8 Women in Venture Capital Share Their Best Fundraising Advice for Female Founders

Statistically, women-led and owned businesses make more money but they’re still woefully underfunded, especially when it comes to venture capital. And, unfortunately, those stats aren’t improving year-over-year. A recent report published by Fortune discovered that companies founded by women received less VC investment in 2020 than in 2019. By the numbers, female-founded companies raised $3.31 billion in VC in 2020, or 2.2% of the year’s total sum, compared to $3.5 billion and 2.6% in 2019.

So, we reached out to eight women in the venture capital industry and asked them to share their best fundraising advice for female founders—and they didn’t hold back. From what you should (and shouldn’t) include in a pitch deck to how to identify the right investors for your business (spoiler alert: they need to bring more than just money to the table), scroll on for their words of wisdom, including insight into how they choose which companies to fund. Needless to say, if you’re an entrepreneur who’s thinking about bringing VC into your business, you’re going to want to heed their advice.

Sarah Kunst, Managing Director, Cleo Capital

“If the terms are clean and the money is green, they are most likely the right investors.”

—Sarah Kunst, Managing Director, Cleo Capital

How do you choose which businesses to fund? What do you look for in a business and/or an entrepreneur? 

I look for founders with an incredible amount of grit, coachability, subject matter expertise, and resilience. I look for businesses in large markets that I'm excited about. If I can find all of those things in a pre-seed startup, I'm likely to invest. 

What are three crucial elements everyone should include in a pitch deck when raising money and why? 

Make sure you explain the problem you're solving (and the solution you're building!), why your team is the right team to solve the problem, and why the market is large enough to build a billion-dollar company. 

What are some of the most common mistakes people make when raising money and how can others avoid these mistakes? 

Mistakes to avoid are bad decks and pitches. There are tons of resources available from simple searches about what a good pitch deck looks like and how to pitch angel and pre-seed investors effectively. Make sure you're putting your best foot forward by preparing both your pitch deck and pitch meeting speech.

What advice can you share for entrepreneurs on partnering with the right investors? 

If the terms are clean and the money is green, they are most likely the right investors. At the earliest stages, most founders won't have a surplus of options so making sure you can live with the investment terms is very important so you can raise money and keep growing your business. Resources like CooleyGO and YC have great examples of boilerplate investment terms. 

What is your #1 piece of financial advice for new entrepreneurs?

Save money on things that don't matter. Fancy offices or expensive business cards likely don't matter, great employees do. 

Jaime Schmidt, Co-Founder, Color

“Fundraising means giving up equity in your business, so the earlier you raise money, ultimately, the more it will cost you.”

—Jaime Schmidt, Co-Founder, Color

How do you choose which businesses to fund? What do you look for in a business and/or an entrepreneur?

My fund Color invests in things people buy, and the places people buy them. This includes personal care, food and beverage, retail, publishers, tech-enabled marketplaces, and e-commerce platforms. 

To make an attractive investment, first and foremost the product must offer a clear solution to a problem, and provide for a timeless need versus a fleeting trend. I look for brands that start out catering to a niche customer base, but that can show a clear path to reaching the masses. I’m excited about founders with an authentic passion for what they are building and who can make a case for why they are the right person to be building it. 

What are three crucial elements everyone should include in a pitch deck when raising money and why?

It’s important to show a clear understanding of the competitive landscape and how your product and brand will add value to the category as a whole. Show who the existing competitors are, those on the rise, and where your brand fits amongst them. The best pitches focus not on how a product is better, but on how it is different. 

Investors will also want to see your distribution strategy. Lay out your plans for where the products will be sold, whether that’s through your website only or across different retail channels. This requires knowing what customer demographics you are targeting, too. I’m personally drawn to brands with an openness to exploring sales channels otherwise overlooked by competitors in their space. For example, when I was building Schmidt’s Naturals, I wanted my products available to the mainstream consumer, where most of my competitors in the naturals space catered to a more niche market.

Show images of the standalone product, plus pictures of it being used. This might sound obvious, but so many decks are lacking bold, high-quality photos. These are especially important in the earliest slides, so the investor has a clear understanding right away of what you are selling. The deck should include colors and design elements of the brand, too. This shows that you care about how your brand is represented and that you understand its unique positioning in the category. Make it pretty!

What are some of the most common mistakes people make when raising money and how can others avoid these mistakes?

The biggest mistake I see is founders raising too early.  Fundraising means giving up equity in your business, so the earlier you raise money, ultimately the more it will cost you.

Media often paints a picture that landing investor money means a brand is positioned for guaranteed success. But this isn’t necessarily true, and founders don’t always spend investor money wisely. I like to encourage founders to bootstrap for as long as possible—this teaches you how to be scrappy and intentional with your spending, which will serve as a valuable skill throughout the growth of your business.

What advice can you share for entrepreneurs on partnering with the right investors?

The right investor will ask smart, relevant questions and show real enthusiasm for you and your brand. Be wary of those you suspect might have different goals for your company. Listen to your gut, and don’t settle for partners you aren’t excited about working with.

Not everyone will get what you’re trying to do, and that’s okay. Be patient, and believe in yourself. I recently tweeted: “10 yrs ago I started a business that, as a VC, I probably wouldn’t have invested in. As a founder, I was all in, but as an outsider, there was good reason to be skeptical. 7 yrs later the company sold for $100M+. The rejection you might see today is no indicator of your potential.”

What is your #1 piece of financial advice for new entrepreneurs?

Allow yourself to be simultaneously frugal and willing to spend by knowing where to cut corners to invest in things that matter most. This takes some of the rigidity out of financial management, while still providing boundaries for responsible spending.

Sydney Sykes, Co-Founder and Co-CEO, BLCK VC

“Look for someone who answers your calls and texts. You should feel comfortable asking them questions and reaching out to them, even if they may not have the answer to your problem.”

—Sydney Sykes, Co-Founder and Co-CEO, BLCK VC

How do you choose which businesses to fund? What do you look for in a business and/or an entrepreneur?

I look for a combination of two things: vision and numbers. If an entrepreneur has an incredible vision for her company and she's been able to motivate others to believe in her but the numbers aren't incredible, I may be willing to invest. On the other hand, if an entrepreneur has incredible numbers, but the vision of what the business will be in the future is still developing I may also be willing to take a chance. Ideally, she has the perfect combination: an incredibly strong vision with economics or growth that is starting to show traction.

What are three crucial elements everyone should include in a pitch deck when raising money and why?

1. Why your problem is important? Why should you/I/the customer/the employees care about this? You should be able to easily convince me about this. It means this is an important issue that needs to be solved and you're the person who understands that best.

2. Any traction. This comes back to the numbers. What indications are there from the market/customers that this will be successful? It could be sales, but it could also be customer conversations, conversion rates, or engagement.

3. Growth projections. How do you predict sales to grow and how many customers will it take to get you there? This helps me (and you) understand if these assumptions are reasonable. It also helps me understand if this is a long or a short run investment? Some companies need a little bit of money to go really far, and others need a lot more. Neither is right or wrong, but I need to know if your expectations for the business align.

What are some of the most common mistakes people make when raising money and how can others avoid these mistakes?

A lack of focus on the target customer. Especially when seeking venture capital investments, entrepreneurs frequently aim to have the largest TAM possibly and therefore try to expand who their target customer is. However, these two things aren't inherently linked. There can be a large total addressable market, but your product needs to appeal to individuals -- and you need to know exactly who those individuals are.

What advice can you share for entrepreneurs on partnering with the right investors?

Look for someone who answers your calls and texts. You should feel comfortable asking them questions and reaching out to them, even if they may not have the answer to your problem. This free communication can set the tone for the relationship.

What is your #1 piece of financial advice for new entrepreneurs?

Make sure the unit economics makes sense. Especially with consumer companies, there needs to be an understanding of how each customer could be profitable. Ultimately, incredible growth is unsustainable without strong unit economics.

Jesse Draper, Founding Partner, Halogen Ventures

“Remember one thing, not all money is good money. This is a long-term relationship. A marriage you cannot get out of. It will be a 10-year partnership. Do your research.”

—Jesse Draper, Founding Partner, Halogen Ventures

How do you choose which businesses to fund? What do you look for in a business and/or an entrepreneur?

We invest in consumer technology so I start there. The three main things I look for in an entrepreneur are: 

1. Founder, founder, founder. Why are you the best person to run this company? Are you going to take it all the way? Are you in it for the quick exit or the 10-year marathon? Do you know your strengths and weaknesses? And mostly, is this someone I want to get into business with?

2. Product. How is your product a unique offering? Is it defensible? If it's a busy space, why is yours the one that will stand out?

3. Traction. This could mean $1 million in revenue, 100,000 users but don't let those numbers dissuade you, many people especially in hardware need to raise capital to get their product to market. If that is the case, show me some research or data that there is a need for this.

What are three crucial elements everyone should include in a pitch deck when raising money and why?

A. Know your market size. Make sure you are going after a billion-dollar market. As a venture capitalist, my business only works if you sell your company for a billion dollars, I have many investors who I need to pay back. If you are going after a $50 million dollar market, my business model doesn't work. I often have to say to founders, go find the bigger market here and come back to me.

B. What problem are you solving? The best businesses are built out of a need. Be clear about what your solution is and why you are building this company. 

C. The ask! I am always perplexed when this isn't in the deck. What are you looking for? $1 million? Advisors? Put the ask in the deck and it's much easier to ASK for an investment, etc.

What are some of the most common mistakes people make when raising money and how can others avoid these mistakes?

Founders who think they have all the answers. I certainly don't have all the answers and I don't believe anyone should ever think they are the smartest person in the room. Whenever I see a  founder who tells me, “This is the only way it will work.” that is a big red flag and I usually run in the opposite direction. The best companies are able to pivot and evolve when needed. It's never a straight line up a mountain, there are ups and downs, and who knows, we may end up in an international pandemic!

What advice can you share for entrepreneurs on partnering with the right investors?

Remember one thing, not all money is good money. This is a long-term relationship. A marriage you cannot get out of. It will be a 10-year partnership. Do your research. Call their other portfolio companies to see that what their work ethic is like, how they partner with founders, are they in the trenches with you, or hands-off. One bad investor can poison the well. You will find the right capital for your company even if it takes a little longer because you have to turn some down. Be diligent and selective. 

What is your #1 piece of financial advice for new entrepreneurs?

Fundraising is a grind. Don't get discouraged by the “no’s.” I often have founders say, “Well, everyone said ‘no.’” And I say, “Who is everyone?” And they respond with, “Well, I talked to eight  investors!” That is NOT a lot. Plan on having 100 meetings because you have to cast a much wider net to find your investors. If you plan on having 100 meetings, you will be pleasantly surprised because it probably won't take 100. Also, ask for more. Get clear on the number you think you need and double it.  It is what I like to call a "misc" category. If your goal is to raise 1 million, go for 2 million instead. It always takes more money and more time than you think. Set yourself up for success. 

Arielle Loren, Founder, 100k Incubator

“Not every business can start small, but the vast majority can. Get a small amount of capital, start testing, collect your data, know your conversion rates, and then think about an investor.”

—Arielle Loren, Founder, 100k Incubator

How do you choose which businesses to fund? What do you look for in a business and/or an entrepreneur?

The most successful and scalable businesses place a heavy focus on their analytics and numbers. They pay attention to their mistakes, learn fast, and are quick to pivot to where they’re seeing traction, whether that’s an increase in their user base, higher revenue, or increased profitability. We love women entrepreneurs who are obsessed with those details, and who aren’t afraid to get creative to reach their growth goals. We don’t expect things to go smoothly, but we do expect for the bumps to be measured.

What are three crucial elements everyone should include in a pitch deck when raising money and why?

Know your conversion rates before going after large amounts of capital. If I give you something small like $10,000, could you take 10% of that ($1,000), invest it in an ad campaign, and turn it into $2,000 in sales? Can you go granular and know how much it costs you in ad spend just to get one customer? Could you measure and see how quickly a first-time customer makes their second purchase? Too many entrepreneurs get caught up in creating a perfectly branded pitch deck when really the decision comes down to proof of concept and real-time data. Gary Vee posted a great quote recently that said, “When you overthink, you slow down and you get passed.” Not every business can start small, but the vast majority can. Get a small amount of capital, start testing, collect your data, know your conversion rates, and then think about an investor (if that’s really what you want to do).

What are some of the most common mistakes people make when raising money and how can others avoid these mistakes?

There are so many entrepreneurs not taking the time to get educated on all of their funding options, and part of that is because angel investors and venture capital have become so popular in the media, that entrepreneurs jump to make that their desired funding vehicle. The vast majority of entrepreneurs do not need venture capital; we teach and help entrepreneurs access 11 other types of funding. When our members first enter the 100K Incubator app, they're asked to take our 50-video boot camp on how to prepare for funding, what their funding options are, and how to use funding to scale to their first $100,000 in annual sales. And for the entrepreneurs who are already earning over $100,000 in annual sales, they still find extreme value in the boot camp, because it breaks down funding and scaling in a way that most of them have never heard. Getting the funding is the easy part, they actually have a lot of options, but learning what drives and scales their business, getting into the data, that’s where their true talent, grit, and creativity is tested as a business owner.

What advice can you share for entrepreneurs on partnering with the right investors?

When partnering with the right investor, it’s more about having an honest conversation about what they expect in terms of a return on their investment, how fast they want it, and how much control they expect to have in the business. Then it’s making sure that you have a skilled lawyer to put those terms into contracts so that there’s little misunderstanding down the road. Most small businesses don’t need investors. What they really need is access to capital, customer acquisition and retention process, a deep understanding of how it works for their own business, and how to scale that into a six and seven-figure in sales with a healthy profit. The TV and social media world have made angel investors and venture capital funding sexy without telling how much stress it puts on founders, and how much it costs financially. At a minimum, make sure your investor is bringing something to the table other than money because if your company is successful, that investor capital you took in exchange for your equity will end up being the most expensive type of capital you’ve ever taken.

What is your #1 piece of financial advice for new entrepreneurs?

Make your move, learn from your mistakes, and trust the process. How much you raise in funding is nowhere near as valuable as what you learn along the way. And while helping women get access to funding is rewarding and an accomplishment in itself, it’s far more exciting to help them use that capital to create real sustainable six-to-seven-figure businesses that change their lives, their families’ lives, and their futures. We love to be the catalyst and support system for more women understanding the complete cycle of entrepreneurship. Getting funding is truly just the first step.

Elizabeth Edwards, Managing Partner, H Venture Partners

“Make a big list and do your research. You should be putting a list of 100 investors together based on stage, sector, and geography focus.”

—Elizabeth Edwards, Managing Partner, H Venture Partners

How do you choose which businesses to fund? What do you look for in a business and/or an entrepreneur?

We're looking for next-generation, iconic consumer brands that we can help scale from $0 or $5 million in revenue to $10 or $50 million in revenue within a handful of years. These are products in your home that you use every day, like your Peloton bike, baby food, or skincare. We look for brands that are fundamental to life, better for human health, and better for the environment, and we like to support underrepresented founders and consumer groups of all kinds. 

In particular, we also like businesses that have one or more of the following in the business model: superior products, scientifically-proven claims, intellectual property, network effect, owned channels, the convergence of media/retail/brand. We tend to lean towards inclusive brands vs. exclusive, and we're particularly strong with omnichannel brands that are going to ultimately scale in retail.

What are three crucial elements everyone should include in a pitch deck when raising money and why?

The pitch uses a combination of stats, calculations, product photos, and charts to tell the following story: 

• We know this consumer inside and out - and they have a big problem that we deeply understand.  

• We have a unique way to solve that problem, sell the solution, or make the solution because we have a lot of domain expertise and credibility in this particular space.  

• This problem represents a huge market, our approach has compelling unit economics, and this brand has clear exit opportunities — strategic and otherwise. If you invest X dollars with this round, we’ll spend the money in these ways to turn it into Y revenue over Z timeframe

What are some of the most common mistakes people make when raising money and how can others avoid these mistakes?

Not using DocSend is a common mistake; it's industry standard in venture capital, and anyone who tells you otherwise is suspect. There was a Twitter controversy over this not long ago, but as Ronald Regan said, "Trust but verify."  There are a lot of thoughtless (or bad) actors out there, who will forward your deck on without thinking - because it's not their business, it's yours. If you're sending your business plan to strangers, DocSend is a good way to track and control it. If you are sending it to a current investor in your company, go ahead and bury them in PDFs of decks and attachments. But there's no reason to do that with strangers.

What advice can you share for entrepreneurs on partnering with the right investors?

Make a big list and do your research. You should be putting a list of 100 investors together based on stage, sector, and geography focus. Crunchbase Pro is relatively cheap, and you can get access to thousands of VCs this way. Then, put together a "Perfect Triumvirate" of three venture investors that complement the weaknesses of your management team; those that can help you with strategy and open their network. It's important to have three deep pockets in any deal. It's tough for the entrepreneur, and the investors, if there's only one set of deep pockets when times get tough — as they invariably do.

What is your #1 piece of financial advice for new entrepreneurs?  

Cash is king. Spend your venture capital money like you don't have any money. Growth hack, test, iterate, and once you figure out a way to get a 7x LTV/CAC, go for it. Raise more money, hire the absolute best talent money can buy and your cap table can bear, and then change the world.

Maria Salamanca, Investor, Unshackled Ventures

“The right investor will be a combination of ‘they get what I am trying to do’ and ‘they push me to think deeper about the problem.’”

—Maria Salamanca, Investor, Unshackled Ventures

How do you choose which businesses to fund? What do you look for in a business and/or an entrepreneur?

We are sector agnostic. We know founders see the world differently than everyone else so we are open to all sectors. Like most VCs, we look to invest in companies that can grow at “venture scale” in large market opportunities.

What are three crucial elements everyone should include in a pitch deck when raising money and why?

Answering the question: what is new about your solution that others haven't tried before (what’s your secret sauce/unique insights), why is this the right team to tackle this, and why is this a massive opportunity?

What are some of the most common mistakes people make when raising money and how can others avoid these mistakes?

Founders don't always do their homework on the competitive landscape, many times only focus on big older companies but the real competition is often from peers only a few steps ahead or behind. 

What advice can you share for entrepreneurs on partnering with the right investors?

The right investor will be a combination of "they get what I am trying to do" and "they push me to think deeper about the problem"

What is your #1 piece of financial advice for new entrepreneurs?

Figure out what is the best form of capital that will help you scale and why (VC, loans, bootstrapping, PE, etc) because this impacts how you think about company building. There are many ways to build a profitable business and venture is not always the right capital to get you there.

Maya Baratz Jordan, CEO and Founding Partner, Founders Factory New York 

“Partner with investors who can help you beyond writing you a check and help in the areas you actually need help in.”

—Maya Baratz Jordan, CEO and Founding Partner, Founders Factory New York

How do you choose which businesses to fund? What do you look for in a business and/or an entrepreneur?

As an early-stage investor, I always weigh the team’s DNA heavily when considering an investment. A business at the startup stage will go through many changes—and will look and be as different two years in as a newborn is from a toddler. It takes a lot to keep a business not only alive but thriving. That's why over 90% of startups fail. The consistent piece is the team. Does the founding team have the unique superpowers required to get their specific company off the ground, along with the experience to allow them to stay the course and attract the best talent and returning customers as they grow? 

The second piece that's important is the market: Is the ultimate market this business is targeting large enough to be investible? For a business to be investible, it needs to generate returns for investors that make it well worth the risk and opportunity cost. There are a lot of great examples of successful businesses that are not investible, but still wonderful businesses. For an investor, the potential reward needs to be multiples higher than the risk—which often means that the company can serve a very large group of people. 

The third piece that's important is the problem that's being solved and how it's being solved; this is the glue that bridges together the first two pieces (i.e., the founders and the market); it's what dictates whether or not the business is truly fitting the needs of the market it is targeting.

What are three crucial elements everyone should include in a pitch deck when raising money and why?

What you put in your pitch deck will depend on the stage of the company. The general areas you'll want to cover include, but aren't limited to, the problem you are solving, how big that problem is (market), and what it is about your company that puts you in a position to win. You'll want to weave them all into a story with a natural arc; it needs to flow in a way that would answer someone's questions as they listen to your pitch. 

If you're an early-stage business with little or no traction to show, you'll want to highlight what it is about your business that will defend it over time and help you win the market over, despite current or future competitors who enter that market. Sometimes that defensibility relies on the experience of the founding team, if relevant. For instance, if you know that the CEO of a wildly successful venture is now starting a new company in a related space, their experience and learnings from running their previous business will likely help them in their new venture. You ideally want to focus on the things that differentiate your company from competitors, specifically zeroing in on the aspects that can't be easily replicated by others and that are necessary for the business to grow and be successful. 

If you're a company with traction that shows you're growing quickly, a so-called hockey stick growth chart can help tell the story of why you are already running a rocket ship. Every company should have its own way to express its ultimate "right to win."

What are some of the most common mistakes people make when raising money and how can others avoid these mistakes?

One of the mistakes I've seen founders make when pitching is speaking but not truly listening. Partnering with investors is a two-way street. The questions and feedback you will get will help guide you to refine your pitch as you go, and perhaps even help your business. And you never know when you may get a "no" from an investor now and perhaps that turns into a "yes" in a later stage of your company. Relationships matter and you can use the fundraising process to grow relationships, even with investors who say no. It's likely that, especially if this is your first time fundraising, most of your pitches will end up with rejections, so you may as well use each interaction as an opportunity to learn. You also want to know your pitch like you know your business; don't memorize it or it will feel unnatural. The best pitches feel like conversations.

What advice can you share for entrepreneurs on partnering with the right investors?

Partner with investors who can help you beyond writing you a check and help in the areas you actually need help in. Try to avoid bringing on partners who either don't know your market or haven't invested in companies that are in the same stage your company is in. You'll want to partner with investors who are empathetic to the journey you're on and can be helpful in the right ways when you need help, whether that means giving you the right advice or making the right introductions. This is why former founders or operators within startups make great angel investors; they understand the challenges of building a business and know the importance of helping a company beyond the capital they put in. You'll also want to partner with investors who generally agree with the path you're going on so they can best support it.

What is your #1 piece of financial advice for new entrepreneurs?

Your biggest financial job will be ensuring there is ultimately more money coming into the company versus out. It sounds simple, but if you have this mandate in mind, you'll be protective of your runway when you need to be and push your company to grow in a long-term, sustainable way so you can ultimately be independently profitable. You don't want to spend money on frivolous, performative things upfront. Think about your runway as fuel; if you're close to running out of it, the company can quickly grind to a halt. Spend money where it's truly needed and understand exactly how every dollar you spend will ultimately get your company to your long-term goals. Most people in successful early-stage companies wear multiple hats and have the urgency/scrappiness to pull things off with limited resources for this reason.

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5 Branding Lessons from an Influencer with Over 1.35 Million YouTube Subscribers

Photo: Karen Rosalie Courtesy of Aileen Xu

Here’s one thing that has remained consistent since I started Lavendaire in 2014: My hair color is constantly changing. My subscribers always notice when I go from pink to blonde to lavender to blue, and everything in between. 

At this point, my changing hair color is part of the Lavendaire brand. I encourage my audience to experiment with their looks as a form of creativity and self-expression, which are core values for Lavendaire as a personal-growth brand. 

Framing my hair changes as an example of how to embody Lavendaire values is just one way I’ve been intentional with my brand.

If you’re looking to start or refresh your own brand, here are five other lessons for you.

Lesson #1: Choose your brand name wisely.

It would have been easy to name my brand after myself, but “Aileen Xu” is not easy for people to spell or pronounce. I wanted it to be easy for people to recognize and—more importantly—to share my brand name.

“Lavendaire” was unique, easier to spell and pronounce, and it also reflected the aesthetic of the brand itself: dreamy, fresh, and clean.

Bonus tip: Think about Google-ability. If you Googled your brand name, would you get a bunch of results unrelated to your brand? Since I made up the word, if you Googled “Lavendaire”, you’d only find Lavendaire-related results.

Lesson #2: Be strategic about your niche.

Here’s a lesser-known fact: I used to be involved in the Asian American YouTube community, mostly through music videos. It was a fun experience but not related to what I wanted my brand to be about. 

So, I made the decision to distance myself from that niche and create content in my own niche of personal growth. I wanted to be “Aileen of Lavendaire,” not “Aileen from that music video.” If I hadn’t made that decision, it would have been harder to position myself and my brand as separate from the entertainment niche.

Lesson #3: Make what’s missing, and make it your own.

Self-help content already existed online, but it didn’t feel like it existed for me. The people creating the content were generally older white men that I couldn’t relate to as a young Asian woman. 

So, I made the content I wanted to see, but I also put my own spin on it. I wanted to bridge the gap between practical self-help and woo-woo topics like manifestation. Other people who couldn’t relate to existing self-help content could turn to Lavendaire instead and get that extra value from the woo-woo topics.

Ask yourself: What gap does your brand fill and how can it stand out even further?

Photo: Courtesy of Aileen Xu

Lesson #4: Have a long-term vision.

Here’s mine: In ten years, I want Lavendaire to be a household name. It sounds a little vague, but having that vision allows me to ask, “Okay, so what would it take to get there? Marketing, PR, maybe projects with a wider reach.” And so, we planned projects with that in mind.

Your vision doesn’t have to be super specific, but you have to have some sort of idea of where you want your brand to be a year or five years from now. That way, you can work backward and plan projects that will get you closer to that vision. 

Otherwise, you might just keep churning out work without direction, using your time and energy just to keep your brand relevant.

Lesson #5: Curate your brand with one person in mind.

I create content for Lavendaire with one person in mind: a girl in her early twenties who’s looking for her path in life. She loves inspiring books, yoga, astrology, and journaling. Her fashion is feminine and relaxed. Ultimately, she’s the ideal client for Lavendaire.

She’s who I had in mind when I created the 2021 Artist of Life Workbook. I know this girl wants to plan her year with intention, and it would be a bonus to do all of her planning in a pretty notebook that she’d be proud to keep by her side at all times. 

By keeping this ideal client in mind, Lavendaire’s branding and messaging stay consistent across the board. Obviously, not everyone who follows Lavendaire fits perfectly into that mold, but enough of the brand resonates that people are drawn in. 

If you know who your brand is for, you’ll reach and attract people who resonate with it. You’ll also naturally repel people who don’t resonate with it, which is perfectly okay and even beneficial to your brand! Don’t think you’re shutting anyone out or losing potential audiences. 

As Lavendaire subscribers know: It’s more valuable to use your energy on people who effortlessly vibe with you than to use it trying to convince people who don’t.

About the author: Aileen Xu is a content creator and entrepreneur in personal growth and lifestyle design, inspiring people around the world to embrace their true potential and create their dream life. Her YouTube channel, Lavendaire, has over one million subscribers and her podcast, “The Lavendaire Lifestyle,” has over five million downloads. Aileen is the creator of the Artist of Life Workbook, a detailed guide to creating your most inspiring and successful year, and the Daily Planner by Lavendaire, a tool for designing a productive, effective and meaningful day.

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

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

Photo: Courtesy of Priyanka Ganjoo

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Jamie Kern Lima Shares Her #1 Piece of Advice for Overcoming Rejection

Photo: Courtesy of Jamie Kern Lima

It’s not easy to cope with rejection. No matter how many times you hear “no,” it never gets any easier to swallow. But learning how to deal with and overcome rejection is essential if you want to succeed as an entrepreneur. And nobody knows this better than IT Cosmetics founder Jamie Kern Lima. Before the ubiquitous beauty brand became the household name that it is today, Jamie pitched IT Cosmetics to retailers for three years (!) before she got a “yes.” 

And it’s safe to say her persistence has paid off. Today, IT Cosmetics has over 1,000 employees and is one of the largest makeup brands in the country, not to mention one of the top-selling brands at Sephora, ULTA, and QVC. And Jamie has been named on the 2020 Forbes Richest Self-Made Women list, Goldman Sachs’ 100 Most Intriguing Entrepreneurs, and WWD’s 50 Most Powerful Women in Beauty. Essentially, her success is a testament to why you should never take “no” for an answer.

In this episode of WorkParty, host Jaclyn Johnson sits down with Jamie to chat about how she cultivated confidence in the face of rejection, overcame self-doubt, and built a veritable beauty empire.

Subscribe to WorkParty and never miss an episode.

On launching IT Cosmetics…

“I knew nobody in the beauty industry, and I knew nothing about how to start and scale a makeup company.”

“My husband and I wrote the business plan for IT Cosmetics on our honeymoon flight. Got back, quit our jobs, and dove all in.”

On facing rejection…

“The first three years of the brand were really hard.”

“I would send products to Sephora, Ulta, QVC, and the department stores and every single one of them said ‘no.’”

“I couldn’t afford to pay myself for the first three years and we got down to under $1,000 in our personal and business bank account.”

On IT Cosmetics becoming the #1 luxury makeup brand in the U.S.…

“This company that I created in my living room with close to no money is now larger than all of those brands that I used to save my Denny’s tip money to buy.”

On tuning out the noise…

“There is so much noise all around us, from our own self-doubt and our own inner critic to other people’s opinions.”

“The dial of the volume is so loud that we don’t know how to hear our own gut anymore and we second guess it.”

On coping with the “no’s”…

“Our humanness wants to take it personally when someone tells us that we’re not the right fit or your vision isn’t going to work.”

“No matter what kind of rejection I got, I made the decision not to take it personally.”

On believing in yourself…

“Learning to believe in yourself and trust yourself are the only ways to become the person you’re born to be.”

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WEST COAST

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EAST COAST

Dolce Vita | Social Media Manager

The Brand Guild | Public Relations Director

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iHeart Media | Digital Account Coordinator

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How to Get Better Results From Your Marketing Efforts (Without Spending a Ton of Money)

Photo: Anthony Shkraba from Pexels

As an online business owner, one of the most important parts of your marketing strategy is your messaging. What you say to your ideal clients and customers (and how you say it) is just as key to your overall success as where you say it, which makes sense when you think about the fact that how we connect and communicate with other humans is through storytelling. 

Unfortunately, the “messaging” part of marketing is often overlooked, in part because it requires time and effort. It’s easy to set up an account on the social media platform of your choice or throw some money at paid-for ads, but it’s harder to actually dig into and strategize what you’ll spend your time saying to your audience once they’re sitting in the room. 

This is one of the most common mistakes online business owners and entrepreneurs make when it comes to their marketing: they spend A LOT of effort (and time and money) bringing in new leads to their business but they forget to take a minute to think about how they will convert those leads into actual clients or customers.

Which is where your messaging comes in. 

So, what do you need to be hitting on in your messaging to see more results, more revenue, and more impact from your marketing efforts? 

Here are three key things to lockdown so you see better results from your messaging.

1. Cultivate a strong brand identity.

In order to stand out from the crowd with your messaging (and let’s be honest: in the online business world, it’s BUSY), you need to first cultivate a strong brand identity. This means digging into and defining your core messaging aspects like your why, your mission, your values, and your beliefs. It also means shaping your story and putting into words what makes you different from all the other [insert what you do here] out there. 

These are the things that make you and your brand truly unique. By clarifying them, you’ll ensure that your brand identity and personality are completely aligned with who you are (which means your messaging will draw in your dream ideal clients who are actively searching for someone like you).

2. Optimize your offerings.

Your offer is more than just the thing you’re selling. It’s how you change your client or customer’s life. But in order to convert the browsers into buyers, you need to make sure that the messaging and copy around your offer is telling them everything they need to hear to be ready to buy.

This means diving into things like understanding where your ideal clients are right now so you can make sure that your offer is exactly what they want and need, seeing what others in your niche are offering so you can position your offer as different (and better), and then clarifying the core aspects of your offer from a messaging perspective. If you can understand exactly who it is for and what big transformation it will bring them, you’ll be able to create the kind of messaging and copy you need to see great conversion rates and results from your funnels.

3. Create a scale-worthy strategy.

In order to achieve anything in life or business, you first need to have a plan. When it comes to your messaging and marketing, I call this creating a scale-worthy strategy. This is where getting clarity on things like how to share your vision with your team, what kind of content you need to be sharing to prime your audience, and what your big goal map for your business actually looks like comes into play. 

When you have a strategy like this, it means sustainably scaling your business will be so much easier, and it means you can finally stop spinning your wheels thinking you need to be doing all the things and being everywhere in order to achieve your goals. A simplified strategy that is focused on building your authority, creating real connections with your audience, and crafting impactful messaging is way more effective than throwing spaghetti at the wall or copying what your competitors are doing (top tip: do not do this. You want to stand out in your industry so that means zigging when everyone else in your niche is zagging).

So there you have it, three things you can start working on today that will allow you to create the kind of messaging strategy that will bring better results from your marketing and get you closer to your business goals.

“In order to achieve anything in life or business, you first need to have a plan.”

—Ciara Gigleux, CEO of The Copy Atelier

About the author: Ciara Gigleux is CEO and chief copywriter at The Copy Atelier, a boutique copywriting agency for online business owners and CEOs that specializes in pairing conversion copywriting with a high-impact strategy for maximum results. She’s also the host of The Copy Coach podcast. She is (slightly) obsessed with all things messaging, marketing, and copywriting, and the main mission of her business and podcast is to help entrepreneurs use their copy and messaging to cut through the noise, stand out online and maximize their results, revenue and impact. Find her on Instagram and Clubhouse @ciaragigleux.

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Start Now—Everything You Should Be Doing to Save as Much Money Possible

Photo: Create & Cultivate

I’m going to humblebrag here; I’m pretty good at saving money. Moreover, I’m not the only one . According to this Fortune article, one in six millennials has at least $100K in savings. So what’s the trick? How do you make it easier to save?

I’ve tried numerous budgeting methods. Everything from detailed budget sheets that outlined where every dollar should go, to analyzing my bank statements each month to see where I can cut down on extra spending. As well-intentioned as these ideas are, I couldn’t stick with them. After a month or two, the task becomes tedious. Eventually, I’d give up and start over with another method, determined that this time, this one would stick.

Ultimately, saving money is not a complicated matter; you simply must spend less than you earn. A “good” budget is one you can maintain. Consistency is key. So how do you remain consistent? Automate your savings.

You need to make saving money as easy and automatic as possible. Otherwise, you’re not going to do it. The premise is straightforward: save a percentage of your income each month by diverting money directly into your savings account. That’s it!

But how much should you save? And how exactly do you do this? Read on to find out.

#1: Calculate Your Expenses

Total how much you spend on necessities — rent, food, utilities, gas/transportation, phone bill, etc. Next, determine how much you spend on optional, “nice-to-have” items or activities — clothing, entertainment, travel, etc.

#2 Find Your Net Monthly Income

This is the total amount of money you bring in after taxes. Subtract your total expenses from your net monthly income. How much is left? What percentage of your monthly income remains? Can you cut anything else to save a little more? Make sure to keep some wiggle room, however, because if you don’t, you will get fed up and won’t stick to the plan.

#3 Save 10–30% of Your Monthly Income

If you can save more, that’s great! If saving 10% feels likes a stretch, start small, even if it’s just $20 a month. However, I would challenge you to look at your expenses and really evaluate if all are necessary.

#4 Automate

Once you have this information figured out, the next step is to automate it.

If you get a monthly paycheck, send the percentage you’re saving directly into your savings account. The rest can be directly deposited into your checking account.

Here’s an example:

Monthly Net Income: $4,500

Monthly Expenses: $3,600

Remaining: $900

Automate. Move:

• $900, or 20% of your monthly net income to be directly deposited into your savings account.

• $3,600, or 80% of your monthly net income to be directly deposited into your checking account.

Now, you can spend what is your checking account (although that doesn’t mean you have to spend the entire amount each month). Also, don’t touch what is in your savings. Do everything you can to leave your savings account alone. Once your savings gets to a specific amount, take a portion and invest that money instead of keeping it in your bank account. That’s it!

A few words of caution: you might be tempted to manually put a specific amount into savings and checking each month instead of automating this task. Don’t do this. Why? Because you’re giving yourself a monthly task to do. And let’s be real, you’re not going to do this consistently. You’ll get busy and forget, or be tempted to put in $400 this month because of XYZ reasons.

Hold yourself accountable and automate this task. If you have to transfer money from your savings back into your checking account for a particular reason one month, that’s fine. However, make that a task you have to do occasionally, not the other way around. Limit the temptations to save less!

I’ve found this method to be the easiest and most straightforward way to save money each month. Experiment if this method works for you. Do you have another plan that works for you? Let me know! Leave a comment below or feel free to reach out to me on Instagram @KellieCockrell. In the meantime, cheers to saving money!

By: Kellie Cockrell

This post was originally published on November 6, 2018, and has since been updated.

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This Entrepreneur Is Bringing Latin America’s Best-Kept Skincare Secrets to the Masses

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: Anita Calero Courtesy of Giovanna Campagna

Giovanna Campagna, a born-and-bred New Yorker, was visiting her mother’s native Colombia when she had an “aha” moment. “I thought to myself, here I am in the most biodiverse region in the world surrounded by the most incredible nature,” Campagna tells Create & Cultivate. “Moreover, everything I’ve learned about beauty is from the Latin women in my life and their rich beauty culture. How are there no brands speaking to this?” Given her extensive experience in fashion media and marketing, a growing desire to connect more deeply with her Colombian heritage, and a vast network of contacts to tap into, Campagna set out to fill this glaring gap in the market. The result is Joaquina Botánica, a clean skincare line that celebrates Latin America’s powerful botanicals as well as its deeply rooted beauty philosophies.

Campagna launched the brand with a single product—the Orquídea and Vitamin C Hydrating Glow Oil, a facial oil that boasts a potent blend of superfruits (including cacay, camu camu, and maracuja) and antioxidant-rich extracts from Colombian orchids—with plans to add two more products in 2021. Although Campagna started her career in fashion at Vogue and W Magazine and later co-founded a marketing agency to help Latin American fashion designers expand their reach to international markets, in many ways, her shift from fashion to beauty was generations in the making. “My great-great-grandmother founded one of the first apothecaries in Cali, Colombia in 1875,” says Campagna. “I actually named the brand after her as I am so inspired by her story. Celebrating vibrant, passionate women, and supporting female entrepreneurship is a core pillar of the brand, so Joaquina made the perfect namesake.“

Ahead, the beauty entrepreneur fills C&C in on how she took her idea from concept to company, including how self-funding her business has pushed her to be more creative and why she believes paying yourself is something to be proud of.

What inspired you to launch Joaquina Botánica and pursue this path?

When I had my aha moment, I was actually working in fashion. I started my career at Vogue and W Magazine and went on to co-found my first business in 2014, an agency dedicated to launching Latin American fashion brands in the international market. I grew up in New York but always had an inclination to get closer to my mother’s Colombian roots. Around that time, Colombia was experiencing a kind of renaissance and there were incredibly talented designers coming out of the region. However, the U.S. and Europe were still the hegemonic centers of the fashion world and it was a difficult world to break into. I realized that I could use the connections I had built at Condé Nast and in New York to help these brands succeed on the global stage and set out with my partner to do so. At the same time, I loved that my work enabled me to connect more deeply with my Colombian roots and celebrate them with the world. 

It was through that journey that my idea for doing something similar in beauty began to crystalize. I was spending more and more time in Colombia, while also becoming increasingly interested in clean beauty and wellness. My lightbulb moment came when I thought to myself: Here I am in the most biodiverse region in the world surrounded by the most incredible nature. Moreover, everything I have learned about beauty is from the Latin women in my life and their rich beauty culture. How are there no brands speaking to this? So I set out to create a line that would share the region’s incredible botanical beauty and its deep-rooted beauty philosophies. We launched with one product—the Orquídea + Vitamin C Hydrating Glow Oil—and are releasing two more this year. 

Although I did not start out in personal care, I have family history in the industry. My great-great-grandmother founded one of the first apothecaries in Cali, Colombia in 1875. Her husband passed away when they were very young, and she ran the business on her own until her son was old enough to take over. I actually named the brand after her as I am so inspired by her story. Celebrating vibrant, passionate women, and supporting female entrepreneurship is a core pillar of the brand, so Joaquina made the perfect namesake. 

You decided against venture capital and opted for the self-funded route instead. Talk us through your bootstrapping process. Why did you self-fund and would you recommend that route to other entrepreneurs? Is venture capital in the future for Joaquina Botánica?

I chose to self-fund because I established that I had enough resources to develop and produce our first products, achieve proof of concept, and meet my growth targets for the first few years. There are definitely pros and cons to bootstrapping and going out on your own, but I appreciate that I can maintain complete ownership and control of the company and grow purposefully in a way that is true to my vision. 

Deciding which route to take is extremely personal to your situation, goals, and the capital requirements of your business, so it is difficult to say what I would recommend. What helped me to decide was listening to the experiences of other entrepreneurs. The narratives of those who bootstrapped resonated with me more; they were scrappy, purposeful, and creative with their opportunities and capital allocation. They built profitable businesses that felt true to themselves and their core mission. Without a budget for hiring, they started out managing every aspect of their business, learned each area intimately, and were even more equipped to delegate when the time came. That being said, I have founder friends who do not find these stories appealing at all, and have opted to look for funding from the outset! 

Bootstrapping has definitely made me extremely purposeful with my spending, and I believe that a lot can be achieved by being resourceful. Having a more limited budget has pushed me to differentiate our brand and create something special in ways that more money can’t necessarily buy. I believe this has led to a more authentic product and voice than what could have been. 

I would not rule out fundraising in the future, but it would need to be with the correct strategic partner who would contribute more than just financial support to the business. 

What advice do you have for people who want to take the leap to start their own business but are worried about the financial risk?

If you can start developing your business while still in a paid role or freelancing, I think it is wise to do so. Mentally (and financially) it can be a relief to have a stream of income while you are only seeing money go out the proverbial door on start-up costs. You may also find that you have time on your hands while things are in gestation. At least in beauty, developing original products takes quite a long time (it took us roughly two and a half years), and I sometimes found myself with not much to do while waiting for things to come together.

I did leave my previous role to start the business, but I was pregnant and gave birth to my daughter during this time, so it worked out perfectly. I dedicated my free hours to my personal life, and by the time the business launched and I began working “full-time” again, she was about eight months old (highly recommend this timeline for any moms/soon-to-be moms out there!). Had that not been the case, I definitely would have had time for other projects for at least the first year of product development, and I think I would have appreciated it. Of course, some businesses may take up all of your time from the get-go, so it takes some analysis of your specific situation. 

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

There were several large expenses at the beginning, from formulation costs to investing in a product developer (fairly predictable costs for a skincare brand). However, one of the first large expenses that I was not expecting was the legal fees for securing our trademark. I was not fully aware of this before, but once you narrow down potential brand names, you need to enlist a trademark lawyer to conduct extensive research on each to make sure that there are no conflicting trademarks or brands out there. I think about four of the brand names I wanted came back with conflicts after a search, and each round was a financial outlay. When I finally landed on a name that the lawyers deemed viable, I faced additional fees for the trademark application. That first application was actually denied, so I incurred those costs twice! 

If you feel that owning the trademark is important to the value of your business—as it definitely is for consumer products like beauty—I would recommend budgeting for this from the get-go. You can begin by speaking to trademark attorneys and finding one who can provide an estimate of fees that fits within your budget. 

What are your top three largest expenses every month?

Inventory, PR, and future product development. 

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

I do not pay myself yet but plan to begin by the end of our second year in business. 

Would you recommend other small business owners pay themselves?

It is hard to say, as it depends on so many factors. For VC-funded brands, it is common for the founder to receive a salary. If you have a service-based business, it also may be easier to pay yourself sooner as you are lighter on assets and do not have to reinvest in expenses like inventory. It also depends on your goals for the company. If your goal is to sell your business after a short time horizon, you may not prioritize a salary and be even more focused on growth to reach that payout. 

For me, it is important to factor in my salary to our financial goals, as I plan to run the business for the long term. I know that it will be incredibly rewarding to live from the work that I love, and it will only make it more viable for me to put all of my energy into the business. However, I am initially prioritizing our growth and reinvesting our revenue until we reach certain milestones. 

Photos: Anita Calero Courtesy of Giovanna Campagna

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

Maintaining a healthy cash flow is crucial; more so than profitability when you are starting out. Focus less on breaking even at first and more on your ability to generate positive cash flows. 

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

I work with an accountant on my tax returns and currently manage the monthly bookkeeping myself. I recommend using Quickbooks for bookkeeping. 

I was actually pursuing an MBA at Columbia Business School at the time I committed to launching the business and used virtually every resource available to establish my financial model. I took several courses in entrepreneurship and conducted an independent study with a professor, during which I defined the business plan and launched into product development. 

I also did extensive research by speaking to more seasoned beauty entrepreneurs, founders, and friends with applicable experience to understand the costs and where they experienced the best return on their investments. 

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

Currently, I am just using Excel, which has worked well for me. 

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

Our online store is on Shopify and they provide a great suite of analysis tools that help you track how sales are going as well as manage inventory. 

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

Currently, I am still the only full-time employee. I do feel like I have a “team” because I work with several outside consultants and freelancers in product development, formulation, graphic design, etc. Once it becomes clear to me which area of the business needs more support in order to keep achieving our growth targets, I will begin the search for someone with that expertise. I am happy to have a “lean” operation while I learn more about our customer and market and the best way to connect with them.

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

Definitely! I think being fully aware of your financial situation, both personally and professionally, is hugely empowering. Money can be tied up with a lot of emotions for some. When I was younger, I sometimes avoided looking closely at finances out of some kind of fear. But I have found that normalizing conversations about money, knowing your situation and your options, actually makes you feel very empowered. Numbers don’t lie, which can actually be very comforting in a world with a lot of grey areas! 

I have also come across some women who don't necessarily feel comfortable saying that they are going into business with making money as a primary goal. I have, personally, come to see business as an incredible way of exchanging energy with the world and creating value for our communities and others. Receiving financial compensation as part of that, which can, in turn, enable you to support yourself and your family, should be something we are proud of. 

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

I often ask fellow entrepreneurs for advice, but ultimately make most financial decisions independently. As I don’t have a partner, I often talk through them with my husband, who is a wonderful sounding board. 

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

A great piece of advice I received is to always get three quotes for a job before moving forward. Early on, I ended up paying way more than I needed to by going with the first vendor that I came across.

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

Arm yourself with knowledge. Talk to anyone and everyone who can give you insight into your industry. Make projections of your expenses to the best of your ability, and then add a 20% cushion to that figure.

Photo: Anita Calero Courtesy of Giovanna Campagna

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Women in the Workplace: How We Combat the Staggering Stats and Get Women Back to Biz

Photo by Karolina Grabowska from Pexels

The events of 2020 have turned the workplace upside down. And women, in particular, have been negatively impacted. Women make up 39% of global employment, but they’ve accounted for 54% of overall job losses during the COVID-19 crisis. 

Without the support that makes it possible for women to balance their work and home lives, working women are burning out due to the increased workload from housework and caregiving.

Because of the challenges created by COVID-19, women are feeling less ambitious when it comes to their careers and as many as two million women are considering leaving the workforce, and experts predict the pandemic could set women back half a decade.

At our recent Money Moves Digital Summit, we tapped four driven and ambitious women to dive into a thoughtful conversation on the state of women in the workplace and how we can combat these staggering stats and get back to business.

ICYMI, we’re sharing some of the highlights below–– keep reading for some sage advice. 

On Boundaries...

“My advice to any working mom is to approach the idea of work/life boundaries with zero expectations–– I mean, we're in a constantly changing environment with our kids and with the state of the world, and we’re doing our best to adopt––and well, that’s doing enough.”

–Stephanie Liu Hjelmeseth, Blogger

On Creativity…

“To women in the creative field, try not to let the stagnant experience of last year infiltrate your mind––especially if you live off of your art. It’s part of the artist’s job to depict the times, so continue to seek inspiration and maintain your passion, regardless of what’s going on in the world.”

–Mirtha Michelle Castro Mármol, Poet, Author, Actress, and Entrepreneur

On Resilience…

“Really keep your foundation strong––which is your own store and your own platform––because that is really the only thing you can control while the industry ebbs and flows.”

–Lindsay Albanese | Founder and Inventor

On Managing Financial Anxiety…

“I know people talk about money mindset a lot, but there is truth to that––the way you think about money matters...don’t be afraid to look at your finances head on. Getting comfortable with your money will be one of the biggest things to help you move forward.”

–Natalie Ellis, Co-Founder and CEO, BossBabe

On Diversifying Your Revenue Stream…

“While I do believe it is smart to diversify your promotional channels––to have strong social media, to implement mass marketing, to have a strong ad strategy––I think that retail should be secondary and there should only be a few key retailers. I think the breakdown of 80% DTC to 20% retail is a smart split for your revenue channels.”

–Lindsay Albanese, Founder and Inventor

“Diversifying as a whole is so incredibly important as an entrepreneur. As it applies, think about where you are monetizing directly––where the revenue is not reliant on another brand, person, or partnership––and lean into this area of your business as a source of security.”

–Natalie Ellis, Co-Founder and CEO, BossBabe

On Collaboration…

“There are two factors I consider before I agree to collaborate with a brand: First, is if I’m already using the brand or how much I really admire the brand, and if their values align with mine. Secondly, and equally as important for a successful partnership, is really approaching the project with mutual respect from both sides. I expect the brand to respect my work and my worth––and in that way, I believe that the results will be mutually beneficial and successful.”

–Stephanie Liu Hjelmeseth, Blogger

3 Trends That Prove Digital is the New Normal–And What it Means For Your Business

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.

5 Social Media Trends to Watch in 2021

Photo: Color Joy Stock

For years the social media industry has been constantly evolving, but when you throw a global pandemic and stay-at-home orders in the mix, well… buckle up! Social platforms really hit the gas in 2020 on coming out with new updates that would accommodate and entertain the sudden spike in online traffic and high demands of consumers.

As Tyra Banks once said, “You want to be on top?” Then you HAVE to prove yourself as a powerful force in the digital space by keeping up with the latest industry trends and features. Your foresight on exactly where the field is heading and implementation of that insight in the present will position you as an expert in the industry, boosting your credibility and the value you provide to your audience. With that being said, read on for five social media trends to watch out for in 2021!

Video Content

If you’ve ever doubted the value of video content on social media, wait until you hear this: our agency saw a 91.7% growth rate in our Instagram following during 2020’s Q4 alone as a result of using Instagram Reels. If you aren’t aware, consider Reels as Instagram’s version of TikTok. You essentially share short videos paired with existing audio. Thanks to their appearance on Instagram’s Explore page (and for some, an exclusive Reels feed), this new feature is a great way to organically expand your reach to thousands of new accounts.

Plus, let’s talk about the Instagram algorithm for a second. We have to understand that Instagram is a business and wants users to stay in the app for as long as possible. Because of this, your goal as a creator is to post content that users will spend an extended amount of time-consuming. When you do this, the algorithm will “reward” you by showing your content to more users because it has been deemed as valuable. 

The easiest (and sneakiest) way to accomplish this? Video! While a static photo may capture your audience’s attention for a few seconds to a minute, video can keep them engaged and entertained for minutes on end. Because of this, be sure to use video to your advantage in 2021, whether it be through Reels, IGTV, IG Live, or regular videos shared to your feed.

Nostalgic Content

This second trend proves that you and I aren’t the only ones longing for the good ole days, and we’re not just talking pre-COVID.... we’re also talking ‘90s and beyond! Now more than ever, audiences, especially those that include millennials, are loving nostalgic content because of the comfort and familiarity it carries. 

In 2021, expect to see brands putting a fun, retro spin on their graphics, imagery, and storytelling. After all, you want the positive emotions connected to this content to be tied to your brand, right? Then put your creative caps on and start embracing the old as new! Whether it be a Britney Spears GIF, a graphic depicting a ‘90s computer aesthetic, or bringing back some of your brand’s past campaigns, your audience is going to love mixing in the old with the new!

Gradient Imagery

One specific ‘90s trend that has been revitalized is gradient imagery. Gradients are essentially color transitions that depict one color blending into another. This design trend is often used to enhance various graphics by adding dimension and texture to an otherwise flat image. Here are a few ideas on how you can incorporate them into your next graphic:

• Use it as your background image. You can find an example here!

• Make it a color filter to put over an image.

• Use it to accentuate headings or specific details like this post!

• Make it the focal point of your graphic. (Psst… the Instagram app logo is the perfect example!)

Humanization of Brands and Influencers

After an unprecedented year like 2020, brands have had to embrace authenticity and vulnerability on social media in order to avoid coming across as tone-deaf. What we believe a majority of brands and influencers have realized through this, however, is that the best way to ultimately grow and convert an audience is by fostering a relationship with them. 

Consider the know, like, trust factor. First, an audience has to know about you. Once they know about you, they can come to like you. Once they like you, they can grow to trust you. Once they trust you, they’re sold! Consumers purchase from brands they trust.

In 2021, we can expect brands, both personal and corporate alike, to connect with their audience by sharing their faces, mission, values, and behind-the-scenes on social media. Don’t expect it to stop there! We can also see brands placing an emphasis on engaging with their audience via comments and DM. Through this trend, brands can speak to the hearts of consumers by allowing them to fully know and trust the faces behind the brand.

Inclusivity and Social Consciousness

We saved the best trend for last and may have fibbed a bit because our fifth one is hardly a trend at all. It is not something that will come and go like the seasons—it is a movement that is here to stay. 

In 2021, we believe both business and personal brands will continue to advocate for and promote inclusion and social consciousness on social media. 2020 ignited an eye-opening fire for many, and 2021 is the opportunity to continue making that change. In addition, we can expect to see an overall increase in real conversations and standing up for various beliefs and causes across social platforms. 

I hope this blog post was insightful for you in understanding what social media trends you can expect for the year ahead! Position yourself as a leader in the digital space and give these a try for yourself. 

“After an unprecedented year like 2020, brands have had to embrace authenticity and vulnerability on social media in order to avoid coming across as tone-deaf.”

—Becca Booker, Founder of Homemade Social

About the Author: Northern-California made, Becca Booker received a double-major in marketing and journalism from Barrett, The Honors College at Arizona State University, and now lives under the sun in Phoenix, Arizona. Shortly after graduating, Becca created her business, Homemade Social, and quickly became a respected entrepreneur in the valley. Dubbed the “modern social media queen” by AZ Foothills, Becca is revolutionizing the social media game and inspiring brands to use innovative tactics to grow their social media.

As an advocate for healthy relationships with social media, she recognizes society’s obsession with vanity metrics and believes it is important to utilize her platform as an opportunity to provide others with the resources they need to take a better approach towards social media with their business. Becca is also a loving dog mom of Jojo the Cattle Collie mix (why yes, her dog has an Instagram), and can be found with a Venti Iced Soy Matcha Latte in hand at almost all times.

About Homemade Social: Homemade Social is a boutique social media marketing agency based in Scottsdale, Arizona that specializes in social, digital, and influential campaigns for lifestyle brands. The company's mission is to advocate for a healthy relationship with social media while providing small to medium-sized brands with exceptional social media management, advertising, and email marketing services to help them grow their businesses and digital presence.

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3 Money-Saving Tax Tips for Small Businesses

Photo: Ivan Samkov from Pexels

If you were to ask anyone who just launched a business, start-up, or product in January of 2020 where they’d be in a year, I’m sure most would have had an optimistic answer and replied with an answer along the lines of “hoping my business will take off.” Unfortunately, that was in a time before COVID. Now, an estimated 60% of small businesses have closed in the past year, and the impact the pandemic has had on small businesses is absolutely heartbreaking. I myself launched a small business right before the pandemic hit and completely understand the challenges that most founders face. I am one of the fortunate ones who has been able to maintain my business through an online presence and very dedicated clients. 

Most of my clients are also small business owners who faced the same challenges as me in 2020, and as a tax strategist and owner of Your Tax Coach, it’s my goal to help them navigate PPP loans, EIDL grants and loans, the COVID relief bill, a change of presidential administration, and now, tax season. You’re probably wondering “what is a tax strategist” and “what exactly makes you any different from an accountant?” Simple, my goal is to save business owners like you tens of thousands of dollars on your tax returns, while also relieving your tax-related stress and anxiety through consistent, easy-to-understand communication. 

An accountant will keep records of your finances throughout the year and keep your tax returns compliant. They don’t look for different strategies to apply when filing your taxes and their goal isn’t to save you money, especially if you are a small business owner. For example, did you know that you can claim your cell phone bill, internet, business coaches, courses, conferences, books, magazines, coworking spaces, website design, and even those holiday cards you sent to clients on your tax returns? Some tax strategies also include paying your children and paying yourself rent through your business. Accountants aren’t going to include claims like these because it takes time and documentation to implement. 

Now, this is how I saved my clients over $4.5 million in 2020 on their tax returns, and what I recommend you should do. Here are my top three tips for all small business owners filing their taxes this year.

1. If you profit over $40,000 a year in your business, you should probably be an S Corporation, not a sole proprietorship or LLC. 

It’s easy to assume just because you are a one-woman show running a small business that you don’t necessarily qualify to be considered an S corporation. Although S Corporations require an application and documentation, this is an easy way to save up to $22,000 in taxes each year.

2. Know your numbers, and update your bookkeeping monthly.

Track, track, track! Staying on top of your bookkeeping each month (or, better yet, each week) makes it so much easier to know how much you are profiting. Waiting for your accountant to figure it out a few weeks before taxes are due will not only be a pain but will also likely result in you overpaying in taxes. 

3. Have a tax strategy session with a tax strategist (you’ll be surprised to know that you’ve been overpaying for years). 

Again, a tax strategist is entirely different from your accountant, and meeting with me or another tax strategist, you’ll quickly realize you’ve been overpaying taxes for years. 

Bonus tip: Have a home office? Make sure you’re getting the maximum home office deduction. (There are multiple ways of calculating it.) 

Most small business owners and entrepreneurs don’t have a traditional office space that they’re renting. We all know that you're really working in some small makeshift office, which, technically speaking, is still considered a home office. If there is a desk, computer, and chair present, you got yourself an office. Make sure you know to deduct this when you are filing your taxes. 

Overall, a tax strategist is going to go above and beyond to save you as much as possible in taxes. My biggest recommendation is to invest in yourself and your business and hire someone who is going to ensure that filing your taxes is a fun and easy process, instead of dreading it. Your tax strategy should be seen as a MUST, not a plus. 

"Invest in yourself and your business and hire someone who is going to ensure that filing your taxes is a fun and easy process, instead of dreading it."

—Barbara Schreihan, Founder of Your Tax Coach

About the author: Barbara Schreihan started her career journey working at many different accounting firms, and she quickly noticed that her firms were lacking in customer service and tax strategies. She decided to take a risk of her own and start her own accounting business with the main goal of implementing strategies for clients to reduce the tax impact on themselves and their businesses. She now provides clients her services through tax strategy, tax preparation, and business intensives. Her goal is to customize either of these three services and implement strategies for clients to reduce tax impact for their business. For more information, be sure to follow her on Instagram or visit her website.

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Meet the Black Woman Shattering Glass Ceilings in the Spirits Industry

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

Photo: Courtesy of Nayana Ferguson

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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This Beauty Entrepreneur Is Changing the Industry With an Accessible Under-$15 Brand

Photo: Courtesy of Colette Laxton

Any investment in knowledge pays interest, even (and especially) when it comes to the beauty industry. With so many brands available in a highly competitive market, how do consumers see through the marketing clutter and educate themselves in order to make informed purchasing decisions? Thankfully, The INKEY List is imparting the beauty of knowledge to their ever-growing community.

Founded by Colette Laxton and Mark Curry in 2018, The INKEY List is the ultimate affordable, accessible, transparent, and efficacious skincare brand, born from a belief that better knowledge powers better decisions. Frustrated by the lack of transparency and education in the skincare industry, Colette and Mark saw a clear gap in the market for a skincare brand that actually informed their customers about what they were buying. Having seen platforms full of communities that were turning to each other through the confusion about products, ingredients, and what brands were telling them, they knew that knowledge needed to be at the heart of their business.

In this episode of WorkParty, Jaclyn sits down with Colette to dive into The INKEY List’s information-driven mission and the challenges of creating a beauty brand while simultaneously educating their customer.

Subscribe to WorkParty and never miss an episode.

On having a co-founder…

“It blows my mind that people have companies on their own. Having a co-founder to scream at, to cry with, to celebrate with, I honestly commend and I’m in awe of anyone who can do it on their own.”

“This is more than a marriage we’re talking about because this is your future, this is your finances, this is your life. Having someone you can 100% trust is the cornerstone of any co-founder relationship.”

On democratizing skincare…

“The single-ingredient products were driven by this idea of democratizing skincare and making it as simple as possible for everyone to understand, but if you want to make it accessible to everyone, then the price needs to be accessible too.”

“To create every product under $15 has been crazy hard to do, but it’s also a challenge from a customer perception perspective. Teaching consumers that you don’t have to pay $50 for a serum is actually the biggest challenge that we face.”

On breaking into a competitive industry…

“It’s not about what you do, it’s about why you do it, and we so clear from the outset about what our brand’s superpower are: knowledge and education.”

“As an entrepreneur, if you can find a point of difference, start with “why” and really understand what you’re doing and why.”

On launching at Sephora…

“We launched with Sephora in the U.S. within six months of our brand launch. We didn’t even have a warehouse in the U.S., and we had to take on extra funding in order to afford the stock to support Sephora.”

“We were scrambling behind the scenes and had no idea how Sephora worked. They were talking about endcaps and fixturization, and we were nodding and smiling, then Googling what to do.”

On navigating tough times…

“People are going to tell you you’re idea is rubbish or it’s never going to work, just stay in the game. Keep that passion that you’ve got inside you and just stay in the game.”

On being an entrepreneur…

“You literally give up your life. There’s no part-time entrepreneur, and I would say I’ve definitely given up three years of my life. It looks really cute and fun, but it is so much hard work.”

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This Social Entrepreneur's Career Pivot Is Proof That Pursuing Your Passion Can Be Life-Changing

“Most people thought I was crazy to leave my job for a career they deemed uncertain.”

—Jamila Trimuel, Mentor, Social Entrepreneur, and Philanthropist

Going to work every day should feel like waking up on a Saturday morning. In fact, It should barely feel like work at all. Most people go to work dreading the tasks ahead of them, and I understand because I was the same way. It wasn't until I decided that I wanted a career with more flexibility that I knew I needed to make a change. I remembered when one of my college professors said, "Choose your career based on what you would do for free." At first, it sounded crazy—little did I know he was onto something.

I had a promising career working for one of the country's top hospitals, managing the cancer service line's strategic planning process.  While working for the hospital, I made sure I designated my free time to mentor young Black girls growing up in the Southside of Chicago. I knew that I had a different advantage than other children because I did not lose my father to gun violence or have a mother on drugs. Girls that grew up in these conditions are often overlooked and deemed capable of raising themselves when that is an outrageous task to put on any child, let alone our Black children. 

One Saturday, one of my mentees brought me her résumé and explained she was having a hard time finding a job. After reviewing her resume, I became extremely frustrated because one of her bullet points listed, "Looking for a job." No one thought to tell her this was inappropriate, and I was so overwhelmed because I knew so many other girls were overlooked and made simple mistakes just like this. I realized I needed to change, and my calling wasn't in healthcare. It was in education. 

My passion became my purpose. I started Ladies of Virtue in 2011 to assist young girls who were neglected and passed up because of the ridiculous stereotype that they need less nurturing or support than other children. 

Most people thought I was crazy to leave my job in healthcare for a career they deemed uncertain. Mostly because I applied to a program that only accepted 2% of their applicants. Clearly, it was not their purpose to see because six months later, I received an offer in the two-year residency program. 

Staying in my purpose was not easy in the slightest bit. In what was supposed to be the most extraordinary part of my life, I experienced some of the most devastating losses bringing me to the lowest points of my life. In a chain reaction of events, I lost my mother-in-law to cancer. A few months later, I found out I was pregnant, but I lost the baby to a rare condition after five months. Due to all of the stress, I turned to eating and gained weight at an exponential rate, putting my health at risk once again. 

Everything in me wanted to quit, and I had good reason too, but I knew that it isn't what happens to you in life; it's how you respond to it that matters. Living my purpose meant I had to take care of more than just the girls I was mentoring. My mental and physical health needed to be a priority, as well. If I didn't change my lifestyle, I wouldn't be a healthy vessel for the girls in Ladies of Virtue. Ultimately, bettering my health directly reflected in the girls that I mentored. If  I was good, so were they. 

Throughout my journey of living my purpose, it became more than just mentoring. Ladies of Virtue became a small role in a master plan to better the lives of so many children. There are so many alumni of Ladies of Virtue that would have never ended up in a Ph.D. program like Deidra. Seeing these girls succeed gives me joy, the joy that you feel when you wake up on a Saturday morning. I no longer have the feeling of anticipation that comes with wondering about the future because I love exactly where I am now, living in my purpose. 

About the author: As a mentor, social entrepreneur, and philanthropist, Jamila Trimuel has over ten years of experience in strategic planning and community engagement for nonprofit organizations. Jamila is a Broad Residency alum, a highly competitive leadership program that places participants in high-level managerial positions to help transform our public school systems. Jamila was recognized as Northwestern Memorial Hospital’s Humanitarian Award winner in 2012. She was also recognized as a Change Agent and invited to the United State of Women Summit hosted by the White House in 2016. In 2017, she was recognized by Chicago Scholars for their 35 under 35 Award and received Rush University’s Hidden Figures Award. 

Jamila was one of the 100 community leaders from Chicago (500 in total around the world) invited to attend the inaugural Obama Foundation Summit in 2017. She also won the Coaches Award at the 2018 Social Venture Partners (SVP) Fast Pitch competition for Chicagoland nonprofits. Jamila also presented her Tedx Talk in 2018 entitled, "Make Today Your Saturday. Live a Fulfilled Life of Purpose." Furthermore, in 2018, Jamila was honored alongside Jesse Jackson Sr. with the "Giving a Hand Out to Give a Hand Up" Mentoring Award by the Calahan Foundation. In 2019, Jamila was honored with the Leading Lady Community Award by the Daisie Foundation.

Jamila has a bachelor of science in community health from the University of Illinois Urbana-Champaign and a Master of Science in Health Systems Management from Rush University. She also holds a Masters of Education in Educational Leadership from The Broad Center for Management of School Systems. In addition to the Broad Residency, Jamila graduated from several prestigious leadership programs including the Schweitzer Fellowship and the IMPACT Leadership Development Program founded by the Chicago Urban League and University of Chicago. She is also a Kellogg Executive Scholar from Northwestern University. In addition, she is a Licensed Minister at New Life Covenant – Southeast under the leadership of Pastor John F. Hannah. Jamila resides in the South Loop community with her husband, Damien.

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Inspired Women, Inspiring Women

We tend to focus our attention on moving forward and what's next. But in building a better future, we must also draw upon the stories of the past. Where we are now – and often who we are now – is a culmination of the influence and efforts of the women who came before us. In honor of Black History Month, we are amplifying the stories of influential Black women past and present. Meet the inspired women who are inspiring women – modern-day history in the making.

SHAY SWEENEY

Founder, Sweenshots X Shay Moné Studio and Co-Founder, Influencing in Color

Shay Sweeney wearing Vince Camuto Rib-Knit Lounge Pants, Rib-Knit Top, and Aslee Two-Strap Mule

Name three traits that describe yourself 

Loyal, hard working, God fearing 

As a Black woman, what are you most proud of?

I am most proud of just that, being a Black Woman! I am comfortable in my own skin, I am comfortable with my hair, and everything about me! 

What Black woman from history has been an inspiration to you? 

There are so many to name and hard to just pick one. All of the black women before me that have fought so that I can have a better life - I am forever grateful. One that comes to mind in particular is civil rights activist and journalist, Myrlie Evers. 

How did her influence change your life or inspire you?

Myrlie Evers husband was assassinated because of his activist role during the civil rights movement. After his death she continued to fight for change and has so many accomplishments. She helped secure money for the Nationals Women's Educational fund, the 1st female chair of the board of directors for the NAACP, and even delivered the invocation for President Obama at his second inauguration! Her journey just shows that the fight doesn't stop! We must use our voice and keep fighting for justice and never let up. I admire her perseverance and dedication. 

What question would you want to ask her, if you could have the chance? 

I would ask her how did she find joy through living through so much? Her husband was assassinated because he was a black man wanting equal rights; I would want to not only give her a hug but want to ask her what her thoughts are on what is going on in society now as we are still fighting for change.

Why is it essential to empower other women?

I think women are so strong and powerful and we have to lift each other up and support one another! We are stronger together, and I live by collaboration over competition. We have to cheer each other on, support each other's wins, and show out for each other when needed!

“Don’t let what you see around you dictate what your future looks like. Dream, dream even bigger, and make it happen for yourself!”

SHAY SWEENEY
Founder Sweenshots X Shay Moné Studio and Influencing in Color

What advice would you give to younger Black women today?

Believe in yourself and be comfortable in who you are! Many times we don't look how others want us to look, our hair is not what they deem to be acceptable, and the list goes on! We have heard it for so many generations that at times it's easy to believe that we will never make it and we don't know our worth. Well I'm here today to tell you that you have to believe in yourself, black is beautiful, and never let anyone tell you otherwise! Walk in power! 

What is one thing you know now about being a female entrepreneur that you wish you had known earlier in your career?

I wish I would have known to just start! We often think that we can't do certain things until we are in a certain place in our lives. When the idea comes to mind, jot it down and come up with a plan. Don't wait! The only person often holding us back from doing things is the fear that we have for ourselves. I would have started my blogger journey earlier and started with the resources I had at the time. Don’t be afraid to start, and don't be afraid to fail and pivot! It's all part of the journey. 

How do you hope younger Black women view you? What do you hope they can learn from your experience?

I always say that I hope that people see a petite black woman that has conquered so many things that are not normally done by people that look like me. I've modeled, I've been in ad campaigns for major brands, I've started businesses, I've finished grad school with kids and while pregnant. None of these things were things I ever saw anyone doing that looked like me because I was never the ideal person for those roles and was even the first in my immediate family to even get a masters degree. Don't let what you see around you dictate what your future looks like. Dream, dream even bigger, and make it happen for yourself! 

What is a challenge you had to overcome when building your business/brand that speaks to your experience as a Black woman?

One of the challenges I've faced being a Black woman is often being overlooked and underpaid. Also, when working with brands it's not always about the money. I like to challenge the brands to see what commitments they have for change, what are their long term goals for working with women that look like me, and try to make sure I am not a check box for their campaign. By doing this I feel like my job is to push the needle, and keep the conversation going so that future black content creators can have an opportunity and not be overlooked. (Our Influencing in Color mission)

How do you prioritize self-love and care?

I have a super busy schedule and life! I make a point every morning to drink my hot water, read my devotional and Bible, and journal. I feel like this is my only time of the day where it's peaceful and it's part of protecting my mental state. 

---

RANTI ONAYEMI

Founder, Ranti in Review

Ranti Onayemi wearing Vince Camuto Animal-Print Cropped Pants, Animal-Print Puff-Sleeve Blouse, and Aslee Two-Strap Mule

Name 3 traits that describe you:

I am resilient and tenacious, incredibly loyal and supportive of those I love, and a bit of an introvert (not shy).

As a Black woman, what are you most proud of?

I am proud of my Nigerian heritage and culture. Nigerian women, especially, are amazingly strong and resilient and I would like to think I inherited some of those wonderful traits. In my early Lagos upbringing, I was surrounded and supported by amazing female role models, which gave me a strong foundation and empowered me to dream big. Hailing from such a culture, one almost has no choice but to be independent and fearless.  

What Black woman from history has been an inspiration to you? How did her influence change your life or inspire you?

My first, most profound and lasting inspiration is my Aunt Juliet. As a child, I remember she embodied everything that I wanted to be, poised, driven, stylish and accomplished. She was the first female entrepreneur I knew, I idolized her. She was very encouraging of my passions and dreams, even at an incredibly young age. Her presence in my life introduced me to fashion and nourished my creative side.

What question would you want to ask her if you could have the chance?

I can remember her seeming so confident and collected. Having worked in this frenetic and often overwhelming industry for some time now, I always wonder when she felt she had things figured out or when she felt a sense of stability. I must say, I am hoping to get there one day.  

Why is it essential to empower other women?

I just think back to the many struggles I have faced and the many walls and barriers I’ve confronted along my journey into entrepreneurship and so I guess I feel a sense of duty. If there is anything I’m able to do to give the next generation even a small advantage or insight, I feel it is my responsibility. We are part of a continuum in that way, so I do what I can today, and the next generation passes this good will along. This industry is especially tough and unforgiving for young women of color, so I feel a special commitment and responsibility to help young black and brown women when I am able.  

“I am proud of my Nigerian heritage and culture. Nigerian women, especially, are amazingly strong and resilient and I would like to think I inherited some of those wonderful traits.”

– RANTI ONAYEMI
Founder, Ranti in Review

What advice would you give to younger Black women today?

To be tenacious, never take no for an answer, and understand that you may have to reach out 100 times before you get that first opportunity. Be driven and most importantly, if you get an opportunity, put in the work and deliver!

What is one thing you know now about being a female entrepreneur that you wish you had known earlier in your career?

I was a bit naïve in thinking that working hard is all you must do to succeed and grow professionally. Along the way, I’ve certainly learned there are many other factors and dimensions that are out of your control. To be completely honest, as a black woman, I can remember seeing some friends and peers from different backgrounds seemingly find opportunities and success without facing many of the obstacles and barriers I’ve discovered along the way. Coming from a different culture, I was less aware of how impactful race can be while trying to carve my career path in this country. I hope we are all working to help level the professional playing field for black women and women of color. 

How do you hope younger Black women view you? What do you hope they can learn from your experience?

I am not perfect. Social media has this way of painting that perfect picture, I am far from that. I have my struggles, I have my fair share of challenges professionally and in my day-to-day life. I have also had my share of failures. I hope I can be an example of someone who faces those challenges, never gives up, keeps pressing forward and does not let setbacks get in the way of the bigger picture.

What is a challenge you had to overcome when building your business/brand that speaks to your experience as a Black woman?

Knowing my worth and finding the self-confidence and conviction to ask for what I know I’m worth. Perhaps the hardest part of this is knowing when to walk away from an opportunity when you feel you’re not being appropriately valued, even if it is something you really want or are excited about.

How do you prioritize self-love and care?

This one is a work in progress. Don’t get me wrong, I do love myself, but this industry often feels like a 24-7 adventure, and sometimes this comes at the expense of prioritizing my health and wellness. From time to time, I do have to power down and take some time away from social media and work in general.  It took me a while to realize and accept this, but today, this is essential to my mental health. For me, it is always important to pay close attention to what my mind and body are telling me.  

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

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

Photo: Courtesy of Jacquelyn Rodgers

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

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

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

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

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

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

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

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

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

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

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

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

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

What are your top three largest expenses every month? 

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

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

I don't pay myself a formal salary.  

Photo: Courtesy of Jacquelyn Rodgers

Would you recommend other small business owners pay themselves? 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Simple Ways to Upgrade Your WFH Space

A balanced home sets the foundation for a balanced life to unfold. At Create & Cultivate, we apply this same principle to our workspace—which, for many of us, has taken on new meaning this year as WFH has become the new norm. Whether you’ve temporarily transformed your guest room into a home office or simply designated a corner of your kitchen table to your workspace, the importance of having a dedicated place to work within your sanctuary has never been more abundantly clear. We tapped three entrepreneurial and influential women to showcase simple ways to level up your WFH setup and maximize productivity with Thomasville accents and accessories — proof that small changes can make a BIG impression.

Read on to hear their tips to level up your WFH setup.

Amina Marie | Shop the WFH Setup

1.  An ergonomic office chair is a great investment piece because our chairs are the place many of us spend the majority of our WFH hours. We produce some of our best work when we feel comfortable and supported, so finding a great quality office chair to do just that can help boost productivity while elevating your workspace. 

2. Never underestimate the power of a little extra comfort and support in your workspace. Adding a plush accent pillow with a pop of color can help bring the space to life while also helping provide upper back support in your work chair. 

3. For the ultimate comfort starting from the ground up, adding a soft shag rug adds an extra element of warmth to any space!

Jaclyn Johnson | Shop the WFH Setup

1. An organized home echoes a balanced state of mind. Between busy schedules, commitments, and to-do lists, it’s important to keep life organized to maximize productivity.

2. Begin by creating storage space, so you can declutter and rearrange. Drawer organizers are great because they give smaller objects a designated place. Reducing clutter means you’ll spend less time looking for things, and more time focused on your to-do list.

3. Whether you have a designated home office, or are utilizing your kitchen as your workspace, our WFH environment can quickly become overrun with clutter. Use separate systems to organize your work life, especially if you share a space for work and household duties.

Lisa Diederich | Shop the WFH Setup

1. A great office chair is a must when working from home! This Thomasville office chair is supportive and functional, but also gorgeous! It’s completely changed my opinion of the typical “office chair”. Yes, it’s easy to pull up any old chair you have lying around the house, but taking care of your back and body is important when you spend so much time sitting at a desk.

2. A large, cozy rug really ties a space together. I love using warm neutrals to create an inviting space for productivity and creativity. I always recommend choosing a larger sized rug that will really fill the room. You want all of your furniture to fit comfortably on the rug with room to spare! This new rug is a much better fit for my office and makes the space feel larger.

3. Little accents, like this lumbar pillow, add personality to a space and also tie together your home with your home office. When the rooms flow seamlessly together, you’ll be more likely to enjoy spending time there. Maybe this becomes your new favorite reading corner - whether it’s a budget report or a new novel. 

"Mental Health Is Critical When You’re Launching a Business"—Here’s How I Developed Resilience in the Face of Challenges

“Life doesn’t stop to clear a path for you to pursue your startup."

—Thai-Anh Hoang, Founder of EmBeba

Starting a business is a huge challenge, and one thing a lot of entrepreneurs don’t think about before they take the leap is the fact that life doesn’t stop to clear a path for you to pursue your startup. Throughout my adult life, I’ve struggled with my mental health, both because of clinical depression and stressful experiences. And yet, I have managed to build a business during two of the most challenging years of my life. 

Being honest about mental health is important in opening up the conversation, and it also allows those of us who are struggling to feel less alone as we develop the skills we need to stay mentally well. My entrepreneurial journey has taught me many things, but perhaps one of the biggest surprises is that I’ve learned how to better cultivate resilience in the face of challenges.

I was diagnosed with depression in my early twenties due to work-related stress and I went to therapy for a year because of it. Then, several years later, my mental health took another hit when my daughter was born and I was diagnosed with severe postpartum depression. While incredibly difficult at the time, this was a blessing in disguise: I became more proactive and aware of my mental health and understood the important balance of therapy, medication, and specific personal habits that could help me.

In 2018, I was on a family trip to Europe with my husband and my infant daughter. It was during this trip that the idea for my clean family skincare brand, EmBeba, came about. The idea for the brand’s first product, a diaper balm, was sparked by a homemade balm a family member gave me in Bosnia. Inspired, I returned home and channeled my energy into building EmBeba, applying modern technology to an age-old family recipe. Redirecting my focus onto a new purpose and entrepreneurial venture was a good strategy for me, and I spent nearly two years building a product and brand that I expected to launch in the spring of 2020.

To say it has not been smooth sailing would be a tremendous understatement. As I worked on launching my business, we lost my dog in a hit-and-run accident, and I miscarried shortly after. But this time, I was able to quickly recognize the signs that I might be sliding into depression. I began taking proactive steps that I knew benefitted my mental health: exercising more often, gardening, and spending time with my family, to name a few. I also reminded myself that I have a lot of positive things in my life and that we are bound by fate. And I became laser-focused on building EmBeba.

Then came COVID. Like many brands expecting big things in early 2020, I was devastated when the pandemic’s effects meant we couldn’t get products or launch the brand I’d been working on for two years. My family also contracted the virus, and my husband and I faced the challenges of recovering while caring for our toddler in isolation. It was a difficult time, but when we emerged I recognized we’d survived–and that was something to be proud of.

We’ve since launched EmBeba. It was later than we’d planned, and we—like many—have had a challenging year. But when I look back at my journey to bringing our first product to market, the resilience and mental toughness I built through my personal challenges really helped me in starting my business. Despite the multiple challenges that came my way while launching my business during COVID, being comfortable with the strategy of tackling each problem as it came kept me from being overwhelmed.

And, having gone through so much in the past several years, I feel like I’ve developed better coping mechanisms—and a steely spine—to plow ahead. Focusing on a goal allowed me to compartmentalize my feelings and redirect my energy positively.

As female founders, we’re often on our own when we start—and that can be a challenge when it comes to developing good habits for managing your mental health. By sharing my story, I hope to open up a dialogue around some of the challenges women entrepreneurs are facing and how we can prepare for and leverage them whenever possible. 

Below, I’m sharing three strategies that have helped me cope with disappointment, grief, and uncertainty along the way.

Tune into your mental health.

It’s easy to get wrapped up in your life or business and push down any negativity. My early experience with depression helped me become better attuned to recognizing the potential of falling back into depression. While life is busy and it’s easy to become distracted, I always make sure I’m paying attention to how I’m feeling.

Recognize your triggers.

To that effect, I recognize the triggers that can send me down a slippery slope, having battled with them before. Understanding what situations may be more challenging for you allows you to put support systems or positive habits in place proactively.

Have a plan.

In my case, exercise, gardening, and spending time with my family are all activities that really help me stay positive and well. Take the time to recognize what makes you feel good, and be sure to build that into your plan to stay mentally healthy.

Of course, the challenges of running a business don’t stop after launching—I was in the midst of launching my business while pregnant with my second child. While a product launch and a new baby are two happy, momentous occasions, they come with their fair share of overwhelm. But as I channel my energy into something I’m passionate about, I’m provided with an opportunity to think positively towards the future and cultivate the resilience required to balance motherhood and entrepreneurship.

About the author: Thai-Anh Hoang is the founder of the clean, family-friendly skincare line EmBeba. A daughter of entrepreneurs, she was inspired to start the company after a family member gifted her a generations-old, homemade balm that worked miracles on her family’s sensitive skin. She’s a mom of a toddler with another child on the way.

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16 Perspective-Shifting Books a Diversity and Inclusion Strategist Wants You to Read in 2021

Photo: cottonbro from Pexels

I’ve always loved to read and live for a good reading list from someone who likes the type of titles I’m drawn to. As we make our way through Black History Month in 2021, the year following a racial reckoning that much of the globe is still reeling from, I felt compelled to put together a collection of books that I’ve read or want to read using some thoughtful criteria.   

First, I wanted to honor Black History Month by uplifting Black authors from all walks of life. While everyone on this list is a Black person, they are vastly different humans and have rich differences that come to life in each of their works, uniquely. Second, I wanted to choose books that haven’t necessarily had the visibility they deserve. Sometimes when searching for books, I see the same recommendations in several places; similarly to how many people celebrate Black History Month by reviewing the same handful of Black History figures year after year. I wanted to diversify my list of Black authors to maybe introduce you to someone you didn’t know.  

Lastly, as an inclusion strategist, I work daily with organizations that are working to create more inclusive workplace cultures. So, I like books that give me stories to reference when I am teaching. Each of these books has a few threads that connect to inclusion and how it comes to life in real life. Some inclusion throughlines are easy to identify just in the titles, others are brought to life as you read.

This collection of books will shift your perspective, enhance your knowledge, make you laugh and cry, as well as shock you. This Black History Month, and perhaps even in the months following, pick one of these titles to dig into to support your journey to being more inclusive in your own life.

This Is Not a Test: A New Narrative on Race, Class, and Education

By José Luis Vilson

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I love this book because it offers a window into education policy, which is often informed by race, through the author’s personal story. Part memoir, part nudge for policy reform, my friend José shows, through a collection of essays, how classrooms are informed by the communities from which their kids and their teachers come. José, a Black-Latino educator who taught middle school in Washington Heights, Manhattan brings the reader to contemplation about class, both from a learning perspective and as it relates to economic status.

Building for Everyone: Expand Your Market with Design Practices from Google’s Product Inclusion Team

By Annie Jean Baptiste

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As an inclusion strategist, I’m fascinated by how other professionals in my industry are tackling the work. This book gives a behind-the-scenes look into how tech Giant Google creates award-winning and inclusive products.

Not Light But Fire: How to Lead Meaningful Race Conversations in the Classroom

By Mathew R. Kay

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One of the most powerful periods in any person’s life is their high school years which, for many, serve as a season of awakening to new ideas and perspectives. With conversations on race becoming normalized in America, this book gives a framework for how to make difficult classroom conversations productive. The title is a nod to one of my favorite quotes by Frederick Douglas as he called abolitionists to action, “it is not light that is needed, but fire.” An educator’s must-have.

Caste: The Origin of our Discontents

By Isabel Wilkerson

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Isabel Wilkerson peels back the layers of the power systems that silently define how we organize ourselves to move about the world. If you have ever struggled with understanding the idea of systemic oppression or wanted some historical context for how injustice not just happens but is engineered, take a dive into this text.

The Memo: What Women of Color Need to Know to Secure a Seat at the Table

By Minda Harts

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The corporate journey is more difficult for women than it is for men, but add in being a woman of color and the challenges multiply. Infused with her engaging personal story, Minda breaks down how women of color can advocate for themselves in the workplace and how white allies can support. 

I’m Still Here: Black Dignity in a World Made for Whiteness

By Austin Channing Brown

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For anyone who still doesn’t understand the inherent advantages of white privilege, this book details the relentless nature of racism in this country.

More Than Enough: Claiming Space for Who You Are (No Matter What They Say)

By Elaine Welteroth

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I live for an intimate memoir, and this book is rare in that the author is still fairly young yet has achieved more professionally than most people twice her age. That level of achievement didn’t come without cost, though, and in the book, the author shares vulnerably about her career journey and what was going on behind the scenes of her many headline-making career moves.

I Don’t Want to Die Poor

By Michael Arceneaux

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In his second collection of essays, the author captures the Xennial experience, especially how being saddled with student loan debt impacts that experience, masterfully. Witty and honest, he shares his perspective with a vulnerability we don’t often see.

Lead From Outside: How to Build Your Future and Make Real Change  

By Stacey Abrams

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Stacey Abrams captured so many of our hearts and minds in the last few years as we’ve watched her bid for the Georgia governor’s seat and witnessed her galvanize Georgians during the 2020 presidential election. What we get from her book is more on her personal background along with her strategic long-term thinking mindset. For people who feel disempowered, this book will show you how to win with what you have.

Begin Again: James Baldwin’s America and Its Urgent Lessons for Our Own

By Eddie Glaude Jr.

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If you fancy yourself a James Baldwin fan (and even if you don’t, you should familiarize yourself with his work), this book gives the Civil Rights era writer’s work new life. Sadly, many of the same political themes Baldwin covered in books like The Fire Next Time are just as timely today as they were fifty years ago. This book connects the two eras and offers some learnings on how not to repeat history.

The Color of Money: Black Banks and the Racial Wealth Gap

By Mehrsa Baradaran

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Despite the title, this isn’t a book just about banking. Instead, it gives a detailed background on racialized economic policies in this country, much of which you won’t believe until you read it. Chock full of historical context as support, the author offers insight into Black folks' relationship with money and challenges the idea that Black people could build wealth in a segregated economy. If you have ever contemplated the wealth disparity in the U.S., this book explains it and offers ideas about how to solve for it without segregation.

Black Detroit: A People’s History of Self-Determination

By Herb Boyd

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There’s something special about the city of Detroit, and I’m not just saying that because it’s my hometown. But I found this a fitting read for the month because it’s a history of one of our country’s great cities. Detroit has many tales to share about being Black and helping to shape America. If you think you already know Detroit, or even if you love the place as much as I do, this is the history of Detroit you may have missed but must revisit.

A Taste of Power: A Black Woman’s Story

By Elaine Brown

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While many are familiar with the men who defined The Black Panthers in the sixties, Elaine Brown is not a household name. Yet she took the helm of the organization at a time when it was well-known for its misogynoir. A fascinating memoir and perspective you’re not likely to come across often.

Glory: Magical Visions of Black Vision  

By Kahran Bethencourt

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This is my one coffee table book recommendation because it is truly a work of art. It’s by a photography team who photographed Black children highlighting their natural beauty, natural hair, and personal stories. It’s both a book of photos and a collection of essays that reimagine young people.

Resilient: How to Overcome Anything and Build a Million Dollar Business With or Without Capital

By Sevetri Wilson

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This book isn’t out yet, but I’m excited about its release. In this book, my friend Sevetri shares candidly how she bootstrapped a multimillion-dollar company and went on to raise millions in venture capital. For anyone with an entrepreneurial spirit, big ambitions, and who wants to make their start-up dream a reality, I am betting this is the book for you. I’ve already pre-ordered this book and can’t wait to read it.

Allies and Advocates: Creating an Inclusive and Equitable Culture

By Amber Cabral 

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Last but not least, my book, Allies and Advocates, was released in November. I share a framework for creating more inclusive work and home environments for those who are ready and willing to do the work. I cover making space for allyship, share a historical overview of “how we got here” from a race relations perspective, and offer concrete ways to use one’s privilege (we all have it) to be more inclusive of others. If you’re looking for a place to start or want to know what you can actively do to be an ally or an advocate, this is a great place to start.

“This collection of books will shift your perspective, enhance your knowledge, make you laugh and cry, as well as shock you.”

—Amber Cabral, Author and Diversity & Inclusion Strategist

About the Author: Amber Cabral is the author of Allies and Advocates: Creating an Inclusive and Equitable Culture. She works as a diversity, equity, and inclusion strategist for major retailers and the Fortune 500 through her company CabralCo.

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