As you walk through your local mall, you might not even notice the small businesses operating in the middle of the aisles. I’m talking about the compact retail booths that typically specialize in one type of product or service and that operate in the common areas of indoor malls. These businesses are where you’ll find a wide selection of cell phone cases, t-shirts, calendars, and trendy toys, as well as skincare products, gourmet popcorn, jewelry, and fuzzy slippers, to name a few popular items.

This isn’t a new business model, but it’s becoming a smart way to test new product ideas without having to commit to a five-year storefront lease and more space than you could fill. In fact, some of the most successful kiosk businesses only open three or four months a year, around the December holidays. 

A retail kiosk can be a way to test an idea or build a customer base before investing in pricey retail space, as well as to set up shop permanently.

Mall Kiosks Are Booming

Mall kiosks are actually a growing industry, currently valued at $13.4 billion in the U.S. alone and consisting of more than 63,000 operators, according to IBISWorld. Between 2020 and 2025, kiosk revenue grew at a rate of 3.2 percent annually, with the market as a whole growing as well.

It’s obvious why kiosks would be appealing to business owners—lower overhead costs with all the traffic anchor stores are exposed to, without multi-year commitments. Surprisingly, those compact kiosk spaces can still generate a six or even seven-figure income.

For mall owners, kiosks are a win as well, by bringing in more revenue from space that is typically just a pass-through.

The Kiosk Advantage: Why This Model Works 

Starting a mall retail kiosk offers several advantages over traditional brick-and-mortar spaces, making it an ideal testing ground for a new business concept or product line.

Lower Financial Investment

Unlike traditional storefronts or franchises, setting up a mall kiosk business does not take hundreds of thousands of dollars. The average cost of starting a mall kiosk business ranges from $2,000 to $10,000, according to eHopper. For $10,000 or less, you can get your kiosk unit, some inventory, and basic equipment to process payments. 

Built-In Customer Traffic

According to Capital One Shopping, in total, American consumers make 1.3 billion monthly shopping center trips and visit malls an average of 5.2 times per month, as of 2024. This is one of the biggest benefits to mall kiosks, which benefit from the foot traffic they didn’t have to pay to attract. Mall customers come to the space with the intention to buy and generally have to walk past kiosks as they move from store to store. This is guaranteed visibility that many other stores may have paid to attract through advertising and promotions.

Impressive Revenue Potential

Despite their smaller footprint, mall kiosks can still generate high sales per square foot. Current estimates of average brick-and-mortar sales per square foot were $325 in 2025, while successful kiosks can generate as much as $1,200-2,500 per square foot, depending on the product and the margins you can earn.

Lease Flexibility 

Most malls offer leases of three or six months for kiosks, some even allow month-to-month, rather than the three- to five-year commitments typical of larger retail stores. This flexibility helps newer entrepreneurs avoid making large financial commitments during the market research or startup phase. Sometimes it’s also possible to relocate a kiosk to a different spot within a mall if space becomes available and/or a current location is experiencing disappointing sales. 

Kiosks offer flexibility in general, with respect to lease commitment, location, and even product offerings; it’s fairly simple to pivot if one product is underperforming, switching it to something else entirely. 

A Kiosk Startup Roadmap

1: Research your inventory carefully

The product you choose to sell will make or break your kiosk. Ideally, you want popular items with a high profit margin. 

Research suggests the following are among the most popular product categories: 

Electronic accessories and gadgets: Cell phone accessories top the list of common kiosk products because phone designs are constantly changing, and cell phone owners like to swap out cases. Replacing lost chargers is also a regular occurrence for some owners.

Food gifts. Around the holidays, kiosks spring up offering specialty items and bundles such as tea and accessories, popcorn tins, and the old Hickory Farms cheese and cracker packs. Margins aren’t quite as high, but repeat customers can generate solid volume.

Cosmetics and beauty products: Skincare products can offer high demand and high profit, especially as trends such as Korean skincare routines are going strong in 2025. These types of products do well with demonstrations and in-person consultations. 

Jewelry and accessories: If you ever had your ears pierced in high school, odds are good you had them done in an in-aisle jewelry kiosk. Jewelry products are popular choices because of the low cost and high demand, since they can appeal to a wide range of customers. 

2: Understand Your Costs

Before you go all-in on a kiosk, be sure you’re clear about the financial investment required. Your upfront costs will include, at a minimum:

• Rent for kiosk space: Depending on the size and foot traffic at your local mall, you can expect to spend somewhere between $500 and $10,000 per month. The time of year and your proximity to high traffic areas will also be factors.
• Kiosk structure: Some malls provide the physical unit as part of the monthly fee, while others expect you to. If you have to set up your own mini-store, you can expect it to cost between $2,000 and $20,000 for the physical unit. One of the cheaper formats is a movable cart, which is especially helpful if you want to test out multiple locations.
• Retail equipment: No matter what product you sell, you’re going to need a computer and payment processor at a bare minimum, with lighting, display stands, and signage being other accessories you’ll want to consider. You can pay anywhere from $1,000 to $10,000 for this type of equipment.
• Inventory: You’ll also need to invest in products to stock your kiosk. Depending on the price point you’re targeting, you should expect to spend at least $1,000 to $10,000 for your initial shipment of items.
• Hired help (if needed): Even if you plan to staff your kiosk yourself, you may want to set aside some money for part-time help to give yourself a break during busy weekends.

3: Find a Location

Your location within the mall can make or break your kiosk business. Being situated near an entryway versus hidden away in an obscure corner will dramatically impact your sales. You want as much visibility as you can afford, to be able to catch the eye of as many potential customers as possible as they walk by.

As you evaluate different potential locations within a mall, make sure you study:

• Foot traffic patterns: Not only do you want to estimate traffic numbers, or how many people walk by a certain spot, but you also want to understand how time of day is a factor. The best way to gauge this is to count people walking by at different times of day and days of the week. Find the walkway that is consistently busy and aim to get a spot there. 
• Check obstructed views: Just like at the theatre or ball game, you don’t want a seat behind a pillar. Likewise, in the mall, you don’t want your kiosk to be hidden behind a display or column either. People need to be able to see you to buy from you.
• Anchor stores with similar target customers: All things being equal, you’d rather be near a retailer that serves the same customer demographics as you do. Meaning, if your ideal buyer is a young mom, try to get a spot by a children’s clothing store or the restroom. If you serve teen boys, proximity to a video game store is a good bet.
• Find your competition: If you’ll be selling a product that other kiosks already stock, can you get a location on the other side of the mall, so that you won’t necessarily be directly competing with them? Or, after assessing their inventory, can you stock your kiosk with different brands or types, so that you’re competing head-to-head even less?

You may be quoted a bargain basement price to go into a quiet section of the mall, but don’t be enticed. Low traffic means fewer customers, which means lower sales. This is one instance where you’ll want to pay more for a better location.

Next Steps

Given that we’re already in Q4, you may want to consider starting with a temporary or seasonal kiosk lease to test out your concept while conserving cash. See what works and what doesn’t as data for next year, when you may want to get set up right after Labor Day for the busy holiday rush. 

With the right product, location, and sales approach, you can build a profitable business that doesn’t require a pricey storefront and massive inventory.

Food entrepreneur Carol Fitzgerald’s idea for a hostess gift morphed into a thriving food venture, Hazy Fudge, that won a $10,000 Amber Grant in September 2024. Fitzgerald’s grant application caught the attention of the advisory board, which was confident she would make smart use of any grant funds. 

Fitzgerald’s application explained her business’ origin story, perseverance, and growth trajectory that had stretched her resources too thin. To continue to expand, her company, Hazy Fudge, needed support, she explained, but she made it clear the company was already on strong footing, it just needed funds to scale. She then went on to provide evidence of how grant funds would enable her business to continue to grow.

Fitzgerald did a number of things right in her application, which ran more than two pages long. In particular, she detailed four aspects of her business skillfully.

Education and Resources

Fitzgerald recognized that leveraging local training and resources would significantly increase her business’s odds of success, given that she had no background in food products and services. The idea for Hazy Fudge was sparked when Fitzgerald began looking for holiday gifts to send to family and friends who had hosted her musician son Bobby when his band Whiskey Shivers had toured Europe.

She wanted to express her gratitude to these hosts while also showcasing the local area’s bounty. She settled on “an alcohol-infused treat made with locally sourced milk, wine, and bourbon,” which she named Hazy Fudge. “The response was overwhelming,” she said. “People loved it!” That universal positive reaction prompted Fitzgerald to consider starting a business, which had long been a dream, she says.

“With over four decades of experience across various industries, I had a strong foundation in business, administration, and marketing,” she explains in her application, but reveals that “the food industry was uncharted territory for me.”

This realization drew her to explore opportunities for learning and growth available in the Finger Lakes Region of New York, where she is based. She applied and was accepted to the Dairy Runway program, hosted by Cornell University, for early-stage food entrepreneurs. Then she enrolled in the Cornell Food Spark program, to research potential demand for her new product, and later applied for woman-owned business certification through the Small Business Administration (SBA). Additionally, Hazy Fudge is now a Taste NY product participant that is sold on the website and in local shops and online venues.

In pursuing participation in several regional business programs, Fitzgerald took practical steps to understand her business, the market in which she would be operating, and then found resources to support her business needs. This demonstrated resourcefulness and perseverance, which impressed the advisory board.

Creative Problem-Solving

Hazy Fudge started off strong and as sales began to climb, a challenge emerged: meeting the production requirements for an alcohol-containing product, she explained. “This necessitated access to a licensed 20-C kitchen with specific equipment. The costs associated with building or renting our own kitchen were prohibitive, but we didn’t let this obstacle deter us,” Fitzgerald says.

Her solution? Buying refurbished equipment and installing it in a local co-packer’s facility. Not only did this allow the company to increase production, but it also created local jobs.

Fitzgerald’s willingness to pivot when a potential new solution presented itself was impressive and conveyed her commitment to her business’ success.

Building Relationships

Confidence that Hazy Fudge could be even more successful if given grant funds rose as Fitzgerald relayed the support system and business relationships she has in place. On top of an extended family, who provide technical, social media, and emotional support, Fitzgerald has sought out brand ambassadors “to assist with tastings and festival events” until she gets to a point where more full-time staff are needed.

The brand also partners with area bars for product sampling events.

A Clear Financial Plan

Another strength of Fitzgerald’s application was the level of specificity she provided regarding how grant funds would be used. She identified specific equipment to be purchased, but in addition to listing the cost, she also pointed out the impact the new equipment would have on production expansion, making explicit connections between the equipment and improved production speed. Her planned investments in marketing, branding, and business operations were explained and obviously supported her growth goals.

Hazy Fudge’s Amber Grant application was a winner because of Fitzgerald’s willingness to share details regarding both her successes and her challenges, while making it clear she was on track to build a successful company with or without the money. The grant would only hasten her company’s growth.

We reached out to our December 2022 Amber Grant Winner, asking her to share the business lessons she learned from the past year:

Michelle Dudash, RDN answered the call! Below are the answers she gave us.  Please give it a quick read. We’re sure there are some nuggets of wisdom you can apply to your business.

 

	We’d like to reintroduce you to Michelle Dudash, RDN, Founder of Spicekick® seasoning, our December 2022 Amber Grant winner.

What advice would you give to a new business owner in your industry?

What was the most important lesson you’ve learned in your business?

What are some pitfalls that you wish you had known about in your industry?

Retail is hard when it comes to scaling at the national level. The national distributors have high fees that you need to build into your pricing.

It can take a long time to get your product into chain retailers, like 18-24 months. You need to be working on a number of leads at one time so you are always growing and winning new accounts.

What part of your industry was the hardest for you to overcome? How did you do it?

Switching production from in-house to a co-manufacturer is a challenge. When you are a brand who is scaling, your quantities may not be large enough for the large co-manufacturers, but as you get into larger retail chains, you need to have a third-party audited facility, which is expensive to a co-packer, no matter the size. So not all co-mans will have this. Also, finding a co-man who doesn’t process gluten-containing ingredients and has the right equipment to process your volume of product can be tricky, too. 

To overcome these challenges, I made calls and emails to many co-mans until I found the perfect fit.

Can you share industry-specific resources and/or professional organizations that you’ve found helpful?

Indiana Grown: A state-run program that has been super helpful in marketing locally. Check your own state out for a program specific to your area.

The Good Food Accelerator: I have participated in a number of their co-horts and programs and learned a lot from the programming and mentors.

Startup CPG: Their Zoom meetings and podcast have covered a lot of useful topics.

Expo West: A great show to attend, meet other co-founders, walk the show floor, and attend sessions.

37 Oaks has great resources for selling wholesale.

Whether you’re dipping your toe in the water to see if a side hustle could be the basis of a new business or if you’re already all-in and running a corporation, it’s important to create systems that help you attract and land more business.

The best place to start is with a lead management system. Your sales leads are potential customers or clients.

Depending on the product or service you sell, your process may look something like this: 

• You receive a referral or connect with a potential client and have an email exchange to confirm they’re looking for someone like you. Or if you run a brick-and-mortar business, your prospect may walk through your door.
• You have a conversation, which may include offering to schedule a phone or Zoom meeting to learn more or simply chatting in person during their in-person visit.
• The discussion goes well, and you follow up with a proposal or requested information.
• Silence from your potential customer.
• You move on to your next potential client.

I don’t know about you, but when work is overflowing, that’s often my process. I haven’t done much in the way of checking back in, sadly. Yet I know that my business could benefit from more of a process to stay in touch with people who have expressed an interest in my services. Maybe you feel the same way.

Research has shown that organized follow-up converts more prospects into clients. One such statistic indicates that only 2 percent of sales are made during that initial conversation and that 80 percent of leads require five or more follow-ups.

Of course, that’s hard to do if you don’t have an internal system to capture, track, and schedule future follow-ups.

If this makes sense to you, here are some suggestions for creating your own lead management system.

Create a lead capture process

The first step, once you’ve identified someone as a potential customer, is to put all of their information into a database of some sort. I’ve used Excel spreadsheets, but I have found that they can get cumbersome once you have a steady inflow of leads.

You may want to create your own lead capture form (on paper or online) that collects basic information, such as: 

• Name
• Contact details
• How they found you
• Basics of their product or service needs
• Timeline
• Any financials you’ve discussed
• Any notes you took or additional information about what they’re looking for

You can then take those completed forms and use them to enter the details into a lead management system, or delegate that task to someone else on your team. But a completed form is what triggers an entry into your online system.

Characterize your suspects

A Kodak salesman I worked with years ago used to call companies that had not yet confirmed they were interested “suspects.” Once they asked for a conversation or more information, they moved into “prospect” territory.

When you have a lead to enter into your system, you’re going to want to classify them according to their stage of decision-making. Many companies use something like these four basic categories:

• Hot: They have been researching your type of business for a while and are ready to move forward and understand the financial investment required
• Warm: They have expressed interest but are not ready to sign on the dotted line. May need some ongoing nurturing to convert into a client.
• Cold: Either they expressed interest and have gone quiet, or they’re interested but are not actively considering proceeding right now. May become a prospect in the future.
• Not interested: If at some point someone tells you they are no longer interested in your product or service or that they’ve hired someone else, you may want to keep this information for future reference, even if you’re no longer pursuing them.

Every time you interact with your prospects, you may get additional information that helps you reclassify them. They move from warm to hot, or from cold to not interested, for example. Continually updating this data helps you recognize where you should be investing your time.

Choose a centralized tracking system

As you begin to separate your leads by interest level, you’ll want to add other details you’ve collected, such as from your lead capture form or from emails you’ve exchanged or Zoom meetings you’ve had. It’s easiest if you put that in one place.

I’ve used a simple Excel sheet for years, but I’m in the process of switching over to PipeDrive, which is an online platform. 

Other platforms to consider include:

• Notion
• Hubspot
• Monday
• Dubsado

When you’ve chosen where you’ll be storing all of your lead information, you’ll want to decide what information will be useful to you. That will then determine what fields you’ll want in your database. Some of the fields I’m using and adding are:

• Name
• Source (meaning, where they came from, or how they found you)
• Type of work or product specifications
• Date of first contact
• Category (hot, warm, cold—if they’re not interested from the start, don’t bother adding them to your database)
• Last contact date
• Next follow-up date
• Proposal or quote date (if you’ve provided one)
• Estimated project value (some people also attach a percentage to represent how likely the deal is to close, which helps them track the amount of work that they could land)
• Notes (comments and conversation summaries help you recall where you left things and what may be holding them back from hiring you

Using an online system also allows you to automate follow-ups, which are what will turn a warm prospect into a client. Very, very few inquiries will immediately turn into a client. While some products have a short sales cycle, such as clothing or food, others may require months or even years to come to fruition, such as with government contracting or construction.

Decide on your follow-up sequence

You know you need to follow up, but you don’t want to be a nuisance, so determine up front how often you’ll check in. Your cadence could look something like this: 

• Initial inquiry response (immediately): Thank them for contacting you, ask about their project, budget, etc., and suggest a brief discovery call. If you use Calendly or a scheduling app, you could include a link to your schedule and also have some qualifying questions embedded there.
• Meeting follow-up (immediately after discussion): Thank them for their time and reiterate what you promised to do, such as send them a quote by Thursday.
• Post-proposal follow-up (Day 3): Ask if they have any questions about your proposal that you could clarify.
• Post-proposal follow-up (Day 7): Ask if they have a timeline by which they’ll be making a decision, assuming they’re interviewing several potential vendors.
• Post-proposal follow-up (Day 21): Tell them you’re just following up again to see if they’ve made a decision.
• Post-proposal follow-up (Day 40): Tell them it sounds like they’re not ready to move forward right now, so you’ll keep in touch in case something changes.
• Long-term nurture sequence (monthly): Assuming you already have prospects’ permission to stay in touch, you could send out a monthly newsletter with news and tips related to their purchase.
• Birthday and holiday greetings: If you happen to know their birthday, sending a quick “Happy Birthday” note can help keep you top of mind, as well as a short holiday note or card.

Track results

Once you have your lead management system set up, you’ll want to monitor how things are going. While sales are certainly your primary metric, there are other data points you can monitor that will give you a sense of where issues may lie.

For example, if your number of leads isn’t growing or your conversion rate (the percentage of leads that become clients) is declining, you’ll want to take steps to turn that trend around. Similarly, you may want to monitor your average proposal size as well as your best source of leads; where are most of your clients coming from? And how long is your average sales cycle? That’s useful to know during those months when things seem eerily quiet.

If you set up separate fields in your lead management system that track this information, you can see how your sales process is going and know when it’s time to make changes.

Of course, the only way a system like this will be useful to you is if you use it consistently. Whenever you have a Zoom call, conversation, or email exchange, update your lead management system. Otherwise, your data will be out of date and hard to evaluate.

Just don’t give up too soon. Use your system to build relationships that can result in work or refer you to other prospects. And that’s how you continue to build a sustainable business.

The saying, “It’s not what you know, it’s who you know,” has never been truer in business.

Relationships frequently give business owners a foot in the door or a leg up in being considered for a contract. And since the Old Boys Network has been fully operational for generations, women who have entered the business realm often are at a disadvantage; it’s hard to break in .

Fortunately, new tools and communities for networking have emerged, designed to connect women business owners with one another and with supporters who can provide them with a competitive edge in business situations.

However, many women’s business programs, including communities and coaching offers, are targeted more at beginner business owners than at established six and seven-figure entrepreneurs.

That means successful women business owners at that level frequently are doing more to help others get up and running than to work on growing their own businesses. The networking opportunities, in most cases, are at best lateral connections rather than upward-oriented; that is, they’re not meeting many business leaders who are ahead of them in their business journey.

That puts women business owners at a disadvantage. Entrepreneurs trying to figure out how to grow and scale need to hear from founders who have been where they are. They may need help in finding banks willing to lend to them, recruiting services that can deliver a steady stream of capable job candidates, or maybe an attorney with M&A experience. When growth from $1 million to $10 million is the goal, or maybe $250,000 to $500,000, you need peers who can walk you through how they did that.

The Value of Networking with More Established Entrepreneurs

Surrounding yourself with women business owners who have surpassed your own level of success, you can tap into opportunities and information relevant to more established businesses. 

Some of the opportunities you may find with more established networks include:

• Peer mentorship from fellow business owners who have been where you are now.
• Introductions to business leaders, investors, and board members who are active in your industry or region.
• Joint ventures with other businesses similar in size, or in the same industry.
• Investment opportunities with area companies.
• Funding avenues you may never have heard of.
• Counseling and advice regarding complex problems and situations you’re facing.

Being in the same room with business owners who are already where you want to be in terms of growth, you can listen to conversations about what’s keeping them up at night, what solutions they’ve recently implemented, or technology they’re testing that you might never have thought of. The discussions are different because the challenges are different when you have more employees, more products or services, and more customers.

Finding Networks of Established Women Leaders

While there are plenty of online and in-person communities for women business owners, identifying opportunities to connect with six, seven, and eight-figure business owners is more limited. Fortunately, more places to connect are cropping up.

Some of the emerging programs and communities for women entrepreneurs and women leaders include:

Women Presidents Organization 

The Women Presidents Organization supports female entrepreneurs by connecting them with each other and with learning opportunities. To be considered for membership, candidates need to have an ownership interest in and be responsible for the daily management of a privately held business generating at least $1 million in gross revenue (service) or $2 million (product). There are local chapters nationwide.

Chief

Women corporate leaders should consider joining Chief, for C-suite executives, to network with other women at their level. Membership isn’t cheap, but then the opportunity to network with women of this caliber is hard to come by.

Goldman Sachs 10,000 Women 

Women business owners around the world who are looking for business education, access to capital, and networking and mentoring opportunities, Goldman Sachs 10,000 Women program may be a smart starting point. Women who complete all 10 of the courses are invited to join the Goldman Sachs alumni network.

Strategic Coach

This paid coaching program serves established business owners looking to grow or scale. Strategic Coach offers a combination of business and group coaching and mentorship.

Vistage

Vistage offers CEO advisory services and peer-to-peer coaching through regional groups. Created to serve business leaders, this paid program is focused on fostering growth.

All Raise

Women business owners have historically had more difficulty securing needed capital for growth, whether from banks or investors. In response, more women-focused angel investor groups have been formed, including All Raise. This 501(c)3 organization has brought together more than 3,000 women and nonbinary investors to support other women businesses.

Female Founders Fund

For more than 10 years, Female Founders Fund has risen to become the leading source of institutional capital for women entrepreneurs, raising seed capital with $3 billion+ in enterprise value.

Golden Seeds

Similarly, Golden Seeds is focused on helping women entrepreneurs raise capital. Today, it is one of the most active early-stage investor firms.

Over time, your networking needs will inevitably change and shift. The type of support and guidance you needed when yours was a $50,000 company is very different when you hit $500,000 or $5 million. You may need to step down from involvement in programs or communities where you’re doing more advising than receiving coaching, in order to make time for other groups where you can get help leveling up.

Fashion designer Monika Reyes Maldonado, founder of San Juan-based Moy Studio, crafted an award-winning WomensNet grant application. She applied for and won the October 2024 Amber Grant worth $10,000 and then won the 2024 year-end WomensNet grant valued at $25,000.  

Her strong vision for a business that honors past generations of sewers, by “making fashion more responsible, one stitch at a time,” caught the advisory board’s attention. On top of her mission to rejuvenate sewing skills and foster sustainable practices, Reyes Maldonado provides strong evidence of her company’s growth trajectory and the positive impact a grant will have on the business. 

That’s what secured the win for her.

Compelling Story

From the start, Reyes Maldonado grabs the reader by explaining the need for the lost art of sewing and ties it into today’s pollutant-producing fashion industry. She says, “In the past, our grandmothers were skilled at making or altering garments — a tradition that has been largely lost in today’s era of low-quality fast fashion.”

Then she segues into the Moy Studio story. Reyes Maldonado began teaching sewing and pattern making in her living room, eventually growing it into a “fashion design school that teaches sustainable practices, helping people create and repair their clothes while reducing their environmental impact.”

The business was born out of necessity, as Reyes Maldonado had lost her job after Hurricane Maria struck Puerto Rico in 2018. But that job loss also gave her the opportunity to consider what she really wanted to do. It “motivated me to pursue my passion and create something meaningful.” She and her partner wanted to “empower people during uncertain times by providing a peaceful and creative space where they could learn and share their love for sewing.”

For 18 months, they “offered workshops in temporarily rented venues until the pandemic hit in 2020.”

Although the pandemic was disruptive and forced them to halt in-person instruction, it created opportunity by pushing Moy Studio to “pivot to an online format.” Within six months, the business launched its first online course in 2020, although designing and filming it hadn’t been easy; “producing that first course was challenging due to the intricate nature of sewing.”

“That year, we reached a significant revenue milestone…proving that going online was the right move,” Reyes Maldonado says.

What the application team took away was respect for what Reyes Maldonado had been able to do following Hurricane Maria and the pandemic. Her ability to stay true to her calling reflected resilience, adaptability, and dedication to creating something meaningful, all of which WomensNet looks for in its applicants.

Clear Mission and Social Impact

The application emphasizes Moy Studio’s commitment to sustainable practices, tackling fast fashion’s environmental issues and waste. Reyes Maldonado does that by weaving in statistics that underscore the problems endemic to the fashion industry. She explains, “Fast fashion is one of the most polluting industries in the world. To make a single cotton t-shirt requires around 2,700 liters of water, enough to meet one person’s drinking needs for 2.5 years.” She then links to a source article confirming her claims.

She goes on to explain what Moy Studio does to counteract this pollution. “At Moy Studio, we aim to tackle these issues by integrating sustainable practices into traditional sewing and pattern making. We prioritize organic fabrics, zero-waste pattern making, and clothing alterations to extend garment life.”

Reyes Maldonado cites the business’s 500+ students and collaborations with nonprofits as evidence of its community-driven approach, which we appreciate. That is, there is support and market demand for her company’s services.

Well-Defined Vision and Track Record

From the outset, Reyes Maldonado says, “Our focus is on making fashion more responsible, one stitch at a time.” 

But along the way, Moy Studio has been guided by a five-year plan. It has hit important milestones and achieved success at each step, including winning third prize in EnterPRize, which confirmed the business’s potential for growth.

Mentioning other awards won and honors received drives home the point that this is a successful business and that other organizations have recognized it. That adds legitimacy to the application.

She then explains that when COVID restrictions were lifted in 2021, the business reopened its in-person workshops to “overwhelming” demand; “the workshops quickly booked up.”

The sell-out crowds let Reyes Maldonado and her partner to rent a small space in Hato Rey three months later. “While the online model is more scalable, we realized that in-person learning is irreplaceable, as people not only seek new skills but also crave human connection.” For that reason, in-person classes remain an essential part of the business.

In 2022, they began filming the company’s second online course, as part of their efforts to grow the online school. Due to demands from the business, production took 18 months. The team is currently finishing up its third course, which is a slight departure from previous sewing courses; this one is all about clothing alterations and repairs, “to extend the life of their clothes.”

The application clearly articulates the business’s shift and rationale, explaining why the decisions that were made benefited the company’s long-term potential.

Specific Use of Grant Funds

Moy Studio’s proposal for using the $10,000 and $25,000 grants is structured and purposeful. Investing in social media marketing and developing new courses aligns with the company’s strategic goal of scaling its online school to increase reach and impact.

In explaining how the $10,000 grant would be used, Reyes Maldonado focused on two main investments: 1) social media marketing on Instagram, where most of the business’s audience is, to promote the online school and 2) producing a fourth course on pattern making. 

Plans for how the year-end grant funds would be used were equally specific and directly supportive of the company’s growth plans.

Emphasis on Sustainability Education

Moy Studio’s approach to teaching mending and upcycling as practical skills is compelling, given the rising consumer interest in sustainability. The company’s curriculum aligns well with current market demands for eco-friendly fashion alternatives.

Overall, the application is thoughtfully crafted, with a strong vision and mission aligned with sustainability. It communicates both a personal and professional commitment to making a positive impact in fashion.

By expanding on long-term financial plans and quantifying the environmental impact, Moy Studio can present an even more compelling case for grant funding to advance its mission and fuel continued business growth.

Despite all you’ve accomplished, there are probably days when you’ve questioned whether you’re qualified to run your company; someone else could probably do a better job, you tell yourself. 

Imposter syndrome comes on strong. You begin to second-guess your decisions, become pessimistic about a new opportunity you’re considering pursuing, and feel anxious about your company’s long-term prospects.

Every time you allow these thoughts and feelings of self-doubt to surface, you’re costing yourself money. I’m talking real money.

You’ve just experienced the confidence tax, which is the calculated cost of declining opportunities, underpricing your services, and not pushing for all you should in negotiations, says a Psychology Today article. The authors explain, “This invisible tax on confidence erodes self-assurance, slows career progression, creates a scarcity mindset, and reinforces gender inequities in leadership and pay.”

As a woman business owner, you’re probably not even aware that you’re paying this tax. But it is time to stop it, with some specific strategies and tactics you can use to keep more of your hard-earned cash for yourself.

The Real Cost of Self-Doubt 

Self-doubt isn’t just something you experience in your head or your gut; your bank account feels it, too. The three biggest penalties you’re paying are:

Underpricing Services and Products

A FreshBooks study a few years ago reported that women entrepreneurs believe they need to price their services below other businesses in order to win the work. This strategy helps explain why male entrepreneurs outearn female entrepreneurs by 28%.

Women aren’t charging enough. They’re not charging what they’re worth.

Instead, they frequently charge less than market rates because they believe customers won’t pay more. That belief or assumption isn’t based on research, of course. In some cases, women add on free products and services to be helpful, thereby reducing their own profits.

Weak Negotiation Outcomes

Women have a tendency not to want to rock the boat for fear of having opportunities rescinded. This helps explain why 32% of women don’t attempt to negotiate their first job offer, according to Glassdoor Economic Research, when a majority of men do. So, they accept that first salary offer and end up on the lower end of the salary spectrum.

Due to self-doubt, women entrepreneurs also feel the need to over-deliver on services, to be sure their customer feels they got what they paid for. In going overboard to prove their worth, they reduce the amount their business can earn.

Missed Growth Opportunities

Lack of confidence can cause women business owners to hold back on applying for new opportunities. This can include everything from submitting business proposals, grant applications, or award nominations.

Where women are under the impression that they are unqualified if they don’t meet nearly every requirement, men are comfortable throwing their hat in the ring if they only meet 50%. Women need to stop holding themselves back.

Saying “no” to opportunities because they don’t think they’re ready or qualified prevents growth. After all, what’s the worst that can happen if you apply? You might hear a “no.”

On the other hand, hearing a “yes” could be transformative for your company. Not applying is costing you money.

Recognizing When You’re Paying the Confidence Tax 

Now that you know that you’re likely paying the Confidence Tax, here are some ways to spot when self-doubt is creeping in.

Red Flag Phrases and Thoughts:

When you hear your inner dialogue telling you things like these, you’re preventing yourself from pursuing new opportunities and charging what you should:

• “I don’t think I’m qualified yet for that.”
• “They probably won’t pay that much.”
• “I’ll start low and can raise my prices later.”
• “Maybe when I’m more qualified/have a few more years of experience.”

Try to stop those thoughts from emerging and talk back with reminders of your skills and abilities:

• “I can give it a try and see what happens.”
• “I’m worth at least that much.”
• “If they say no, I’ll just go on to the next prospect.”
• “There’s no hurt in trying.”

Behavioral Warning Signs:

Besides those conversations you have with yourself, watch for how you react to opportunities. Ways that you could be self-sabotaging include:

• Stating your fee and then immediately offering a discount or payment plan to fill the silence
• Procrastinating by over researching opportunities, often to the point that you miss an important deadline
• Constantly comparing yourself to colleagues or competitors and feeling less than
• Scheduling several follow up consultations with prospects in order to demonstrate your expertise; you can go overboard with free consulting this way

When you realize that you’re giving away too much of your time or expertise, practice scripts you can use to stop yourself from overpromising before the words leave your mouth.

Also consider creating a file of compliments you receive that you can refer back to when you’re questioning your skills. Putting those types of kudos in front of you on a bulletin board is an even better approach, for constant reminders.

And take time to check how your prices stand up. Are you at market rate, below it, or above? If you discover that you’re undercharging, push yourself to raise your rates and stick to them.

Regular self-assessments can help reframe your self-image and bolster your self-confidence. Your experience and talents have value that you deserve to be paid for.

Make that your mantra.

By charging what you’re worth, you’ll reduce that Confidence Tax and add dollars to your bank account.

Being a small business owner can feel lonely. Unless you have a support system, it can be difficult to share your challenges and fears with people who have never been responsible for running a company. They may not understand what you’re going through.

This is why having a network of mentors and peers is so important, especially for women business owners. That inner circle of advisors, confidants, and champions is key to figuring out how to be successful.

Having mentors and fellow business owners in your corner can make the difference between struggling and thriving.

However, finding such mentors and peers can be a challenge. A recent study by Truist found that 30% of women business owners struggle to find mentors and 35% find it difficult to network with fellow women business owners. Lack of access to business owners who have faced similar roadblocks and can help offer potential solutions or paths to success holds women back.

Fortunately, it is possible to build a support network of mentors and peers. It all starts with proactively seeking out true connections with people who understand where you are and where you want to head in your entrepreneurial journey and who are willing to provide guidance.

Why a Support Network Matters

In addition to offering ideas and solutions to common business problems, an inner circle of business owners offers several types of support:

• Expertise. Mentors can offer recommendations and advice based on their personal experiences. Those “been there, done that” experiences can save you time, money, and frustration.
• Accountability. One of the most useful aspects of having peers and mentors to turn to is the opportunity for reporting and accountability. Knowing that someone is going to check in to find out how much progress you made in reaching your goals and help you stay on track can be game-changing.
• Business opportunities. Well-connected mentors and peers are often the best sources of new business referrals and introductions to potential clients. Your connection with other businesspeople exponentially increases the number of people you are connected to. It can be extremely helpful for your business.
• Emotional support. Every business owner faces times that can be scary and frustrating, just as they can experience big wins worth celebrating. Having mentors and peers you can turn to when you need a shoulder to cry on or someone to share in your excitement is also valuable to your company.

Finding a Supportive Mentor

Although the role of a mentor is to provide feedback and encouragement, often by sharing their own experiences and lessons learned, there are good mentors and bad mentors. To avoid wasting time with a mentor who doesn’t help you progress as an entrepreneur, keep an eye out for someone who has these qualities and characteristics:

• Experience in your industry or type of business
• Similar values to your own
• Has the time available to stay in touch regularly
• Able to be candid without being harsh or hurtful
• Encouraging and invested in your success

There may be other types of experiences that you’ll want to look for that would make a mentor even more helpful to you and your particular type of business, but these are some basics.

Then, where can you come into contact with people — mentors or peers — who could check some of these boxes? Here are some potential places and communities:

• Business groups. These could include those specific to women business owners, such as the National Association of Women Business Owners (NAWBO) or Chief, for C-suite women leaders, for example.
• Online platforms. Places like LinkedIn and Instagram are two places to identify potential mentors and peers and become familiar with their companies. They may not be the best place to try to start a relationship, however.
• Facebook communities. Although social media is a great way to get connected with people and to watch what they’re doing, communities are where women can support each other. In addition to WomensNet, check out Women Helping Women Entrepreneurs, as well as groups specific to your type of business.
• Business incubators. Programs established to help women business owners succeed are another source of potential connections. The NASDAQ Entrepreneurial Center is one such place, as well as the Tory Burch Foundation and Y Combinator (which is not female-specific).
• SCORE. The SBA’s Service Corps of Retired Executives (SCORE) was established to help entrepreneurs overcome obstacles and troubleshoot issues that arise; there may be a local former executive who can offer guidance at no cost.

Building a Network

To be successful as a connector, or someone who surrounds themself with knowledgeable business owners, it’s important to approach your networking looking for ways you can support others and not just expecting others to give you, a stranger, their time and talents right off the bat.

Here are some tips for establishing and nurturing a strong network of supporters:

• Give before you ask for something. That could be an introduction, an idea, or a recent news article you thought would be useful to them. But give without an expectation of receiving anything in return.
• Be clear about what you need. When you get to the point of wanting to establish a relationship, communicate what you’re looking for. Do you want a mentor to give you feedback every few weeks, or to take your call when you have a question? Do you want fellow entrepreneurs to commiserate with and share successes? Are you creating your own mastermind group that you’d like them to join? Make sure you know what you want before asking.
• Stay in touch. Make connecting and reconnecting with your network a part of your daily or weekly schedule. Don’t ask for advice and then drop off the face of the earth for a few months, only to resurface later with another request for more help. That gets old fast. Make sure you’re offering as much support as you’re requesting.
• Consistently work to expand your network. Set a goal to increase your business network by a certain number of people each week or month, so that you’re actively adding to your circle of contacts on a regular basis.

The good news is that you don’t need a huge network to get value from being connected to others. You can create a small circle of your business besties, who are there when you face challenges and cheer you on when you get a big win, or you can focus on volume, steadily building your connections until you know everyone in your industry.

There’s no wrong way to network, unless you start by expecting others to help you because you asked. A much better and more memorable approach is to start sharing your expertise and resources to assist others. They’ll appreciate it and look for ways they can return the favor, even without you having asked.