Vanessa Quigley Co-Founder Chatbooks Interview

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

Photo: Courtney McOmber

Vanessa Quigley co-founder of Chatbooks

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

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

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

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

Since launching Chatbooks in 2014, you’ve raised over $20 million in funding from investors. No doubt you’ve learned a lot along the way—What are three crucial elements everyone should include in a pitch deck when raising money and why?

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

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

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

What advice can you share for entrepreneurs on partnering with the right investors? What do investors need to bring to the table other than just money?

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

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

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

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

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

What are your top three largest expenses every month?

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

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

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

Photo: Courtney McOmber

Would you recommend other small business owners pay themselves? 

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

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

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

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

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

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

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

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

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

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

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

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

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

Anything else to add?

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

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3 Major Salary Negotiation Mistakes to Avoid (and What to Do Instead)

Negotiating, much like networking, is something we need to know how to do, yet it’s not a skill we are ever taught in school. But unlike networking, making a big mistake during a salary negotiation won’t just cost you a relationship, it may result in thousands of dollars being left on the table. So what exactly do you need to know when it comes to making the big ask? Here are the top three things to avoid doing in your next negotiation.

1. Getting Defensive

Let’s say you have taken on more responsibilities and put in way more overtime than your peers this past year. However, during your performance review, your boss informs you that you will only be getting the standard 3% raise due to budget constraints.  

In the heat of the moment, your heart rate will naturally jump through the roof in frustration.

What to do instead:

Instead of snapping back with how unfair this is, take a nice deep breath and allow for silence. Slowing the conversation down rather than jumping into a response will create space for you to be thoughtful in your answer rather than reactive.

2. Giving In Too Quickly

Now that you’ve given yourself a moment to breathe, you can start to prepare your response. While it’s natural to worry about what will happen if you ask for more, don’t let the fear of rejection keep you from getting what you deserve.

I’m here to tell you that negotiation is a normal and expected part of working. While your boss may secretly be hoping you don’t push back, they won’t become offended when you do (and if they do, it may be an important red flag to take note of).

What to do instead:

Instead of quickly giving in, restate your value and get their buy-in. For example, “I understand that constraints in the budget must be difficult. However, the amount of hours and effort I have been putting in for the company goes well beyond the standard expectations and performance, wouldn’t you say?”

3. Not Aiming High Enough

Lastly, when discussing pay, it’s natural to worry that if you go too high you will either offend the other party, lose the position, or come across as greedy.

However, you shouldn’t lower your expectations in order to come across as more agreeable.  By starting with a “safer” sounding number you are doing the work for them, and negotiating against yourself before the conversation has even begun.

What to do instead:

Focus on the facts and then aim high.

Do your research and get clear on a salary range that is both fair and reasonable. Next, instead of lowering your standards in order to come across as more agreeable, start at the top of the range.  

For the example above, if a 3 to 8% raise is reasonable, don’t lower your expectations to a safer sounding 5%. Instead, anchor high and say, “I was really hoping that given the results I’ve produced in the past year, that I would get at least an 8 percent increase. Do you think that’s something we could work toward?”

Interestingly enough, by anchoring higher, you actually give your boss the psychological feeling that they just got a “deal.” Let them feel the sweet pleasure of a deal, while you allow yourself the sweet reward of a higher paycheck!

So, in conclusion…

Negotiating doesn’t have to be scary or hard. No one will advocate for you in the same way you can advocate for yourself. You are in control of your financial well-being, and you know the value that you create. Now, share it with the world! And most importantly, share it with your boss when you ask for that next raise. This awkward and uncomfortable situation will only last a few minutes, and it may result in thousands of more dollars in your bank account.

About the author: Kathlyn Hart is a financial empowerment coach and a motivational speaker who supports ambitious women earn more. Her salary negotiation boot camp “Be Brave Get Paid,” which teaches women how to confidently own their worth and ask for more, has helped women increase their income by an average of $15,000.  In addition, she is the host of The Kathlyn Hart Show, where she interviews entrepreneurial women about their journey from dreaming to doing.

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This post was originally published on March 26, 2019, and has since been updated.

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Robyn DelMonte of GirlBossTown's Lesser-Known Tips for Monetizing as a Content Creator

Known as “The Internet’s Agent” to millions on TikTok, Robyn DelMonte of GirlBossTown left her corporate job in 2021 and hasn’t looked back since. The 29-year-old New England native has built her career as a content creator, dishing out no-holds-barred marketing and public relations advice to brands (and stars) on social media that have gone viral. 

While it's widely known that content creators make revenue from sponsored content, DelMonte says they ought to tap into their Internet know-how and lean into consulting. She speaks from personal experience. Her knack for innovative, Gen-Z-driven advice helped DelMonte launch a full-fledged consulting business through which she’s worked with clients including Dunkin’ and Infinity. 

“As a creator, the knowledge that you hold of how to connect and speak with an audience, what is going on on TikTok, and having your finger on the pulse of Internet culture and knowing how to translate that, you can go to brands with that knowledge and monetize that,” says DelMonte on the latest episode of WorkParty. 

In many ways, creating a viral video is like producing a successful ad campaign in and of itself. “You can take that knowledge and monetize that,” she says. “Brands would love to sit and speak with people [who regularly create viral videos.] Not that there’s a formula for going viral, but having that knowledge is so important and your voice needs to be heard with these brands.”

Secondly, DelMonte advises that content creators attend conferences and have the confidence to explore the business side more intimately. “The things you learn and the connections you make at these business conferences will set you up for success,” says DelMonte. “Know that the knowledge you’re gaining through creating is just as valuable as traditional job experience.”

For more expert tips from DelMonte (plus hot takes on how to make your guilty pleasure your biggest money maker), tune into the latest episode of WorkParty with Jaclyn Johnson.

RESOURCES

• To connect with Robyn DelMonte click here

• To follow along with GirlBossTown click here

•  To connect with Jaclyn Johnson click here

• To follow along with Create & Cultivate click here

• To submit your questions call the WorkParty Hotline: 1-(833)-57-PARTY (577-2789)

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How to Save Money in Your 20s (Yes, It's Possible)

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

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

1. Create a budget.

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

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

The basic budget formula for after-tax income is:

2. Set up weekly money dates.

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

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

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

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

4. Build up a cash cushion.

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

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

5. Keep an eye on your credit score.

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

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

6. Create a debt reduction plan.

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

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

7. Start saving for long-term goals.

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

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

8. Focus on building your earning potential.

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

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

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

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

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Your Answers to These 6 Questions Say More About Your Financial Stability Than Your Bank Account

The big house with a yard, luxury cars parked out front, six-figure bank accounts, and the ability to get what you want when you want it—together, it paints a picture that is often associated with financial stability, but is this really the case? For former JP Morgan trader Vivian Tu, the true meaning goes far beyond your pocket book and material wealth.

As of January 2023, sixty percent of United States adults, including more than four in 10 high-income consumers, live paycheck to paycheck, according to a report from LendingClub Corporation, a financial services company.

“Financially stable doesn’t mean rich, and I think that’s what people get confused a lot,” says Tu on the latest episode of WorkParty. The 29-year-old content creator, otherwise known as “your favorite finance girly,” launched her Instagram page, Your Rich BFF, in 2021 and has since amassed a dedicated following of over three million who tune in for pared-down advice on everything from investing in 401Ks to budgeting for your wedding. 

Instead, she defines the term based on one’s ability to answer yes the following questions: 

1. Are you making enough money to cover your budget?

2. Are you making responsible choices?

3. Are you setting money aside for savings?

4. Are you making decisions to invest now or invest in the future when you are able to?

5. Do you have a plan?

6. Are there things you want to do with your money to get you from point A to happily ever after?

“You can be a multimillionaire, but if you’re blowing through the money you’re making faster than you’re making it—and you don’t have a plan of how ‘today me’ is going to take care of ‘future me’—then you’re still not financially stable, even if you are making millions of dollars every year,” says Tu, while pointing to past stories of famed pro athletes and entrepreneurs who ended up going broke. 

One of the best ways to ensure the stability of your cash flow is to prioritize financial planning, she says. “Talking about financial stability, talking about your financial future, and making that plan is not something you can do and then set it and forget it,” says Tu. “It’s very much something that needs to happen every single year, every single two years, and at a very minimum, every three to five years because things change so much.”

Change is something she knows intimately, having gone from working as a trader on Wall Street to a strategy sales partner at Buzzfeed, and, ultimately, quitting that job to become a full-time content creator. 

Tune into the latest episode of WorkParty with Jaclyn Johnson where Tu gets candid about the financial do’s and don’ts of dating, plus hot tips on going to college and weighing your return on investment.

RESOURCES

• To connect with Vivian Tu click here

• To follow along with Your Rich BFF click here

•  To connect with Jaclyn Johnson click here

• To follow along with Create & Cultivate click here

• To submit your questions call the WorkParty Hotline: 1-(833)-57-PARTY (577-2789)

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9 Signs It's Time to Diversify Your Business' Revenue Streams

As a founder, diversifying your revenue streams has quickly turned into a non-negotiable for the health and longevity of your business. Between the Covid-19 pandemic, recent economic downturns, and general ebbs and flows of market fluctuations, the journey of an entrepreneur is far too unpredictable to not be exploring all potential channels for profit earning.

Diversification also allows you to test out different business models and strategies, identify the most profitable ones for your business, grow your customer base, and manage your cash flow better—while reducing the risk of losing all your revenue in case of an unexpected downturn.

If you’ve been considering how to mix up your business’ revenue streams but aren’t sure where to start, here are the nine signs female entrepreneurs say helped them figure it out.

1. You’ve tapped out your existing sources of income

Not being able to meet your sales goals with your existing revenue streams is a surefire sign that it’s time to diversify, says Frenchie Ferenczi, founder of the boutique consulting firm Frenchie Ferenczi Strategies. When it happened to her, she decided to expand her product range. “I found that my clients could benefit from more accountability and support, and I had more to give,” she says. “This led to me launching a six-month strategy implementation program to hold business owners accountable to the hardest part of creating a strategy—doing it.”

Her best advice to any entrepreneur looking to diversify? "Go deep, not wide," she says. What can you add to your product or offer suite that your existing customers can't say no to? Make that!

2. You have under-utilized capital at your disposal

Say business is booming or you find yourself with surplus of cash flowing in that you haven’t figured out what to do with yet. Letting it sit idle isn’t ideal. “Oftentimes [as entrepreneurs], we are so deep in building that we don’t take a holistic step back to actually map resources and capacity, identify under-utilized capital, and then leverage it to create new revenue streams,” says Julia Zhou, head of ventures at tech-focused trading company AlphaLab Capital.

After being a trading company for five years, Zhour says AlphaLab realized that it had a lot of capital that wasn’t being actively traded and that could be locked up for longer periods of time. “We also identified the fact that we had built up other strong internal capacities like technical recruiting and product launches,” she says. “After we assessed what these could be combined to create, we launched our VC fund, which utilized all of these diverse aspects.”

3. Business isn’t as busy as it used to be

A slow consulting season at the end of 2021 signaled to Adebukola Ajao, founder of BDY CONSULT, that it was time to expand her offerings to attract new business. "I created a flowchart with my marketing expertise at the center," she says. "From there, I reimagined ways I could use that hard skill—I can teach; I can work with small businesses; and I can speak about marketing."

Carrie Melissa Jones, founder and CEO of Carrie Melissa Jones, LLC, experienced a similar pull to expand her offerings when her inbound sales pipeline came to a halt. She took the opportunity to launch a robust survey and customer discovery interviews. “This research quickly revealed the need for a new offering for a customer we had never served before,” she says. She’s since launched a targeted training program that directly caters to the needs of this specific customer profile.

4. You've maxed out the number of clients you can take on

There are only so many hours in the work day, and if you find yourself at the point where you're not able to grow your service-based business by taking on new clients, it may be time to find new sources of revenue that don't require you being hands-on to operate. Liane Agbi, founder and CEO of Beautifuli Digital, knew it was time to reevaluate her offerings when she no longer had the bandwidth to support everyone who reached out to her.

“I strategically reviewed what questions I often got asked by my ideal clients and recreated more productized services that were repeatable and impactful,” she says. Now, Agbi has the opportunity to help more women than ever before, has even doubled her monthly revenue, and created more stability in her business.

5. Clients are requesting services you don’t already provide

What had the potential to become a competitive situation ultimately became a way for Emily Merrell and Lexie Smith, former direct competitors turned co-founders of Ready Set Coach, to diversify their revenue streams in a creative way: After continuously finding themselves in the position where a business owner would want to work with them separately, they decided to join forces and combine their skill sets to serve an even greater customer base.

Their advice? Both Merrel and Smith agree that always keeping an open mind, seeing challenges as potential opportunities, and giving yourself and your business space to evolve offerings as the market evolves too is your best bet.

Sydney Sherman de Arenas, founder and CEO of Admin Boutique, had a similar opportunity.  When her administrative assistant clients were requesting marking services, she decided to lean into the opportunity and expand the services her company offered.. One word of caution: “It is important to note that we had a handle on the original services the business offered and adding in new services wasn't going to take away from our old service,” she notes.

Bottom line: Don’t shy away from new opportunities, but be strategic and ensure you’re not doing a disservice to your existing customer base and business model. 

6. Business is consistent, steady, and optimized

The luxury of steady business is also an indicator that you may be ready to intentionally diversify your revenue streams. “I would say that it's very much worth it once you get your main product systemized,” says Rachel Rofe, founder of CustomHappy, a product fulfillment company for mugs and personalized gifts. “I love to get one product out and working and in a system before introducing another thing.”

Julie Shen, founder of the advisory and consultancy firm Springstead, agrees. “The new opportunities should pivot your business into areas that are complementary and adjacent so you can leverage your existing foundation and operations,” she advises.

If business is going well, and you’re thinking of adding something new to the mix, consider the approach Jessica Alderson, co-founder and CEO of the dating app So Syncd, has taken: “I would suggest running a small test first to try to gauge what kind of revenue you can expect and to get an idea of what it will require to build and maintain this additional source of income,” she says.

7. You’re posing a lot of “what if?” questions

Sometimes, deciding to diversify simply comes down to the curiosity and excitement of trying something new. Take choreographer and consultant Katherine Hill for example. After leaving her management consulting role to pursue her passion for choreography, she experienced momentum that led her to consider whether others in corporate roles felt stunted in their jobs. She began asking herself questions such as: "I pretty much understand how to do X. Now, what if we...?" or “Wouldn't it be awesome to...?"

Intentionally asking those questions led her to choreographing for elite athletes, as well as creating GOE Spray, an all-natural deodorizing spray for athletic gear. Mastering the art of diving in, enjoying the learning process, and often asking, “What if…?” has propelled Hill into an impressive and eclectic career.

8. You see opportunity with a new audience

Staying connected to new audiences—specifically, new generations that have the power to influence the economy—is the strategy Elizabeth Galbut, co-founder of SoGal Ventures, has harnessed to know when and how to diversify revenue streams.

“After noticing how open the current generation is to talking about topics that are generally considered taboo, I began to further diversify my portfolio with these topics in mind,” she explains. The results? She began investing in diversely founded companies, mental health businesses, menstruation startups, and more, setting SoGal Ventures apart in the VC world as a breath of fresh air.

9. People keep coming to you for advice

Allowing others to “pick your brain” can be a powerful way to pay it forward, and it can also be an impactful opportunity to diversify your income, as Caley Adams, founder of the design studio Wildes District, discovered for herself after noticing how often her company was providing advice, visual design suggestions, and audits for free. “We realized that there's so much value in the insights and advice we give,” she reflects. Now, Adams and her team proactively offer “design audit” packages for those clients who may benefit from receiving targeted advice on specific areas that can be improved upon.

Annie Franceschi, founder of the branding agency and consulting firm Greatest Story Creative, also turned those “pick your brain” requests into new revenue streams, including business coaching, VIP experiences, a group program, and even a book. Her advice for effectively and sustainably adding more to your mix? “Create smart offers that make sense, ones that sit at the intersection between what they want, what you'd actually love to do for them, and a structure that'll be profitable for you," she says.

To try this approach yourself, Lis Best, founder of the professional development community Girls Club Collective, recommends considering whether there's a question, problem, or opportunity that you keep being asked about and that you could help your clients solve in a different way. Once you're identified a potential new product or service, here's her pro tip: “Consider whether there is a relatively low-stakes way to experiment with offering something new and seeing how it goes."

This article is written by Gesche Haas, founder and CEO of Dreamers & Doers, an award-winning community that amplifies extraordinary women entrepreneurs and leaders through PR, authentic connections, and high-impact resources.

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.

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

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!

Why It's Important To Have a Strong Relationship With Your Bank

For a new entrepreneur, the role of a bank can help further the growth and development of your business. Managing your money and your accounts properly is essential to making or breaking your small business, so it's important to build a lasting relationship with a bank that will take care of you. However, given that banking institutions constantly offer different incentives (and, at times, varying interest rates), should you break away from having multiple accounts and trust just one to handle your financial needs? 

Committing to a single bank may not only build a trusting relationship between a banker and customer, but it may also open the door to growing your business and reaping the benefits of rewards and resources. As a banker, “it is important to meet with your clients regularly, and it is recommended to connect with them at least twice a year,” says Erick Silva, VP at Bank of America. “Banking products and services are always evolving, especially in digital technology. It’s important for our clients to have a good understanding of our products and services so they can fully take advantage of the essential and innovative benefits that come from having their banking relationship with us.”

Silva goes on to share that Bank of America alone goes above and beyond by offering a Small Business Resources site that provides helpful tools and information for business owners. Here are five benefits to committing to a single bank, sure to have you making a trip to the bank this week.

1. Building credit

When you’re a new small business owner, you are in the early stages of building business credit. Things like your credit score can be an indicator of how’ll handle a credit card. “A business credit card can be a powerful financial tool for your business. By using it wisely, you can keep personal and business transactions separate for accounting and tax purposes, stretch your cash flow, and build your business credit,” Silva says.

1. Sustaining responsible growth

Knowing how to business forecast and to manage cash flow is an essential trait for all business owners so that you can be prepared for your next big purchases. “It’s especially important for small businesses, which often operate on a very lean budget,” Silva says. According to an Intuit study of 3,500 companies, by Intuit and Wakefield Research, 60% of small businesses say they regularly struggle with cash flow issues, and 40% have restricted business growth because of it.

“In other words, it is important to maintain a healthy cash flow. We provide a visual example to illustrate this idea to our client by using our robust technology such as Bank of America’s Cash Flow Monitor. That’s one example of a tool that can track your business’s performance, identifying potential shortfalls in advance,” Silva adds.

1. A banker on your side

The more a banker knows about your situation, the more they can help you with specifics. Your banker may help analyze trends, discuss the current market, and prepare you for the future. “Ultimately, our goal [as bankers] is to provide our clients the tools and resources to make them competitive in the market and allow them to concentrate on doing what they do best and that’s focusing on their business,” Silva shared. Here’s how knowing your bank well helps:

• Assists you in determining how much credit you need based on your goals and priorities and offers solutions to support you

• Identifies areas for business growth and offers guidance on how to achieve the next steps, considering the stage of your business

• Uncovers causes of cash-flow problems and helps streamline your business by providing solutions that will help with managing your cash flow

• Connects you with payroll providers and subject matter experts with the knowledge to guide you

• Introduces you to new clients and vendors and shares ideas for growth that businesses in the same industry have been able to execute successfully

1. Learning from wisdom

“As we’ve helped our clients along the way, we’ve learned from them along the process. I was able to help one of my customers, the owner of Mikko Sushi Mia Davis, find stability with her new business after years of falling short,” Silva says.

“Mia came to the United States when she was 20 years old and worked nights and weekends as a server to support her family as a single mother. She not only returned to school to understand the financial side of the business after ‘failing miserably,’ but also had to learn how to use social media after opening her restaurant right before the pandemic,” Silva adds. She ultimately credits her Small Business Administration (SBA) loan with making her “American dream come true.”

1. Making access to capital easier

Lastly, banks connect entrepreneurs in the U.S. to affordable loans. Access to funding can sometimes be the biggest challenge in building a business. A relationship with Bank of America may connect women entrepreneurs with resources to gain access to affordable loans. The Tory Burch Foundation is one of them, which provides three options for funding:

• Bank of America Loan Program: Provides women entrepreneurs the opportunity to access affordable loans through Community Lenders. 

• Grants for Women of Color: Gives grants to businesses through a partnership with Fearless Fund and The Cru.

• Fellows Program: A year-long program that provides entrepreneurs with a $5,000 grant for business education, access to $0 interest loans, and a premier network of founders and advisors.

How Multiple Income Streams Helped This Small Biz Owner Find Freedom

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

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

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

1. Know your value

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

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

2. Assess your priorities

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

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

3. Merge multiple income streams

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

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

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

Written by: Abby Stern

The Best Way to Learn How to Invest in Your Future? Practice It.

For far too long investing has been too confusing, too exclusive, or too intimidating. But if you’re looking to build wealth, especially as a woman, investing is one of the best money moves you can make. 

​​At our recent conference in sunny Downtown LA, we tuned in to a candid conversation with Maya Sudhakaran, Head of Growth and Acquisition of Plynk, who made it clear that investing is very achievable—and something that can be started immediately if you’re hungry for the financial future you deserve.  

Her first piece of advice? Ditch perfectionism, and just get started. 

“One of the biggest things I’ve learned is that perfection is the enemy of good. There is so much intimidation and fear associated with dipping your toes into the world of investing, that most people don’t do it,” says Sudhakaran. That first step is already one step closer to financial independence and confidence. 

Plynk encourages people to get started by rewarding them for learning more about investing within their app—then using that knowledge to make a trade. Sudhakaran and her team have added tools to help identify investments best suited to your style and align with your interests. Instead of waiting for novice investors to catch up, Plynk leads with education to further build an ecosystem that’s easy to use and approachable.  

By removing this barrier to entry, and redirecting focus from the “perfect” move for instant wins to learning by doing, investing becomes more achievable! More like online shopping and much less like Wall Street Trading, an experience everyone deserves! Oh, and did we mention that you can now learn and trade crypto (Bitcoin, Ethereum, Litecoin, and Bitcoin Cash) with Plynk!

Think you’re ready? (Spoiler: Of course you are!) Here’s your homework. Download Plynk, create a profile, and invest in a fellow, women-led business. Happy investing!

Article produced in collaboration with Digital Brokerage Services LLC. Crypto services offered through Paxos Trust Co.
Keep in mind that investing involves risk. Limited time offer. Terms and conditions apply. For more information on the Sign-Up Bonus & Learn and Earn Investment Match Offer, visit plynkinvest.com/disclosures/promotions. Plynk is free for the first 3 months, after which a $2 monthly subscription fee applies. Plynk is a service of Digital Brokerage Services LLC, Member FINRA, SIPC.

Article produced in collaboration with Digital Brokerage Services LLC. Crypto services offered through Paxos Trust Co.
Keep in mind that investing involves risk. Limited time offer. Terms and conditions apply. For more information on the Sign-Up Bonus & Learn and Earn Investment Match Offer, visit plynkinvest.com/disclosures/promotions. Plynk is free for the first 3 months, after which a $2 monthly subscription fee applies. Plynk is a service of Digital Brokerage Services LLC, Member FINRA, SIPC.

How My Experience as an Investor Prepared Me to Be a Founder

It’s difficult to think of anything in my life that has required a wider or more dynamic skill set than founding and running a company. Unlike the way founding is sometimes described in pop culture and media, you can’t just have great ideas for products and services. You have to be capable of building a healthy company culture, understand how markets evolve, and anticipate what consumers will want in the future. Personally, the last year and a half have honed a higher tolerance for uncertainty, an irrepressible curiosity about our market and users, and the ability to communicate exactly what the company is trying to achieve to inspire all of our people. 

While there’s nothing quite like running a start-up, I’m grateful that I had an opportunity to work at a venture capital firm before taking the helm of my company Meet Cute. Because VCs work directly with founders every day, they need to be capable of seeing the world from a founder’s perspective, which means identifying gaps in the market, crafting the right narratives about promising companies and ideas, gathering a lot of information from disparate sources, and making informed decisions in the face of incredible uncertainty. Due diligence is the central task for VCs, but they also have to be willing to take risks on the companies they believe in. 

Investors and founders are on the same team. The best partnerships are often described as a marriage. That analogy rings true especially because of the ups and downs of founding over the years, which requires an intense trust in the people you work with that they will be there when you need it. Aligning on the direction of the company, personnel, and emerging market opportunities is critical. Ahead, I’m sharing some of the many lessons I learned as an investor that have also served me well as a founder.

Lesson #1: It all starts with curiosity.

Successful VCs are always on the lookout for companies that capture and hold their interest and users’ trust. Founders should want to work with investors who have thoughtful questions about their products and services, understand their industry, think differently, and believe in the founding team. It isn’t just a matter of cutting a check and hoping for a quick return. In turn, VCs should add value by thinking creatively about what the market will look like in the future and advising the company. I learned from shadowing partners at USV that the best VCs were also the best listeners, and think of VC as a service industry. 

This starts with genuine curiosity about what a company does and what impact it could have on the world with the right guidance and resources. The average holding period for VC investors is eight years. This is a reminder that investors need to be mission-aligned as they will work with companies over the long term and are investing in the sustainable success of their portfolio companies. 

VCs and founders should establish open lines of communication right at the outset. I’ve never been afraid to ask questions or contact experts who know more than I do about a subject, and these skills served me well as an investor and a CEO. 

When I was at the VC firm, the best way to learn about early-stage companies was to work directly with them on forecasting, marketing strategy, fundraising, and other issues and consult with experts outside of the company to bring new perspectives to the table. The same collaborative mentality is an essential part of the culture at Meet Cute today. If we need to talk to an expert about something specific, we are not shy about asking and learning. Time and time again, smart people in the industry who we look up to make time for those who are genuinely curious. 

Lesson #2: Make the best decision possible with incomplete information.

Early-stage investing offers unique benefits, such as the ability to identify innovative companies before other investors, help steer those companies in a positive direction, and ultimately secure more growth over time for taking on a much larger risk. These are all reasons why it’s no surprise that early-stage VC investments have surged over the past decade from $14 billion in 2011 to just over $47 billion in 2019. Early-stage investing is on pace to set a record this year. The first quarter alone saw greater deal value than the entire year in 2011.  

Early-stage investing also comes with quite a few obstacles, and a lack of information is one of the biggest. Early-stage investors don’t have as much data about a company’s growth, operational efficiency, etc., so many of their decisions are based on pattern recognition and intuition. The founders of early-stage companies face similar constraints. There’s no playbook for what many of these companies are doing, so we have to be comfortable making decisions with limited information. Just as investors need to accept the fact that they will sometimes make the wrong call, founders should be willing to fail. If everything is going too smoothly, you should ask yourself if you’re scaling ambitiously enough. 

All of that said, founders and VCs should be as fastidious as possible in their research. Due diligence as a core focus means putting in the time to learn and develop opinions and perspectives. But due diligence always has to be placed in the context of the realistic constraints you face, especially in building something completely new, and knowing what level of risk you’re willing to tolerate. 

Lesson #3: Always tell your story

A company’s story is integral to its identity, and it serves as one of the most effective ways to reach your audience and let them trust our brand, galvanize employees around a common message, and attract the best investors. As an investor, I frequently told stories about innovative companies to convince my colleagues that we should back them, often in the form of an investment memo or a short and sweet presentation in a team meeting. I also helped start-ups craft their stories when they launched fundraising rounds or needed to prepare for board updates. Storytelling is the most powerful tool we have as humans and we know that the emotions of a story are remembered far better than facts.  

Moreover, I’ve realized how sharing your story internally is vital to improving morale and helping employees rally around a consistent set of values and objectives. Gallup reports that only 27 percent of employees strongly believe in their company’s values, while less than half say they strongly agree that they understand what the company stands for or what sets it apart. By telling the company story and vision often and consistently, the team can rally around what they’re working toward and why it matters. 

Reflecting on the last year, there is a significant overlap between my experiences as an investor and a founder. By making a conscious effort to understand how my experiences tie into and bolster one another, I hope that I can show where founders and the VC firms that support them can build stronger relationships and thereby more unique and impactful products in the world. 

About the author: Naomi Shah is the founder and CEO of Meet Cute, a venture-backed media company that has produced over 300 original light-hearted romantic comedies in podcast form. The company celebrates human connection and the full spectrum of love with the core mission of having every person feel like they are reflected in Meet Cute stories. Since its inception in February 2020, the podcast has had over two million listens across over 150 countries and has been featured in the top 10 of Fiction on Apple Podcasts and Spotify. 

Before starting Meet Cute, she was a member of the investment team at Union Square Ventures, a technology venture capital firm in New York, where she spent most of her time talking to companies in the consumer and well-being space. Prior to that, she was a macro equities trader at Goldman Sachs and studied mechanical engineering and human biology at Stanford University.

MORE ON THE BLOG

Demystifying the Digital Frontier with Sherri Haymond, EVP of Digital Partnerships at Mastercard

Money talks, and so do we! In this special 5-part WorkParty Money Moves series, Jaclyn Johnson is taping the best and brightest minds in the finance world to find answers to your most-asked money and finances. Whether it's learning how to build generational wealth, strengthen your financial future as an entrepreneur, or perfect your pitch, our experts have you covered. This is our last episode of the season—stay tuned for more Money Moves episodes this summer!

ABOUT THE EPISODE

You’ve probably heard the term “Cash is king.” But in today’s world, cash is on the way out, and the digital technologies that are replacing are transforming the very nature, capabilities and meaning of money. It’s up to the tech and payments industries to build the framework for companies to unlock the value of the digital economy and allow consumers to access it—and that’s exactly what Sherri Haymond and her team are doing.

As the Executive Vice President of Digital Partnerships at Mastercard, Sherri Haymond leads a unique team working with digital players large and small to create innovative, differentiated products and solutions that shape the future of commerce.

As our world becomes borderless and even more digitally connected, Sherri and her team keep a pulse on the market to ensure Mastercard delivers relevant, impactful and industry-leading capabilities. Through a consultative approach, they enable partners around the globe to build best-in-class solutions tapping Mastercard technology and deliver them at scale. Inspired by Mastercard’s long standing focus on inclusive growth, Sherri is passionate about working hand in hand with mission-aligned companies to solve real-world problems for people and businesses around the world.

LISTEN TO THE EPISODE

RESOURCES

• To join the WorkParty click HERE
• To connect with Sherri Haymond click HERE
• To connect with Jaclyn Johnson click HERE
• To follow along with Create & Cultivate click HERE
• To submit your questions call the WorkParty Hotline: 1-(833)-57-PARTY (577-2789)

IN THIS EPISODE WE DISCUSS . . .

The basics of blockchain technology

How businesses are using blockchain and what those transactions might look like

The benefits of digital payments for consumers and businesses

Some of the biggest challenges businesses face in the current and future digital landscape

How Mastercard is reverse engineering solutions to help address those challenges

Where the most important area small businesses should be focusing their financial energy right now

Resources small businesses can seek to learn and understand more about digital commerce and stay current with the landscape

OTHER EPISODES YOU MIGHT LIKE . . .

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THIS EPISODE IS BROUGHT TO YOU BY...

Mastercard | When women-owned small businesses thrive, we all thrive. Learn more about the tools and resources Mastercard is offering, from moving your biz online to best practices on digital security, at mastercard.com/smallbiz. Together, let’s Start Something Priceless.

How to Build Generational Wealth with Financial Expert Nicole Lapin

Money talks, and so do we! In this special 5-part WorkParty Money Moves series, Jaclyn Johnson is taping the best and brightest minds in the finance world to find answers to your most-asked money and finances. Whether it's learning how to build generational wealth, strengthen your financial future as an entrepreneur, or perfect your pitch, our experts have you covered. New episodes go live every Friday, so be sure to follow WorkParty wherever you listen to podcasts and never miss an episode! 

ABOUT THE EPISODE

If you’re a business owner or entrepreneur who wants to start being intentional with your time and money, then it's time to start thinking about generational wealth. At the end of it all, you get to create something larger than yourself that leaves a legacy behind for future generations—whether that be in your lifetime or beyond.  

Nicole Lapin is a best selling author, podcast host, and the only finance expert you don’t need a dictionary to understand. She disrupted the traditionally male-dominated and boring finance space by offering actionable advice. On this episode of WorkParty, Nicole covers how you can begin building and preserving your generational wealth. 

LISTEN TO THE EPISODE

RESOURCES

• To join the WorkParty click HERE
• To connect with Nicole Lapin click HERE
• To connect with Jaclyn Johnson click HERE
• To follow along with Create & Cultivate click HERE
• To submit your questions call the WorkParty Hotline: 1-(833)-57-PARTY (577-2789)

IN THIS EPISODE WE DISCUSS . . .

• Solutions to bridge the generational wealth gap

• How to increase financial engagement and empowerment before wealth is passed on.

• The key to developing confidence around money.

• What successful financial planning looks like today.

• How Nicole's book is a launching point for women ready to build their wealth.

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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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Secure the Bag with Dr. Roshawnna Novellus, Founder of EnrichHER

Money talks, and so do we! In this special 5-part WorkParty Money Moves series, Jaclyn Johnson is tapping the best and brightest minds in the finance world to find answers to your most-asked money and finances. Whether it's learning how to build generational wealth, strengthen your financial future as an entrepreneur, or perfect your pitch, our experts have you covered. New episodes go live every Friday, so be sure to follow WorkParty wherever you listen to podcasts and never miss an episode! 

ABOUT THE EPISODE

A nationally recognized financial inclusion advocate and champion of mindfulness, Dr. Novellus is dedicated to deploying working capital to women and people of color to help them grow their businesses. She’s also one of the few Black women to have ever raised over $1M in venture capital.

EnrichHER fuels the fastest-growing demographics of business owners—Black women and diverse-led companies—by providing capital, coaching, and connections. They've deployed $14M in capital to diverse-owned businesses from 47 states.

On this special episode of Money Moves, Jaclyn and Dr. Novellus about all things fundraising—from overcoming the gender funding gap to securing the bag and finding the right funds for your business.

LISTEN TO THE EPISODE

RESOURCES

• To join the WorkParty click HERE
• To connect with Dr. Roshawnna Novellus click HERE
• To connect with Jaclyn Johnson click HERE
• To follow along with Create & Cultivate click HERE
• To learn more about EnrichHER click HERE
• To submit your questions call the WorkParty Hotline: 1-(833)-57-PARTY (577-2789)

IN THIS EPISODE WE DISCUSS . . .

• The case for funding women

•The typical process for gaining funding for a new business venture

•Crucial elements everyone should include in a pitch deck when raising money

•The most common mistakes people make when raising money and how can others avoid these mistakes
• Notable trends in lending

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The Confidence Gap with Founder and President of LTK, Amber Venz Box

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Revolutionizing an Untapped Market with Liz Lange, Iconic Designer & CEO of Figue

Introducing Create & Cultivate's New CEO, Kate Spies!

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Mastercard | When women-owned small businesses thrive, we all thrive. Learn more about the tools and resources Mastercard is offering, from moving your biz online to best practices on digital security, at mastercard.com/smallbiz. Together, let’s Start Something Priceless.

Closing the Confidence Gap with Amber Venz Box, Founder of LTK

Money talks, and so do we! In this special 5-part WorkParty Money Moves series, Jaclyn Johnson is tapping the best and brightest minds in the finance world to find answers to your most-asked money and finances. Whether it's learning how to build generational wealth, strengthen your financial future as an entrepreneur, or perfect your pitch, our experts have you covered. New episodes go live every Friday, so be sure to follow WorkParty wherever you listen to podcasts and never miss an episode! 

ABOUT THE EPISODE

Over the course of a career, women may earn as much as $1 million less than their male peers. Building a business, a common path to build long-term wealth, is more difficult for women for a few reasons. Access to funding and the confidence gap are two of them. 

As the creator of social commerce platform LTK (formerly RewardStyle and LikeToKnowIt), Amber Venz Box is at the helm of the creator economy. She was recently named one of America’s richest-self made women after her company’s latest round of funding and remains one of the most successful entrepreneurs to date. But her success didn’t come without her fair share of hard work and determination. 

On this episode, Jaclyn chats with Amber about how she overcame systems and dynamics that contributed to the gender wealth gap. She also shares advice on how to gain and maintain confidence, support the future of female entrepreneurship, and how she’s working to empower businesses of all sizes. 

LISTEN TO THE EPISODE

https://open.spotify.com/episode/75dsqEIHjgqfMEOZfygTRP?si=0517ef60e3254443

RESOURCES

• To join the WorkParty click HERE
• To connect with Amber Venz Box click HERE
• To connect with Jaclyn Johnson click HERE
• To follow along with Create & Cultivate click HERE
• To learn more about LTK click HERE
• To submit your questions call the WorkParty Hotline: 1-(833)-57-PARTY (577-2789)

IN THIS EPISODE WE DISCUSS . . .

• Amber's experience working through the gender wealth gap

• How to support the future of female entrepreneurship

• Pitching a new idea to investors

• Changing the stigma of negotiation

• A new LTK service that's supporting small businesses everywhere

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Introducing Create & Cultivate's New CEO, Kate Spies!

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

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Invest in Yourself with Dominique Broadway, Founder of Finances Demystified

Money talks, and so do we! In this special 5-part WorkParty Money Moves series, Jaclyn Johnson is taping the best and brightest minds in the finance world to find answers to your most-asked money and finances. Whether it's learning how to build generational wealth, strengthen your financial future as an entrepreneur, or perfect your pitch, our experts have you covered. New episodes go live every Friday, so be sure to follow WorkParty wherever you listen to podcasts and never miss an episode! 

ABOUT THE EPISODE

We’re kicking off this season of Money Moves with a financial literacy trailblazer who’s on a mission to make wealth attainable for anyone. Dominique Broadway is an award-winning personal finance expert, speaker, and founder of Finances Demystified —a platform that's demystifying money and making financial literacy accessible to everyone. 

After years of learning, practicing and implementing her own personal finance tactics, Dominique earned a Bachelor’s and Master’s degree in business and finance, which led her to landing roles at major corporate brokerage firms like UBS and Edelman. But after witnessing first hand the high barrier of entry for investing, Dominique walked away from clients investing 10 million dollars and set out to spread financial literacy. 

Since founding Finances Demystified, Dominique has been named one of the Top Financial Advisors in the United States for Millennials and continues to work passionately with young professionals, entrepreneurs and families, helping them bring their Dreams2Reality.

On this episode of WorkParty, Dominique is sharing how take control of our financial future by investing in yourself and owning your worth.

LISTEN TO THE EPISODE

RESOURCES

• To join the WorkParty click HERE
• To connect with Dominique Broadway click HERE
• To connect with Jaclyn Johnson click HERE
• To follow along with Create & Cultivate click HERE
• To learn more about Finances Demystified click HERE
• To submit your questions call the WorkParty Hotline: 1-(833)-57-PARTY (577-2789)

IN THIS EPISODE WE DISCUSS . . .

• The importance of financial planing.

• Budgeting basics.

• Fast & simple ways to curb spending and save money.

• The biggest financial mistakes entrepreneurs make, and how to avoid them.

• Investing 101

• How to form a positive relationship with money.

• Actionable financial goal setting.

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Introducing Create & Cultivate's New CEO, Kate Spies!

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

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Grow On: How to Double Your Revenue With Elyce Arons, Co-Founder and CEO of Frances Valentine

ABOUT THE EPISODE

Doubling your revenue is no easy task. 

You need to set well-defined goals, create meaningful connections with your customers, and discover new distribution channels and marketing opportunities.

Which is something that Elyce Arons knows a thing or two about. 

In the midst of a pandemic that has pummeled the fashion industry, the former Co-founder of Kate Spade has led the luxury lifestyle brand Frances Valentine to double (!) its revenue. 

Needless to say, I can’t wait to chat with Elyce about how she’s grown the brand exponentially, including the old-school marketing strategy she tapped into to increase the brand’s sales by 40% (!).

EPISODE TOPICS

• Her Second Act: Building Frances Valentine

• Adapting to the New Online Retail Space

• Why She Recommends a Mix of DTC, Wholesale & Retail

• Why Pop-Ups Are the Best Way to Test New Markets

• The Importance of Regional Retail Spaces

• How She Doubled Her Revenue During the Pandemic

• Where She Puts The Majority of Her Marketing Dollars

• What She Pulls Inspiration From In The Design Process

• Her Predictions on Major Fashion Industry Shifts

RESOURCES

• To join the WorkParty click HERE

• To connect with Elyce Arons click HERE

• To connect with Jaclyn Johnson click HERE

• To learn more about Frances Valentine click HERE

• To follow along with Create & Cultivate click HERE

• To submit your questions call the WorkParty Hotline: 1-(833)-57-PARTY (577-2789)

LISTEN TO THE EPISODE

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CDC Vaccine • Visit the CDC website CDC.gov for additional information you can trust about how COVID-19 vaccines can protect your entire family.

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This Tech Founder Has Raised Over $3.5 Million in Venture Capital—Here's Her Best Fundraising Advice

You asked for more content around business finances, so we’re delivering. Welcome to Money Matters where we give you an inside look at the pocketbooks of CEOs and entrepreneurs. In this series, you’ll learn what successful women in business spend on office spaces and employee salaries, how they knew it was time to hire someone to manage their finances, and their best advice for talking about money. For this installment, we caught up with Kim Kaplan, founder and CEO of the video dating app Snack. Here, she shares the ah-ha moment that inspired her to launch a new kind of dating app, the reason she believes women should talk about money and business more openly, and the best advice she has for female founders currently seeking funding.

You were one of the earliest employees at Plenty of Fish, a dating site that eventually sold to Match Group for $575 million in 2015. What was the lightbulb moment for Snack and what inspired you to launch your business and pursue this path?

I was scrolling through TikTok one day and saw a video of a woman pointing to her name, age, location, and zodiac sign. I had this ah-ha moment and realized that she was trying to use TikTok to date. However, the platform wasn't built for it (there's no location, way to know who's single, what their age is, etc.). The song that went with that video trend had over 130,000 videos created that were all dating-related, and the hashtag single had over 13 billion views at the time—that was when I knew there was a massive opportunity.

You recently raised a $3.5M seed round from investors like Kindred Ventures, Coelius Capital, Golden Ventures, Garage Capital, Panache Ventures, and N49P—no doubt you’ve learned a lot along the way. What are three crucial elements everyone should include in a pitch deck when raising money and why?

A lot of emphasis is placed on the pitch deck when it comes to raising capital, I actually think the process for raising capital is just as important (if not more so). These are the three pieces of advice I would give:

1) Spend the time upfront to prepare a list of funds and partners at those funds that you want to speak to. Find which connections you have in common and see who can give you a warm introduction.

2) Think about what you can learn from the process, whether it’s the advice you're hearing from investors on how you can better frame your pitch or what you should change in the next pitch to pre-empt some of the questions you’re getting. 

3) This is more COVID-19 related, but find a place where you feel the most comfortable. One benefit of pitching over Zoom is that you’re not racing from one location or office to another. Instead, you get to pick where you pitch from. I chose to pitch from my couch, inviting investors into my den instead of going into theirs.

What advice can you share for entrepreneurs on partnering with the right investors? What do investors need to bring to the table other than just money? 

There are numerous investment options out there, but the three primary routes for startups are venture capitalist firms, private equity, and angel investors. By understanding your needs, you can narrow down which type of investment would suit your company. 

My personal experience at Snack has been with venture capitalist firms and angel investors. From that experience, my number one tip would be to do your reference checks and talk to founders of other companies they’ve invested in to understand what they’re like to work with and what their expectations are. This will help you ensure you’re aligned with their values. 

Women-led startups received just 2.3% of VC funding in 2020. Why do you think there is still so much inequality in the venture capital world, and what advice can you share for women entrepreneurs who are currently seeking funding?

I think part of the issue is approaching investors with confidence and the ways in which women present themselves. I was told to act overconfident when I was pitching. It wasn’t so much that I wasn’t confident in myself or my idea, but I need to exude that confidence in a way that I think is a lot more natural for men.

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

Time is your biggest resource, so how do you make sure you're directing it to the right parts of the business? It’s important to hire (if possible) to fill the areas that need attention but are not your areas of expertise. For example, I immediately hired an accountant to help with bookkeeping as I knew it would take an exorbitant amount of time and someone could do it better and more efficiently than I could. 

What are your largest expenses every month?

Salaries. We want to make sure we have great people around the table and as such it’s definitely the largest expense.

Legal fees. We’re still in the process of fundraising and completing the company setup (such as trademarks) so there are lots of legal fees.

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

This is a hard question to answer because every founder is in a different financial situation; there’s no one size fits all. What I can say is, if you can afford to pay yourself less, you’ll be able to scale faster. 

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

Yes!!! Men have more open conversations with other men about money; how much they make, what they are investing in, and about new opportunities. These types of conversations not only help people learn about their financial worth but also open up opportunities. Additionally, I believe these conversations boost a person’s confidence to jump into the unknown and take a risk. Take startup investing or crypto as an example, there are fewer women in these industries so there are fewer people to go to discuss shared experiences, ask questions or simply learn.

Not only do we need men to be transparent about their finances, but women need to be speaking openly with each other as well. The more we engage each other in financial and business conversations, the more confidence we will collectively gain. Quite simply, we all need to talk about money and business more openly. 

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

Oftentimes at the start of a business, it makes sense to bring on a contractor when you don’t have enough work or capital for a full-time hire. I hired a contractor that simply wasn’t delivering as expected. Looking back, I should have checked in with them more often, set very clear deadlines for deliverables, and cut ties much sooner.

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

For founders that are seeking investment, I would remind them that people invest in you as much as your idea. Communicate your passion and confidence in your business and think about how to build a relationship with your potential investors. Investors provide value beyond finances; it’s important to find ones that you connect with.

Featured image: Courtesy of Kim Kaplan