Women's Funding Summit: Session #3: Startup Lender - Closed Caption, Blue Room
Elizabeth Eichhorn | IfundWomen
Julie Anne Hennessy | U.S. Commercial Service - West LA
Nexus Cook | 25th & June
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Hey! Welcome to our third session today. The startup lender session.
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My name is Melissa Bulim Mcguinness, with W.
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Marketplace, the co-host of today's event, and I am your your tech lead for the session I would like to introduce your moderator for the session, Julie and Hennessy from the us commercial service Julie Ask you to start your video.
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I'm sorry, Melissa, as many times as I practice, since I always forget the mute, so forgive me.
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Good Good afternoon, everybody. I'm Julie and Hennessy, and I will serve as your moderator today for this very, very interesting session that you're about to hear. And it's just I'm I'm pleased to be a part of this thing
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the sponsors for for inviting me. So thank you so very much.
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What I'd like to do is is just give a quick overview.
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I am Julia and Tennessee, and I'm the director of our Los Angeles West Office.
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Of the Commercial service, and you will met Terry Batch earlier, and she and I are part of the same organization, and many of the of the other moderators who are on this program were all with a commercial service.
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And we all work with with companies to help them grow their sales through exporting so.
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Hi! Everyone! Hi! It's great to speak with you all.
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I'm Elizabeth. I, corn. I'm our director of sale that I fund women, and I have been with.
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I fund women for 2 and a half years. I fund women is the go-to funding marketplace for women owned Businesses.
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And You've heard about. I feel a little bit this morning, but I'll say it again, and we help connect to women to capital through our crowdfunding platform.
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As well as offer them opportunities to apply for grants and connect them to 7.
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A business loans with our partnership with annuity, and my job is to continue to promote what we do to women around the world, because I like our incredible other panelists on Here, nexus cook was an entrepreneur who was always looking for funding and needed help with
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that. So that has been a big thing on what I do here at Ivan
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Can you hear me I'm sorry I'm having a little technical issue.
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Can you hear me? Okay, Very. Good. Thank you, Elizabeth.
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Very good. Alright, nexus. Why don't you tell us about yourself and your business, and how you got started?
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Sure Hi, everyone! I'm really happy to be here. I think there's a little bit of an echo I'm gonna try to push through, but I'm the owner of Twenty-fifth in June neil lickser which is a toxin free Vegan friendly nail
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Polish Company that I started back in 2,000, and 13, which is crazy to say out loud It's been almost 10 years, and it started as a passion project of mine.
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I'm like a nail Polish enthusiast, and my passion for it kind of brought me to a place where I wanted to explore the idea of starting my own line, and I did a bunch of research a lot of testing a lot of trial and error.
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A lot of mistakes, but it's brought me to where I am today.
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terrific nexus. Thank you. And Elizabeth back over to you.
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great question. So we start out with ideation stage of your business.
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So what does that mean? It means that you have an idea, and you don't have any funding.
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You can still come to. I fund women and raise funds.
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So $0, and we go all the way up to people who have been gone on to raise even more funding.
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we have one person who has been come on to raise over 3 million dollars.
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after she has gone through the different opportunities that we have had at iphone women.
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So we have a large range, absolutely. We're here for a lot of people, because there's different stages of your business.
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It's not to say one stop shop alright. We are one up top, because the reality is that your business is going to be ever changing, and you need to know where to go.
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Find resources, and oftentimes women don't know where to go and find the resources, or unfortunately, we don't have the resources so, If you're early stage and a woman and a minority there's not there's very very little, out.
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There for you so I found women, said, Hey, Actually, let's stop before we go on that whole thing.
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Well, then, Elizabeth, this I think, is another perfect question for you.
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What is a typical client look like for your program?
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great question, So so first off, we we want the person to be legit is what we say here at Icon Women!
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What does that look like for a business? It means that this is for crowdfunding to work.
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It means that what you put out there into the world is what you also need to make sure that people are receiving some nexus can talk about this more with Her own crowdfunding experience.
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But when you have rewards on the iphone, on men platform, you are actually to hold into, follow through with those rewards and make sure that people are going to receive those rewards when they have purchased them.
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So that's the basic requirements. If you that's for the crowdfunding side if you're looking for grants, the grants that I find women have different terms and conditions.
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so I offer Always say you need to always read terms and conditions after when you're going, and then applying for grants and granted the closest thing to free money that you possibly could ever have.
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It's fantastic to do. But here's the thing Grants are also very compatible.
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So if you are a business who is just saying, Hey, I want to go get grants for my business.
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I'm only going to rely on grants. Well, the downside of that could be.
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What if you don't get your the grant, do you?
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Shut down your business, and our answer is, No, you shouldn't.
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We really want you to diversify the way that you fundraise, which is why we offer different opportunities to fundraise through iphone women.
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and then the average that you were asking about Julia.
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What did they look like? So the person who is going to fundraise or raise on iphone women is going to look very different so they're going to be an entrepreneur who it may be an early stages.
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So ideation phase, or they just came up with an idea They have the maybe their business license, or just got registered all the way through.
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And what are some of the basic requirements that you that you need to see from a company
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Very good, Elizabeth. Thank you. Well, next, let's ask you, then, what happened to make you realize you?
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yeah, it took me a few years. I found out about iphone women.
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I think it was like 2019 or 2018, and I just did my crowdfunding this past summer so it definitely took me.
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A few years before I was ready to take the leap, but I think I I got to a point in my business where I realized I was wearing every single hat, and still am wearing a lot of hats.
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And it was just not sustainable. And I was thinking about, How can I expand my product lines?
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How can I expand my team and just get a lot more organized and get the operations under control, And to do that, you need money. You need funding.
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You need support in the way. So I think that was kind of the push that I needed.
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I felt overwhelmed as an entrepreneur, but also really excited to keep going, and I had been working with iphone women in a lot of different ways like coaching sessions and attending different webinars and seminars and things like that so it was always in the back of
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my mind that I know I wanted to do it, and then I just decided I was like all right.
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This is the time, and it's a lot of work, but it's it's a great kind of work, because you have to organize yourself in a way that really just helps you kind.
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You were ready to search for outside, financing or funding
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Of have. A high level view of your business that I feel like sometimes when you're in the weeds and you're in the everyday.
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You sometimes forget or overlook So I think it's just a great practice to be through, even if you aren't a 100% ready to really take the leap and start pushing the crowdfunding out to your network But it was it was really great for me in a lot of different
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Next is, How did you hear about iphone women How did you? You You said you had been working with them.
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ways on top of the fact of reaching my goal, which I'm still really excited and proud about
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I went to. I don't even think it exists anymore.
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But, girl boss, I think a lot of people are aware.
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Of girl boss, and there was a girl boss rally, I think, in La, pretty sure.
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How did you hear about them in the beginning
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Yeah, la, and like 2018 or 2019, and a member of the team came up to me after a networking event and like gave me her card and just gave me a rundown.
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And I think you you answered the question so well when you realize what made you realize that you wanted to work with iphone women for the financing funding side of things, and I think you you explain that so well, so so very good so let me go back to Elizabeth then and then, Elizabeth.
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Well, it's funny. So I was actually one of them nexus coaches.
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how important is the relationship between you and a business like June 20 fifth in June, and in nexus
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So when very important. So that's that's why I was.
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Finally, when she said, coaching, That was so.
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It's incredibly important. I find women has recognized.
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Well, and let me backtrack our founder, caring connections started.
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I fund women because she was trying to crowdfund and raise for a former company that she had, and she realized even in her own network, how difficult it was to raise money.
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And this is a woman who had a ton of connections had come from Google, had been head of sales with Youtube had a ton of connections, and it was still incredibly difficult, and one of the reasons for that it was incredibly difficult is because she hadn't she didn't know how to do it.
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and so that's why we are very big about ensuring that you have coaching alongside.
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How do you fundraise So on? Icon Women's platform?
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We actually have seen a 27 times higher, raise and a success rate through crowdfunding.
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When people have gone through coaching with us. So you have the support at the same time, as actually raising for those of you who are going through any sort of fundraising.
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it is difficult, I know, from my own experience, being an entrepreneur, the difficulty that it can be so ensuring that you have some support is important, so that it's it's Vital Julianne.
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Here we go. Yeah.
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Very good, very good. I love the coaching aspect of it very very good We have a very active coaching program within the commercial service as well.
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Answer your question how important it is vital.
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So very very good, Now let's take a little bit different of a of a focus here and tell us this was from your perspective, and then I'll go over to you, Nexus.
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But do you require a formal business plan? And if yes, okay.
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So if yes, what sections of the business plan do you focus on?
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And then like what documentation do you see? And basically, how does this?
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Yup. Great question. So we start with a startup canvas here at Icon women.
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That's the model that we use when you are going through a business plan.
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we want to make the business plan very tangible.
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We know how overwhelming it can be to start a business plan and simplicity is key We don't all have to have the 67 at page business plan that sometimes we think that you have to like.
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I know that we all I remember being sold that, and I think I signed up for about a month, realizing like I don't know of this to just be able to actually get very clear, as to what is the problem that your business is solving for So really understanding.
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The problem, Who is your target audience? And then the solution, the more I we can narrow it down for our customers.
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Then the better success you'll have when it comes to crowdfunding.
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And so we always say that step one is actually honing your pitch before you move on into any sort of crowdfunding.
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And that's actually the first part of a business plan is making sure that you actually understand what your business is, and what people are.
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How long does this process take to work through all this with a business plan to funding
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Very good, Elizabeth. So next is, how about for you?
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Did you write a formal business plan? And if yes, what were the most difficult parts that you had to put together?
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I think I I wrote a formal business plan when I first started 20 fifth in June, so almost 10 years ago, 10 years ago, and similarly to what Elizabeth mentioned, I think I kind of was sold the idea that it had to be this grand robust.
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Piece of information, but as I've learned over the years, it's really what is the problem you're trying to solve?
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What is your goal? What is your mission? And the tactics that you want to execute on?
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And how did you overcome those difficulties? And a great question, What resources did you use
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so I think, particularly for crowdfunding, and I think I touched on this a little bit before about the work that needs to happen before you actually launch a campaign is all laid out. And correct me.
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If I'm wrong, Elizabeth but just the playbook right.
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It's called a playbook. Yeah, So in my mind, that was kind of a business plan or a baby business plan in the sense like you really had, or I really had to hone my pitch like, what am I actually raising money for what I may what am, I asking people? For?
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And why what are my short-term short term? Goals?
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Long term goals, and everything that goes into that. So in my mind, that's how I'm kind of looking at a business plan, very specifically in the crowdfunding space And what I've learned is that it was a living.
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Breathing document. In this, in a sense, the more people I spoke to, and the more questions that I was asked I had to kind of tweak and iterate and just hone more and more because people were asking me things like oh, I hadn't really thought about that let me get an answer for you and that just
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Oh, very good, very good, And then, Elizabeth, how do you help businesses?
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Determine what funding they should use, or they could apply, for they.
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yeah, So we actually have a start. Your journey quit.
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It's the very first thing that you do at iphonewoman.com So start your journey.
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Then we'll help you understand where you're at your business, and the recommendate recommended funding options for your business, based on either.
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Are you an ideation? Are you in pre-revenue, or you improve in demand What we have seen is that there is not a one and this is what I kind of already mentioned.
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But there's not a one Size fits all funding option for every single business, And so we we realize that you might actually apply like apply to a grant.
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But then you also want to do fundraising, and then you also want to do a 7, a loan depending on what your business is.
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so there are opportunities for you to do all of them, So that's step one ifonoman Com: Go to start your journey.
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The next piece is, we do have a weekly webinar for you to understand kind of where you're at in your journey as well.
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So every Wednesday. If you have even more questions, that's another place for you to honestly come and talk to me.
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I'll learn more about your business and help you guide you into the next space, and then finally, if you are interested in crowdfunding, and by the way, I want to differentiate something I know that we fund, her with somebody who was on here, earlier we fund, our differences between we funder And I
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fund when it? Why are we different, even though we're still called crowdfunding I find women is a rewards based crowdfunding platform.
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We are not an equity-based crowdfunding, so we are non diluted.
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What that means, and what that looks like is that you are going to be offering a reward.
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So any sort of product, or service, in exchange for money, whereas other crowdfunding is, you actually get either a micro loan, and somebody has to pay that back, or in other cases it's equity for the company at itself that is what differentiates us between other crowdfunding
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Where? Where would you take that question?
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platforms. I just kept seeing that question. I wanted to address that really quickly.
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so sorry. I had to add that in there. But, anyway, if you are learning wanting to learn more about re rewards based crowdfnder, you come to our crowdfunding 101 sessions, and as Max mentioned you'd load our Playbook, the playbook is quintessential
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for making sure that you are going to fundraise successfully and filling that out, and we have broken out the crowdfunding into tabs, so that you can fill out your network understand how to make sure you have rewards that are cost if effective and then ensuring that
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very good, at least for the next. Let me just next slide. Why, just delve into this a little bit deeper?
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Because, as an as someone who works with companies to export, these questions come up so often I'm like, What do I need to know What questions do I need to be prepared to answer?
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And so I would just be interested from your perspective, as you.
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You mentioned it as you. Your your your document, your business plan, you know, when your playbook was like a living, breathing kind of a document.
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Right, can you, in a general way, can you describe the types of questions that you that maybe cut you by surprise, or that you hadn't prepared for, and questions that you like maybe the questions that that that struggle in your mind that were really important to have answers to to share with you to share with our participants
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today. Can you? Can you expand on that a little bit
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Sure. A few things come to mind, it was less, not necessarily not prepared for, but surprise, that people were asking like me I I don't know how to fully.
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Explain I was surprised with some questions like, Oh, I didn't think that consumer, or even my friend, would like think this deeply about it.
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But first thing that comes to mind is, people were really interested in the why I wanted to expand, which seems kind of like a basic question.
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But that is something that came up a lot like you're doing well in the space already like, Why would almost like, Why would you want to fix something that's not broken?
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So I really had to narrow down my answer as to why it was great for me creatively great for me, as a business to really pivot into a new space, which is why I wanted to raise money in the first place I want to expand beyond just nail polish, and into a full clean beauty a clean
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beauty brand. So I really had to not convince people, but really drive home the point as to why expansion was so important right now.
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other questions that came up was very specifically. How is I gonna spend the money?
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because talking about money, especially as a a woman entrepreneur can be a little touchy.
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Talking about money in general, for women can be difficult. But I was surprised about how many people were asking me like specifically to the dollar like, How where are you gonna put this money?
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And why. And that was fun to answer, Because it made me have to get very specific with myself, like, I can't if I'm asking for something for people I can't just say oh, I'm gonna use 10 grand for marketing like what type of marketing how with who where when why?
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So questions like that came up a lot, But, as I mentioned before, it helped me get really laser focused, and just more and more confident every time I would send an email or a text, message or pitch my crowdfunding campaign so I think it's.
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Good to one. Launch it before you send it out to everyone like.
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Make sure you kind of test it with the smaller group of people that you trust and value their feedback And then from there just be really open 2 questions.
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Yeah, nexus, those are very interesting. Thank you for sharing those.
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Because it's gonna strengthen your business plan if you have one, your long term goals, And just how you approach asking for money in the future, at least from my experience
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I wouldn't have expect those, either. But I see your point about being People want to know.
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What are you gonna do with this money? Right? That I'm giving you right exactly.
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Exactly. Okay, Let's just carry one more. One words a second here from Nexus.
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I just want to ask you what kinds of questions did you get from your lender or from your investor?
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What did you like? Besides these questions about, let's say, where are you going to spend it in terms of, let's say for my friend, Women, you know.
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Where where did you Did You have specific questions that you could share in a general sense about there again being helping people prepare for the questions that they could get?
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You're asking people who lent who gave me money?
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Could you share some of that with us as well
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What were their questions?
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What way. So So it would just basically be questions that you got from your lender, Let's say, like if it was from the the crowdsourcing, or even from iphone women for them helping you prepare specific questions that you had to beat, it to be able to address
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Yeah. So when I had my first co coaching session specifically about crowdfunding, it was all about the pitch, the Why like what are you actually asking for?
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And what is What are you trying to do? And this it probably was about 4 months before I actually launched, and I found myself stumbling through it like I thought I had a pretty good idea, but when it was time to give a succinct pitch I was, long winded I had different thoughts, popping.
00:23:52.000 --> 00:24:05.000
In and out. So I I didn't. I wasn't as tight as I thought that I was so, and that's the purpose of the coaching session to really narrow that, down and figure out like what is your foundation what's your starting point What are you trying to do so it was a
00:24:05.000 --> 00:24:10.000
lot of questions about like what differentiates your business. Why do you want to expand in this space?
00:24:10.000 --> 00:24:15.000
Have you raised money before? Yes or no? Was it successful?
00:24:15.000 --> 00:24:32.000
Why haven't you things like that? One thing that I also really appreciate specifically about iphone women is they do touch on, like, I guess, emotional side of crowdfunding like it is a very vulnerable thing to do to ask people for money ask people to trust in your vision as
00:24:32.000 --> 00:24:34.000
an entrepreneur like it's a vulnerable thing.
00:24:34.000 --> 00:24:49.000
It's not always something we openly talk about, but I'm sure other entrepreneurs on the call might, it might resonate with them So we touch on that, too, like getting comfortable with being uncomfortable that was kind of like a lot of the coaching that I received in the
00:24:49.000 --> 00:24:54.000
beginning, and then one thing that also popped up a lot of people asked me why not go?
00:24:54.000 --> 00:25:09.000
The traditional Vc route that came up a lot like, Why don't you just pitch it to a fund and try to get Xyz money and those questions let me know just one how uninformed a lot of us are about the process like it's not as easy as pitching
00:25:09.000 --> 00:25:14.000
to some huge fund and getting 5 million dollars like, That's just not the case.
00:25:14.000 --> 00:25:18.000
I think it's less than 1% for women, and it's even lower.
00:25:18.000 --> 00:25:21.000
If you're a black owner. Brown owned business.
00:25:21.000 --> 00:25:27.000
So just learning. Like people are kind of out of touch, which is okay, like, That's why we need to talk about this more.
00:25:27.000 --> 00:25:30.000
But yeah, that question came up a lot like, why not?
00:25:30.000 --> 00:25:37.000
The traditional route, and Elizabeth, you touched on it about equity and versus rewards and things like that.
00:25:37.000 --> 00:25:38.000
So yeah, hopefully, okay.
00:25:38.000 --> 00:25:47.000
Yeah, yeah, here you could. No, that it did. Thank you. I just wanted to kind of explore that a little more, because I think these questions are like the more you can be prepared and like, even if there's other questions you don't even expect from like that, like you said you some of the ones that.
00:25:47.000 --> 00:25:51.000
00:25:51.000 --> 00:25:53.000
Came up to you. I think it just. It's just nice to share that.
00:25:53.000 --> 00:25:56.000
Or I appreciate you sharing that because I think it can help everybody.
00:25:56.000 --> 00:25:58.000
So let's just shift gears for a second.
00:25:58.000 --> 00:26:09.000
So Elizabeth back to you with many inputs increasing in costs, small businesses are wrestling with changes in expenses and their own pricing strategies.
00:26:09.000 --> 00:26:20.000
How do you recommend a company work with their lender during challenging economic times, or investors?
00:26:20.000 --> 00:26:24.000
Julianne. This is a great question. So we actually have.
00:26:24.000 --> 00:26:38.000
We are global platform for people who have been asking. I have a client currently who is in Egypt and it has been very difficult for the important export currently So this is actually a topic.
00:26:38.000 --> 00:26:50.000
That I've actually been discussing this week. I think one of the biggest things is the opportunities that are before them.
00:26:50.000 --> 00:27:00.000
So I heard earlier today, and I loved, I believe as Diana, who is talking about the opportunities, maybe look outside of your current market.
00:27:00.000 --> 00:27:18.000
And what could that look like So oftentimes I've talked about the ideation phase, and we talk often about who exactly is going to be the person who you're speaking, to and then we you know, within a business plan we are very limited to say, Okay, let's look in within
00:27:18.000 --> 00:27:22.000
our own network, our radius currently and what I love about important export.
00:27:22.000 --> 00:27:23.000
And this is what I talk about with our clients is to say, okay, if you're going to alone, or a lender, how can you then expand that market?
00:27:23.000 --> 00:27:30.000
How do you? How do you recommend They work during these times
00:27:30.000 --> 00:27:41.000
What does that look like for you? Have you done any sort of market research outside of the people who you've already been having conversations with and selling to?
00:27:41.000 --> 00:27:55.000
I think it. It's amazing to me. There are sometimes where we we start, especially in a product based business like what nexus is doing, and we we are in a particular area.
00:27:55.000 --> 00:28:03.000
For instance, So maybe it's a city like Los Angeles, and we think we're just selling.
00:28:03.000 --> 00:28:07.000
But we forget about. There is also a global economy that we could also address.
00:28:07.000 --> 00:28:17.000
So I do think that doing more market research, speaking to a lender who can also go outside of just your the United States and help with important exports.
00:28:17.000 --> 00:28:25.000
That's usually what I tell people and if I have any connections to that person, I will try and make those connections as best as I can.
00:28:25.000 --> 00:28:32.000
Hmm, hmm, very good, very good. So let's I I I think this is just so helpful.
00:28:32.000 --> 00:28:33.000
So from your perspective. Nexus, what do you expect back from?
00:28:33.000 --> 00:28:38.000
00:28:38.000 --> 00:28:42.000
A lender and investment investor. Can you summarize that for us?
00:28:42.000 --> 00:28:54.000
Hmm. I think I expect transparency, and also, I would say, case studies in the sense of like, What has the success rate been in the past like, what can I expect?
00:28:54.000 --> 00:28:58.000
If I do everything that I'm need, I need to do.
00:28:58.000 --> 00:29:04.000
I think that's really important. Just seeing, like the portfolio that has that exist before me.
00:29:04.000 --> 00:29:11.000
I think it really gives you an idea of like, Okay, how do I fit into this model How do I fit in as a business?
00:29:11.000 --> 00:29:17.000
What do I mean? What do I need to strengthen? Am I ready Yet if I am ready, like now you know.
00:29:17.000 --> 00:29:21.000
How do I move forward? I think that was really important for me.
00:29:21.000 --> 00:29:31.000
When I was thinking about it I did a lot of research I like looked at every single campaign, not every but nearly every campaign that was listed on the iphone.
00:29:31.000 --> 00:29:36.000
Women site of just past crowdfunding campaigns, How they did it, how they communicated out to their network.
00:29:36.000 --> 00:29:49.000
So I think, having all of that existing, and everyone resource for people to tap into before they make a decision, is really helpful.
00:29:49.000 --> 00:30:10.000
Very good, very good. So I'm just gonna finish up with one question, because we're getting lots of questions in the chat.
00:30:10.000 --> 00:30:20.000
so prepare, and it really is preparation, and understand what your expectations should be.
00:30:20.000 --> 00:30:33.000
So I I think we have this idea of when we are first going to raise money and or have a conversation with a loan officer, or a bank, or whoever we may, you know be.
00:30:33.000 --> 00:30:45.000
Speaking to we can sometimes do a few things. We secure ourselves out, sometimes sometimes, or we have this idea of I'm gonna ask for 3 million dollars, and whatever I shoot for, and whatever I land.
00:30:45.000 --> 00:30:54.000
On. Then that's great. But the reality is, you actually need to go in with more preparation than that You need to be very specific, and that understanding what it is that you're asking for.
00:30:54.000 --> 00:30:55.000
So when it comes to things like rewards-based crowdfunding, or nexus was able to do, is to say, I know that I'm going to be, you know, having this amount of money this: is What I am raising for and this is what it will use for when we specify and can
00:30:55.000 --> 00:31:09.000
Needless to say so. So let's let's let's just what is your advice for the women in business on the line today for how to get ready to accept excess funding or financing
00:31:09.000 --> 00:31:28.000
show exactly what we will be doing, and putting pen to paper with our ideas that actually gives confidence oftentimes more confidence to the lender and understanding you already have a roadmap to lay out so we know that you know you have a plan in place to help, you get there and from a you know if
00:31:28.000 --> 00:31:29.000
you're in going after a loan, Then that loan officer understands like, Okay, they're gonna be able to do this, pay it back, or whatever, if that is the type of financing, you're getting So that's preparation understanding also, your goals like I said, which was how much, do you
00:31:29.000 --> 00:31:47.000
00:31:47.000 --> 00:31:51.000
really need. We all would love that 3 million dollars I mentioned. That would be great.
00:31:51.000 --> 00:32:03.000
But let's be really specific. The thing we often say here at iphone women is there's no such thing as magical money elves as much as we would love that They just isn't that's not true. So.
00:32:03.000 --> 00:32:04.000
We need to actually recognize what is something that we need. Now that we can actually make sure that we can get to through either crowdfunding or that will help our business grow.
00:32:04.000 --> 00:32:14.000
00:32:14.000 --> 00:32:20.000
Because what I want everyone on the line to realize is that fundraising is not a one and done thing.
00:32:20.000 --> 00:32:40.000
Fundraising happens throughout the entire time that you are running your business until you get to a place of continuing to generate large sums of revenue, and making sure that is it that dial is turned.
00:32:40.000 --> 00:32:52.000
Very good, very good; and in nexus. What advice do you have for the other women on the line?
00:32:52.000 --> 00:33:02.000
I would say definitely dream as big as possible, and then narrow down the how like, Don't limit yourself and what you envision for your business.
00:33:02.000 --> 00:33:12.000
But what helped me was just getting very like breaking it down into 3 very specific buckets, and then kind of working within that, I think the more tactical you can get.
00:33:12.000 --> 00:33:28.000
Elizabeth you mentioned it as well, like having a plan in place, and giving yourself a roadmap to whatever your goal is, I think just makes the entire process more digestible, and makes you just sharper as an entrepreneur and also.
00:33:28.000 --> 00:33:29.000
I I don't like using words like realistic, but I'll use it in a sense like get realistic about what you want to actually accomplish in a specific amount of time.
00:33:29.000 --> 00:33:37.000
Today women in business on the light today for how to get ready to access funding, or financing
00:33:37.000 --> 00:33:42.000
Like things just take time like there we're gonna be blocks, no matter what the goal is.
00:33:42.000 --> 00:33:54.000
Things that are out of your control. So once you kind of just what I did was, I wrote out all the possible very variables that would slow me down, and then tried to have a plan in place just even if they never happened.
00:33:54.000 --> 00:33:57.000
Just at least I thought about it, and I can pivot if I need to.
00:33:57.000 --> 00:34:08.000
I think that's really helpful, and also make sure that you're asking for support whether it's for a formal support like you have an actual team, or just your network around you.
00:34:08.000 --> 00:34:15.000
Your family, your friends, and bounce ideas off of them, because they're kind of like your core brain.
00:34:15.000 --> 00:34:22.000
Trust in a lot of ways. And then also like, find out how much things cost beforehand.
00:34:22.000 --> 00:34:29.000
I think that's also important. Have the numbers before you even start calculating what your financial goal is.
00:34:29.000 --> 00:34:36.000
If you're gonna go the crowdfunding route, or what your loan amount will be, because you might find that you actually need more.
00:34:36.000 --> 00:34:37.000
You might find that you actually might need less. So do the run the numbers, and figure out what that number is for you, and if you can push it, push it.
00:34:37.000 --> 00:34:44.000
Yeah, very good. Point. Hmm.
00:34:44.000 --> 00:34:59.000
If not, then that's okay, too.
00:34:59.000 --> 00:35:04.000
Yeah, I'm really excited. I'm gonna extend it to the gel space which so many people have been asking me. For.
00:35:04.000 --> 00:35:09.000
So I'm like, Okay, I was hesitant because it's not all toxin free and vegan friendly.
00:35:09.000 --> 00:35:12.000
And that's just very important to me and important to my brand.
00:35:12.000 --> 00:35:17.000
But I finally got to a place where that can happen, so I'll be launching gels next year.
00:35:17.000 --> 00:35:21.000
Also different body butters, body oils, and things like that.
00:35:21.000 --> 00:35:24.000
I'm very excited. I'm trying to like contain it, but it's a great.
00:35:24.000 --> 00:35:25.000
It's just gonna be really creative, and really fun and giving people in my customers what they've been asking for for a few years now.
00:35:25.000 --> 00:35:31.000
Very good, very good, nexus. And I do have a question here to ask you what's next for your business. And I know you said you said to expand into obviously in Yeah, natural and natural beauty line, and anything you'd like to add to that
00:35:31.000 --> 00:35:34.000
So I'm very, very excited about that
00:35:34.000 --> 00:35:40.000
Well, let me excited to. I'm gonna watch your website
00:35:40.000 --> 00:35:44.000
Very good. Well, let's move into Q. And A. We have a little time here, but you've got.
00:35:44.000 --> 00:35:47.000
We've got about 8 questions to to take a look at here.
00:35:47.000 --> 00:35:52.000
So let me just start off by by saying, This is from Annie Irizarre.
00:35:52.000 --> 00:36:12.000
Elizabeth would I fund women be able to point us in the right direction on grants and funding options, past ideation, and now now, at model phase on sustainable real estate, community development with unique live work, model what's the best way to connect with you to discuss further sorry Yeah.
00:36:12.000 --> 00:36:13.000
question again if that didn't come through. Well on my end.
00:36:13.000 --> 00:36:15.000
I nope, I got it. It's yeah best thing to do is I'm gonna put the link in the chat.
00:36:15.000 --> 00:36:34.000
Okay, Got it.
00:36:34.000 --> 00:36:38.000
Very good, very good. And I think we've, I think this loan or excuse me.
00:36:38.000 --> 00:36:42.000
I think this question's been answered in the chat, but just to make sure what is a 70 loan?
00:36:42.000 --> 00:36:53.000
I believe that that's been answered in the chat.
00:36:53.000 --> 00:37:03.000
Yep. So great question. So for coaching, we do have a monthly fee I'll put in the coaching link below.
00:37:03.000 --> 00:37:12.000
If you are interested in our crowdfunding, we take 5%, which is an AD for any of the funds that are raised on our platform, but it is preest.
00:37:12.000 --> 00:37:15.000
Start a crowdfunding campaign. So you can start it.
00:37:15.000 --> 00:37:16.000
You can build it. But it's up until when you actually are starting to get funds, we take out funds. Aren't we?
00:37:16.000 --> 00:37:22.000
Okay, very good, All right. So then here's another one for you, Elizabeth. Does iphone charge a fee for their services.
00:37:22.000 --> 00:37:24.000
00:37:24.000 --> 00:37:25.000
Very good, very good. And next we Oh, I'm sorry, Nexus, Did you have something to add?
00:37:25.000 --> 00:37:30.000
Yeah, I'll send you. I'll send you a link, and it's ready
00:37:30.000 --> 00:37:31.000
There. Okay, yes, I think this question for you. How much did you raise?
00:37:31.000 --> 00:37:41.000
00:37:41.000 --> 00:37:42.000
Well, I raise 25,000. I don't know the largest amount I've seen.
00:37:42.000 --> 00:37:54.000
And what's the largest amount raised on the platform?
00:37:54.000 --> 00:37:58.000
00:37:58.000 --> 00:37:59.000
Very good, very good, and nexus. What reward? And so did you offer? Or Elizabeth?
00:37:59.000 --> 00:38:10.000
Some pretty high numbers, though, like in the 6 figures. But, Elizabeth, I'll let you answer that
00:38:10.000 --> 00:38:14.000
so I tiered it, which I think is the best approach cause.
00:38:14.000 --> 00:38:18.000
The goal is to make it as accessible to as many people as possible.
00:38:18.000 --> 00:38:37.000
So I had some rewards that were like $25 all the way up to 2,500, and I just offer things that I know that my community and my customers really like so I had things like you can have a custom, nail session with a celebrity nail artist or I had a reward where you were able to
00:38:37.000 --> 00:38:41.000
join me during my next fashion week, cause I do a lot of fashion.
00:38:41.000 --> 00:38:43.000
Week shows where we sponsored the nails.
00:38:43.000 --> 00:38:48.000
And I know this just a really exciting thing for people like an all access pass for that.
00:38:48.000 --> 00:38:56.000
I had a custom playlist. That was curated to kind of fit the vibe of 20, fifth in June, so that was like a lower tier reward that I offered.
00:38:56.000 --> 00:39:00.000
I also offered access to the new collection. Once it launches.
00:39:00.000 --> 00:39:05.000
So you're kind of like buying into and into the reward.
00:39:05.000 --> 00:39:08.000
But you're gonna get all all the new products when they arrive.
00:39:08.000 --> 00:39:09.000
So there's a lot of different things that you can do.
00:39:09.000 --> 00:39:29.000
What are examples of rewards and services a company can offer. So maybe the 2 of you can address that
00:39:29.000 --> 00:39:34.000
very good, Elizabeth. Anything you want to add.
00:39:34.000 --> 00:39:43.000
no! I love that nexus nexus actually did an incredible linkedin article about her crowd funding campaign.
00:39:43.000 --> 00:39:44.000
so I wanna make sure that access, if you want to drop that for everyone, too.
00:39:44.000 --> 00:39:45.000
I would suggest you make it as rewarding for lack of better word for your customers, and maybe less like less about you as a business and more about what do people actually want? Like? How Am I giving them value in exchange for contributing to the campaign
00:39:45.000 --> 00:39:56.000
There? No? Okay? Okay? Yeah.
00:39:56.000 --> 00:40:05.000
Very good, very good. So just a few more questions here. So I'm working on my on getting my second patent out to the market.
00:40:05.000 --> 00:40:13.000
And consider crowdfunding, but I am concerned that when Asia gets wind of my design they will hit the market before me.
00:40:13.000 --> 00:40:23.000
I have my patent trademark, but I but I don't want to use all my resources defending my intellectual property.
00:40:23.000 --> 00:40:27.000
so I think this comes up on a weekly basis for me.
00:40:27.000 --> 00:40:31.000
this kind of question, and and it's really interesting.
00:40:31.000 --> 00:40:45.000
I oftentimes will look at my my tape like my desk, and I'm somebody who has lots of water bottles next to me, and I have a lot of pens and I started realizing at the end of the day all of my pens are a different.
00:40:45.000 --> 00:40:53.000
Company balancing the right. They all are doing something. So here's the reality
00:40:53.000 --> 00:40:57.000
When you are raising money, and it is crowdfunding.
00:40:57.000 --> 00:41:14.000
Yes, it is out into the world, and at the same time, what is more important to you like raising the funds, or like holding on to it internally, because the more that you hold on to it the less you're actually getting too raid money to make sure that it's really going to market and you
00:41:14.000 --> 00:41:23.000
have to realize like there are tons of other companies that are water models that are pens that are all different.
00:41:23.000 --> 00:41:24.000
But they're doing a similar thing. So I do wanna make sure that you realize I don't want you to.
00:41:24.000 --> 00:41:51.000
00:41:51.000 --> 00:41:58.000
yeah, I that kind of as you were talking with. In my mind, is no one can really do what you do the way that you do it.
00:41:58.000 --> 00:41:59.000
I I think about that with just my own creative ideas. Sure, if someone can take it but the execution is gonna look different.
00:41:59.000 --> 00:42:05.000
Very good. And next us any comments from you on that
00:42:05.000 --> 00:42:09.000
So just don't let that stop you from putting things out into the world.
00:42:09.000 --> 00:42:17.000
And that's something I I definitely struggled with in the past like holding so tight onto things, and then you do nothing so at least put it out.
00:42:17.000 --> 00:42:23.000
00:42:23.000 --> 00:42:44.000
I think we should put that in quotes nexus This is a question for you Are the raised funds, rewards, and are the rewards Grants?
00:42:44.000 --> 00:42:49.000
Okay, So grants are separate at icon women. So iphenomenon com forward.
00:42:49.000 --> 00:42:55.000
Slash, grants, and are the raised funds rewards?
00:42:55.000 --> 00:43:00.000
No, the raise funds you get to choose like heap, and you are.
00:43:00.000 --> 00:43:04.000
You are giving people rewards in exchange for that?
00:43:04.000 --> 00:43:16.000
The money that they're giving you. So for those of you who, I I don't know if this was covered in the earlier session I see Susan in here so I don't know if she covered it when she was talking about her week, under campaign.
00:43:16.000 --> 00:43:35.000
But when you are giving when you're going into crowdfunding, you have to do some sort of an exchange of goods and services, or so that if it's a equity-based, company you're giving them something within your business or people are paying it back that money
00:43:35.000 --> 00:43:36.000
back to you. Rewards mean that you're actually going to be receiving a reward in the mail, or some sort of a service, maybe a downloadable, or an email hopefully that answer that question, and that was a bit of a history.
00:43:36.000 --> 00:43:49.000
And they're just trying to get clarity. So are the race funds and rewards, and are the rewards grants
00:43:49.000 --> 00:43:55.000
Lesson But I talked about this so much that sometimes I just for anybody who's in the audience, Education is power.
00:43:55.000 --> 00:44:04.000
That's right. Very well, I think this is a perfect question to to end, because we're our time is almost up here.
00:44:04.000 --> 00:44:10.000
But next, as a question came in, is it, How can how can we report you further in your business?
00:44:10.000 --> 00:44:15.000
Oh, I love that question. Thank you. Yeah. So my website is 20 fifth in june.com.
00:44:15.000 --> 00:44:30.000
And the way it looks now, it's not gonna look any in next year.
00:44:30.000 --> 00:44:35.000
Very good will I look forward to keeping keeping an eye on what you're doing as well Nexus.
00:44:35.000 --> 00:44:49.000
So congratulations and just great job. And Elizabeth has just been a pleasure, a pleasure listening to you as well, and I've learned a great deal as well listening to both of you So in all I'd like to take that forward to working with some of my companies who are are growing their businesses as well
00:44:49.000 --> 00:44:52.000
so. Thank you so much, and I see Melissa is online with us now.
00:44:52.000 --> 00:44:53.000
So I think that means that we're pretty much done. 1259.
00:44:53.000 --> 00:44:57.000
Which is gonna be exciting. So there's gonna be new changes. But it's 20 fifth in june.com, and you can also find this on Instagram at at twenty-fifth in June.
00:44:57.000 --> 00:45:04.000
There we are, Mosa. Thank you. Vote That was just terrific.
00:45:04.000 --> 00:45:31.000
yeah, Thank you. Julianne
00:45:31.000 --> 00:45:37.000
Thank you, of course, right every one. Thank you. Thank you.
00:45:37.000 --> 00:45:41.000
To all of our speakers, for that was a really great breakout session.
00:45:41.000 --> 00:45:53.000
All 3 of you were awesome. You hit on core details things to think about and expect, and I'm sure all the attendees online could feel how very real and how very personal this journey can be so we'd love to. Have.
00:45:53.000 --> 00:46:03.000
And also next is we'd love to have you join the deputy marketplace as well.
Click on the link below to view all the videos from women's funding Summit
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