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.

Marketing is often the tool that can make or break small businesses. The more marketing you do, effectively, the more traffic you can drive to your company and the more word of mouth you can foster. Conversely, if you don’t invest in promotional activities, it’s often harder to make your audience aware that your business even exists.

Marketing is critical.

Of course, there are myriad different types of marketing you can invest in.

Some are expensive, such as advertising (a.k.a. paid media), events, telemarketing, or sponsorships. Others are inexpensive but no less effective.

Social media falls into the less expensive category, at least at the start. You can certainly pour thousands of dollars into social media campaigns, but I’d recommend building up to that — figuring out what works for your product or service on a small scale before you go all-in.

If you’re just getting started or dipping your toe in the social media waters, here are some strategies to use that won’t break the bank but that can help generate results for less money:

Focus on one platform

You’ve probably heard this before, but do not spread yourself thin trying to be on every social media platform out there. It’s hard to get noticed if you’re only posting monthly on six different platforms, for example. A better approach is to be visible daily on one platform.

Choose that one social media site based on where your target market spends its time or is most active. If your business has a visual element, such as interior design or fine art, and your target client is a woman, Pinterest or Instagram would likely be a smart choice. Similarly, if you run a tech company or your target clients are other businesses, LinkedIn is probably your best option. You can also explore Facebook, TikTok, or Threads, to name other options.

Investing your time and resources on one social media platform allows you to build traction, boost your content more quickly, and get noticed faster.

Build a community

By attracting like-minded buyers and clients to your social media account, you can start to build a tribe, a community. With that community of fans and advocates in place, you can then encourage them to help you generate content and engage with each other. They can ask questions, offer advice, and make recommendations to others in the community.

User-generated content is less expensive for you because you don’t have to create it, and it’s more credible since it comes from people who like your products and services or have done business with you. It’s more believable than your own posts, which can be viewed as advertisements.

Although creating a Facebook group is the quickest and easiest way to build an online community, you can also build a following on other platforms.

Content batch

Save yourself time and money by spending a block of time crafting multiple social media posts that you can then schedule and drip out over time. For example, you could take short videos of various clients or of your work and then share them over the next few days or weeks. Or you could write up 5-10 blog posts in one fell swoop and schedule them to be posted weekly.

Using a scheduling app like Buffer or Later helps you plan ahead and stay on top of content creation without it having to take up time every day; that can be distracting and time-consuming. 

Posting regularly helps boost your visibility because social media algorithms prefer accounts that are posting consistently. Just don’t let it run your schedule.

Shoot more video content

Right now, videos seem to be what most platforms want to see, because that’s what users prefer. So, consider doing more video recording than writing.

Fortunately, you don’t need to invest in pricey equipment or set up elaborate photo shoots. Videos that are working the best are more casual, day-in-the-life scenarios that don’t require lots of planning and set-up. Use your cell phone to record and upload it to be edited or straight to social media.

In fact, some of the most popular types of videos are behind-the-scenes looks at your business or your work process, tutorials related to the product or service you sell, or even tips and advice to help your audience do something better. It doesn’t have to be high impact or deep, but help your audience get to know you and see a snippet of your work life.

Pay attention to your data

This holds true for all types of marketing, but whenever possible, look at your analytics to learn what’s working and what’s not before you spend more time or money to potentially give your community what it’s not interested in. Look for clues as to what your audience wants more of, to keep them coming back for more and engaging longer.

Most platforms offer free analytics that track metrics like followers and engagement. You can also see what topics seem to be resonating the most with your audience, so you can give them more of that type of content.

Today, social media is where people of all ages are spending much of their time online, so take advantage of that fact and make sure your company is findable online and that what you have on social media is of interest to your target audience. It doesn’t have to cost much but social media posts can generate significant sales for your business.

Although some users are leaving Facebook, the reality is that it is still a useful platform for connecting with customers, prospects, and fans.

By setting up a free online community, you can provide a way for curious prospects to get more information, demonstrate your expertise and credibility, connect prospects with satisfied customers, and foster excitement about upcoming products or services.

Best Practices

One of the best examples of how a free Facebook group can work is the ALDI Aisle of Shame Community, which has 3.5 million members. Although not officially run by grocery store ALDI, the group brings together fans of ALDI products to talk about their experiences in the store and with products found in the limited-edition area in the center of the store — a.k.a. the “aisle of shame.”

These ALDI superfans in the community provide product reviews, photos of products in use, and share positive experiences they have had while shopping. Approximately 99% of the posts are extremely positive and frequently spur members to run out to try to find the products mentioned.

Imagine having an online community of 3.5 million members who get together to sing your praises and encourage others to buy from you. You can’t buy testimonials or positive press like that. And that’s the potential Facebook groups provide, all at no cost to you or to your members.

Getting Started

Setting up a new Facebook group takes only a couple of minutes. 

Once you’re logged into Facebook, look on the left-hand side of your feed to find the Groups tab. Click on that and then “+Create New Group.”

After you’ve named your community, you can add a description of the group and upload an image to be the cover image at the top.

Next, you’ll want to start inviting members to join. You can do that by making an announcement from your profile, from your business page, on Instagram, via LinkedIn, to your email list, your YouTube channel subscribers, and anywhere else you have a presence.

Encouraging Members to Stick Around

Once you start to get community members joining your group, you’ll want to do things to make them want to stay. 

The more they engage, participate, and enjoy the information being contributed, the more positively they’ll feel about you and your company. And the more they know, like, and trust you, the more they’ll buy from you.

Here are steps you can take to get your members involved and feeling like they’re a valued part of your community:

Welcome them. Depending on how many new members join daily, you can either welcome them one at a time by tagging them or do a group welcome every few days.

Host giveaways. Giving away freebies and prizes is still one of the most effective ways to get new members to join, but they can also encourage existing members to stay. You can schedule a regular monthly giveaway, an occasional event in partnership with other business owners, or a 15-minute Facebook Party like business coach Kimberly Olson runs, where she gives away several of her products as well as other gifts.

Sponsor a contest. Where giveaways are typically done through a random drawing, if you want to encourage your members to take a specific action, consider running a contest with prizes. For example, if you’re a fitness coach, you could have members demonstrate how many steps they walked in a week. If you’re a writer, maybe your members need to prove how many words they wrote on a particular day. Make it fun and worthwhile by offering an enticing prize. 

Hold in-person events. Even if your community is spread across the country or around the world, in-person events can still be effective at drawing local customers in. These events can be appreciation parties, networking sessions, trunk or fashion shows, or paid coaching events or conferences.

Ask questions. The most active groups generally have a daily or weekly question for members to respond to. These questions can be serious, such as, “What’s the best business advice you ever received?” or they can be personal, such as, “What is your pet’s name?” Not only do the responses help you get to know your members better, but they can spark conversations that build community connections.

Conduct polls. Use the Poll function within the group to ask for feedback, for ideas, or to generally gauge how people feel about a certain topic. Polls can help you schedule your next Facebook Live session, for example, choose the cover design of your next book, or select which new product you’ll add to your inventory.

Record Facebook Live videos. Use video to share information live with your group, such as for making an announcement or sharing some training you’ve put together that you think they’ll find valuable. Video is one of the most popular ways people consume information today, so take advantage of it.

Use rules to reinforce good behavior. You can establish rules when you set up your group outlining what you consider to be acceptable behavior. Facebook offers some standard rules you can post and ask everyone to agree to as a condition of admission into the group, but you may want to add your own, too. Some businesses, for example, do not allow members to promote their businesses. Others prohibit political discussions.

Immediately address spammers. Despite stating what your group’s rules are up front, you will frequently find spammers who want to promote their companies or share inappropriate content. You’ll want to remove those members ASAP when you come across them so as not to irritate your legitimate members.

Encourage testimonials. You don’t necessarily want to call them “testimonials,” but invite members to share their successes, especially if they’ve had a good result thanks to your business. Ask members to share their experience, or what they liked most about doing business with you.

To stay on top of what’s going on in the group and what topics are hot buttons for the community, check in daily if you can. You can also ask others to be group moderators so that you have other helpers keeping an eye on things, too.

The goal is to attract more people and encourage useful or interesting discussions. If you can do that, members of your community will naturally want to check in regularly. Over time, the group can help educate and inform prospects and customers and position you as the expert in your market.

In opposition to the current U.S. government’s efforts to dismantle diversity, equity, and inclusion programs across all sectors of the economy, grassroots efforts are springing up to express dissatisfaction with this decision. 

The first economic boycott occurred on Friday, February 28, 2025.

Consumers were asked to refrain from spending any money online or in person anywhere, with a particular prohibition toward buying from big box retailers. The goal, organizers explained, was to win the attention of governmental and corporate leaders who believe that Americans don’t care about such diversity, equity, and inclusion regulations.

Future boycotts are planned to target specific companies, to encourage those corporations to reconsider reinstating their diversity, equity, and inclusion policies and practices. Some of the biggest targets include Amazon, Walmart, and Target, which have all recently rolled back their diversity, equity, and inclusion programs.

Now, whether you are for or against such boycotts, if you run a small business, you may get unintentionally caught in the crossfire. To reduce the damage that such a no-buy movement may cause, here are some tactics to consider trying to insulate your business from the effects of shoppers cutting way back on their spending:

Broadcast that Yours is a Small Business

Numerous activists have indicated that small businesses should be exempt from any boycotts. That is, consumers should be encouraged to continue buying from small businesses and to switch their spending patterns away from corporations and toward smaller ventures.

However, in case that message gets lost, be vocal in letting your customers know that yours is a small business and that you would appreciate their continued support. You can do this through:

• Small business signage or flags on the exterior of your business
• Signage inside your business
• A note on customer receipts
• A note on your website
• A note on your social media accounts
• A note in any advertisements

If you support diversity, equity, and inclusion efforts, you may want to be vocal about that, to avoid any misunderstanding. Emphasize it.

The most important step here is communicating that your company is a small business.

Ask for Other Types of Support

If your customers opt to participate in boycotting larger businesses or to avoid spending money on those days, remind them that they can still show support for your business in several ways that won’t cost them a penny.

These include:

• Liking your shop on social media, such as Instagram, Facebook, and/or TikTok
• Writing a positive Yelp or Google review of your business
• Posting a positive LinkedIn Recommendation of you or your firm
• Commenting on your online posts to boost engagement
• Creating and sharing a post about your company on social media
• Providing a written or video testimonial that you can then share with your audience and they can share with theirs
• Encouraging their friends to shop with you

Even if your customers don’t spend their dollars during a scheduled boycott, encourage their ongoing support of your company in other ways.

Then give them an incentive to buy immediately following a boycott.

Announce a Special Promotion or Incentive

Although some customers may not be spending money during a boycott, take the opportunity to entice them to make a purchase immediately following the blackout period.

The day of or the day after a boycott, make a splash with a special offer to your customers. That could be a rare discount, a special event, or a product or service bundle that is hard to resist. 

For example, a restaurant could offer a special three-course meal for a bargain price. An accounting firm could offer a one-hour consultation to small businesses at no charge to the first 15 respondents. And a dog groomer could throw in a free nail trim with each doggy bath.

But offer it on the day of the boycott for the following day, or right after the boycott period ends.

Consider Closing During Boycotts

Granted, you can’t close up shop during every boycott, or it’s unlikely you would be profitable.

However, if you get wind that no one in your area will be shopping on a particular day, you might consider closing for the day, reducing your hours, or closing early, to reduce your labor costs when you expect no customers.

For example, if you run a bakery and have no orders on February 25th, consider closing early. Or if your nail salon has no appointments in the morning, you may want to open at noon instead of 7:00 am.

If you do that, however, you may want to remain accessible to customers online. Encourage them to get in touch with you so that you can better gauge whether it makes sense to continue closing during boycotts or if you should stay open for your customers’ convenience.

Boycotts have historically been efforts to shine a light on a particular issue or problem. At the moment, economic boycotts are being used to put pressure on corporations, but since small businesses are for-profit ventures, they can be lumped together with other for-profit companies.

Do all you can to position your company as a community asset, to reduce any fallout from consumers who are choosing not to spend money during these blackout periods.

“Unity is strength. Collaboration is power.”

“Individually, we are one drop. Together, we are an ocean.”

“Teamwork makes the dream work.”

You may have heard or seen some of these quotes before. They are fairly popular and are frequently used to rally the troops to work together to achieve a common goal, whether that’s winning a basketball game, convincing neighbors to support a local cause, or joining forces to reach a revenue goal.

The quotes can also apply to businesses that partner to achieve better results than they each could individually.

I’m talking about collaborative competition, or partnering with other businesses to attract attention and generate more business for all. Even competitors can join forces to increase demand for all the companies’ services. Because the truth is, the more you can push past the idea that other companies are direct competitors and see them as powerful allies, the easier it will be for you all to grow your businesses.

Adjusting Your Money Mindset

If you’re having trouble imagining how you could benefit from sharing information or pooling resources with the competition, you need to re-examine your money mindset.

Instead of assuming there is a small or finite amount of business up for grabs and that you need to beat out your competitors to be successful, how about reframing the situation? What if there was plenty of business for all of you? 

With that in mind — taking a more abundant perspective — you may be able to see how every business has strengths and weaknesses, even if they are selling the same products or services. Those strengths and weaknesses are differentiators. For example, geographic location can be a differentiator, as can brands carried or training workers have received.

If you can recognize that each business in your industry or space is different, you can start to see that there is enough business for everyone. You can work together to educate your market and attract attention for all the companies involved, so that you all make more sales.

For example, several gift shops in one town could band together to promote an evening of shopping for harried moms, maybe offering free child care to buyers. This helps attract shoppers to all shops in the area so that all have a chance to generate more business. Some thrift stores have been known to host a “thrift crawl” that buses shoppers from store to store during one evening. Or restaurants in one area could host a progressive dinner, with each location serving one dish.

Look for ways to partner, not put down.

Find Strategic Partnership Opportunities

The first step, of course, is brainstorming which other businesses might be strong collaboration partners. You could list complementary companies, such as those that serve the same target market as you but with different products or services. For example, if you’re a wedding destination, your target audience is likely engaged couples in your area. So, think about all of the businesses in your area that also serve soon-to-be-married couples, or online businesses that sell products that could be used at your location, such as rental linens and tableware.

Think about other businesses you’re already connected to. Is there some overlap in the audiences you serve or the products and services you provide where you could partner on some type of offering?

Local businesses have the opportunity to partner on in-person events, whereas online businesses can collaborate on virtual summits or product bundles.

But you don’t have to necessarily partner on a sales-related initiative. You could also collaborate by exchanging email lists or featuring a partner in a newsletter issue to your customers, and vice versa. 

But before you can zero in on how you’ll work together, you need to get clear about the businesses that would be a fit for your products and services, target audience, aesthetic, and reputation. If you’re a high-end provider, you’ll want to identify other upscale businesses that are serving a similar clientele.

Types of Partnerships and Collaborations

Once you’ve made a list of potential partners, you can make a list of the many ways you can work together for mutual benefit. This could include:

• Agreeing to become referral partners
• Joining forces at area trade shows or conventions
• Pooling marketing resources
• Creating a new product or service together that blends your strengths
• Hosting promotional workshops or events together

After you’ve identified businesses you’d like to partner with, the next step is contacting them to see if they have any interest in collaborating. If they are, you can discuss what you’re looking for and what they need to see if there is an overlap where you could both benefit by working together.

Formalizing Your Relationship

Even when you’re working casually with other businesses, it’s always smart to clarify what your expectations are — and for them to state theirs. That way, you avoid any problems or conflicts down the line.

You could create a formal written agreement or send a series of emails outlining each party’s responsibilities. A signed agreement is best, however.

Some of the issues you may want to discuss include:

• Whether any information shared is considered proprietary and needs to be protected
• Whether any customers are off-limits or if a referral fee will be paid between collaborators
• Preferred communication tools —will you be texting, emailing, calling, or something else?
• Expected response time — if you expect messages to be top priority, everyone needs to agree or you risk strained relationships
• How any conflicts will be handled
• How money will be handled — who is putting money in, what do they get, and how will proceeds be split later?
• Who is tracking the shared finances, if any

Before you formalize your relationship on paper, bring up these issues and make sure they are addressed and agreed upon to everyone’s satisfaction.

Start Small

It’s always a good idea to test a potential collaboration on a small scale before investing heavily in a major event or initiative.

For example, you might include a mention of your collaborators in an upcoming customer newsletter, and they could do the same for you. You could print up a custom sign for an event, such as a neighborhood shopping night, to see how things go. Or you could agree to develop a special product bundle of a limited quantity, to see how well they sell.

No matter what kind of collaboration you ultimately decide to participate in, make sure that your company or brand is on equal footing with your collaborators. Unless they are funding an event or initiative and you’re effectively a supporting partner, all of your brands should be on equal footing.

Use this startup period to set up systems for tracking results. You’ll want to be able to study your numbers to determine if it makes sense to continue collaborating or under what circumstances it is profitable for you. To have access to that data, you need to start collecting it now, from the outset.

Collaborations can be very effective ways to pool resources, attract attention, and generate sales for participants. You may not discover that sweet spot immediately, but if you find other business owners you like working with, keep testing different avenues for joint events and marketing campaigns so that you all benefit.

We hear a lot of entrepreneurs and business owners talk about “scaling.” Scaling a business is a goal for many because it involves increasing revenue faster than expenses. 

As SCORE’s Anita Campbell explains, “Scalability is about capacity and capability.  Does your business have the capacity to grow? Will your business systems, infrastructure, and team be able to accommodate growth?”

Typically, growth comes through increasing revenue by increasing production, adding employees, and addressing other capacity constraints, such as space, raw materials, shipping, etc. But revenue and expenses frequently rise in parallel – the more you sell, the more resources you need to invest to make that happen.

Scaling, however, is all about increasing capacity and sales without having to ramp up other aspects of the business. This is frequently accomplished through automation and other technology that can replace outdated and labor-intensive manual processes.

So, how can you scale and still have some semblance of a personal life? It’s challenging, to be sure, but possible if you plan for it. 

The first step is defining what scaling looks like to you.

How big do you want to scale?

Although scaling is appealing simply because sales can increase exponentially, the fast pace of growth can be extremely stressful. Yes, you can make a lot of money but at what cost? 

Maintaining control of growth is hard, so it’s smart to plan how quickly you want to grow. And you may not necessarily want to work 24/7 for the next year to make it happen.

Set realistic growth goals, keeping in mind the lifestyle you want and the other commitments and relationships you have.

Think about how you could grow your company without having to work around the clock. What would that look like? What is a stretch-but-doable revenue target? Are there certain aspects of the company you could expand that would generate more revenue without requiring a lot more of your time?

Systematize and automate

At the heart of scaling are systems and processes that make it possible to do more in less time. Automation is another key aspect of scaling, as a tool that helps you get more done with less human involvement—that’s how you increase sales without having to hire more employees.

For example, introducing a customer service chatbot on your website to help customers find answers to simple questions would be one automation tool.

Identify which processes have the biggest impact on the business. Those are the ones you should aim to automate first.

If shipping is a potential bottleneck in your business, explore how you could speed that process up. Do you need a better labeling system? A better-organized inventory system? Or something else?

On top of technology tools, think about how you can speed up your workforce.

One of the best tools for that is the creation of standard operating procedures (a.k.a. SOPs). SOPs are written instructions for how to complete a task, as developed by people on your team who are responsible for that task. With each employee completing a task the same way, your process will inevitably become faster. Not only that, but SOPs help standardize quality.

Delegate every task that doesn’t require your involvement

As the business owner or leader, you get the final say on how your company is run. But that doesn’t mean that you have to personally do everything. In fact, you should be working in the business as little as possible.

Your role is strategic, big picture.

You get to plan how your company will grow, what products and services you’ll sell and to whom, when your business is open, who you’ll hire, and every other decision that drives your business’ growth.

However, once you map out your growth plan, you can assign other people to execute it. You don’t personally have to write every blog post, for example. You don’t have to package every shipment. You don’t have to take every sales call, depending on how large your team is, of course.

As you grow, you can bring on freelancers or retain firms to fill in gaps so that you can step back from those activities and leave them in the hands of trained professionals.

Build a team

The more you delegate tasks to others, the more you discover that there are other individuals even more capable than you are to manage those tasks.

You may start adding workers faster.

Of course, the more new hires you bring in, the more you may disrupt the culture you’ve established. So don’t hire too quickly. Be methodical, adding new capabilities only when you recognize that your company’s growth is being hampered by a lack of support staff.

Early on, each new personality has the potential to wreak havoc on what you’ve built, so hire slowly and only after you’ve confirmed others can see that person fits your company culture.

It is much easier to teach skills than it is to mold someone to fit your corporate culture. Let your other workers help decide who will be the best addition to your staff.

Set boundaries

As your business scales, you’ll need to say “no” more often to ensure your business doesn’t overrun your life. To maintain time for non-business activities, you’ll need to set boundaries.

Some entrepreneurs use time blocking to plan how they will spend each hour of their day, starting with carving out time for family and friends. For example, if you are a volunteer one day a week at a dog rescue, you’ll want to start planning your week by putting that on your schedule first. Whatever is going on in the business that day will need to stop or get put aside once your volunteer time arrives.

Or maybe you’ve committed to your partner or children that you’ll be home for dinner each night. That means leaving work by a certain hour each day and not scheduling meetings that go past that to protect that time.

If your biggest challenges come from clients rather than family, you may need to alert customers that you are not available to them after a certain hour of the day or on weekends. Then, don’t respond to their texts or answer their calls. Demonstrate that you have prioritized personal time.

Carve out and then protect time each day for people and activities that have nothing to do with work. 

Choose new opportunities carefully

It is easy to get pulled in the direction of growth for revenue’s sake.

The faster you see your sales increase, the more growth you want to achieve. However, not all growth is good growth, and not all opportunities are a good fit for your business.

Sure, they may generate revenue, but if they will stress your employees or require you to provide more hands-on oversight, they may not be worth it.

The whole concept of scaling is that your business will grow without requiring more of your direct involvement. Don’t go backward just to boost revenue. It’s not sustainable long-term.

Look for passive income opportunities more than anything, and say no to opportunities that will only propel you forward if you invest more of your personal time.

That won’t support work-life balance.

Commit to regular self-care

Your overall well-being will determine how successful your business is.

As a leader, if you are wiped out, stressed, and stretched to the limit, your business cannot grow, and it certainly cannot scale.

To be able to lead a fast-growth venture, you need to be clear-headed, energized, and optimistic. You won’t be that if you’re spending too many hours at work and not taking care of yourself.

On a daily basis, make sure you are building breaks into your schedule so that you get up and walk around and have conversations with other people. A business is a community, and you should aim to be part of it.

Schedule time to take care of yourself, whether that’s a regular workout, massage, or nap. You know what your body needs to perform at its best, so make sure your schedule is built around that.

Be realistic with yourself about what you can get done in a day, a week, or a quarter. This is a marathon and not a sprint.

Creating a business life that supports a personal life is the only way to scale effectively.