Accelerators To Help You Launch or Level Up Your Business in 2023

Incoming: A mega-list of opportunities to kickstart your business this year. Whether you're searching for the seed money to launch your venture or seeking mentors whose relationships will last a lifetime, these accelerators for small business owners are for you.

Ongoing accelerator and grant opportunities

The Amber Grant for Women

Deadline: Monthly deadlines

This award honors Amber Wigdahl, who died at 19 years old before pursuing her business dreams. WomensNet gives away at least $30,000 every month in Amber Grant money, as well as offering a host of other grant opportunities.

Apply now

Black Founder Startup Grant

Deadline: Rolling applications

Black women entrepreneurs receive less than 0.5% of venture capital funding—but this grant is trying to change that. SoGal Foundation teamed up with Winky Lux, bluemercury, twelveNYC, Twilio, and  Walmart.org’s Center for Racial Equity to provide $10K and $5K cash grants to Black women or nonbinary entrepreneurs. They will also receive lifetime access to the SoGal Foundation and SoGal Ventures teams—and all they have to offer.

Spring accelerator and grant opportunities

Google for Startups Accelerator: Climate Change for North America and Europe

Deadline: January 19, 2023

This 10-week accelerator program for North America-based Seed to Series A tech startups. This digital opportunity connects you to the best minds at Google to take your climate change-focused business to the next level. "In addition to mentorship and technical project support, the accelerator will focus on product design, customer acquisition, and leadership development for founders," according to the site.

Apply now

FedEx® Small Business Grant Contest

Deadline: Opening January 31, 2023

This content awards "unique and innovative small businesses" with $30K to help you get your idea off the ground. Check out last year's winners here.

Apply now

Female Founders Startup Accelerator

Deadline: January 24, 2022

This startup accelerator is all about helping women business owners get investment-ready. This accelerator has raised over $3 million for its portfolio company. Expect deep-dive sessions with industry experts and plenty of mentorships in this experience.

Apply now

MassChallenges U.S. Early Stage

Deadline: March 3, 2023

This mentor-based program opens annually and lasts four months in total. This accelerator also offers an optional residency in a market of your choosing and allows you to choose an "industry track," including safety and security, health tech, social impact, and more.

Apply now

Female Founder Initiative

Deadline: March 27, 2023

"The Founder Institute helps you get traction and funding with a support network of startup experts that are invested in your success and through a structured business-building process that has helped alumni raise over $1.75BN," reads the description of this incredible opp.

Apply now

Apply now

Know of other incredible accelerator programs for women and femme entrepreneurs? Email us at editorial@createcultivate.com.

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4 Ways To Outsmart Tiktok With the Sisters Behind Vitamin C Agency

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Here are some stats you don't want to scroll past: 49% of TikTok users credit the app with helping them make purchasing decisions, and 1 billion people are already on the app, ready to consume content. So if you still haven't considered a TikTok strategy yet, you're missing out on reaching customers with serious purchasing power.

Sisters Audrey and Leigha Anthony picked up on this back in 2018 when they founded Vitamin C, an influencer marketing agency specializing in TikTok. The ‘C’ stands for consciousness, and the sisters' mission is to infuse that word into the industry, changing social media and influencer marketing for the better. 

Four years later, they’ve built a seven-figure business and worked with some of the top influencers and brands to build impactful social media strategies, including Butcher Box, Thrive Market, Amika, and Vuori—all names you’ve probably seen on your TikTok feed. In other words: They know a thing or two about leveraging TikTok to build a presence authentically.

Ahead, Audrey Anthony suggests four strategies you should apply to your brand's presence on TikTok (especially if you're ready to grow)!

1. Volume and consistency are more important than "perfect" content

This goes for content creators and small businesses. Audrey says that if you really want to grow on the platform, you can't be precious about your content. "[TikTok] is so different from a platform like Instagram, which is like a highlight reel," she says. "With TikTok we're seeing off the cuff, last minute and chaotic [content]. These videos should only take a few minutes to film, edit and post. The faster you can get it out, the faster you're likely to grow."

The sisters also agree that the best way to learn about your audience (and keep up with their interests) is to test and engage over and over again. "It's a volume game of trying out a ton of different things and finding out what you like," Audrey continues. "Then figure out what's attracting the type of community members you want to attract.”

2. Work with creators who speak directly to their audience

Audiences won't buy from people they don't trust. Vitamin C keeps this in mind when they match influencers with brands in the growth stage. "If there's true discourse and dialogue, we know that their audience is engaged—and they can be a great partner," Audrey confirmed.

3. Your goal is your north star

According to Audrey, influencer pricing is an art, not a science. There's no correct answer or formula—it all comes down to staying connected to your goals. "Understand what you're trying to get out of the video. Is it big views? Is it acquisition? Do you want a cool ad? Understand what you’re asking the creator for, and then set those parameters,” she says.

4. Start creating long-form content now

As for trends, Audrey believes content longer than three minutes will be key to any TikTok strategy in 2023. As more people join the platform, communities grow larger and stronger. People are already spending more time on TikTok than on other platforms, so it's only natural for creators to give more time to their followers. We're also likely to see influencers that are more "ordinary," according to Audrey. "Instagram is aspirational, but TikTok is relatable."

Listen to this week's episode of WorkParty for more ways to develop a TikTok-first strategy for your brand!

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How To Pivot Your Social Media Strategy in a Post-Twitter Age

The future of Twitter is either a mystery or a mess—depending on who you ask. Since Elon Musk took over in late October, the platform has lost around one million users, and 50 of its top 100 advertisers have jumped ship. So if you're not quite sure what the social media post-Twitter landscape looks like for your business, don't worry: We phoned an expert in all things scrolling, liking, and retweeting.

Plot twist: Twitter might no really be dead

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How To Set (And Keep) Boundaries as a Newly-Minted Solopreneur

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By Jennifer Berson, founder and president of Jeneration PR

When I first shifted my career from working as a civil litigator to running my own public relations agency, I struggled with setting boundaries. Answering texts from clients on evenings and weekends became the norm, and I stopped everything to answer an email from a client—no matter what time of day. I needed to create a vision for my life and business—and make a concerted effort to protect my time.

I know from experience that it can be tough to set boundaries with your clients, especially if you already have a working relationship with them. So here are my top tips for drawing those much-needed lines in the sand—no matter where you are with your clients in your journey as a solopreneur.

1. Set a precedent right from the start

You don’t have to exhaust yourself as an entrepreneur. Newer business owners feel they need to earn the ability to set boundaries, but that’s not the case. You created this business for yourself, right? That means you can make it look however you want for yourself, including client boundaries. 

Realize that you deserve to create your business like this from the get-go. You shouldn’t feel the need to instantly reply to every client communication or stay at your computer at all hours of the night. Entrepreneurship doesn’t have to be that way for you to be successful. In fact, it’s a recipe for burnout.

2. Shift your mindset and your availability

Many new solopreneurs struggle to set boundaries because they believe they have to be on 24/7 for the sake of their clients. This is a misconception and a bad mindset to be in when kicking off your business. 

You don’t have to be accessible at all times to be a good service provider. When you have boundaries in place, clients respect your availability (as long as you’re getting the work done). They’ll see you crushing it during your available hours and will trust that if anything comes up after hours, you’ll get back to them right away the next morning.

3. Vacation is still vacation—even if you work for yourself

Taking time off is always okay. As long as the work gets done, it should not matter—barring the rare work emergency, of course! 

Make sure you convey your available hours to your client in what you say and do. Don't send a proposal or work-related emails after hours or while you're supposed to be OOO. Doing so sets the expectation that you’re working and accessible around the clock, and clients can easily take advantage of that. 

It’s all about the follow-through here. You have to exemplify your boundaries, not just have them in your head or mention them to your clients. 

4. Be ready to speak up for yourself

If you have a client with a habit of sending last-minute asks and after-hours messages, you must correct the course. If it doesn’t get better when you work on it, know that it’ll probably never get better, and you might need to part ways with the client. 

Don’t be intimidated to say something to your client when the last-minute asks are becoming too much and your client's boundaries are being crossed. Your relationship with them should be mutually respectful. You’re running a business just like they are. 

About Jennifer Berson

Jennifer Berson is a former civil litigator turned strategic communications advisor who champions the PR agency model for ambitious women seeking a satisfying, high-powered career that doesn’t require the sacrifice of personal and family time to make a powerful impact. Her mentorship and direction as the founder of the Jeneration Academy community have led thousands of international boutique PR agency owners to quickly scale their businesses to six figures and beyond.

Everything You Need To Know About the TikTok Bans—And What They Mean for Your Social Media Strategy

While it may appear to be business as usual on your TikTok feed (you know: line dancing, salad dressing hacks, bunnies sleeping on panda bears, and the like), a lot is going on behind the scenes. The app, which is owned by ByteDance (a China-based social platform-focused tech company founded in 2012), has been under fire for its privacy settings since 2019, when it was fined is fined $5.7 million for child data privacy violations. In the years since then, various branches of the United States government have attempted to ban the app (including the military and President Donald Trump). And in 2023, those efforts continue.

The "why" behind TikTok bans

Many U.S. government agencies have discussed nationwide bans on TikTok, citing security and privacy concerns. Here's why: ByteDance, which, remember, is the parent company of TikTok has had a history of lawsuits over privacy issues. For example, earlier this year, Buzzfeed News reported that ByteDance employees were accessing non-public data for TikTok users—including phone numbers and birthdays.

This event is part of a larger concern that China's national security laws may require companies like ByteDance to supply personal and proprietary data to the government on demand, reports NPR. (However, it's worth noting that TikTok claims this data stays within the U.S.)

This growing concern for data privacy has led Republican lawmakers to introduce a bill that would ban the app nationwide. FBI director Christopher Wray has also expressed his concerns surrounding the app. "They include the possibility that the Chinese government could use it to control data collection on millions of users or control the recommendation algorithm, which could be used for influence operations if they so chose, or to control software on millions of devices, which gives it an opportunity to potentially technically compromise personal devices," he said last month.

Now, as the year comes to a close, seven states have issued bans of TikTok on state-provided devices. Below, you'll find the TL;DR on who is now pursuing TikTok lawsuits and bans. Plus, what all this TikTok drama really means for your business's social media strategy.

Efforts to ban TikTok by state

Alabama

In Alabama, Governor Kay Ivey has prohibited the use of TikTok on all state IT infrastructure as of December 12. “Protecting the state of Alabama and our citizens’ right to privacy is a must, and I surely don’t take a security threat from China lightly,” Governor Ivey said in a statement. “After we discussed this with our OIT secretary, I came to the no brainer decision to ban the use of the TikTok app on our state devices and network. Look, I’m no TikTok user, but the evidence speaks for itself, and I want to make sure I’m doing everything we can as a state to stand against this growing security risk.”

Maryland

On December 7, Maryland banned the use of TikTok and certain China and Russia-based platforms in the state's executive branch of government, an effort led by Governor Larry Hogan.

Nebraska

The first statewide ban of TikTok on all State electronic devices was announced by Governor Pete Ricketts on August 12.

South Carolina

"Protecting our State’s critical cyber infrastructure from foreign and domestic threats is key to ensuring the health, safety, and well-being of our citizens and businesses," Governor Henry McMaster wrote in a letter to South Carolina Department of Administration Executive Director Marcia Adams (released December 5). "Federal law enforcement and national security officials have warned that TikTok poses a clear and present danger to its users and a growing bi-partisan coalition in Congress is pushing to ban access to TikTok in the United States."

South Dakota

South Dakota announced that TikTok will no longer be accessed on state-owned or state-leased devices.

Texas

Governor Greg Abbott banned TikTok on government-issued cell phones and computers, stating that TikTok "harvests" data from its users' devices.

Utah

Utah Governor Spencer Cox also banned the use of TikTok on state-owned technological devices on December 12.

How concerned you should be about TikTok bans right now, according to a social media expert

So, what does all this mean for your business? According to Ashley Rector, Founder of Laura Alexandria Marketing, an organic and paid social media marketing company, this news should encourage you to keep a close eye on TikTok and consider how it fits into your overall brand strategy. "Several states have already banned Tiktok on a state level for government devices, which only gives more credibility to the legislation that was just introduced to ban Tiktok in the U.S. as a whole," she explains.

She adds that taking a broader view of this news and looking beyond TikTok itself may also be useful. "Data privacy is extremely important," says Rector. "It won't be the last of new laws and regulations coming out that will hinder social media apps and advertising, so connecting with audiences in an organic way is important." In other words: As a founder, it's crucial to keep close tabs on privacy and data news so that you can pivot when necessary and remain agile in your marketing efforts.

6 tips for TikTok proofing your marketing plan

1. Diversify your content channels 

"Utilize Tiktok up until the final nail in the coffin, however, make sure you are also prioritizing content on other video-heavy channels like Youtube and Instagram," says Rector. "Youtube Shorts is an excellent way to start testing out Youtube if you are currently not on the platform." She adds that Instagram is also a solid option since Meta has proven it has staying power.

2. Let go of TikTok perfectionism

While you should still have a "business as usual" mindset about TikTok, Rector recommends taking shortcuts on the app. That way, you can lend that time to other platforms. "Less polished content is key right now, so stop spending so much time creating the perfect video and let it be a little rough around the edges," she says.

3. Have fun with new social media platforms and releases 

"Every social channel copies what the other is doing, so instead of resisting what is coming, lean in and make it your own," says Rector. Give Youtube Shorts a try or experiment with BeReal. Why not?

4. Look at who your customers/clients are—and allow that information to inform your social media strategy

If you don't know who your people are yet, now's the time to really get to know them, says Rector. "Get really clear about who your target consumer is. What is their age? Where do they live? What do they like? Each social platform has a strong base of a certain demo, so start there," she says. Once you've gathered this information, you can make strategic decisions about which non-TikTok platforms deserve your brain space.

5. Tell your TikTok followers to check you out on other channels

"Make sure you leverage Tiktok now," says Rector. "Tell users that they should follow you on other channels. We did that for one of our clients and saw a big increase in followers on the other social channel we directed them to."

6. Always focus on what you can control 

Here's the not-great news: At the end of the day, no social media app is 100 percent reliable. "It is extremely important to use social media to funnel into your other marketing efforts," says Rector. "So think about where you can lead people on your channels. Is it an email list, your website, where is it?" Sending your community to places you control is critical—and, right now, TikTok ain't it.

This is a developing story.

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3 Things To Do Riaght Now To Recession Proof Your Business, According to Jaclyn Johnson

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The fear of facing a recession is real for any professional. But for some small business owners and solopreneurs, confronting this challenge alone can be downright scary.  While a recession is likely on the horizon, small steps can be taken right now to ready you and your business for the uncertainty ahead.

On this week’s episode of WorkParty, Create & Cultivate Founder Jaclyn Johnson shares three steps you can (and should!) take to feel equipped to take on financial uncertainty.

1. Analyze your operational costs

It’s so important to see every dime that goes out the door. Johnson suggests taking time to analyze your costs and note what you’re spending month-over-month. Making a straightforward decision will become easier when you have a bird's eye view of your expenses

2. Categorize your operational costs

Take stock of what is fundamental to running your business and the areas that help drive revenue. Then, take a look at what costs are your "nice to haves."

3. Cut the “nice to haves”

You probably saw this one coming! “It’s important to operate at your leanest possible potential,” says Johnson. This means cutting costs that won’t sacrifice what your business could look like in 2023.

Be sure to take a careful look at every area of your business. Consider the value of your platforms and tools, negotiate with vendors, or discontinue a product that isn't selling well.

Listen to this week's episode of WorkParty for more of Jaclyn's 2023 planning tips!

LISTEN TO THE FULL EPISODE

https://open.spotify.com/episode/20XgEhJq2kaa7JlglMTGjV?si=8e3c7a264cd54402

RESOURCES

OTHER EPISODES YOU MIGHT LIKE . . .

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Live From Small Business Summit: Founder of Outdoor Voices and Try Your Best, Ty Haney Explains How to Leverage Web3 to Build Strong Communities

How One Woman Used TikTok To Land a Job Promotion 

This Black-Owned Company’s CEO Is Disrupting The Beauty Industry

Cass Dimicco On Parallel Pathing Your Personal Brand With Your Business

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Out of Office Is Disrupting the Travel Industry—Here’s How the Co-Founders Allocated $4.6M in Fundraising

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Out of Office (OOO) is the latest app disrupting the travel and tourism sectors, going up against long-time industry leaders Expedia and Travelocity. Full of hidden gems, best-ofs, and hot tips, the recommendation app uses a different source pool than its competitors: your personal network. Sounds like a saving grace for your trip-planning group chat, right? Investors thought so, too.

The idea for OOO arrived when former Trunk club executives Jan Seale and Coabi Kastan were on a trip to London. After digging through google sheets, confirmation emails, and phone notes each day, the duo realized there had to be an easier way to organize and execute a group trip. The pair put a pin in the idea as they focused on growing their respective careers, but when travel halted in March of 2020, they had an inkling the tourism industry would boom at the first chance of travel. So they hit the ground running.  

Their gut instincts were right. In 2022, the global leisure travel market reached an estimated $645.3 billion and is expected to increase by 19 percent in the next five years. This global demand for wanderlust allowed the duo to raise $1.6 million during their pre-seed round in 2021 (backed by former colleagues at Cameo and Havenly). 

Typically, pre-seed funding goes towards putting a product’s vision in motion. Seale and Kastan nailed their brand vision in the early days of OOO's conception, but bringing it to life as a functional app would be tricky. “We had a great idea, and we had a team that was working for free on our beta. But it was so unique and different [that] we needed money to build something end to end,” says Seale, who also serves as CEO. She adds that the pre-seed money was key to finding and paying the right people to build out the app they envisioned. 

OOO’s seed round was an extension of that. By April 2022, they had built a quarter of the app’s functionality using pre-seed funds. “We needed more capital for a bigger team. We needed to invest in marketing and customer acquisition and on brand in order to continue to scale," Seale says. That month, the company closed a $3.5 million round of seed funding led by Hyde Park Venture Partners. 

While OOO has now raised close to $5 million, the odds were stacked against the two as minority and women co-founders. Female founders received just two percent of venture capital money in 2021, and Seale was among the first one hundred Black women to raise over a million dollars in venture capital with OOO's pre-seed round. “While it sounds like an accomplishment, with billions of venture dollars being deployed each year, it’s unfortunate that that number is so small," says Seale. "Both Coabi and I are committed to changing that dynamic and ensuring that more marginalized groups get access to venture capital."

Seale and Kastan are looking forward to their Series A next year.

Want to learn more about the future of Out of Office? Jan Seale and Coabi Kastan share their thoughts on the future of personalized travel, entrepreneurship, and app building on this week's episode of WorkParty.

LISTEN TO THE FULL EPISODE

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5 Steps To Successfully Launch an Online Course, From a Multi-Million Dollar Course Creator

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The first time I ever made money from one of my online courses, I was standing in line at the grocery store. 

*Ding* 

My phone buzzed. It was a notification that I had just made $3,400… while grocery shopping!

In the following week, I made over $18,000 from selling my first online course. As a service-based business owner, I realized I could generate more revenue in one week selling an online course than I could in a few months of trading my time for money with one-to-one services. 

To date, my company, Bucketlist Bombshells, has generated over $5 million dollars of revenue from our online courses that have taught 10,000 women worldwide how to successfully start and grow an online business from scratch. One of the things that I always tell our members inside our monthly business-growth membership that teaches women how to grow their business to 6-figures is that the key to scaling your business is to stop trading your individual time for money.

Maybe you currently have a service-based business, and you’re maxing out on the number of hours you have to serve your clients. Instead of offering your services one-on-one, you’re curious about packaging your expertise into an online course to sell one-to-many. Plus, by offering an online course, you can maximize your business’ reach, mission, and impact.

But what does it really take to successfully launch your own online course? Here are five steps you can take to successfully launch your own online course and add a significant revenue stream to your business.

1. Choose your online course niche

It shouldn’t come as a surprise that the first step is to decide on your online course topic or “niche.” Some ideas to get you started on choosing your online course topic are to brainstorm: 

  • What expertise do your customers currently come to you for? 

  • What are the top questions you’re constantly asked? 

  • What topics are you an expert in?

  • What results are you excellent at getting people?

Your online course niche doesn’t necessarily need to reinvent the wheel. There may be plenty of online courses on your exact topic. However, your students may choose your course because of your past experience, teaching style, or your unique way of doing something. 

For example: If you’re a book illustrator, you may want to create an online course that teaches others how to become a book illustrator using your years of experience and your unique creative methods.

2. Build a community of potential students

Now that you’ve decided on your online course niche, it’s time to begin building a community of potential students. 

There are many different platforms to host a free community. One of the easiest and arguably most accessible is by simply starting a free Facebook group around your topic. 

Not only will your Facebook community be an amazing source of future customers as it grows, it will also provide invaluable insights to your target audience. Pay attention to the struggles that your community members have around your topic. What questions are they constantly asking? Maybe even run a poll to gather their feedback as you start building your course.

Quick tip: Gather email addresses when members request to join your group to start building your email list, too. When it’s time to launch your online course, you’ll have an entire group of potential customers to sell to!

3. Create a waitlist page

Don’t wait until your online course is created to begin marketing it!

By creating a simple waitlist page, you can begin to gather leads for your new online course. If you already have a business website, I recommend adding a link to “Get on the waitlist!” for your new online course coming soon. 

As you execute other marketing strategies in your business (like blogging, guest podcasting, creating YouTube videos, etc.), you should always link to your waitlist page to continue building your list of future students.

4. Create your course content

Now for the extra fun part: actually creating your course content! 

In a nutshell, all you need is a microphone and a computer to create your course content. 

One of my favorite brainstorming techniques for creating a new course is what we like to call “The Sticky Note Method.” Using sticky notes, write down all of the concepts you’d like to teach in your course. Next, group similar concepts together to define your course “modules.” Think of your modules like chapters in a book!

While there’s no “perfect” amount of content you should have, keep in mind two important things I’ve learned the hard way:

  • Stick with bite-sized videos, as people tend to have a short attention span.

  • Avoid overwhelming your students with too much content. 

For a very user-friendly and all-in-one platform to create and host your online course, I recommend using Teachable.

5. Launch your online course

It’s time to launch your online course! 

Using the leads from your waitlist page and the members of your Facebook community, it’s time to execute what online course creators like to call “a launch.” 

Your online course launch should have:

  • A sales page

  • A deadline to enroll

  • An exciting and special sales offer (i.e., a discount, bonuses, etc.)

This is officially your time to strongly market and sell your online course to your community. Remember to focus on the results your online course will help someone achieve rather than focusing solely on the digital product itself. How will your online course add value to their lives? What pain points will it help someone avoid or breakthrough? What goals will it help them to achieve?

By following these steps, you’ll be well on your way to successfully launching your own online course, too.

About Shay Brown

Shay Brown is the COO and co-founder of the Bucketlist Bombshells, an online community that equips women with the confidence, skills, and business foundation to start and grow a thriving service-based online business. She’s been featured on Forbes and CNBC for teaching over 10,000 students around the world to successfully launch their own businesses. If you’re ready to grow your business to 6-figures, learn more about their monthly business growth membership here or tune into their top-rated Freedom Filled Life Podcast™.

What the FTX Crash Means for Crypto's Future

If you're hearing the word "crypto" tossed around more than usual, there's a good reason. The fall of cryptocurrency exchange company FTX has garnered quite the buzz—even amongst those who still aren't quite sure how to use Bitcoin in a sentence (understandable). So if you've found yourself lost in the crash of this crypto-company, which was valued at a whopping $32 billion earlier this year, worry not. We asked a crypto scholar Bill Maurer, PhD, a cultural anthropologist at UC Irvine, to break down all the FAQs on FTX—including what it may mean for your crypto holdings.

Below, his answers to our most-pressing questions.

Let's start with the basics. What is FTX?

FTX is a crypto exchange and trading platform based in the Bahamas and created by Sam Bankman-Fried [aka "SBF"]. He's known more broadly in the crypto world for taking part in the "Effective Altruism" movement, a philanthropic trend wherein founders (largely in the tech world) pledge to give away all the money they make in their lifetimes to impact positive change in the world. That do-good premise was this veneer around FTX and this guy, SBF. 

FTX itself was almost like a bank—it allowed you to buy and hold cryptocurrency and deposit your crypto and state-issued currency as well. You can do that with a lot of crypto exchanges, but the next thing that FTX allowed you to do was to use your deposits as collateral and to borrow against them. In other words, it was both a trading platform and a lending platform.

For example, you could deposit Bitcoin and then borrow against your Bitcoin to buy Ethereum (the native cryptocurrency of the Ethereum blockchain). Because Bitcoin costs more than Ethereum, you were able to make the bet that the value of Ethereum was going to rise enough that you could pay off that loan. And then, hey, presto, you've got tons more money.

Why the Bahamas?

In the United States, you would need to be a brokerage firm or a bank to run FTX, both of which are highly regulated entities. So that's likely why FTX is in the Bahamas.

Editor's note: The Bahamas are so attractive to business owners like SBF because of their "tax haven" status. A tax haven is "a country that offers foreign businesses and individuals minimal or no tax liability for their bank deposits in a politically and economically stable environment," according to Investopedia. 

Okay, and what is Alameda Research, the other company SBF owns?

Alameda is an investment company based on this margin trading idea of getting loans to make big investments in other cryptocurrencies to earn a profit to then pay off the loans to then get more loans to then make big investments to then earn a profit.

Editor's note: The TL;DR is that FTX (founded in 2019) is a crypto exchange company and Alameda Research (founded in 2017) is its affiliated trading firm. According to The New York Times, SBF founded FTX to fund Alameda. And thus, the two companies have always had a codependent relationship. 

Okay, now catch us up on the FTX crash. What happened?

The problem really started when the so-called "crypto winter" happened in early November. A "crypto winter" refers to a long time period of declining cryptocurrency prices. You can read more about the causes of this year's crypto winter here.

The crypto winter led to the broad sell-off of all kinds of cryptocurrencies and declining prices in crypto. As a result, lenders to Alameda were like, "Okay, we think that you need to pay our loans back now, because there's no way that the crypto that you're buying with our money is going to be making any money."

Basically, the creditors came calling. And when the creditors came calling—and here's where it gets a little bit murky—it seems like SBF was using customers' funds from FTX to bail Alameda out. So somehow Alameda had tons of FTT (the FTX token), and was borrowing against its FTT holdings to pay off its debts. But with the falling prices, including the fall of price in FTT, it looks like SBF just took deposits from the exchange to keep Alameda afloat.

So Coin Desk, a crypto media outlet, actually got a hold of Alameda's balance sheet in early November, and started raising the alarm. Saying, "hey, it looks like most of the stuff on its balance sheet is FTT. Where did that come from? FTT is losing value. And then the founder of another exchange, which is named Binance, basically was like, "what the hell" and started selling all of his FTT, which led to a big drop in FTT price.

After that, everybody with their money in FTX was like, "we need to get our money out of FTX." But guess what? It wasn't there anymore. That's what led FTX to file for bankruptcy on November 11. So it's gonna be a while before we know exactly what is going on because there was a lot of funny accounting. There was a lot of shuttling back and forth between FTX and Alameda. There was a lot of FTT just being created somehow and given to Alameda. And now, there are all these customers who can't access their funds.

So, is the FTX fall likely to affect the larger financial market?

I would say no. This seems relatively contained. It might have a ripple effect for the wider crypto market only because I think a lot of regulators are going to be asking what's really going on with these cryptocurrency exchanges. Like, can we look under the hood and see what you're all really doing?

We're at a moment where the head of the SEC [the U.S. Securities and Exchange Commission], Gary Gensler, is very keen to build a better regulatory system around crypto and blockchain. So I think this is going to put the wind in the sails of those who want greater regulation.

Now, of course, would greater regulation have helped here? No, because it's the Bahamas—but it's definitely putting the whole industry on notice.

I think that there are big portions of the crypto world that want regulation. They don't necessarily like it, but they want certainty, clarity, and, ultimately, they want trust. And this is a major hit to trust, right? So if [crypto businesses] can say somewhere down the line, "Hey, we're a regulated entity and here's our filing with the SEC, then probably more people will start to trust it again."

The government does some very nice things [when it comes to banking]. It gives us deposit insurance if we're in a regulated bank or credit union. We don't have that for cryptocurrency exchanges. So if you're, if you're imagining that your money in crypto is in a bank account, you need to think again because it's not. There's no federal insurance to protect you if it goes if things go wrong.

What is your advice to founders who have crypto holdings—or whose businesses rely on crypto?

I would reevaluate your holdings, reevaluate your strategy, and really make sure you understand where your money is—and how you can get it out if you need to. Things like the FTX crash can happen because it's a largely unregulated space or a space that's regulated in a way where there's still so much wiggle room. It's a place where people can just use different words for the same thing and all of a sudden not be subject to the SEC [guidelines].

Editor's note: This is a developing story.

How to Reach Your Business' Target Audience For Less Than $10 a Day, According to a Successful Agency Owner

With platforms like TikTok on the rise, it may be hard to believe that potential customers are still tapping Facebook to learn about businesses like yours; however, the Meta-owned company is the most popular social platform in the world, pulling in 2.91 billion monthly active users. According to data collected by social media management platform Hootsuite, Facebook's ads reach 64 percent of all Americans over age 13. And thus, your target audience might just be one Facebook post away. 

Leveraging Facebook ads is one of the best ways to set your brand apart from the rest—especially if you're on a budget, says Courtney Spritzer—co-founder and CEO of Socialfly, a full-service social media agency. Spritzer acknowledges that there has been a negative shift in the perception of Facebook as an effective marketing tool over the years, but Socialfly's success speaks for itself. "I don't know where else you can reach your target audience for less than $10 a day," she explains on the latest episode of the WorkParty podcast. Standing out on a limited budget is, "all about content, leveraging influencers, and investing in Facebook and Instagram ads," says Spritzer. (Socialfly has been named one of Inc. 5000's fastest-growing private companies two years in a row, FWIW).

Facebook itself recommends spending at least $1 per day on ads. However, if using its cost-per-result goal bid strategy—which helps maximize conversion volume while keeping your ad spend low—your daily budget should be at least five times the amount of your cost-per-result goal. So, for example, if your cost-per-result goal is $5, your daily budget should be at least $25. Once your ads have exited the learning phase (the amount of time it takes Facebook to learn about your Target audience once a post is live), Facebook tries to keep spending around your cost-per-result goal. Pretty smart.

Spritzer also mentions micro-influencers as a budget-friendly way to advertise. When you work with creators, you're not only reaching a new target audience, but your brand is receiving a piece of user-generated content (UGC) that can be reposted on your company's channels. Micro-influencers, who often have a niche, hyper-engaged audience, are known to charge $100-$500 per Instagram post. (But, of course, rates increase from this range based on factors like the influencer's reach, engagement, and scope of work.)

For more on budget-friendly ways to expand your audience, take a listen to this week's episode of WorkParty, where Jaclyn Johnson interviews the co-founders of Socialfly and Entreprenista, uncovering their secrets to building a business with your best friend and even more insights on digital trends for small businesses.

LISTEN TO THE FULL EPISODE

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Classifieds: Free People, Tastemade, Outdoor Voices and More Are Hiring!

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Check out our fresh batch of job listings every Thursday! This week we have new roles from Free People, Tastemade, Aesop, Four Sigmatic and so much more. Good luck with your job search! 

Are you a company looking to hire? To post your job listing, click HERE.

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Your Small Business Needs a Content Strategy—These 4 Steps

Think back to years ago or back to when you were in school. Remember everything we were taught about how to grow businesses? Now, take all of those memories and throw them out the window!

When COVID-19 came in and disrupted our lives in 2020, everything we thought we knew was turned on its head. Today, the ability to grow and add visibility to your business comes with adaptability and personality. Without the ability to change and adapt quickly, there is no way to grow- especially in turbulent times like these. As we continue to make our way through a “post” COVID business landscape, here are some simple yet effective ways to create more visibility for your business online.

Create a powerful mission statement for your business

The best thing you can do when growing your business is to know your goals and what you care about. Crafting a mission statement about what you are trying to provide to the world is immensely valuable as you try to figure out your posting strategy. This always provides a guiding light and almost a north star. At Whalar Talent, we often tell our clients that when they are posting on social media, you want to be additive to the internet. What are you trying to teach? Share? What emotions are you trying to leave people with? Joy? Humor? The more you can narrow in on your north star, the easier it will be to focus on how to get there and why.

Build content pillars on top of your mission statement 

Once you have your mission statement, you can figure out how to get from Point A to Point B by creating content pillars. For example, we represent many clients with bonafide professions, such as doctors, lawyers, artists, etc. In these fields, they can democratize information. They can share professional opinions on care or advice. They are finding ways to align with demystifying pop culture, sharing preventative tips and tricks, and sharing important reasons as to why based on years of experience and professional schooling. This helps them grow their client base, but it also continues to improve their knowledge base because now they are connecting with a demographic outside of what they are used to daily, which in turn provides value to their daily practice. 

Measure your content by engagement, not followers

Many times people really focus on their overall following, but I would challenge any business, brand, or individual to look at your per-post engagement rather than overall following. You want people to not only like your content but share feedback, questions, praise or even negative feedback to ensure that the things you continue to post are driving to your goals and mission, and sometimes the best way to do that is to hear from those who follow you. We find that higher engagement leads to higher lead generation and more conversions into sales, clicks, sign-ups, etc versus an overall following. A highly engaged community always does better than lots of passersby. 

Experiment and have fun

At the end of the day, creating content should be FUN. If you are not having fun doing this, I would advise finding someone else on your team who enjoys the creative freedom that comes with an online presence. Be ready, willing, and able to adjust and experiment. Experiment with the formats of content, with the timing of content, with the mediums of content. As the platforms and the algorithms change, so should you. Do not get too comfy in one way or another, be willing to change and have fun! Find the value this adds to your business and community, and continue to watch it grow!

Why Being a Forever Student Gives You a Competitive Edge in Entrepreneurship, According to Sakara Co-Founder Danielle Duboise

Education has always been a cornerstone for Sakara Life co-founder Danielle Duboise. After attending the Institute of Integrative Nutrition (IIN), DuBoise teamed up with Whitney Tingle (her co-founder) to study time-tested approaches to nutrition. Together, the two set their hearts (and stomachs) on the goal of nourishing their own minds and bodies, but where they landed was beyond what either of them had in mind. In 2012, the duo launched Sakara, an industry-disrupting wellness brand delivering ready-to-eat meals made with whole foods and ingredients you can trust. Reporting $150 million in revenue in 2021, Sakara has expanded into a lifestyle brand toting a namesake podcast, magazine, and community events, less than a decade after its launch. And according to DuBoise, a big part of the company's continued success has been her ongoing status as a student.

On this week's episode of WorkParty, Duboise said that ten years after her completing her certificate from the IIN, she is once again back in school pursuing a Master of Science in Human Nutrition and Functional Medicine. Why? In 2021, the fresh food meal kit industry was worth an estimated $6.9 billion and is set to generate over $10 billion by 2024. And with a growing number of competitors entering the market, Duboise says she sees pursuing her master's as an opportunity to cement Sakara Life's offerings as the most researched-backed, nutritious meals you can pop in your fridge. “I wanted to make sure our voice is known as one that is backed by research and scientific literature," said DuBoise.

That said, continued education isn't limited to a master's program. Anything from free online courses to applying for an education grant can set you apart from the crowd in your industry. So, consider browsing free courses at General Assembly, Udemy, or Coursera. (Who knows? It could give you just the edge you need.)

Want to learn more about Danielle DuBoise and Sakara? On this week's episode of WorkParty, Jaclyn Johnson chats with DuBoise about the brand-building process, life as a wellness entrepreneur (and new mom!), and her best advice for identifying your own version of balance.

LISTEN TO THE FULL EPISODE

Content warning: This episode includes discussions of eating disorders and body image struggles.

What to Expect at Dallas: Entrepreneur Edition

THE DATE
Saturday, November 19, 2022

THE TIME
2 PM - 5 PM

THE  LOCATION
Fashion Industry Gallery
1807 Ross Ave
Dallas, TX 75201
Get Directions

Details

REGISTRATION

The health and safety of our employees, staff, speakers, and guests is our top priority.  Based on guidance from the CDC, we have implemented various health and safety measures to provide all in attendance with the safest experience possible. All attendees will have access to hand-sanitizing stations and hand-washing stations; we will also have paper masks on site for attendees who choose to wear a mask.

Upon check-in, you will receive your schedule and event materials for the day.

For full FAQs, please click here.

The Schedule

Grab a drink as you join us for an afternoon filled with intimate conversation, a pitch competition, and networking. 

The Pitch Competition: Watch three finalists live pitch their business for a chance to win a $10,000 small business grant, plus 100,000 American Airlines AAdvantage® miles! The audience will have the opportunity to vote for their favorite business pitch.

Judges: Ginger Siegel, North America Small Business Lead, Mastercard; Riana Lynn, Entrepreneur & Author; Tanya Marie, Content Creator & Entrepreneur; Laila Dar, Founder & CEO, Rani Public Relations

Get Your Business Ready for 2023: You're wrapping up 2022 and getting ready for 2023 planning. In this panel, we'll hit on all of the pressing details that you need to know as you get ready for the new year, including business planning, finance, strategy, marketing plans, calendar planning, and more.

Speakers: Meet the Speakers: Janice Omadeke, Innovation Consultant, Exited CEO & Founder of The Mentor Method; Wanda Mulzac, Entrepreneur and Founder of Kay & Kai; Camille Styles, Founder of Camille Styles & Casa Zuma; Arielle Olfers, Founder, Creative Director, and Producer of The Southern Influence; Moderated by Reesa Lake, VP, Head of Creator Expansion

Networking: Take time to network and connect with peers and experts, and we'll announce the Pitch Competition winner during this time.

Other Need-to-Knows

ANY ALLERGIES OR DIETARY RESTRICTIONS? 

We'll serve lite bites and Wander + Ivy wine throughout the afternoon. We try our best to accommodate attendees with allergies and/or dietary restrictions, but we recommend that you BYO snacks to the event.

GIFT BAGS

Don't forget to grab your gift bag filled with goodies before you leave!

If you need assistance, we’re happy to help. Please email hello@createcultivate.com ahead of the event with any needs that you have on-site so we can assist with any additional needs before the event.

Stay Connected

Follow along at @createcultivate and use the hashtag #ccdallas to keep in touch!

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It's Performance Review Season. Here's How To Create a Culture of Feedback That Lasts the Whole Calendar Year

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According to a 2019 study by Gallup, only about 14 percent of employees strongly agree that their performance reviews inspire them to better their time on the clock. Meaning, from an entrepreneur's perspective, there's plenty of room for improvement when it comes to offering your small business' employees a moment to take the temperature on their performance.

Effective evaluations consist of real-time feedback that engages employees and produces better results. So if it's your very first evaluation season as a new entrepreneur, grab your pen and paper. Below, you'll find my top four tips for conducting performance reviews that feel doable and beneficial to all parties involved. (Plus, how to foster a culture of feedback that lasts the whole calendar year.)

1. Make Feedback Part of the Culture, From the Top Down

Communication about performance expectations should begin when you hire an employee and should continue regularly. Your employees will perform best if you articulate what you want from them and guide them on how to get there.

When hiring managers, let them know that communication and feedback are among your priorities, encourage them to understand the value and importance of feedback to your company’s culture, and invest in training resources at the outset of employment to best achieve a trickle-down effect.

Training can take the form of internal dialogue or bringing in a resource to coach your management team. Once they are trained, ensure that managers know they will be reviewed on the timeliness and quality of their feedback.

2. Create a For(u)m for Feedback

Ideally, feedback should be given immediately so an employee can correct or improve the behavior or work product. The easiest way to accomplish this is through email or other digital forms. This serves both the purpose of feedback and creating a record, which can come in handy if disciplinary measures are needed.

There are numerous performance feedback apps that allow self-reflection, managerial, peer, or even customer feedback. Alternatively, companies can develop an internal email template or intranet form so that all feedback touches on the same designated criteria. This cultivates a more objective and systematic approach to evaluations.

3. Define Success

Feedback is best given with measurable goals, whether individual or team-based. For example, you might define success as an on-time or on-budget delivery. If effective performance isn’t calculable by objective measures, create company values in which the employee must be successful and define tasks that exemplify those values.

So, if “customer satisfaction” is a company priority, then timely resolution of customer complaints or high customer satisfaction ratings might be task-oriented successes. The employee needs to know if your metrics aren’t being met, and managers need to know that it’s part of their job to help workers perform at their highest level. The performance feedback forum should double as a performance improvement plan designed for disciplinary or coaching purposes.

4. When You’ve Tried Everything

What happens if an employee just isn’t getting “it,” and the feedback process needs to move to a more formal disciplinary process or termination? The time spent documenting performance deficiencies can help decrease liability when done properly. More frequently, though, I get calls from clients lamenting about a terrible employee they need to fire (always immediately!), and when I ask to see the file, they send over a pile of glowing performance reviews. This undermines the reason for the termination (lack of performance) and makes the employee think they are being let go for a more sinister (or illegal) reason.

To minimize risk and maximize performance, be honest, be timely, and be your employees’ best role model for success.

About Sahara Pynes

Sahara Pynes is an attorney at Fox Rothschild LLP whose practice focuses almost exclusively on minimizing liability against lawsuits through preventative counseling on a range of employment issues. She works directly with business owners and their management teams to enhance company culture and provide practical strategies to manage human resources and risks. Sahara was named one of Angeleno Magazine’s Most Dynamic Women of 2018. If you’re a business owner who doesn’t know what forms to give a new hire, how to properly classify and pay employees/contractors, or just wants to button up their HR issues, reach out to Sahara at SPynes@Foxrothschild.com to see if she can help.

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Diem Co-Founder Emma Bates on Human-Centered Technology and The Power of Female Communication

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ABOUT THE EPISODE

In today's episode of WorkParty, Jaclyn is joined by Emma Bates, founder & CEO of Diem. If you attended Create & Cultivate's Austin Pop-Up event earlier this year, you might've already heard from Emma on one of our panels where she spoke about women paving the way with blockchain technology.

If you're not familiar with Diem, it's a community-powered search engine designed for women. Diem is a Techstars NYC portfolio brand backed by leading investors like Flybridge, Acrew, & Sellation. By trade, Emma is a marketer and a community builder. Her entry into marketing was somewhat untraditional–in that she started out by growing her personal blog to 100K+ readers at age 19, and later transitioned into corporate marketing roles at some of the fastest-growing consumer brands in NYC and the UK. Prior to founding Diem, she worked as the Head of Global Marketing at the direct-to-consumer luggage brand, Away, where she found her passion for connecting with consumers through brand partnerships.

When she's not sidestepping her way into another entrepreneurial endeavor, she works to create social change as a lifelong advocate for gender equality. Emma has also been featured in Forbes, HuffPost, Entrepreneur, and The Cut for her unique approach to marketing, community building, and partnerships.

In this episode, she shares the importance of adding a human element to technology and product design, the power of female communication, and how she's working to bring inclusive, reliable information to people all over the world.

LISTEN TO THE FULL EPISODE

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How One Woman Used TikTok To Land a Job Promotion 

This Black-Owned Company’s CEO Is Disrupting The Beauty Industry

Pietra COO, Tala Akhavan on Balancing Work, Motherhood, and Access to Female Entrepreneurship 

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Where To Find The Right Investors That’ll Take Your Deck From Pitch To Closing

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As an entrepreneur, I’ve had to present my ideas in front of many key decision makers. From closing sponsorship deals to recruiting executives, I’ve lost count of how many pitches I’ve given over the years—but I’ll never forget my first pitch to raise my fund  New Money Ventures. Raising money is one of the most challenging and rewarding experiences but as we know women are at a disadvantage with only 2% of VC funding going to women owned businesses. 

According to the Bank of America® 2022 Women & Minority Business Owner Spotlight, 79% of women business owners plan to obtain funding in the next year; however 75% of women business owners still wish they were more knowledgeable about small business financing. This is a big reason why I am so passionate about lending my experience and expertise to up-and-coming entrepreneurs—and why I launched a venture fund focused on money and mentorship. Here, I want to give four things to think about that will help you find the right investors at the start of your business.

1. Know Your Business Inside and Out

It sounds simple enough but understanding every aspect of your business before launching requires substantial research and deep reflection. Why does your product or service need to exist? Why will consumers be excited to spend their money with you? And why are you the one to create it? 

You must also understand your position in the market, what your competitors are doing, and how you stack up against them. Think: audience demographics, industry trends, and hard data that will not only back up your business proposition but also solidify your standing as a dedicated, success-oriented entrepreneur. Then, compile your findings in a robust pitch deck to share with your potential future investors. 

FYI: If you're looking for a guide to building the perfect pitch deck, check out the episode of Launch House that I shot earlier this year for tips, tricks, and a free presentation template to get started.

2. Pinpoint the right source of funding

Once you have a handle on your numbers, it's time to pinpoint the funding source that's right for your stage of business. The right choice might be friends and family who believe in your dream; a small business loan to cover initial costs like inventory or equipment; an angel investor in your niche; or a venture capital firm dedicated to helping you scale. My advice is to consider your immediate needs. If you secure funding, which option will help your business reach the next level with the least debt? There's a lot to consider, so give this point some good, hard thought before you jump in.

3. Prepare to answer the hard questions

Now that you have your target, take time to prepare for questions that everyone from venture capitalists to small business loan lenders will likely ask about your and your business. 

  • What are you using these funds for? 

  • Why are you valuing your company the way you are?

  • Where are your competitors sitting?

  • What data do you have to back up?

  • What is your metric for success?

This is also an opportunity to prepare questions for your investors, too!

  • What do they look for in investments?

  • How much do they typically invest?

  • Do they have any funding mandates?

  • How will they support you? 

  • If you're looking into a loan, ask if they lend to other businesses in your industry. 

  • How long is the application process and what do they consider?

  • Ask for testimonials and feedback from current or past customers.

4. Don't go it alone

Lastly, don't feel like you have to go through this process alone. I suggest working with your accountant or small business advisor to prepare documents, run numbers, and help you look at your business from a lender's perspective. Don't have a business accountant yet? That's ok! Banks like Bank of America offer Small Business Bankers that provide advice and guidance on everything from loans and lines of credit to alternative routes to access capital. 

The best investor is much more than cash in your pocket. In my experience, having someone experienced and knowledgeable enough to support and help grow my business in my corner is more valuable than any dollar amount. For this reason, I became a Bank of America business card holder and never looked back!

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Outdoor Voices & Try Your Best Founder Ty Haney Shares How to Leverage Web3 to Build Powerful Communities

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ABOUT THE EPISODE

Live from our 2022 Small Business Summit event, Ty Haney joins Jaclyn Johnson for a keynote conversation about building community in Web3. If you're listening to this episode it's because you believe in doing things. Big things. And Ty Haney is on the same page. Haney founded Outdoor Voices–a vibrant, fun-first athleticwear brand back in 2014.

During Haney's time with Outdoor Voices, the brand became synonymous with IRL events that brought shoppers together to celebrate movement. And today, she's here to talk about how to bring that same IRL magic online with the next wave of community-driven technology.

Haney's new brand TYB, which stands for Try Your Best, makes Web3 community-powered growth tools that allow brands and fans to directly link, come together, build, and win together. And if you don't know what that means, it's okay! By the end of this episode, you'll be a pro.

LISTEN TO THE FULL EPISODE

RESOURCES

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Printfresh | Head to printfresh.com/WORKPARTY or use code PARTY at checkout for 15% off your first order.

OTHER EPISODES YOU MIGHT LIKE . . .

How One Woman Used TikTok To Land a Job Promotion 

This Black-Owned Company’s CEO Is Disrupting The Beauty Industry

Pietra COO, Tala Akhavan on Balancing Work, Motherhood, and Access to Female Entrepreneurship 

Using Technology to Drive Social Impact with AllVoices Founder, Claire Schmidt 

Live from Austin Pop-Up: How to Define Goals and Rise to Your Potential with Payal Kadakia, Founder of ClassPass and Author of LifePass

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How to Build a Portfolio Career With CEO and Selling Sunset Star, Emma Hernan

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ABOUT THE EPISODE

Live from our 2022 Small Business Summit event, CEO and Selling Sunset star Emma Hernan joins Bunita Sawhney Executive Vice President of US Financial Institutions at Mastercard for a fireside chat about what it takes to build a portfolio career. While you may know her from the hit Netflix show, you may not realize that Emma Hernan is someone whose business savvy goes far beyond what's depicted on the silver screen. As a self-made multimillionaire, Emma is not only a realtor at one of Los Angeles' top agencies, The Oppenheim Group, but she's also an entrepreneur and CEO of Emma Leigh & Co, as well as an angel investor. In other words, her plate is very full.

It's clear that she loves the work she does, and her drive and passion to help other female entrepreneurs grow and succeed is evident from the moment you meet her. We're lucky that she's here today to share tips on how to vary the types of work that you're doing, what investors are looking for, and how to persist with founding a business even when you come up against obstacles. (Plus, she might even spill a little Selling Sunset tea!)

LISTEN TO THE FULL EPISODE

RESOURCES

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How One Woman Used TikTok To Land a Job Promotion 

This Black-Owned Company’s CEO Is Disrupting The Beauty Industry

Pietra COO, Tala Akhavan on Balancing Work, Motherhood, and Access to Female Entrepreneurship 

Using Technology to Drive Social Impact with AllVoices Founder, Claire Schmidt 

Live from Austin Pop-Up: How to Define Goals and Rise to Your Potential with Payal Kadakia, Founder of ClassPass and Author of LifePass

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5 Rules Every New Founder Should Follow, According to the Co-Founders of Obé

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There are no hard-and-fast rules when it comes to entrepreneurship. But there are industry pros who’ve learned a thing or two about what not to do in business, including Mark Mullett and Ashley Mills, co-founders behind the on-demand fitness platform obé. 

At Create & Cultivate’s Wellness Means Business summit a few weeks ago, Mullett and Mills, who earned $15 million in their series A funding and have captured the hearts of countless fitness fanatics, listed out a few learning lessons about finding an idea, surrounding yourself with the right people, and staying inspired as your business grows. So if you’re looking for a few “don’ts” to keep in your back pocket as you navigate new entrepreneurship, keep scrolling. 

1. Don’t fool yourself

Before committing to a business, Mills and Mullett want you to ask yourself: Is it a hobby, a trend, or a passion? Here’s an example. Maybe you’re big on knitting and love celery juice. That doesn’t necessarily mean you need to start a juice-drinking knitting business. A passion, Mullett says, is something that keeps you up at night and something you’re uniquely qualified to create.

“If it's a passion, that's going to help you out when you're working 25 hours a day, eight days a week, 366 days a year,” says Mullett. “If it's a passion, that will carry us through. Fitness, connection, community, and working with each other have been a passion of ours. And that's carried us through a lot of high highs and a lot of low lows over five years.” So ask yourself: What am I truly passionate about?

2. Don’t be a copycat

Referencing a book called Blue Ocean Strategy by Renée Mauborgne and W. Chan Kim, Mills says that saturated markets are like shark-infested waters. The trick is to find the patch of blue ocean that’s shark-free and made for your talents. “Once you do that, you can identify your audience and a different strategy so [that]  you can attract other folks—and you can probably do it more efficiently if you continue to scale your business,” says Mills. 

For example, she says, Obé’s “ blue ocean” was creating an online fitness platform that emulated the fun, community-oriented feeling of hitting a boutique fitness class in a major city. So think about what your business’ “blue ocean” looks like—and steer your ship there. 

3. Don’t journey alone

“It is so important to find yourself a partner, a co-founder, an investor, an advisor—someone who you can trust and who share the same vision as you,” says Mullett. “For Ashley and I, being together in this journey has been probably the most rewarding part. In the low moments, you want to lift each other up, and in the high moments, you want to hug and celebrate and press forward.” Even if you’re currently acting as CEO, CMO, and CFO of your company, make a point of finding a community that lifts you up. 

4. Don’t fall in love with everyone you meet

So you finally have the funds to hire some help. Maybe it’s a copywriter. A graphic designer. A CMO. Whatever the position is, Mills says to take your sweet time finding someone who’s the right fit. (No matter how much you needed help, like, yesterday.) 

“We love people; we love to meet people. But what you have to really understand is: What is the role that you're hiring this person to do? What is the skill set and background that they need to do it?” says Mills. Think critically about your ideal candidate for this position, and don’t stop interviewing until you find them. 

5. Don’t psych yourself out

“You’re working on a business where you’re the only employee; you're white-knuckling it half the time. We all know that feeling of being on a roller coaster and feeling like you might be crashing. But here's what we learned: A timeout is stronger than you think,” says Mullett. All founders have doubts, but the key—according to Mills and Mullett—is to take a break when they arise. Then, get back to work. 

By Kells McPhillips