contact your loan servicer as soon as possible. If you have a Federal Perkins Loan, contact your school. You can easily avoid the consequences of delinquency or default by staying in touch with your servicer or school.
Your servicer or school can provide information about deferment or forbearance options that allow you to temporarily stop making payments on your loans. You may also be able to change to a different repayment plan that would give you a lower monthly payment.”
How to Apply: Contact your loan servicer, or your school if you have a federal Perkins Loan.
If You Want to Apply for a Small Business Grant…
The Resource: Facebook Small Business Grants Program
The Details: “Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where we operate. We’ll begin taking applications in the coming weeks. In the meantime, you can sign up to receive more information when it becomes available.“
How to Apply: Sign up to get updates about Facebook’s Small Business Grants Program here.
The Resource: Zapier Small Business Assistance Program
The Details: “Zapier is creating a $1 million small business assistance program for businesses to heavily impacted people who meet some combination of these criteria: You work in a business with 10 employees or fewer, or you're a solo entrepreneur, your business is privately owned, your business is impacted by "social distancing" in an outsized way (the tourism, food service, hospitality, salon and spa, fitness, and education industries are some examples), and you're a paying Zapier customer as of 3/20/2020. Small businesses in need can qualify for a free 3-month credit for a starter plan.”
How to Apply: Fill out this form.
The Resource: Bumble Loves Small Businesses
The Details: "Bumble is granting a number of small businesses up to $5K to help during this trying time. At this time, we are only accepting requests from small businesses and will verify all company registration numbers. If you’re not a small business owner, you can fill out this form to nominate a small business (or forward this link to them!).”
How to Apply: Fill out this application form.
The Resource: The GoFundMe.org Small Business Relief Fund
The Details: “The Small Business Relief Fund will provide one-time matching grants to qualifying small businesses to help alleviate the financial burdens during these pressing times. To qualify for a matching grant from the Small Business Relief Fund, the GoFundMe fundraiser must raise at least $500 and verify that your small business has been negatively impacted by a government mandate due to the COVID-19 pandemic. Your small business must be independently owned and operated, and must not be nationally dominant in your field of operation. Each recipient of the matching grant must intend on using the funds to help care for your employees or pay ongoing business expenses."
How to Apply: There are a few ways for small business owners to apply:
“Claim your fundraiser. Many small businesses will have a fundraiser automatically created for them through the Yelp platform. To claim this fundraiser and donations made to it, you can submit a request through the form above.”
“Start a new fundraiser. If you do not have a fundraiser already created for your business, you can start one now. In your fundraiser description, please make sure you add the hashtag #SmallBusinessRelief. Then fill out this form to confirm your small business.”
For more information and resources on how to navigate the coronavirus crisis as a small business:
Calculate how much you’ll get from the $1,200 (or more) coronavirus checks being provided by the U.S. government with this calculator tool from The Washington Post. Plus, learn when your check will arrive, and more.
Consider scrolling through this list of national and state-specific funds, grant, and resources for business owners grappling with coronavirus compiled by Forbes.
For rent assistance, scroll through this comprehensive list of how to get COVID-19 rent relief compiled by Investopedia.
It’s important to note, however, that even if your state has taken action to pause or suspend evictions, anywhere from 30 to 90 days, it does not relieve you of your obligation to pay your rent. It just forbids your landlord from evicting you during that period for late payment.
Subscribe to a special edition of Deloitte’s Resilient podcast series all about how businesses can confront the COVID-19 crisis.
Subscribe to Forbes free daily newsletter, Outbreak, for stories on the coronavirus pandemic and its impact on global business.
And head to our COVID-19 Content hub and follow Create & Cultivate on Instagram to tune in as we go live daily with experts in business, finance, and more in our Ask an Expert series daily at 9 am, 12 pm, and 3 pm PST.
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Ask an Expert: How to Get Buzz-Worthy Press Right Now, According to a Publicist
It's all about the R.I.C.H. formula.
We’ve been spending a lot of time at Create & Cultivate HQ discussing how we can best show up for and support our community during this uncertain time. Community is at our core, and connecting with others through one-of-a-kind experiences is what we love to do. While the world has changed, our mission has not. We’re committed to helping women create and cultivate the career of their dreams, which is why we’re proud to announce our new Ask an Expert series. We’re hosting live discussions with experts, mentors, and influencers daily at 9 am, 12 pm, and 3 pm PST on Instagram Live to cure your craving for community and bring you the expert advice you’ve come to know and love from C&C. Follow Create & Cultivate on Instagram, check out our Ask an Expert highlight reel for the latest schedule, and hit the countdown to get a reminder so you don’t miss out!
Photo: Courtesy of Heather DeSantis
There is a huge opportunity for entrepreneurs and small business owners to show up, share their message, and be a source of positivity right now. With the COVID-19 crisis impacting communities, businesses, and people across the country and the world, there’s a great need for positive news. So, how do you make your message really matter in a time that feels so dark to fill that void?
In this installment of our wildly popular Instagram Live series, Ask an Expert, we tapped Heather DeSantis, a media expert and the CEO of Publicity for Good, to answer all your burning publicity questions in the wake of the coronavirus crisis. Read on for DeSantis’ tried-and-true R.I.C.H. formula for getting buzz-worthy press and creating content that resonates right now, and be sure to tune into our next Ask an Expert conversation on Instagram Live.
R: Reflect on who you are as an entrepreneur and a person.
“Ask yourself, Who are you as an entrepreneur? What key things have you gone through to become the entrepreneur you are today? What things have you gone through that you can share? What can you teach to others? How can you be of service? Use these answers to make a list of the core topics that you want to talk about in the media.”
I: Investigate.
“Figure out how to bridge the gap between what you want to talk about and what’s going on in the world right now to make your pitch relevant to the media.
Step 1: Go to Google and type in a topic that’s relevant to your business; a topic that you’re an expert in.
Step 2: Go through the results in the “News” section. Sift through the first three pages of results for inspiration on how to pitch yourself to media outlets.
Step 3: Search for your competitors via Google to see where they’ve been featured and start reaching out to those media outlets to get featured by those publications, networks, etc.
As a business owner, it’s really important to make your message relevant to what’s going on in the world. Search what’s trending in the media so that your content solves a problem and serves what people are interested in today.”
C: Connect with the media.
“First and foremost, post on your own social media channels. Go to your Facebook, Instagram, and Twitter and create a call to action post to let people know you want to get your message out there.
Then, authentically connect with members of the media before you pitch them. Engage with their content and create relationships and friendships with them. When you do reach out to them with a pitch, be sure to follow up three days later. Ask them how you can help and always come from a place of service.
If you want to pitch local/regional press, start watching the morning news to see what the flow of the show is, and then call the morning producer. You can go to Google and type in “news tips” to search for the direct email address of the producer and reach out.”
H: Help & hunt.
“Help. It’s all about service. You’re filling the need of the media, so come from a place of service. The media needs content to inspire people to keep them motivated and learn how to adjust during these times. Ask, What are you working on and how can I help?
Hunt. Show up every day and pitch yourself to the media.”
About the Expert: Heather DeSantis is the SHE-O of Publicity For Good and a Forbes 30 Under 30 nominee. Heather is the leading female millennial publicist of her generation with a fresh take on life which translates to a disruptive approach to PR, as evident with her choosing to run her agency nomadically from an Airstream. Together with her fiancé, she goes around the U.S. spreading the word about the unique way and mechanism PFG does PR.
Tune in daily at 9 am, 12 pm, and 3 pm PST, for new installments of Ask an Expert.
Follow Create & Cultivate on Instagram, check out our Ask an Expert highlight reel for the schedule, and hit the countdown to get a reminder so you don’t miss out. See you there!
Ask an Expert: How to Adjust Your Business Strategy During the Coronavirus Crisis, According to a Business Coach
“This is a time to be swift, but not reactive.”
We’ve been spending a lot of time at Create & Cultivate HQ discussing how we can best show up for and support our community during this uncertain time. Community is at our core, and connecting with others through one-of-a-kind experiences is what we love to do. While the world has changed, our mission has not. We’re committed to helping women create and cultivate the career of their dreams, which is why we’re proud to announce our new Ask an Expert series. We’re hosting discussions with experts, mentors, and influencers daily at 9 am, 12 pm, and 3 pm PST on Instagram Live to cure your craving for community and bring you the expert advice you’ve come to know and love from C&C. Follow Create & Cultivate on Instagram, check out our Ask an Expert highlight reel for the latest schedule, and hit the countdown to get a reminder so you don’t miss out!
Photo: Courtesy of Gretchen Jones
In times of crisis, businesses are put to the test—supply chains are disrupted and profit margins are compromised. And the COVID-19 crisis is certainly no exception. As our founder and CEO Jaclyn Johnson says, a company’s success comes down to how it pivots and responds during times of great uncertainty. However, as one of today’s Ask an Expert pros reminded us, “Now is the time to be swift, not reactive."
For some #realtalk on how to pivot a business, manage expectations, and lead with purpose during a crisis, we tapped Gretchen Jones, a strategic business advisor (she advises our CEO), for a special installment of our wildly popular Instagram Live series, Ask an Expert. Read on for three things you should know about adjusting your business strategy right now. If you missed the conversation, you can watch it in full here, and be sure to tune into our next Ask an Expert conversation on Instagram Live.
1. I want to be proactive during this time of quarantine—what can I do to reach my business growth goals and hit the ground running when things go back to normal?
“Achieving business goals right now is theoretical. More than thinking about growth, work on managing a healthy relationship with your business, not the potential capabilities ahead of you. Look at this slowdown as an opportunity to rise to the occasion, and look at initiatives that you’ve wanted to dive into but haven’t had the time to until now.“
2. I’m a small business owner and I don’t know how much longer I can afford to pay our staff while we’re closed during this time of quarantine. What advice can you share?
“Being a good boss sometimes means that moving through the pain [and going through with layoffs] is doing what is right for your community because you acted with integrity. You holding onto your staff because you’re afraid of laying them off in the future is going to complicate they’re ability to gain access to unemployment benefits. Take care of them now so that they will want to come back and work for you.”
3. How can I be a better, more supportive leader for my team, especially now that we’re all working remotely?
“The first thing is communication. Lead with humanity first in all communication. And, set goals. Real goal setting is about making sure your team knows that they have purpose and value and make sure that the expectations are really clear. Set benchmarks or KPIs (key performance indicators) so that you have really thoughtful ways of checking in with your team. Most importantly, hold yourself accountable by being better and more communicative with your staff.”
About the Expert: Gretchen Jones is a strategic business advisor and public speaker, as well as an award-winning design director, ambassador for sustainability, and NLP practitioner. She works with entrepreneurs and companies to develop future-minded, visionary approaches to ourselves and our work. Her methodology brings a directional, mindful lens of reflection to processes and belief systems, inside and outside of our businesses.
Gretchen has generously offered Create & Cultivators a special discount. Use the code gJLOVESC&C for 33% off Critical Conversations for the next three months. The code expires June 1st and can be up to three times.
Tune in daily at 9 am, 12 pm, and 3 pm PST, for new installments of Ask an Expert.
Follow Create & Cultivate on Instagram, check out our Ask an Expert highlight reel for the schedule, and hit the countdown to get a reminder so you don’t miss out. See you there!
We Talked to 4 Biz Owners About How They're Tackling COVID-19
Lauren Kleban, Dianna Cohen, and more weigh in.
As a small business, we here at Create & Cultivate understand how much the COVID-19 outbreak is impacting companies across the globe.
By shuttering offices, disrupting supply chains, canceling events, and clearing out public spaces like malls, restaurants, and gyms, the coronavirus’ impact on companies—particularly startups that don’t have the resources of Fortune 500 companies—is significant. However, as our founder and CEO Jaclyn Johnson says, a company’s success comes down to how it pivots and responds during times of great uncertainty.
Of course, we know that you, our Create & Cultivate audience of entrepreneurs and founders, are also grappling with this right now, so we reached out to some of the savviest business owners we know to find out how they’re handling the news, responding as a company, and, most importantly, pivoting their businesses in response. Scroll on to read how four founders are confronting the coronavirus crisis head-on.
Dianna Cohen, Founder & CEO, Crown Affair
How are you handling the news as a founder? Is your team working from home? How have you pivoted to that schedule?
The wellbeing of our team and customers is the most important thing to us. Our brand was built on the concept of the ritual—all the things you do to take care of yourself and make you feel whole. Whether that’s journaling, stretching, or brushing your hair before bed, we’re all about taking those extra few minutes to reset and recharge. During this time of uncertainty and unrest, we're letting our community know it's key to time for themselves and their friends and family that might need support and care as well.
How have the announcements impacted your business operations and financials? What tactics and strategies have you put in place to pivot and ensure your business is successful through this period?
We're monitoring the guidance of the CDC and health officials, so we're currently remote and will keep our scheduled meetings and touch bases, but do them via video or phone. Tools like Asana and Slack have been helpful for daily stand-ups to make sure as a new business (we're six weeks old!) we're staying on track and actively communicating. Because we're a digital-first company that sells products online, we've been able to continue connecting with our customers and growing the business. When the news first hit, we were mindful to order into inventory that wouldn't impact supply chain for our customers, and internally communicate updated daily goals and KPIs given there are global updates daily.
What advice can you share for small business owners, founders, and entrepreneurs who are also reeling in response to the news?
1. Have honest conversations with your team and community, we're in this together.
2. Your senior leadership team should plan into a mindful monthly spend to make sure you're preparing for any potential changes in supply chain or any area of the business that might be a meaningful part of your overhead.
3. See this as an opportunity to evaluate your strengths as a business and focus on clever, new ways you can still bring that to your audience.
Madison Ruggieri, Co-Founder, Onekind
How are you handling the news as a founder? How have you responded as a company? Is your team working from home?
As a founder, we’re really trying to carry on business as usual. We’re an online retailer and a very small team in a large office space, so, as of now, we’re still working from our office but thinking ahead in case that needs to change with a moment’s notice. Luckily, most of what we do can happen remotely if need be.
We fulfill all orders from our office, but if we were working with a 3PL for fulfillment, I’d be concerned that they might be shutting down temporarily. For brands who do rely on a 3PL, that would significantly impact their ability to continue processing orders.
How have the announcements impacted your business operations and financials?
Right now, we’re most concerned about the financial impact COVID-19 is having on those who are out of work because of it and whether it’s affecting our customers. We’re very aware that this could have an impact on people’s spending habits and that’s something that definitely worries me as a small business owner.
What advice can you share for small business owners, founders, and entrepreneurs who are also reeling in response to the news?
My advice to small business owners is to stay as calm as possible, stay informed, and try to plan a few steps ahead. If your business model allows for the ability to focus on digital sales/work, put your energy there. Most importantly, take care of your own health and the health and well-being of your team. Also, remember there’s a whole community of entrepreneurs dealing with the same issues right now, so let’s support each other in any way we can as we all get through this together.
Sonja Rasula, Founder & CEO, Unique Markets
How are you handling the news as a founder? Is your team working from home? How have you pivoted to that schedule?
As a founder, I'm in emergency-mode, which means I went from being in shock and assessing the situation, to now doing all I can to ensure my employees have jobs and income over the next few months. Every day this week has brought new information and bad news, but as a leader and founder, it's my job to now push emotions aside and turn this situation into an opportunity, to be responsible for my team and put on a happy face. As a company, we are working from home. But to be honest, it's not that different because I offer weekly "work from home" days already, which means we're all used to communicating via Slack or video already. One good thing! :)
How have the announcements impacted your business operations and financials? What tactics and strategies have you put in place to pivot and ensure your business is successful through this period?
My business is events based. We create amazing, community-based IRL pop-up markets that feature hundreds of small business owners and designers. Because we had to cancel our spring markets, I'm literally dealing with zero income for the next 3-4 months. In my past life, I designed and launched Fortune 500 websites and integrated e-commerce, so creating an online store as another revenue stream for us is the most obvious answer, but that takes a huge amount of resources and roles we don't currently have. While it's now something I'm looking at for 2021, we're going to do a few smaller, more manageable things over the next few months:
We've released online tickets to our summer markets already and are asking our community to purchase them and spread the word, which will provide some income and cash flow.
We're going to hold a series of live online workshops over the next two months, some free and some paid.
We're going to launch a weekly newsletter filled with stories of inspirational small business owners, design news, videos, and more.
What advice can you share for small business owners, founders, and entrepreneurs who are also reeling in response to the news?
My advice is twofold: First, take this time to pause. Seriously allow yourself to pause and evaluate what you are currently doing, what makes you happy, how you can improve. As entrepreneurs, we rarely get time to stop and breathe, so see this as an opportunity!
And then, second, get shit done! As the world slows to a halt, take advantage and use this time to redesign your website, take new product photography, work on your brand bible or style guide, watch YouTube or Skillshare to take a class and improve your skills (so many small business owners don't know graphic design programs like Illustrator, which could help them save so much money and have more creative control). Onward and upward!
*Also, I understand how daunting and downright depressing this is—I've ugly-cried too many times to count this week. But if you own a company that sells stuff online, you're already doing better than me, so cheer up a bit! And keep this in mind: You are a superhero, someone so strong and confident and passionate that you walked away from a 9-5 and regular paycheck to do your own thing! It's the harder choice. It's the lonlier choice. It's the challenging choice. You've made it this far, you've overcome too much to let a freaking global pandemic get you down. KEEP GOING.
Lauren Kleban, Founder & CEO, LEKFIT
How are you handling the news as a founder? How have you responded as a company?
We are taking the news day by day and not panicking. We have always taken extreme measures to maintain a clean studio space. We are a digital band first, and in a time like this, we take pride in knowing we can accommodate our customers as they are dealing with closures and quarantines. We maintain business as usual and believe that consistency is key for both our team and customers. The LEKFIT brand has consistently been a safe space both in-studio and online. We have taken major strides to provide a space for relief and our job is to remain calm for our customers.
How have the announcements impacted your business operations and financials?
We have not been impacted at this point, and hope that remains to be the case. We are slightly concerned this will delay the final week's construction of our flagship, set to open in April, but we will keep our pop-up doors open until we move.
What advice can you share for small business owners, founders, and entrepreneurs who are also reeling in response to the news?
Don't panic, and make decisions that are most beneficial for your team and customers. The best thing we can do is listen to the authorities, work together, and be kind.
For up-to-date information on the COVID-19 outbreak, we recommend referring to the Centers for Disease Control and Prevention or the World Health Organization.
Up next: We Scrubbed the Internet for the Best Advice for Startup Founders During the COVID-19 Pandemic
We Scrubbed the Internet for the Best Advice for Startup Founders During the COVID-19 Pandemic
Adapting to the ever-changing circumstances of the crisis is key.
Photo: Smith House Photo
The COVID-19 outbreak is impacting communities—canceling events, shuttering offices, and suspending classes—around the globe. Of course, the focus is (and should be!) on preventing the spread of the disease, but the economic effects of the outbreak are impossible to ignore as companies large and small adapt to the ever-changing circumstances of the crisis.
In the last few weeks, the OECD cut global economic growth projections in half, the JPMorgan Global Manufacturing Purchasing Manager’s Index (PMI) fell to its lowest level since 2009, and U.S. stocks had their worst day since the 1987 stock market crash. Needless to say, supply chain disruptions, facility closures, and staffing deficits can put extra strain on startups.
Here are three things that startup founders can do now to adapt to the ever-changing circumstances, according to the Harvard Business Review.
Set up business tracking and forecasting.
Fluctuations are inevitable in the midst of a crisis. "Put in place rapid-reporting cycles so that you can understand how your business is being affected, where mitigation is required, and how quickly operations are recovering," notes Harvard Business Review. "A crisis doesn’t imply immunity from performance management, and sooner or later markets will judge which companies managed the challenge most effectively.”
Plan for remote work.
With the CDC recommending social distancing and zero-tolerance sick policies to prevent the spread of COVID-19, planning for remote work is essential. “Be clear on your policies—where they apply, how they will work, and when they will be reviewed,” advises Harvard Business Review for the best results.
Microsoft, Google, and Cisco Webex are among a number of tech companies providing free remote working tools during the coronavirus outbreak. Additionally, Slack’s Guide to Working Remotely, Gitlab’s Guide to Remote Work, and Google are all great resources for setting up a successful remote work strategy.
Be a part of the broader solution.
“As a corporate citizen, you should support others in your supply chain, industry, community, and local government,” notes Harvard Business Review. “Consider how your business can contribute, be it in health care, communications, food, or some other domain. Focus on the intersection between acute social needs and your specific capabilities—in other words, live your purpose.”
Head over to Harvard Business Review for more advice on how to lead your business through the coronavirus crisis.
For up-to-date information on the COVID-19 outbreak, we recommend referring to the Centers for Disease Control and Prevention or the World Health Organization.
This Founder Walked Away From a Steady Wall Street Job to Bootstrap a Clean Beauty Brand
And the risk paid off.
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 Cocokind
Leaving a steady job and switching lanes isn’t easy.
Just ask Priscilla Tsai, who was climbing the Wall Street corporate ladder when she decided to shift gears and launch Cocokind, a clean, conscious, sustainable skincare brand. "The first years were tough,” the founder and CEO tells Create & Cultivate. “I was only 25, considered successful in my career, and about to leave it all behind to start a company in an industry that I had very little experience in."
Disappointed by the lack of transparency in the beauty industry and sparked by her own struggles with hormonal acne, Tsai felt compelled to ditch her high-paying job in finance to launch an accessible clean-skincare company. Of course, it’s safe to say that Tsai’s risk has more than paid off—Cocokind is now stocked in every Whole Foods store in the U.S.—but all that success didn’t come without hard work and determination.
In this installment of Money Matters, Tsai shares the nitty-gritty financial details behind what it really takes to get a business off the ground.
CREATE & CULTIVATE: You walked away from a career on Wall Street before bootstrapping your business. What led you to leave a steady paycheck and switch lanes from finance to beauty?
PRISCILLA TSAI: I always knew I wanted to start my own company. My mom is an entrepreneur and watching her career progress definitely inspired me. Separately, my hormonal acne was my biggest insecurity, and I hated the harsh medications and pills that my dermatologist prescribed me. They kept my skin technically clear, but they also totally stripped it of moisture and gave me digestion issues. Ultimately, I decided to explore more holistic remedies for my skin and body, and when I’d created something that worked and that I was proud of, I knew I needed to share it. As a consumer, I was also disappointed at the lack of clean ingredients and transparency in the beauty industry, and I felt compelled to offer a better, more accessible option.
Can you explain what those founding years were like financially?
The first years were tough. I was only 25, considered successful in my career, and about to leave it all behind to start a company in an industry that I had very little experience in. I hustled in every way possible. I made full batches of products by myself. I created our first labels on Photoshop instead of hiring a designer.
I think many founders think that they need a ton of capital to start a company. Obviously, capital is important, but for me, time was almost as important as money. It took a lot of time for me to get Cocokind’s formulas to meet my standards, and it took a lot of energy and persistence to get our products into brick and mortar stores. I went door to door to Whole Foods’ in northern California to demo my products to the regional buyers, which led to building great relationships with them. Today, Whole Foods is one of our biggest retailers—we’re actually stocked in every single store in the United States.
“Knowledge is power. Knowing as much as you can about your financial situation is essential to feeling financially empowered and independent.”
Talk us through your bootstrapping process. How did you self-fund your business? Would you recommend that route to other entrepreneurs?
I really just tried to take things one step at a time, but I also worked quickly once I had a product concept and samples. I started going door to door to get my product out there and to start bringing in revenue as quickly as possible. Finding retail partners like Whole Foods helped me get Cocokind off the ground pretty immediately.
These days, it’s much more common to raise than to bootstrap and I think that either strategy can be effective. It’s really just about what the founder wants and which approach makes more sense for their work style and personality. I personally loved bootstrapping, but I definitely don’t think it’s for everyone.
How did you know the brand was ready to scale and introduce new products?
At Cocokind, we’ve always been big on social media because it makes it easy to build relationships with customers and hear their opinions and feedback. We’re able to use this feedback to decide what our community and what the market, in general, wants.
In the beginning especially, we funded new products by starting with really small batches—that way, we were never taking huge risks with inventory. On top of that, I thought it’d be better to sell out of a product and have a waitlist than it would be to overproduce a product and potentially run the risk of not selling enough of it.
I guess my main point here is that entrepreneurs should always recognize that their product will most likely change to improve, so over-investing in early iterations can be a bad idea.
“I hustled in every way possible. I made full batches of products by myself. I created our first labels on Photoshop instead of hiring a designer.
”
-Priscilla Tsai, CEO and founder of Cocokind
What was your first big expense as a business owner?
Either insurance or inventory!
How did you decide what to pay yourself?
I didn’t! I didn’t pay myself for the first two years of my business, but I was lucky enough to be able to live off of savings during that time.
How did you decide what to pay employees?
Research. I always want my employees to be paid fairly but as competitively as possible.
What are your top three largest expenses every month?
Payroll, inventory, and rent for our office and warehouse.
How much do you spend on office space?
We’ve always tried to spend 4% of our sales or less on rent. We did recently just relocate to a larger office space so we can continue to grow our staff.
How much are you saving? When did you start being able to save some of your income?
It varies. Saving has always been important to me, even more so when I had a regular job, before starting Cocokind. When I was in college, my parents helped me with my tuition and living expenses as long as I sent them an itemized list of all of my expenses every month. That experience helped me learn how to budget and it also taught me that when you know your numbers, you save more.
“Cash is everything. No matter how much profit your company is bringing in, you need to adhere to a tight cash flow model.”
What apps or software are you using for finances?
I actually just use Excel to track all of my expenses. I don’t have a financial advisor at this time.
Do you wish you’d done anything differently in your financial journey as a business owner?
Nope! I’m really proud of Cocokind and how far we’ve come, and I think we’ve always been responsible with capital.
Why should we all be talking about money?
I think everyone should talk about money. Knowledge is power. Knowing as much as you can about your financial situation is essential to feeling financially empowered and independent.
Do you have a financial mentor?
I don’t. But my parents did and do a great job of teaching me strong values when it comes to my finances and how I think about them, and I’m grateful for that.
What is your best piece of financial advice for new entrepreneurs?
Again, knowledge is power! Knowing your numbers and staying on top of them is crucially important to starting and running a sustainable business.
What is the biggest money lesson you've learned since starting Cocokind?
Cash is everything. No matter how much profit your company is bringing in, you need to adhere to a tight cash flow model. It’s something I’m still learning and always trying to improve upon.
Money Matters: "Make a Profit So You Have the Space to Experiment and Make Mistakes."
The co-founder of KeepCup spills the (financial) tea.
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 Keep Cup
When Abigail Forsyth launched her reusable coffee cup 10 years ago in a bid to eradicate disposable single-use cups, she had no idea it would become the global brand it is today. Now, KeepCup has sold over 12 million reusable cups, is used in over 65 countries and their customers have diverted an estimated 8 billion disposable cups from landfill each year—not to mention she’s kickstarted the global movement to eradicate disposable coffee cups. Forsyth is a leader in the global movement to inspire reduce and reuse, with a passion to reduce the use of single-use items.
But her career didn’t start off this way. Forsyth actually had a successful career as a lawyer before joining forces with her brother to launch Bluebag cafe. This is where her awareness around single-use coffee cups was heightened and soon after, KeepCup was born. But despite the global growth, Forsyth has managed to stay completely self-funded without taking any outside investment (which she recommends to fellow entrepreneurs, too.
Read on to hear her money advice, mistakes, and financial lessons learned along the way. You’ll want to write these down.
On why she self-funded the business…
We had a small loan, some grants from the City of Melbourne and Design Victoria, cash flow from our café business Bluebag, and presales off of the KeepCup product prototype. Yes, I would recommend other entrepreneurs to self-fund their businesses. We are fortunate enough to sustain our business and grow without taking on outside investment, which means we have been able to remain nimble, iterative and independent. You need to make money to stay in business, so be wary that outside funding can compromise your ability to have a vision beyond shareholder value.
On how much she pays herself…
We are a certified B Corporation which means that, as a business, we have to meet certain standards of verified social and environmental performance, public transparency, and legal accountability and balance profit and purpose. In line with this, my earnings are capped at 10x the lowest-paid employee.
On how much to pay employees…
We have looked at payscale, similar job descriptions, and have occasionally worked with recruiters to determine appropriate living wages for all our employees. Last year, we recruited a people and culture manager, and took the time to benchmark salaries and review our remuneration structure. Things can change as the business grows, and you have a mix of old and new employees, so we had to revisit our structures and processes.
“You need to make money to stay in business, so be wary that outside funding can compromise your ability to have a vision beyond shareholder value.”
On the most important area for business owners to focus their financial energy…
Right now, all businesses must focus on carbon neutrality: decarbonizing and dematerializing their operations, use their business to make a positive contribution. There’s no business on a dead planet.
Focus your financial energy in places that align with your company’s mission. At KeepCup, our mission is to inspire the world to reduce and reuse, and we’re committed to championing the cause for a more sustainable future. In everything we do, we adopt sustainable business practices from manufacturing to our office space, all the way down to the actual product.
We’re really focused on adopting and setting best practices in sustainable product design and business, even if this means it is at an additional cost to our business. For example, we donate 1% of global revenue to environmental causes and are a certified B Corporation, as we are committed to driving the transition to the circular economy and promoting reduced consumption, reuse and repair.
On the first big expense as a business owner…
Our first big expenses were committing to tooling and the endless road of website development.
On how much they spend on office space…
Too much! We have just spent a year refitting our HQ in Melbourne, Australia to make it consistent with our company values and vision for a more sustainable future. It is a very well insulated solar-powered building with plenty of natural light and green space. Most of the furniture is second hand, and is beautiful, but does not use new resources.
“Build your business from the ground up on purpose beyond profit.”
On when she was able to start saving income…
The savings wax and wane depending on where we are at with things like product development, website updates, and premises etc. I like to have something set aside for opportunities or issues that might come up. As well as committing to providing 1% of our revenue to environmental causes, we are committed to being carbon neutral by 2025. We will see where that journey takes us. I’m also really interested in rehabilitating the natural landscape, particularly in Australia. We have just donated $100,000 for bushfire relief and commit 1% of our revenue, as opposed to profit, to environmental causes.
On setting up the business financials…
When we set up our accounting system I made a lot of noise about how it was overcooked for the simplicity of the business 10 years ago, and that decision has held us in good stead. We always had an external accountant, and our internal accountant was one of our first hires. There is a story about me paying the invoices and throwing them into a tomato box as a filing system, which may or may not be true!
On the tools, she uses to stay on top of the business financials…
In my view, the most valuable tool is a great finance team, and a great set of reports to check the ongoing health of the business. In terms of software, we use Microsoft Navision and Power BI.
On what she wishes she’d done anything differently financially…
I wish we had created a better structure at the outset in partnership with my brother. When we started the business, we were young singles—priorities shifted as the business grew. We also progressed in our personal lives, started families and our individual priorities shifted. Separating business ownership from your role in the business at the beginning is really important.
“Make a profit so you have the space to experiment and make mistakes.”
On why she thinks women should talk about money and business more…
Women should absolutely talk about money and business more. I feel a real sense of responsibility to do right by people and the planet, but it’s really important to acknowledge and talk about the fact that this has not been at the cost of financial success. It creates the space for change.
It’s been really important to me as a woman, to be commercially successful and financially independent, this gives me a voice to talk about the values I believe in and press for change.
On having financial mentors…
No. I don’t have a financial mentor, but I think business owners may very well need one depending on their circumstances. There is an endless parade of people who will line up to tell you what to do and how to do it, and whilst relying on expertise is very important, it’s equally important also ask whose interests they serve. No one will care about or think about your business more than you.
On the money mistakes she’s made along the way…
Throughout our 10 years in business, the biggest lessons I’ve learned have been around understanding margin, understanding the cost impact of waste, balance sheets, and profit and loss and having the right insurance. I would not say these are mistakes, I would say it has been a journey in deepening my understanding and balancing the internal needs of the business with the external environment in which we operate.
On her best money advice for new entrepreneurs…
Build your business from the ground up on purpose beyond profit. I truly believe businesses ought to serve a purpose that is of benefit to people and the planet. Businesses must serve the communities in which they operate, respect the natural resources (which in my view belongs to everyone), respect their employees and protect the natural world.
If you aren’t in business to dematerialize and decarbonize the economy, you are in the wrong business. I think the world is hopefully waking up to the futility of balanced books on a dead planet. We are all in this together.
On the hardest money lessons she’s learned…
Make a profit so you have the space to experiment and make mistakes.
WTF Is a Cap Table and How Do I Read One?
Raisin’ funds and takin’ names.
Photo: Pexels
When you start a new business from scratch, the amount of knowledge you have to acquire can be overwhelming. There is so much to learn and often it’s on the job. And you might be thinking, ain’t nobody got time for that, but even if you plan on hiring someone to handle the paperwork and the financials, as the business owner you should always have your eye across every aspect of the company and know your numbers.
You will come across terms and acronyms you don’t understand but don’t be shy to ask questions or Google them, then take action. If you’re an entrepreneur then it’s likely you’ve already heard about CAP tables, also known as capitalization tables. But for others, you might just be thinking what is a cap table and how do I read one? And if you’re entering the funding stages of your venture, it’s really time to step that knowledge up.
Below, we’re talking more about what a cap table actually shows and how to read, create, and use one in your business.
The basics
First things first: What does capitalization even mean? Capitalization is just a formal way of saying ownership shares (i.e., who owns capital) and includes all of your company’s securities: stocks, preferred shares, options, etc. A capitalization table, then, is a chart that shows who owns how much of each asset type.
In essence, the point of a cap table is to give a quick overview of ownership. When you’re first creating your company, this step is essential to make note of what everyone in the business owns, but it becomes even more important when you’re bringing investors into the mix. They need a clear picture of what they’re buying, and shareholders need to be able to keep track of their stakes in your company.
The nitty-gritty
In the example from Hyde Park Angels below, you’ll see the table includes both a pre-money valuation and a post-money valuation—this just means how much the company was agreed to be valued at before investment, and how much it’ll be worth afterward.
The third column shows shareholder names—early on, this list will be short, but it can get lengthy as the business grows. In the next column, pre-money ownership percentage is denoted. Because Investor A and Investor B are just now buying into the company, their pre-money ownership is listed at zero percent.
The price-per-share noted on the left is determined by taking the pre-money valuation and dividing it by the number of pre-money shares (here, $4 million ÷ 8 million shares = $0.50 per share).
Now that we know how much each share is worth, we can calculate the number of shares each investor is purchasing. Investor A is putting in $750,000, so her post-money shares equal $1.5 million (because $750,000 ÷ $0.50 = $1.5 million). Thus, her post-money ownership percentage is 15% of the new business valuation. Because Investor B put in $250,000, she owns 500,000 shares and 5% of the company. The founders, who just sold 20% of their shares, now own 80% of their business.
Scaling up
As your company continues to scale, your cap table will become more complicated. Not only will the list grow in length, but your level of ownership and control will likely change, too. It’s important to keep your cap table updated and buttoned up—you never know when new funding opportunities will arise, and if you ever sell the company, your cap table will spell out who gets what in the deal.
While the idea of raising money for your business can be daunting, having a well-documented cap table in your pocket will make the process simpler for both you and your investors. Happy funding!
This post was published on February 2, 2019, and has since been updated.
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5 Solutions to Common Solopreneur Struggles
Make ridin’ solo look easy.
Photo: Godisable Jacob from Pexels
If you’re self-employed, you know how rewarding it can be to work for yourself: You get to do the work you love, take on clients you enjoy working with, and set your own schedule. But, of course, there are also challenges to solopreneurship. We reached out to our Create & Cultivate Facebook community to find out some of our members’ biggest difficulties in working for themselves. Read on to discover a few solutions to the challenges of running a one-woman show.
1. I MISS HAVING COWORKERS
Striking out on your own can be a scary process, especially without the support of HR, accounting, and marketing departments to back you up. “The weight of every decision seems 10x because I don’t have anyone to talk through the pros and cons with,” says Farah D., who owns a vegan bakery. “Trying to be good at everything all at once is a big struggle.”
Thanks to the internet, it’s easier than ever to be a solopreneur who works alone but doesn’t have to feel alone. Facebook groups and online communities (like our Create & Cultivate group!) offer a free place to bounce ideas around, ask for advice, and even build personal and professional relationships with other talented entrepreneurs. You can also consider working a day or two a week from a coworking space (many allow drop-ins and offer off-hours memberships at discounted rates).
But it’s not just a matter of existing in these spaces—you have to be an active member who’s open to meeting new people and starting conversations, even when it’s uncomfortable. By putting yourself out there both IRL and on social, you’ll likely meet like-minded freelancers and solopreneurs who can be a valuable asset to your business.
2. I DON’T KNOW HOW TO PLAN FOR TAXES
Jucel M., a designer and illustrator, says her biggest self-employment struggle is budgeting for freelancer taxes. “I can invoice and keep track of my transactions, but [I need help] on how to translate that into filing my taxes.”
No doubt, taxes are a surprisingly large part of freelance life—especially those pesky quarterly payments. But there are simple online programs like TurboTax that can help. They help you file with confidence with one-on-one expert help and they also do a wide search for industry-specific deductions that others might miss. They also offer several online tools to help manage your taxes throughout the year such as their tax bracket calculator, self-employed expense estimator, and handy documents checklist so you are prepared come tax time.
3. I CAN’T STOP WORKING
Entrepreneurs are known to hustle. But how do you know when it’s time to call it a night? “My biggest struggle is turning myself off from ‘work mode,’” says Sierra M., a digital strategist. “If I’m just hanging out, I figure I can work on some aspect of my business—why not? So I don’t really let myself relax.”
Sound familiar? It can be hard to turn your “work brain” off and chill out when you’re the only one keeping your business running. But in the name of wellness, it’s important to truly shut down every once in a while. We’re not saying you have to enact a rigid 9-to-5 schedule (although that works for some people!), but you can start with “I’m not going to open my laptop on Saturdays” and go from there. Remember that because you are your own boss, nobody is looking out for your health but yourself—take care of your body and mind! And if that doesn’t convince you, know that studies show work-life balance increases productivity and creativity, so you’re really doing yourself a favor by powering down for a bit.
4. I’M NOT SURE IF IT’S TIME TO OUTSOURCE WORK
Deciding when to bring on help can be one of the most stressful parts of running a business. “Growing beyond being a solopreneur is a big topic of conversation within my community,” says Kristen P., brand stylist & creative director. “When is the right time? What is the right first hire? Etc.”
Hire too early, and you’re likely wasting money on a salary for someone you don’t need. But hire too late, and you face a mountain of work you can’t accomplish to your own standards. So when is the golden window of time for hiring? Experts say you should only hire someone when you’re regularly turning down work, you’ve found a new revenue stream (and an addition to your team would make you money), or you don’t have time to focus on important business aspects like customer service or accounting.
If you’re not ready for full-time employees, try hiring a contractor for a single project and see how it goes. You’ll learn how to manage and delegate, your project will move forward, and you’ll get a glimpse into what it’ll be like to make your first hire.
5. I DON’T KNOW HOW TO SHOW MY VALUE
You’ve built a business from the ground up. You’ve tackled finances. Your clients are happy. But how do you create an effective marketing strategy to keep revenue coming in? “My primary struggle is coming up with the best ways to show potential clients the value of what I provide,” says Brandi H., creative director.
To create a marketing plan, write down what you specialize in and who your dream clients might be. This will help hone your marketing strategy to bring in the type of business you’re vying for. Next, get started on the actual content—perhaps this is a blog, an elevator pitch, or a killer portfolio site. Your content will depend on your line of work.
Lastly, find the right space to share your work far and wide. This may be through writing for a publication, sharing your portfolio on career sites or in Facebook groups, being a guest on a podcast, speaking at an event, sending cold emails, or investing in a booth at a conference. Do your due diligence to find out which would be most profitable for your business and go forth confidently like the savvy solopreneur you are.
This post was originally published on January, 8, 2019, and has since been updated.
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"We Have Faced Rejection Many Times"—This Dynamic Trio Proves Hard Work (and Persistance) Does Pay Off
You’ll want to write this down.
We know how daunting it can be to start a new business, especially if you’re disrupting an industry or creating an entirely new one. When there is no path to follow, the biggest question is, where do I start? There is so much to do but before you get ahead of yourself, let’s start at the beginning. To kickstart the process (and ease some of those first-time founder nerves) we’re asking successful entrepreneurs to share their story in our new series, From Scratch. But this isn’t your typical day in the life. We’re getting down to the nitty gritty from writing a business plan (or not) to sourcing manufacturers and how much they pay themselves, we’re not holding back. If you want to know how to start a business, you’ve come to the right place.
Kozha Numbers was founded in 2015 by Ilona Gerasimov, Lena Vasilenko-Tsymbal and Carina Gonzales. Photo: Courtesy of Kozha Numbers
Unfortunately, many of us are all-too-familiar with burnout. Too often we keep pushing ahead in a job we don’t love because we refuse to come to terms with the fact that our career just doesn’t serve us anymore. Well, we’re calling time’s up on that. Your health and happiness are way more important. Leaving a job that doesn’t fill you up or motivate you is self-care.
For Kozha Numbers’ co-founders, Ilona Gerasimov and Lena Vasilenko, it was through a mutual feeling of dissatisfaction for their current jobs that inspired them to make a change, together. With their backgrounds in accounting, the duo had no prior experience in production or design but they didn’t let this act as a barrier. Instead, they viewed it as an opportunity to grow, to expand upon their knowledge, and embark into uncharted waters. And, needless to say, the payoff was well worth the journey.
Six years later, Gerasimov and Vasilenko partnered up with beauty expert Carina Gonzales and officially launched Kozha Numbers. Holding to their mutual values of quality and regard to detail, the trio turned an admiration of art and architecture into a handbag and beauty brand that epitomizes the art imitates life motto.
I know what you’re thinking—I don’t have the time to start a business from scratch. Well, the Kozha Numbers founders are here with us today to inspire you to think beyond the confines of your busy schedule. And even if that means staying up until 2 a.m. with your business partner after your 9-to-5 hustle (as these creators did), this company is living proof that hard work pays off.
CREATE & CULTIVATE: Did you write a business plan? If yes, was it helpful? If no, what else did you use instead?
KOZHA NUMBERS: “From the beginning we had a very clear visualization of the kind of company we wanted to create. We took an alternate route and had our passion fuel us instead of creating a standard business plan. This process felt more organic to us and to our brand. Create a plan that works for you—that will provide you with direction going forward and the hustle to make it come to life.”
How did you come up with the name? What was the process like?
“We liked the idea of our products being fundamental, like how the first 10 digits 0-9 are fundamental to create any number sequence. We originally were just going to name the brand “THE NUMBERS 0123456789,” but last minute we changed it to KOZHA NUMBERS 0123456789. We went back to the drawing board and came up with KOZHA NUMBERS 0123456789. Kozha felt like a natural fit since it’s meaning in Russian is leather and skin.
“When we came up with the name Kozha at the time we had no plan to also add skincare to our brand. Looking back we like to think it was a sign that KN BEAUTY was meant to be! Naming our brand came very naturally, It’s important to keep your brand in mind and make sure it looks and sounds how you’d like it, but don’t overthink it.”
What were the immediate things you had to take care of to set up the business?
“After settling on a name for our brand we went straight to building a website. When we were first building this foundation for KN we really were learning as we go. As time progressed we set up trademarks and social channels but before all that we wanted to make sure our brand and the product were how we envisioned it to be. It’s important to build a solid foundation for your brand, but don’t let that be daunting. It’s okay to learn as you go.
What research did you do for the brand beforehand? Why would you recommend it?
“We were actually raised by makers. A leather shoe designer, seamstresses, and woodworker! Watching our parents taught us the art of handcrafting and making wearable art with your hands—a skill that is often forgotten or outsourced by a factory. This background is what KN was founded on but a lot of our knowledge came from practicing it ourselves and learning from what didn’t work.
“A good example is when we first wanted to create a brand we were making leather sandals. Although we enjoyed designing shoes this experience led us to designing handbags which was a better fit for us at the time. The best advice is to keep your mind open and absorb all the information you can get your hands on. Listen to TED talks, read books, watch interviews. The information is out there and you don’t have to go to school to learn it.”
“Not everything works, and the industry is constantly changing so it is key to keep trying things and re-adjusting until something works for you.”
How did you find the manufacturer/production facility that you use? Did you have any bad experiences?
“We have been fortunate enough to produce all of our products in house which has provided us with many benefits throughout the years. When you oversee the manufacturing yourself you’re able to be more involved in the design process and ensure all products are being produced ethically and are the highest quality possible. When we first started KN we had to work with what we had by handcrafting the bags ourselves with the resources we could get our hands-on.
“As we grew we invested everything back into the company and were able to accumulate more materials, machines, studio space, and skilled employees to help with the manufacturing. With KN Beauty we also keep our manufacturing locally in Portland by only producing our products in small batches. This method we’ve found is a lot more sustainable and allows us to maintain the highest quality product that is always fresh. Nothing goes to waste since we oversee production and are so involved in every step.
“We truly love being involved in every aspect of KN and having the creative freedom to create products in-house. This method does take time and patience but the result is always worth it.”
Did you self-fund the company? Did you raise seed money or initial investment money? Why/Why not?
“We are completely self-funded. We were raised on the principle that if you can’t afford it, you shouldn’t buy it and in many ways, this method has really helped us grow. We also loved the idea of being solely responsible for the success of KN and didn’t want to give up any creative freedom which can happen when you bring on investors. Investors can be a great tool but when it comes down to it, your drive and hard work are the most important.”
How much did you pay yourself? How did you know what to pay yourself?
“When we first started KN we all had full-time jobs and were putting everything we could into the brand. For the first two years, we put everything we made back into the business, and only recently we have been paying ourselves. Building that foundation is so important and you will thank yourself later.”
How big is your team now? What has the hiring process like? Did you have hiring experience?
“We are currently operating with a team of seven that is responsible for everything including the design, marketing, and manufacturing process. When we hire we’re looking beyond the resume and are really looking for a great character. Although skills are important, what really stands out is if a person is a problem solver and someone who has the drive and motivation. Especially on a small team like this, we wear many hats and being able to come to work with a can-do attitude is very important. None of us had prior hiring experience, so we’ve definitely had to learn as we go. You have to trust your gut instinct and hire the people that you believe in.”
“Rejection isn’t failure—it’s an opportunity to learn and adjust.”
Did you hire an accountant? Who helped you with the financial decisions and set up?
“In the beginning, we did not have an accountant and had to figure things out for ourselves. It’s important to know your strengths and weaknesses and ask for help when necessary. An accountant isn’t absolutely necessary in the beginning and there are many options out there for managing finances. Quickbooks is a great resource and there are so many other resources out there that you can educate yourself with.”
What has been the biggest learning curve during the process of establishing a business?
“The biggest learning curve for us has been finding efficient ways to put our brand out there. Not everything works, and the industry is constantly changing so it is key to keep trying things and re-adjusting until something works for you. Also, keeping an open mind and continuing to absorb information that you could implement into your business.”
How did you get retailers to start stocking your product? Were you told no? How did you handle that rejection? What advice can you share?
“In the beginning, it was difficult to land retailers. We noticed a big shift when we focused more on our imagery and getting our vision out into the world. Once we were able to convey our brand identity people started to catch on and retailers came to us. Buyers are looking for brands that are unique and have a clear brand vision. Once you start focusing on this, people will notice. We have also faced rejection many times like every brand. Rejection is just part of the industry and it’s more common than not. Rejection isn’t failure it’s an opportunity to learn and adjust.”
“You’re going to have so many setbacks and sometimes it’ll feel like nothing is working. You must hold onto what you believe and adjust as you go because if they can do it so can YOU!”
Do you have a business coach or mentor?
“Our business mentors were really our parents. They taught us so much about hard work and how to handcraft beautiful products. We also indulged in a lot of books, podcasts, and interviews.”
How did you promote your company? How did you get people to know who you are and create buzz?
“Since the beginning, we always believed in the power of great imagery that can tell a story about the brand. KN represents a lifestyle and portraying that in our campaigns has been a big part of our success. We partner with photographers we feel understand our vision and we make it come to life through our campaigns. We also believe that when you create a truly unique product that you believe in and pair it with imagery that represents the message you’re trying to convey it essentially sells itself. We had no prior marketing skills before KN besides instinct.”
What is one thing you didn’t do in the setup process, that ended up being crucial to the business and would advise others to do asap?
“Do your homework and really think hard about what you truly need to push your business forward. Don’t ignore things like trademarking, and don’t be afraid to ask questions.”
For those who haven’t started a business (or are about to) what advice do you have?
“Create a clear vision and a purpose for what you are doing.”
Anything else to add?
“You’re going to have so many setbacks and sometimes it'll feel like nothing is working. You must hold onto what you believe and adjust as you go because if they can do it so can YOU!”
Slow Stories: Why Combining a Conscious Business With Slow Content Is a Recipe for Success
Mindfulness matters.
Photo: Courtesy of Slow Stories
By now, it's clear that content is an incredible tool to establish brand awareness, build authentic customer relationships, and generate sales. But as content has become more embedded in our daily lives, coupled with the tumultuous cultural climate we're all navigating, I've recognized the shift that many individuals have taken by utilizing their platforms to challenge the current landscape—one that often prioritizes quick turnarounds and maximum visibility. In turn, this has played an immense role in catalyzing the slow content movement.
As the founder of a service company, I'm no stranger to the challenges that come with addressing the business goals of our clients, while also remaining true to our company values. And as we head into the holiday season, I've been thinking more about how slow content can inspire conscious storytelling (and business practices) that is inspiring and impactful.
Recently, our Slow Stories interviewees have also been practicing mindfulness in their own storytelling efforts and considering how their efforts influence the world at large. Some highlights from these conversations include the following:
Embrace the power of the pause.
Nichole Powell of Kinfield (check out my follow-up interview with her here on C&C!) said it best: "There is tremendous power in the pause." Taking a moment to slow down and create the necessary headspace will enable individuals to think clearly about their intentions, and in turn, how to effectively translate that into dynamic content that ties back to overarching business values.
Ask questions with sincerity.
As I mentioned in my first article in this column, creating a content calendar is essential in seeing a long-term strategy through to its fullest potential—but that doesn't mean there isn't room to ask questions along the way. While consistency is crucial, the best content often comes from a place of honesty and curiosity. And at times, this means it's essential to ask ourselves—and one another— the important questions.
Be considerate of one's time.
Perhaps one of the most critical pillars of slow content is that it ties back to the idea of providing value and purpose. When creating content, it is vital to have consideration of one's (lack of) time, both short-term and big picture. With that said, consciously-minded brands should think about when customers will be consuming this content, and as a result, understand the best way to engage with them during key periods.
With these ideas in mind, if you're looking to strike a balance in blending conscious business with quality content creation, here are a few thought-starters to jumpstart these efforts:
Practice self-awareness.
The best way to create anything that is culturally conscious is to take a step back and understand your brand's role on an individual scale. Maintaining a level of self-awareness about your values, industry positioning, and product or service offering will help create a more realistic roadmap of how you can create content that is considerate of your followers' needs. Whether you're launching a product that benefits a charitable cause or spearheading a content series that features change-makers in your community, understanding how you exist within the broader industry landscape will establish a conscious approach to how you create content that will resonate more profoundly.
Conscious content and conscious collaboration go hand-in-hand.
Identifying and working with like-minded partners can help establish new ways of thinking about unique brand storytelling in our saturated digital environment. As I mentioned above, questions lead to compelling content opportunities, and developing a dialogue in which multiple perspectives are considered can inspire innovative approaches to content that consider important conversations that an industry holistically needs to address. Consider this column, for example. When I started Slow Stories, I wanted to get to the heart of why we're doing what we're doing from a business perspective. In addition to the podcast itself, I felt the best way to do this would also be to explore the topic in new arenas. So after years of collaborating with Create & Cultivate on content and event opportunities, I approached them to be our partner in launching this extension column. As such, we've been able to round-out the way users experience Slow Stories, and also introduce Create & Cultivate's entrepreneurial audience to a new way of thinking about their own storytelling efforts.
Turn inspiration into action.
To turn an inspiring story into something actionable, taking a slow content approach will ensure that proper time and planning is spent just as much on the distribution of the content as much as the actual production. Understanding where a piece of content will live and how it will serve an audience is a crucial part of how a consumer engages with it further. For instance, if a brand collaborates on a fundraising initiative with a like-minded organization, both parties' audiences will not only discover the content itself but will have an opportunity to engage with one another around the effort, and in turn, create a more in-depth narrative or way to engage with the cause.
Conscious storytelling is something that will transcend the holiday season. However, as we head into the most wonderful time of year, I hope these themes inspire you to slow down and think about how your content can make the world—or at the very least, someone's day—a little bit better. For more about slow content, be sure to check out the Slow Stories podcast and check out past articles from my column here.
About the Author:
Rachel Schwartzmann is the Founder and CEO of The Style Line LLC. She created The Style Line in late January 2011 via Tumblr and has fostered The Style Line’s brand in its growth since then. Rachel has been featured in esteemed sources including Forbes, Refinery29, and MyDomaine and has also spoken at Create & Cultivate and Columbia University on establishing a unique brand point of view and entrepreneurship. On October 1, 2015, Rachel took The Style Line in a new direction as a boutique content company with the introduction of its slow content agency CONNECT(ED)ITORIAL.
Links + Handles:
The Style Line: @thestyleline Instagram, Facebook, and Twitter.
CONNECT(ED)ITORIAL: @connecteditorial
Rachel Schwartzmann: @rachelschwartzmann and @RMSchwartzmann
There Was No Plan—This Founder Started a Side Hustle to "Make a Few Extra Bucks" and Now It's a Thriving Business
From scratch to success.
This post is in paid partnership with Bootaybag.
We know how daunting it can be to start a new business, especially if you’re disrupting an industry or creating an entirely new one. When there is no path to follow, the biggest question is, where do I start? There is so much to do but before you get ahead of yourself, let’s start at the beginning. To kickstart the process (and ease some of those first-time founder nerves) we’re asking successful entrepreneurs to share their story in our new series, From Scratch. But this isn’t your typical day in the life. We’re getting down to the nitty gritty from writing a business plan (or not) to sourcing manufacturers and how much they pay themselves, we’re not holding back. If you want to know how to start a business, you’ve come to the right place.
“Failure is part of the journey and the reward doesn’t come without a lot of dark, scary moments. We’ve all been there, and we’re in this together.”
—Ellyette Gheno, CEO and Founder, BootayBag
When you’re looking to start your own business, most of us have a five to 10 year timeline in mind before we start making money. Of course, the end goal could be to build an empire but no-one expects for that to happen quickly. But it seems like Ellyette Gheno’s company, BootayBag was an overnight success.
Having grown up with entrepreneurial parents, Gheno was practically born with founder genes in her DNA. So it comes as no surprise that within a day of thinking up BootayBag—a monthly underwear subscription that delivers right to your door—Gheno created a website and launched a side hustle. What started as a way to “earn a few extra bucks” has successfully disrupted the $52 million underwear market (which is expected to grow annually by 3.5%) in just five years and her little aha! moment is changing the game.
So, we tapped the CEO and founder to learn more about her incredible journey from lightbulb moment to starting an undie revolution.
Be sure to keep reading until the end for our exclusive discount code that gives Create & Cultivators 20% off their first month when signing to any monthly subscription.
Did you write a business plan? If yes, was it helpful? If no, what else did you use instead?
“I definitely could have used a business plan. I started BootayBag as a total side hustle to make a few extra bucks, there was no plan. However, if I could go back in time I would have started with a clear vision of what I wanted to create, and what the end goal was. At the very least I would have liked to set intentions, even if it wasn’t a business plan. This would have helped me to later understand my ‘why’.”
How did you come up with the name? What was the process like? How did you know it was the right name?
“So this is my story and I’m sticking to it—guaranteed a laugh. I grew up in the Bay Area obviously listening to rap music. I had seen and heard ‘booty’ spelled as ‘bootay’ and that is the creative genius behind the spelling of BootayBag. After the name was born I had a domain within 24 hours. Looking back I maybe should have run it by someone beforehand."
What were the immediate things you had to take care of to set up the business?
“First came the website and then social channels shortly after. All of the legal stuff came later due to the limited funding I had for the business at the time.”
“A big moment for me was learning to never let myself get too comfortable. I now enjoy being uncomfortable because I know this is how I grow and where positive change comes.”
What research did you do for the brand beforehand?
“My research came at the extent of my self desires. I was solving my own issue of hating digging through sale bins and not wanting to shop for underwear (because what young woman does)? I had undies in my drawer that I am embarrassed to say were beyond their intended life span. I knew that if this was the case for me it had to also be the case for most of my girlfriends. Lucky for me, it ended up being the case for most young girls outside of my inner circle, and that helped me discover my ‘why’ behind the brand.”
How did you find the manufacturer/production facility that you use? Did you have any bad experiences? What did you learn?
“This is a hard one. I have learned what I know now about manufacturing because, unfortunately, of many bad experiences. I would advise to always ask questions, seek insight and advice from others, and basically trust no one. Ha, ha! Be sure to check references, run small tests and batches, and never give them all your money upfront.”
Did you self-fund the company? Did you raise seed money or initial investment money?
“BootayBag has been totally self-funded. Looking back, I am actually so thankful for this as I was able to make mistakes with my own money versus someone else. I had the advantage that I didn’t need funding to bring my vision to life in the beginning stages. However, it is definitely more of a step-by-step, slow-moving process when you’re bootstrapped.”
Photo: Courtesy of BootayBag
How much did you pay yourself? How did you know what to pay yourself?
"In the beginning when it was just a side hustle the whole point was to pay myself. But when I decided that this wasn’t going to just be a revenue stream for myself but that I wanted to make hires and build a brand, I came last on the payroll scale. It still always goes back to what I am trying to do—if I need to make a hire and I can’t afford to do it, I take a pay cut.”
How big is your team now? What has the hiring process been like for you?
“Hiring is hard because your team is seriously so important. I love the saying, ‘You can’t have an A team with B players.’ I’ve failed a lot in this department, especially in the beginning. I just felt lucky to have anyone work for me at the time which I later learned was the totally wrong approach. The best way to learn how to hire is to be prepared as if you’re the one being interviewed. Know who you are interviewing, ask all the hard questions, call the references, and give a training period for you to work alongside them.”
“It always goes back to what I am trying to do—if I need to make a hire and I can’t afford to do it, I take a pay cut.”
Did you hire an accountant? Who helped you with the financial decisions and set up? What do you recommend?
“No, I didn’t at first however, I quickly learned it is so critical to do so—that was a big ‘omg’ moment. Please, for the love of God, get an accountant. At the very least get someone who you pay as a consultant to help you set it all up. Cash is key, and how you set up terms, cash flow modeling, payroll, budgets, and tax compliance is so important. You have to have a professional in the field to guide you through it. We can’t be good at all the things—get help.”
What has been the biggest learning curve during the process of establishing a business?
“A big moment for me was learning to never let myself get too comfortable. I now enjoy being uncomfortable because I know this is how I grow and where positive change comes. Every moment that I think I have everything figured out, I don’t! Lol. Reality settles in and all of a sudden everything I thought I knew is wrong and it’s a whole new perspective. I almost fear the comfort level because I know something is around the corner. I can now thrive being uncomfortable because I know this how I grow and how good change comes.”
“No one should know your numbers better than you.”
How did you get retailers to start stocking your product? Were you told no? How did you handle that rejection? What advice can you share?
“We are our own online retailer as of now, however, rejection comes more likely than not in other directions. Every time we drop a new style that not everyone likes and it feels like rejection. I know we can’t cater to everyone, but you still try to and think you just might one of these times. The only advice I have is that they aren’t rejecting you, it’s not personal and it happens to everyone.”
Do you have a business coach or mentor? How has this person helped? Would you recommend one?
“Mentors are key. My favorite (and most shocking) discovery with entrepreneurs is they will most likely help you if you ask for it. The key here is to be very direct with what you want from them and be respectful of their time. Utilize your network and continue to grow it with every opportunity you get.”
Photo: Courtesy of BootayBag
How did you promote your company? How did you get people to know who you are and create buzz?
“I knew what felt like absolutely nothing, about anything. In the beginning, I started with a concept that I knew I needed and felt like other girls might need too. I tested locally first with pop-ups and events, and put it out there on social media to see if the concept stuck before I put any money behind it. Being very open to everyone’s opinions, ideas, and feedback is what helped me grow the idea into a brand.”
What is one thing you didn’t do in the setup process, that ended up being crucial to the business and would advise others to do asap?
“I wrote myself off in the finance section right away—I don’t do excel, I am not good with numbers. Well, tough luck to me. No one should know your numbers better than you. So with that I learned how to manage and own that even though I didn’t want too."
“We can’t be good at all the things—get help.”
For those who haven’t started a business (or are about to) what advice do you have?
Do it! But do it the safe and smart way... where you can test the waters without putting your whole life savings into it from the get-go. If this all went away tomorrow, I’ve grown so much and learned more about myself, managing people, and business than any other course of life could have taught me.
Anything else to add?
I would love to touch on how important it is to support one another in our individual journey’s, both professional and personal! This is why I love love love and am continuously inspired by Create + Cultivate so much. It can feel so lonely and scary, but you are not alone in it - someone has already paved the way for you. Ask for help, learn from other peoples failures who did it before you. Failure is part of the journey and the reward doesn’t come without a lot of dark, scary moments. We’ve all been there, and we’re in this together.
Photo: Courtesy of BootayBag
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If you’re interested in getting 20% off your first month, then use our exclusive discount code CC20 when you sign up to any monthly subscription at their website, bootaybag.com
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You’ve got to be in it to win it.
This post is in sponsorship with Joss & Main.
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There’s no denying the power of your environment on your productivity and creativity—even science agrees. And we have experienced this change first-hand. After our own C&C Clubhouse was re-designed, the entire team felt even more inspired and motivated to create something spectacular.
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