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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Now, I’ll be honest: as an avid TV-lover, I was well-prepared to hop on Zoom and jump into all the chatter around Bel-Air and her characters’ decisions. But after listening to her new EP Identity Crisis, I knew there was a lot more to talk about as well. During this exclusive conversation with xoNecole, Jazlyn Martin delved into the challenging journey she’s faced surrounding her identity, newfound fame, and family influence, and how it all plays a part in her art. Check it out!
xoNecole: So I know that your father is in the entertainment world, but when did you realize you shared the same passion?
Jazlyn Martin: I think it was very early on. I was a child who was full of attitude and fearlessness that would go after anything I wanted. I believe seeing my dad pursue music made me realize it was possible. I just had this hunger and fire, and my parents consciously fed and nurtured that - they are always all super supportive of whatever I do. So very, very early on, I was like, I'm meant to do this. And I just was like, I'm a star, and I know I'm a star.
xoN: Actually, let's talk about your family. What are some of your most important values, and how have your family and heritage played a part in shaping those values?
Jazlyn: I mean, my mom is like an angel; she's so graceful and kind, and I've had to work hard to get there. When I was young, I was very abrasive, headstrong, and stubborn. Whereas my mom gives an immense amount of grace in the way she carries herself. I had to learn that.
I think being strong is something I’ve always had. My parents always joke that they don't know where my personality came from. Because my dad is shy and timid and my mom is kind, and I'm a fireball. But my Dad always asked the important industry questions like, “Why do you want to do this?” And that instilled some purpose into me. It really carried me to keep going because it's so easy to be discouraged in this field, but that drive has helped me push through all of the challenges.
xoN: I bet. I have such a respect for actors and the way you all navigate the industry. Speaking of, let’s dig into “Bel-Air.” Were you a fan of the show? Did you have to go back and watch the episodes?
Jazlyn: So I actually did watch the show which is crazy because sometimes I don’t. I saw it was a reboot and was like, ‘Oh no, not another one.’ But I watched the first three episodes, realized how good it was, and ended up watching the whole season. I became a fan, and then a few months later, I booked the role!
I think the imagination is such a beautiful and powerful tool, and I feel like if you create something in your mind, it happens. It's a crazy thing, but I really just created Jackie's world - the house she grew up in, her parents leaving her, and everything. I created why she fell in love with dance. I really came at it from a human approach. If I see it, then the audience can see it.
xoN: Yeah, background plays into so much of how we deal with things, how we interact with people, and everything. And I feel like Jackie gets a lot of backlash. Like, we’ve all had a “Jackie Moment” to be real.
Jazlyn: She gets so much backlash! I just encourage people to give her grace and see the God in her because I do think she tells a lot of Black and brown girls' stories. People project on her, saying she’s too ratchet or hood, and I’m like does that mean she’s not loveable?
We have to be careful of what’s said and put out because Jackie has gone through things that I've never had to go through. The fact that she's alive and still highly functioning is a blessing. So what if she gets a little messy? I love her. Because she’s helped me extend empathy to people I don't necessarily want to or don't think deserve to have it. But she's 17, she's figuring it out, and she doesn't have parents. Like, that's such a huge factor.
"We have to be careful of what’s said and put out because Jackie has gone through things that I've never had to go through. The fact that she's alive and still highly functioning is a blessing. So what if she gets a little messy? I love her."
xoN: You mentioned how your character is viewed, which digs a bit into identity. So I want to talk a little bit about some of the emotional songs on your EP “Identity Crisis.” What inspired the track “Perfect?”
Jazlyn: When I was creating “Perfect,” I already had the EP title. So I kind of mapped out, like, the different conflicts I had in my head and categorized them into seven songs, and so one of my identity crises was being perfect. Because I feel like a lot of men tend to put women on pedestals. They're expected to be perfect - especially when you’re in the limelight. You know, you can't slip up. You can't say the wrong thing. Cancel culture is such a huge thing. And I just wanted to encourage people to give people grace to be themselves because that's not an easy thing to do.
I just wanted to take down this facade that I’m perfect because I never pretended to be. I never wanted to be. I think that's something people have placed on me, that I have it all figured out, I think I just carry it well, but that doesn't mean it's not heavy. I just wanted to be very vulnerable and honest. I think people think “perfect” is a compliment, but I think it's a cage because it doesn't allow room for error. It doesn't allow for you to be human and mess up and fail and take risks. So I just wanted to encourage grace.
xoN: Do you ever feel like you went through an identity crisis?
Jazlyn: I go through one constantly. Growing up, I didn't really have one. But I think as you get older and more aware and cognitive, you know how the world goes, and the world starts telling you who you are, instead of you deciding who you are. And I feel like being mixed played a big role in that, not feeling Black or Mexican enough. I wanted to belong to both worlds but didn’t so I was just “other.” That was an identity crisis in itself.
Also, being introduced to a level of fame has been interesting, too. I think we all go through identity crises all the time because we’re evolving and changing. It’s beautiful, but it’s also scary; you see yourself this one way, and then something happens, and there’s a shift. So yeah, I think it’s something we all go through but no one talks about.
"I think as you get older and more aware and cognitive, you know how the world goes, and the world starts telling you who you are, instead of you deciding who you are. And I feel like being mixed played a big role in that, not feeling Black or Mexican enough. I wanted to belong to both worlds but didn’t so I was just 'other.'"
xoN: I love that. And I know Hispanic Heritage Month is coming up, and you'll be speaking at the New York Latino Film Festival. Talk to me about what that moment means to you and what you hope to bring to the event. *Editor’s note: The interview was conducted before Hispanic Heritage Month began.
Jazlyn: I’m bringing some Afro-Latino-ness! I always grew up seeing Latinos being represented in a very specific way—very Spanish, not very Indigenous looking. So I'm really excited to bring the Black experience, with the Latino experience, to the stage because that's something a lot of people don't know exists.
People are always like, “Are you Black or Latina?” Well, I'm both! We were just dropped off in different parts. I’m excited to speak on that and highlight how prevalent anti-Blackness is within Latino communities. A lot of Afro-Latinos have faced an identity crisis because of it, including myself. It sometimes feels like you’re supposed to hate the other half of who you are.
For me, I held onto that little Black girl inside. I refused to let her go. And that’s what I want to represent when I speak—resilience and acceptance of our full selves. I’m also looking forward to meeting fellow Latino people, especially Afro-Latinos, and sharing our stories. It’s not a narrative that gets much attention, and I’m excited to represent.
xoN: I’m excited for you! Finally, with all the praise and recognition you’re receiving now, what has it been like to transition from working in music, dance, and acting to now being in the spotlight? How have you embraced this new level of fame?
Jazlyn: Um, it's overwhelming. I think that's the best word. Sometimes, I'm joyful, because I'm giving back to the community. People resonate with Jackie's stories and see themselves in her, which I think is the biggest compliment to me. But then sometimes, you know, I feel sad because I'm like, ‘Damn, I'm not doing enough,’ like I should be doing more. It's crazy, the industry is so fast-paced that you don't really try to celebrate wins. It's just a transition, an identity crisis of the like.
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Her influence extends far beyond the realm of clothing, encompassing everything from her rigorous Pilates routine to her meticulously curated skincare regimen.
Let’s keep it 1000— her words carry weight, and her recommendations are highly sought after. The fashion industry hangs on her every word, eager to know what trends she will embrace next. Her Instagram account, with its millions of followers, serves as a virtual runway, showcasing the latest must-have items and coveted accessories.
Recently, she sat down with StyleCaster to share what’s in her Hermès bag and there were a couple of items that grabbed our attention so let’s run them back.
YSL Sunglasses
Every girl needs a pair of sunnies at the ready. You never know who you need to avoid or when you wanna have a legit no-makeup day. Lori believes, “They just are the vibe.”
Chanel Hand Cream
“One thing you’ll never find me is ashy,” the star boasts. Of course, her hand cream of choice is Chanel which deeply hydrates, protects, and delicately scents your hands. Quickly absorbed, it leaves skin soft, supple, and long-lasting comfort. Best of all, your nails and cuticles are enhanced for a flawless manicure.
Rhode Peptide Lip Treatment
Apparently the Rhode hype is real. Lori shared that she likes to indulge in this nourishing delight that transforms her lips on the go so much so that she has one in every bag. According to the girlies, this ethereal formula glides on effortlessly, leaving your lips with a glossy sheen. It works diligently to deeply nourish and quench the thirst of dry lips, ensuring they remain hydrated and supple.
Baby Hair Brush
“The baby hair queen” herself has over 100 baby hair brushes because you gotta keep those edges slayed and laid. This Red by Kiss Ultimate Edge Fixer Professional Boar Hair Brush is a 3-in-1 baddie that features natural and gentle boar bristles that provide a massaging sensation on the scalp, improving blood flow and making it perfect for sculpting short, unruly baby hairs and taming flyaways. It also offers two types of ends for versatile use, including edge control gel application.
SKN by LH White Tea Toner
This toner serves as a good refresher for the model on the go. “It’s very fresh and keeps the skin hydrated. Any time I need a pick me up for my skin, I am whipping her out.”
During the sit-down, the multi-hyphenate also emphasized her strong work ethic and involvement in all aspects of her skincare brand, SKN by LH, from creative product development to Instagram curation. Lori debunks misconceptions about her not working, proudly stating that she earns everything she has and is deeply invested in her brand's success.
Honorable Mentions: Birth Control & Fan
We just had to add Lori's birth control must-have moment from the vid to the list, “Because you know… no babies,” as Lori said.
Additionally, whether folks know it or not, having a fan handy is key to maintaining a sweat-free beat and not appearing too glowy. No matter the season, keep a handheld fan, motorized or old-school, in your bag to quite literally keep cool. It’s the Lori Harvey-approved way to keep it cute.
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