How To Finance Your Dream Business Without Complicated Investment Or Stress
Turning that business idea into a reality can seem overwhelming, especially when you sit and think about all the money it might take to get things going. But sis, get out of your own head when it comes to business funding. If you have a viable idea or you've been running a side hustle that you'd like to take the next level, the best thing to do is actually get strategic, write down solutions, and act.
We've got you covered to get started. Here are a few ways to finance your business without too much overcomplicated hassle or stress:
1. Get an investor.
The venture capital process can seem a bit intense, and it does involve a lot of moving parts, but that's not the only way to get an investor. Your initial investor could literally be a mentor, former boss, friend, or family member. Sometimes it's just simply someone believing in you and loaning (or even donating) a couple hundred dollars to get your business launched (especially those that are online-based) or a couple thousand as an investor expecting a return within a certain amount of time.
You can also try crowdfunding, where, sometimes, donors are investors in the startup of your business. You'll need to research platforms like Kickstarter or Fundable, for example, to find out which one is right for your funding goals, which would be a good fit for the type of business you're starting, which one has the right site capabilities and the rules or guidelines you have to follow for each. You'll also need to, in some cases, create content, use storytelling, market yourself and your skills, or provide incentives for people to invest in order to successfully reach fundraising goals. (You can find more information on setting up a crowdfunding campaign here and here.)
Think outside the box on this because when it comes to getting startup funds, you really have to be strategic, set a plan, and pace yourself. You'll also need to be clear on what you're offering and to whom.
You also have to be okay with hearing the word no and fine-tune your sales skills in order to get people to buy into your idea. If you're not quite the salesperson or public speaker, partner up with or hire someone who is. Maybe your startup dream includes a co-founder or partner who has the gift of gab, knows marketing, and likes the hustle of pitching a business. A coach or experienced professional can also help you with this. Organizations like Score and the Small Business Administration (SBA) also offer virtual events or seminars that include how-tos in this regard.
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2. Apply for grants.
As cliche as it sounds, there is, indeed, lots of free money out there, especially for women and women of color who have solid business goals and tenacity and actually want to do the work toward building or expanding a business.
For some grants, you'll need to follow protocols, submit paperwork, and do your due diligence in terms of what's required of you once you are awarded the funds. For others, it's simply an application and an award. Period. Either way, free money is worth the effort, and taking the time to apply for a multitude of small grants or a couple of big ones is well worth it.
(You can find a great list of grants for women entrepreneurs here and here, and be sure to keep searching because, again, there are many options if you consistently search and apply.)
3. If it's a side hustle, actually funnel your profits back into expanding the business to become profitable enough for you to quit your job.
If you're looking to quit your job in order to turn your side hustle into a full-time business, be deliberate about funneling the profits from that side business back into it so that it can grow. Avoid the temptation to use that money for things like vacations, a larger home or apartment, or shopping sprees.
Create a budget where you can track how you're using the profits and where you can re-invest in terms of tech products, automation tools, interns, team members, or a larger space to serve more customers so that you can see real results.
4. Use some of your 9-to-5 earnings for funding.
While you're working, create an exit plan (whether is one for the next year, five years, or even 10 years) where you are not only thinking about when you'll have enough money to launch the business (and possibly quit or lessen your hours or responsibilities) but you'll have enough of a cushion to sustain any emergency or other costs or fees associated with launching your business.
You can set aside the money today via savings, investment, or another account so that when you're ready to lease that space, build out that prototype, pay for that website launch and hosting, or hire a team, you have the funds to do so.
If you're a creative, try something like Patreon. While this is not a fundraising platform (I reiterate, it is not), you can use the funds from your followers or supporters to save up for your business or to launch a business that is an extension of what you already do in your day job as a creative.
You might have to sacrifice a few luxuries depending on your timeline, but be sure you're adjusting your plan according to your current lifestyle, responsibilities, spending habits, and other factors so that you can be realistic in your approach to this. Do your research on the overhead and launch costs of your business (here's a good resource) so that you can at least have an idea of how much money you might need at the onset.
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5. Enter a pitch competition.
Many pitch competitions offer thousands of dollars to winners, as well as other resources. Typically you'd have to enter and then go through rounds of basically selling the idea and feasibility of your business to a panel of judges. The qualifications to enter might vary but oftentimes many startups have gotten the financial leg-up they needed to really take their dream businesses to the next level.
And don't just stop at one. Maybe $5,000 isn't enough and you need more. Well, enter more competitions and try your hand at adding to those funds. (You can find more about pitch competition resources here and here.)
As with applying for grants, be diligent, patient, and deliberate in your search, write a list and put them on your calendar---or even create a spreadsheet or Google doc---and take the time to find opportunities both for small and large amounts. Schedule the time to search, get to know the qualifications, find out more about how past winners were successful, and get a coach if you need to.
6. Apply for accelerator or mentorship programs.
The great thing about these programs is that, on top of funding, you get the support and networking you need to really succeed at fully launching your business. While some require applicants to already have been in business for a while, some do not, so get out there and again, do your research. From large companies like Amazon to nonprofits like the Black Owned Media Equity And Sustainability Institute, there are options out there for you to not only get the money you need but the actual mentorship and support.
If you think you don't quite meet the requirements of some of these accelerator or mentorship programs, find out how you can qualify and work toward being qualified so that you can really get in the game and become a success.
(Find out more on accelerator and mentorship programs here and here.)
7. Get a bank loan or use credit.
I listed this one last because I'm not a huge fan of this---as I'm more of a bootstraps-DIY kind of girl when it comes to my approach to launching anything---especially if you've never launched a business before, but if you qualify, you're comfortable with managing your own personal finances well, and you have the resources, go to your local credit union or other bank and apply for a business loan. This can be a great boost for you to get your business off the ground. You can also use funds from a personal loan from a bank you already have a relationship with and apply those funds to start your business.
Don't be afraid of exploring all funding options if you truly want to make your business dream a reality. It takes deliberate effort, confidence in your path and idea, and a willingness to be strategic and relentless in your pursuit.
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This Black Woman-Owned Creative Agency Shows Us The Art Of Rebranding
Rebranding is an intricate process and very important to the success of businesses that want to change. However, before a business owner makes this decision, they should determine whether it's a rebrand or an evolution.
That's where people like Lola Adewuya come in. Lola is the founder and CEO of The Brand Doula, a brand development studio with a multidisciplinary approach to branding, social media, marketing, and design.
While an evolution is a natural progression that happens as businesses grow, a rebrand is a total change. Lola tells xoNecole, "A total rebrand is necessary when a business’s current reputation/what it’s known for is at odds with the business’s vision or direction.
"For example, if you’ve fundamentally changed what your product is and does, it’s likely that your brand is out of alignment with the business. Or, if you find your company is developing a reputation that doesn’t serve it, it might be time to pump the brakes and figure out what needs to change.
She continues, "Sometimes you’ll see companies (especially startups) announce a name change that comes with updated messaging, visuals, etc. That usually means their vision has changed or expanded, and their previous branding was too narrow/couldn’t encompass everything they planned to do."
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The Brand Doula was born in 2019, and its focus is on putting "the experiences, goals, and needs of women of color founders first," as well as brands with "culture-shifting missions."
According to Lola, culture-shifting is "the act of influencing dominant behavior, beliefs, or experiences in a community or group (ideally, for the better)."
"At The Brand Doula, we work with companies and leaders that set out to challenge the status quo in their industries and communities. They’re here to make an impact that sends ripples across the market," she says.
"We help the problem solvers of the world — the ones who aren't satisfied with 'this is how it's always been' and instead ask 'how could this be better?' Our clients build for impact, reimagining tools, systems, and ways of living to move cultures forward."
The Brand Doula has worked with many brands, including Too Collective, to assist with their collaboration with Selena Gomez's Rare Beauty and Balanced Black Girl for a "refresh," aka rebrand. For businesses looking to rebrand, Lola shares four essential steps.
1. Do an audit of your current brand experience — what’s still relevant and what needs to change? Reflect on why you’re doing the rebrand in the first place and what success would look like after relaunching.
2. Tackle the overall strategy first — before you start redesigning logos and websites, align on a new vision for your brand. How do you want your company to be positioned moving forward? Has your audience changed at all? Will your company have a fresh personality and voice?
3. Bring your audience along the journey — there’s no need to move in secret. Inviting your current audience into the journey can actually help them feel more connected to and invested in your story, enough to stick around as changes are being made.
4. Keep business moving — one of my biggest pet peeves is when companies take down their websites as soon as they have the idea to rebrand, then have a Coming Soon page up for months! You lose a lot of momentum and interest by doing that. If you’re still in business and generating income, continue to operate while you work on your rebrand behind the scenes. You don’t want to cut existing customers off out of the blue, and you also don’t want so much downtime that folks forget your business exists or start looking for other solutions.
While determining whether the rebrand was successful may take a few months, Lola says a clear sign that it is unsuccessful is negative feedback from your target audience. "Customers are typically more vocal about what they don’t like more than what they do like," she says.
But some good signs to look out for are improvements in engagement with your marketing, positive reviews, press and increase in retention, and overall feeling aligned with the new branding.
For more information about Lola and The Brand Doula, visit her website, thebranddoula.com.
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Not too long ago, while in a session with one of my clients, they were talking to me about having strong sex cravings that seemed to have come out of nowhere. After asking some questions for clarity’s sake, I got that the reason why they used the word “craving” is because it’s not like they are hornier than usual all of the time. Nah, it’s more like the urge creeps up at some pretty random and/or unexpected moments. What they wanted to know from me was if I thought that it was normal.
The short answer is “yes.”
Now, while it’s another message for another time that if this type of sex-related craving feels impulsive or out of one’s control, it could be a sign of someone who is leaning into some level of sex addiction; however, that is not what we’re going to unpack today. Today, we’re going to look into what could be going on with you if it seems like, lately, you’ve been having a greater desire for sex, and you can’t quite pinpoint why.
Because, just like, say, a craving for a particular type of food oftentimes reveals something that is going on with you physically or mentally — sex cravings tend to bring certain things to light in those same areas, too.
Let’s dig in…
Hormonal Shifts
GiphyAlthough I don’t have social media accounts, I do tiptoe out there to see what’s going on — and boy, do I roll my eyes whenever I hear folks act like being over 40 is old. SMDH. It’s especially annoying when I hear about it in the context of sex because, believe it or not, there are a lot of late perimenopausal and menopausal women who are “gettin’ theirs” more than some of these 20 and 30-year-olds are (just ask them).
One reason is that the fear of experiencing an unplanned pregnancy, for many, is now in their rearview mirror. Another is because some are taking a form of hormone therapy to treat the changes that their system is going through — and when you’re getting more estrogen, progesterone, and/or testosterone into your body (in order to level things out) — HUNNAY.
For other women, even consuming phytoestrogens (plant-based estrogen) like peaches, garlic, berries, spinach, and cabbage can make them want sex more than when those aren’t a part of their diet. Bottom line here, a shift in your sexual hormones can definitely cause you to desire sex more than you have before (or have in a while).
Ovulation
GiphyBack when I was a teen mom director for the local chapter of a national non-profit, something that I used to tell “my daughters” all of the time is when you know that you’re ovulating, that’s when you need to be hypervigilant about using wisdom when it comes to the sex-related decisions that you make. I’m thinking that most of you get why: your body was designed to feel its horniest when you’re able to get pregnant — and that is during your time of ovulation.
That’s why it really is a good idea to keep up with your cycle and, if a baby is not something that is on your priority list right now, you either avoid having sex during that time of the month or make sure to use some form of birth control. Chile, even women with low libidos can find themselves wanting to hang off of a chandelier or two when they are ovulating. It’s nature’s way.
A Healthy Diet
GiphyIf you happen to be someone with a sluggish sex drive and you know that you spend most of your time in a drive-thru, there is probably a direct correlation there. No joke. There is plenty of research out in cyberspace to support the fact that a wack diet and low sex drive have a lot in common. While processed foods and unhealthy fats can throw your (sex) hormones off, foods that are filled with zinc, vitamins B12 and D, and iron can ramp up your desire for intimacy.
This is why many people who decide to make a lifestyle change as far as their eating habits are concerned are oftentimes surprised by how much sex is on their minds and how much easier it is for them to orgasm because of it. While a part of it can be due to a boost in their sexual confidence, a lot of it has to do with consuming foods that will literally feed their libido (in a healthy way).
More Exercise
GiphyPlainly put, exercise makes you hornier. Not only does it boost your testosterone levels, (consistently) working out also lowers your stress levels and gives you a boost in the self-esteem department. On top of that, exercise makes you more flexible, builds up endurance, and increases blood circulation which can turn around and intensify your climaxes as a direct result. In fact, this is oftentimes why people will want to have sex right after a workout session.
While we’re here, let me also share that too much of a good thing can end up being counterproductive. What I mean by that is, that although it is wise to exercise on a regular basis, make sure to not overdo it. Something known as overtraining syndrome can result in fatigue, insomnia, and irritability; no one can really have amazing sex when all of that is going on.
Being a Certain Age
GiphyWhile it used to be said that the sexual peak for men is in their teens and for women, it’s in their 30s (some believe it’s because after 35, it’s more challenging for women to get pregnant and so our biological clock plays a role in it all), some research believes that coming to that conclusion isn’t fair because aging affects people differently. For instance, while on one hand, people in their 40s tend to see a dip in their sex hormones, as we’ve already discussed, hormone therapy (for both men and women) can level some of those issues out, if not increase some people’s sex drives altogether.
Adding to that, it should also go on record that some studies indicate that women between the ages of 27-45 actually have a stronger desire — or craving — for sex than women between the ages of 18-26. So honestly, there goes the myth that being younger (automatically) means that you’re hornier. #Elmoshrug
Certain Medications
GiphyIf you used to have a higher sex drive and you’re currently on an antidepressant, that could be why your desire for copulation has decreased. Some studies say that as much as 40 percent of people who are on these types of medication end up having a lower libido (by the way, antihistamines and beta-blockers can have this effect, too).
On the other hand, if you’ve been taking a prescribed drug to increase your sex drive (perhaps like Vyleesi or Addyi), then it would make sense that you may have an increased libido level. Other meds that may have a similar effect include birth control pills (since they alter your hormones), medications that help to treat Parkinson’s disease, along with dopamine-related drugs.
Less Stress
GiphyIf, on the days when you don’t seem to have a care in the world, you also desire sex more than usual, that’s not a coincidence either. Thing is, when you’re all stressed out, that can cause the stress hormone known as cortisol to work overtime and, when that happens, that can end up suppressing your sex hormones which can deplete you of sexual urges. Ironically, there is a flip side to this because when you engage in sexual activity, that actually elevates feel-good (and bonding) hormones like dopamine, oxytocin, and endorphins, which can also de-stress you.
So basically, if you’re craving sex, you probably aren’t very stressed out (right now), and if you want to stop being stressed out, you probably should have some sex (some protected sex, if you don’t want to be stressed later up the road…if you know what I mean).
Having an Amazing Sex Life
GiphyTo me, this one right here should be a given because when something is both good to and for you, why wouldn’t you want more of it? So yeah, if you have a great sex life with someone, it’s common sense that you’d want to engage in that act with them as much as possible. Hey, not to mention the fact that orgasms activate your brain in a way similar to a drug high does.
So, if while reading this, you’re thinking about sexting your bae to make arrangements to — eh hem — satisfy your craving, I say go for it! To “greatly want” to connect with your partner in order to have some fulfilling and satisfying sex? What in the world could possibly be wrong with that?! Not a damn thing.
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