Since our goal is to help women entrepreneurs start, run, and grow successful businesses, we decided to ask past Amber Grant winners for advice they would want to share with you.

First up is our 2019 annual Amber Grant winner, Amy Mitchell of Lisse Shave, who received a $25,000 check from us last month. Here’s her process for launching a product-based startup business:

Launch Strategy

I believe a lot of my success was attributed to building an audience prior to launch and validating my business idea before diving into buying a lot of product when I didn’t know if it would sell.

1. Build a lookalike audience

Even though I didn’t have all the details of my business figured out, I knew I wanted to be in the clean beauty/low-waste niche. So while I was fine-tuning my ideas, I started a “vertical account” on Instagram, blogging about clean beauty and sustainable living. I grew the account to 2k followers in a couple of months, which is pretty modest. However, I was experiencing good engagement, I organically connected with a lot of influencers, and I got to test out what content resonated with my audience.

2. Validate your idea

As simple as it sounds, I compiled various online surveys to gather feedback on my proposed business idea. I also started working with manufacturers to produce a small run of product to test out on friends and family for more in-depth feedback to see what I could improve.

3. Building the hype pre-launch

I knew I wanted to create a buzz on Instagram and leverage UGC (user generated content). I designed custom packaging for just 30 units of product to send out to influencers. Even though it was a crazy expensive price per unit with such low quantities, the branding of the packaging was really important as I wanted that beautiful “unboxing moment” that people would want to share on Instagram. I used a lot of my influencer contacts from my vertical Instagram account to showcase my product to start to build an audience on my brand page, as well as leverage my existing following from my vertical account.

4. Building an email list

I constantly promoted my email sign-ups through both my Instagram accounts. I knew people needed an incentive to give over their details, so I offered 48-hour early access to my website as well as a free gift with purchase for the first 100 customers (scarcity and exclusivity!). Using this tactic as well as executing a viral social media competition, I was able to grow my list to just under 1k subscribers before launch.

5. Launch day

I spent around 5-6 months building my audience using the steps above. It definitely paid off as when launch day finally came, I had around 10% conversion from my email list and just over $5k USD in revenue on Day 1. I think it would have been a completely different story if I had just launched my brand account to a cold audience without doing this prior work.

6. Things I could have done better

Keeping my list warmer! Looking back I could have done a better job at keeping my email list warmer and emailing more regularly on the build-up to launch. But if there’s one thing I’ve definitely learned, it’s that business is a constant evolution and optimization – don’t wait until everything is “perfect” before launching otherwise you’ll never launch!

Early-stage woman-owned businesses looking for educational support should consider applying to be a Tory Burch Foundation Fellow. Applications are due by November 19, 2019.

Up to 50 Tory Burch Foundation Fellows will be selected and asked to commit to participate in a one-year program that includes:

• A $5,000 grant to be invested in their business education.
• A five day visit to the Tory Burch campus in Jersey City, New Jersey, paid for by the Foundation. During the visit, Fellows will participate in experiential learning workshops on entrepreneurship and leadership development led by guest experts.
• Additional educational programs and networking events.
• Ten Fellows will be invited to pitch their businesses to potential investors.

The educational opportunity can be a workshop, conference, class, or other event.

To apply, you must:

• Be a woman business owner and own a majority stake in the for-profit company, which is between one and five years old (considered early stage)
• Be an active owner, meaning involved in the business on a daily basis
• Be over the age of 21
• Be generating at least $75,000 in revenue through the business
• Be proficient in English
• Be a legal resident of the US

As part of the application, be prepared to share your résumé, business plan, personal statement, and know how you want to spend the $5,000 educational grant.

According to the Fellows website, judges “will take into consideration multiple factors including how your business creates positive and lasting impact, what unique factors differentiate your business, what problems you are trying to solve for, how your business reflects your passion, the substance and quality of your business plan, what obstacles you have overcome, and your investment opportunities.”

The 2019 Tory Burch Fellows learned from experts that included authors Seth Godin and Kelly Hoey, Instagram’s Emilie Fife, PureWow’s chief content officer Mary Kate McGrath, and The Muse co-founder and CEO Kathryn Minshew. They visited area companies and tapped into the network and expertise of other Fellows.

To be considered, complete the free application online.

Decisions will be made in April 2020 and Fellows contacted at that time.

That first year in business is one of the hardest. You’re learning how to sell your products and services while simultaneously figuring out how to build a business. It’s a lot like flying a plane while you build it, as the saying goes.

The good news is that the vast majority of small businesses do survive their first year. In fact, a resounding 79.8% were still in business after Year 1, according to the US Small Business Administration’s Office of Advocacy. That’s not to say surviving and thriving are easy. That first year provides many opportunities for growth.

So if you think back to the biggest and most important lessons you learned that first year as a business owner, what would they be? Or as you’re creating the foundations for your business during your own first year, what have you learned so far?

We asked dozens of women entrepreneurs that question and distilled their answers down to the five we thought were the most insightful. You surely had your own five biggest lessons, and they may be completely different from this list. But as you continue to grow your venture, these may be lessons you need to learn now.

• The people you hire at the start may not be able to grow with you. Paige Arnof-Fenn, founder and CEO of Mavens & Moguls marketing consulting firm, learned that lesson the hard way, she says. Her mistake that first year was “not getting rid of weak people earlier…I spent more time managing them than finding new customers.” Loyalty is what led her to hold onto them even when they were no longer the best choice for the roles they were in. 

“As soon as I let them go, the culture got stronger and the bar higher,” she says. Hire slowly and fire quickly is now her mantra.

• Prioritize what skills you should learn, rent, or buy. Juli Lassow, founder and principal of JHL Solutions retail business consulting and management firm, strongly advises assessing your areas of strength so you can build your business around your “superpowers.” Then “focus on what needs you can’t meet today and quickly decide how you’ll want to address the gaps,” says Lassow. She sees the options as learning the skill yourself, such as the basics of social media; outsourcing tasks to an expert, such as if you need a website designed and don’t see yourself needing that skill regularly; or buying tools or systems that will help you solve issues or fill a need.

“For technical areas of expertise, such as legal or accounting services, I would highly encourage that you prioritize your funds to hire an expert. The upfront investment will help you build a stronger foundation and save you money in the long run,” says Lassow.

• Set boundaries for yourself. “The first six months are tough because there is no groundwork to build off of,” says Ashley Lim, founder and CEO of Mansa Tea, a handcrafted aged tea company. You have to do everything from scratch, for the first time. “From product planning to supply chain management to marketing, there is so much on your plate and not enough time,” Lim says. Feeling overwhelmed is common and possibly preventable, by taking breaks, setting limits on what you expect of yourself each day, and being willing to hand off tasks that you don’t personally need to tackle, such as bookkeeping, ordering supplies, or creating online content. 

Saloni Doshi, CEO of EcoEnclose, a sustainable shipping supplies company, avoids overwhelm by mapping out her priorities each month. “Then each week, I plan how much time I’d like to spend on each one. It’s a great way to make sure you’re organized, hitting your goals, and making time for the things that matter,” Doshi says.

• Test your product, again, and again, and again. Lori Cheek, founder and CEO of Cheekd, a Bluetooth mobile dating app, learned from not testing her website before earning major publicity. “When we got covered in the New York Times nearly five years ago, we got site traffic from all over the world until Cheekd crashed,” Cheek says. Once back up, the company started getting orders from customers nationwide. “It was the biggest day in the history of Cheekd,” she confirms.

But her jubilation turned to frustration when she discovered that the company’s web developer had toggled a button “off” to prevent customer credit card data from being captured and saved. That was problematic since Cheekd’s business model is based on a recurring subscription model that requires credit card data to be stored. She estimates the company lost on the order of $30,000 from hundreds of orders that couldn’t be renewed. Her takeaway? Test everything to make sure it works as you expect before launching.

• Communicate consistently with your customers. The number one reason that customers stop doing business with you is perceived indifference. According to the Peppers & Rogers Group, 60% of customers stop buying from you because they that they think you don’t care about them. How can you combat that? Be in touch. Send friendly emails to see how they’re doing, connect on social media, send out a newsletter, pick up the phone. Do all you can to show you care about your customers’ well-being as individuals, and not just people who spend money with you.

Alex Tran, a deals and lifestyle blogger at Schimiggy, quickly discovered that online customers appreciate talking to a live human. About 13% of her customers are repeat buyers, she says, who “do more than just purchase. They interact with me on social media and through my blog and I’ve become friends with many!”

That first year is tough, but as time goes on, you should be proud of all you’ve accomplished—the connections you’ve made, skills you’ve developed, network you’ve established, and recognition you’ve received as a result of your idea and your efforts.

Your second year in business may not be easier, but it will definitely be different, full of new ideas, customers, and experiences you can continue to learn from.

We recently received a question from an e-mailer who said, “I’d like to hear about no or low-cost marketing tools and ideas. Promoting a business as an independent woman operating as a team of one has its challenges.”

We agreed and wanted to offer some ideas for getting more bang for your marketing buck.

12 No-Cost or Low-Cost Marketing Tools

Starting and running a successful business takes time and money. In many cases, when you don’t have much time, you can spend money to delegate to other people and services. But when you don’t have much money, you have to invest more time to get things done.

Fortunately, when it comes to marketing, you don’t have to spend a lot of money to capture your audience’s attention, but it may take a little time initially before you see results.

The following are 12 free or low-cost marketing tools you should consider exploring, to raise awareness of your business and attract potential customers:

Free

Believe it or not, marketing doesn’t have to be expensive to be effective. In fact, some of the absolute best marketing tools are completely free. Yes, some may have paid versions as an upgrade option, but in most cases, the free account works just fine.

Publicity

The most effective way to attract new business is to get the media saying positive things about you. Whether in a magazine article, newspaper mention, TV show, or website quote, people like to be associated with success. So when they see your business attracting positive attention from established media outlets, you may be surprised by the calls and emails you receive.

There are two ways to land media exposure: 1) Write a press release and send it out in the hopes that a reporter will find it interesting or 2) Find out what reporters are already working on and suggest that you’d be a good source.

That second approach is far more effective and less expensive than the first. The website HelpAReporter.com, nicknamed HARO, sends out three emails a day during the work week announcing the types of sources reporters and editors are looking for. Reading those listings will tell you exactly what articles are planned.

Skim the listings to see which topics you might qualify for, or be qualified to talk about, and then email the writer to explain exactly why you’d be a good person to include.

The basic HARO subscription is free.

The key to succeeding with HARO is to respond quickly and take a couple of minutes to answer the reporter’s question or offer your advice. Yes, it does take time, but giving them what they’re looking for up front will significantly increase the odds that you’ll be quoted.

Social Media

You’re on social media everyday anyway, right? So it shouldn’t take much extra time to do some business.

Three platforms you’ll want to at least have a presence on are Facebook, Instagram, and Pinterest.

Believe it or not, Facebook is very active for business and a great way to find and interact with potential clients, at no cost. Set up a free business page (which is different from your personal profile) and start to share information of interest to your target business audience there.

Instagram (IG), which is very visual, is a great place to share news about your products and services and to give your audience a taste of how you do business, through photos. Although IG is free, you may want to invest a little money in some photography training, since snapping quality pics is essential on this site.

Although we don’t hear a lot about Pinterest for business, it’s another great place to share stunning visual imagery with a link to other content. For example, you could share a link to an article you’ve written on your blog with the cover image pinned, or some glamour shots of your products.

Given how easy it is to find and connect with other people using free social media platforms, they should be one of your first resources to leverage.

Groups

Related to sharing updates and news on social media, another great way to attract members of your target audience while positioning yourself as the expert is by setting up a Facebook group. Facebook groups are communities you can establish for free that can bring together groups of like-minded individuals for discussions, information-sharing, and networking.

Some companies create private customer groups and share special deals with members, while other business owners use Facebook groups as a way to encourage conversations that are related to their business.

For example, a veterinary practice could set up a Facebook group for dog lovers. A graphic design firm could set up a group for sharing best practices around logo creation. A grocery store could create a group to talk about recipes that include ingredients that are on sale that week.

To get a sense for what groups already exist, do a search within Facebook on a subject you’re interested in. You may be surprised by the depth and breadth of groups that are out there. See if you can come up with one that doesn’t already exist.

Networking

Another free social media site designed for business professionals is LinkedIn. You certainly want to be sure you have a professional LinkedIn profile created, so that potential customers can check you out. It’s a stealth research tool many businesses use.

Once you have your profile set up, be sure and share links to articles and blog posts you write there, too. And ask to connect with other businesses in your industry and individuals you’d like to have as clients.

Search Engine Optimization (SEO)

When potential customers go looking for businesses like yours online, you want to be sure that your company shows up on the first page of Google results. If it doesn’t, the odds of your business being found go way, way down. Most people don’t look at the results beyond that first page.

To improve your standing in Google results, register for a free account at SEMrush, to be able to conduct keyword research. With an account, you can perform 10 keyword searches a day at no charge. If you need more than that, you may want to consider paying for a subscription.

Keywords and phrases are the words your target customer uses to look for your products and services. You want to find out what they are so that you can use them on your website and in your blog posts, to help Google see that your business does what your prospects are after. Matching your verbiage to what prospects are searching for is what search engine optimization is all about.

For example, if you own a restaurant in Boston, MA, you may want to see whether more people are searching for “restaurant in Boston” or “restaurant in Back Bay” (a neighborhood in Boston) online. Or maybe “Italian restaurant in New England” or “Boston eatery.” Once you discover what wording most people are using, use the same terminology to describe what you’re offering.

Video

The percentage of information we now get from videos has skyrocketed in recent years. More people are watching TED Talks and instructional content as well as vlogs—video versions of blog posts—than ever before.

YouTube is the main video platform, which is free to post on. You can upload your own videos related to your company, such as product demonstrations, trouble-shooting instructions, or recent presentations made, for example.

You can also create your own YouTube channel and invite your audience to subscribe, so that they never miss future videos you post.

All for free. 

Low-Cost

In addition to the free promotional tools available, there are a few that are extremely useful but that will cost you a few bucks. Nothing crazy, but also not free.

Blogging

One of the best ways to get Google’s attention is to regularly post new content to your website. The easiest way to do that is through blogging, or writing and uploading short articles of interest to your target customers.

To do that, you’ll want to add a “blog” navigation tab to your website that is linked to WordPress.org. WordPress is a fairly easy-to-use blogging platform. While there is a free version you could use (at WordPress.com), don’t. Go with the paid WordPress version that offers the option to add apps that will attract more eyeballs to your blog. You also pay for hosting of your website and for the URL you want to direct people to.

If you need help setting up a website or attaching a blog, SUMY Designs may be able to help. SUMY has low-cost website templates available that will get you up-and-running quickly design-wise. You’ll still have to provide your own copy and images, but they can design the back end.

Newsletter

As you start to build a customer base, it’s a good idea to communicate with your prospects and clientele regularly. Sending informational emails in the form of a newsletter to their inbox is one way to do that, as long as you have their permission.

There are a couple of companies with systems that will help you manage your customer database and format and send newsletters out. One is Constant Contact and the other is MailChimp.

My sense is that Constant Contact may be easier to use, or at least you get more hand-holding, while MailChimp may be less expensive but require more of your time to become familiar with how it works.

Getting Started

Don’t feel like you need to immediately use all of these marketing tools. You don’t.

Start slowly and check out each one to be sure it’s going to help you build your business. Rank in order of priority which tool is going to make the most difference for your company.

For example, if you don’t have a website, put that near the top. You can’t start blogging or directing members of the media to learn more about you if you don’t have a website.

A newsletter, on the other hand, is something you can put off until you have, say, a mailing list of at least 100 customers and prospects.

Video, however, you can create even without a website.

But before you go spending tons of money on paid advertising or pricey promotions, invest your time in exploring these budget-friendly alternatives.

Believe it or not, the US government wants your small business to be successful. That’s because small businesses are a major growth engine for the US economy, so it’s in the government’s best interest to help new companies get started and to support existing businesses in need of guidance or capital.

As of 2018, 30.2 million small businesses—defined for this report as companies with fewer than 500 employees—comprised 99.9% of all US businesses, according to the “2018 Small Business Profile” published by the Small Business Administration (SBA).

To keep the economy strong, the government recognizes that it needs to help small businesses thrive. It does that in a number of ways, through a variety of organizations. Some are government agencies and others are nonprofits that are partially funded by government agencies. All provide free or low-cost services to help with starting and growing your business. Here are 8 places to check out:

America’s Small Business Development Centers (SBDC)

Funded in part by Congress and supported by US colleges and universities, SBDCs provide small businesses with free counseling and low-cost services. Many businesses use them for problem-solving, help finding resources, and networking. Check to find your local SBDC.

Association of Procurement Technical Assistance Centers (PTAC)

For advice and guidance in how to land the US government as a client, make an appointment with your local Procurement Technical Assistance Center (PTAC). Get free one-on-one counseling to help set yourself up for success and identify potential government clients through matchmaking events sponsored through your PTAC.

Association of Women’s Business Centers (AWBC)

Though a non-profit, rather than a government agency, the Association of Women’s Business Centers is recommended by the SBA. The organization manages 100 centers nationwide dedicated to encouraging and supporting female entrepreneurs. The directory at the site of local women’s business centers is a good starting point for consulting and guidance.

Office of Women’s Business Ownership (OWBO)

This agency oversees the US government’s efforts to support women business owners through counseling, mainly. It is an office within the Small Business Administration.

Service Corps of Retired Executives (SCORE)

Sign up for mentoring, locate a consultant who can advise you with a particular business challenge you’re facing, or register for a live or recorded webinar or course through SCORE’s website.

Small Business Administration (SBA)

The federal government agency dedicated to helping entrepreneurs start and grow their ventures is the Small Business Administration. Through it many other agencies and programs are funded, so this is a good place to start. At the SBA website you can find resources, take free online courses, and explore the various funding options for which you may qualify.

Women’s Business Centers (WBC)

Run by the Office of Women’s Business Ownership, WBCs nationwide work with women business owners to level the playing field in starting and running their firms. Use the map to locate the WBC nearest you.

Women’s Business Enterprise National Council (WBENC)

Though not a government agency, WBENC is a powerhouse when it comes to certifying women business owners. It is particularly helpful if your goal is to supply major corporations. Get certified, for a fee, attend a conference, and network with fellow women business owners through WBENC.

These organizations exist, and most are funded, specifically to help women business owners get the information and guidance they need to scale and succeed. While leaders within these organizations may refer you elsewhere, start here to see what you can get for free first.

Fundera’s Nicolas Straut was happy to answer questions about the company’s $2,500 Zach Grant program for small businesses.

But before we get there, let’s look at their process, per Fundera’s website:

How to Apply:

1. Like and follow Fundera on Facebook.

2. Record a 3 minute video responding to the question: “Why did you start your own business?”

3. Publish the video to your YouTube channel with the following title: “Fundera Zach Grant — Your Business Name.”

4. Email your video to content@fundera.com from your business email.

5. Post the video to your social networks.

Note that the deadline to apply is January 1, 2020. The winner will be announced on February 1, 2020.

Best of luck to those of you who apply.

WN: Would you give us some history on Fundera’s Zach grant program? Why was it created? 

NS: The Zach Grant is named after Zach Weprin, the cousin of Fundera CEO Jared Hecht, who inspired Jared to start Fundera to help small business owners access the right financial solution for their business when Zach had difficulty accessing traditional financing for his business, Fusian. The Zach Grant was created to offer additional funds to small businesses to help them succeed.

The competition also offers an opportunity for the public to learn more about the interesting stories of small business’s origins.

WN: Are there particular types of businesses that Fundera is looking to support, or that have a better chance of winning? 

NS: All small businesses that apply are considered equally!

WN: How important is the quality of the video entry in moving on within the competition? 

NS: Quality is one of three main judging criteria. Once we’ve determined that an entry has followed other criteria like answering the question, we will judge the video by its quality, originality, and creativity.

WN: Is quality worth 33% of the scoring – or more? 

NS: Yes, each is valued as 33% of the total.

WN: What advice would you offer applicants to help them submit the best video application possible? 

NS: I would recommend that applicants review entries from previous years by Googling or YouTube-searching “Fundera Zach Grant” and considering what unique qualities the best videos possess.

I would also recommend practicing the script for your video in advance and attempting to make your video as high quality as possible (good lighting, editing).

WN: What does “originality” mean? Are you looking for a creative approach to how the video is shot, or something else? 

NS: Originality is distinct from creativity in that the video is something different from what we’ve seen in the past. Presenting the origins of your business in a unique inventive way will score you originality points.

WN: And does “creativity” refer to the business idea or to the filming of the video? 

NS: Creativity refers to the video itself and delivery of your answer to the competition question. Any business can win the competition regardless of what they sell or offer if they abide by the competition rules and create a high-quality, inventive video.

WN: Thinking about past winners, what would you say they have in common as entrepreneurs? 

NS: I think the commonality between entrepreneurs that have won in the past is that they were able to concisely describe why they started their own business and where it’s headed in a high-quality format while abiding by the rules of the competition. To win the grant, make sure to follow the rules, answer the question comprehensively, and be inventive and professional in your delivery.

by Marcia Layton Turner

Finding capital to start or grow a business is challenging. But if you know the lingo of the financial community, you may be able to get a leg up — or at least uncover other sources of funding you weren’t aware of.

The following is WomensNet’s A to Z guide to funding, which is designed to help you find potential financing partners.

A – Amber Grant

WomensNet’s monthly $2,000 Amber grants for aspiring and current women business owners are one potential tool to launch your new business — or to fuel your company’s growth. One additional $25,000 grant is given each December to one of the year’s Amber Grant winners.

B – Bootstrapping             

Since new businesses are typically cash-strapped, smart entrepreneurs work hard to keep expenses low. Instead of splurging on things like pricey furniture and fancy technology, they’re more likely to make do with what they have. That’s bootstrapping. The payoff can be achieving profitability faster.

C – Crowdfunding

Another source of financing is crowdfunding, as in using websites like GoFundMe, IndieGoGo, and KickStarter to announce a new product or business and offer incentives to individuals willing to make an investment. Those people willing to make a purchase are your potential backers, or funding partners. In most cases, the incentive is being one of the first to receive the new product once produced. On some platforms, the money raised isn’t released unless 100% of the goal is reached; it’s returned to the backers in that case. Other platforms forward all that is raised, even if it’s not 100% of the stated goal. The platform takes a cut for managing the fundraising campaign.

D – Debt

There are two basic ways to generate funding for a company: Debt and equity. Debt is when you borrow a set amount from an individual, group, or lending institution with a promise to pay it back with interest. Equity is the sale of ownership shares in your business, which you don’t have to repay. With equity, you effectively take on partners so that you don’t have to repay what you’ve borrowed. If and when the business is sold to a new owner, merged with another business, or goes public, anyone with an ownership stake reaps the benefit according to the percentage of the company they own at that time.

E – Executive summary (of business plan)

If pursuing a loan or investor is in your future, you’ll want to have a business plan ready to share. The first section of that plan is your executive summary, which should serve as a synopsis for what’s in the rest of the plan.  Other sections of your business plan include a product or service description, management team, marketing plan, distribution plan, organizational plan, and financial plan.

F – Factoring

An expensive but effective way to fund business growth is through factoring, which is the process of selling your accounts receivables – the money your clients currently owe you – to an outside firm at a significant discount. The reason to do this is so you can get paid today rather than 30 or 60 days from now. The downside is that factoring is expensive and firms will only pay you a fraction of what you’re owed. You can get cash almost immediately if the client is a major corporation, but it will be far less than you’re owed from your clients.

G – Grants            

While free money is scarce, other sources of grants for women business owners can be found using the tactics recommended here: https://ambergrantsforwomen.com/find-grants/

H – HUBZone      

HUBZone is a Small Business Administration program that helps small companies located in “Historically Underutilized Business Zones” get preferential access to federal procurement opportunities.

Here is a list of current HUBZones: https://maps.certify.sba.gov/hubzone/map#center=39.828200,-98.579500&zoom=5

I – Investors

Investors are individuals or organizations willing to provide the capital a business needs to start up or expand its operations. Investors typically provide financing in exchange for an ownership stake in the venture – they become equity partners.

J – Joint ventures

A joint venture (JV) is a cooperative initiative consisting of two or more individuals or organizations that agree to work together for the benefit of those involved. JVs are common in the online world, when two experts agree to work together to create a new program that leverages both their strengths. Typically, the JV partners then split the profits.

K – Kickstarter   

Kickstarter.com is one crowdsourcing platform where entrepreneurs can post product or business ideas and ask for financial support from the public. Kickstarter has positioned itself as the funding platform for more creative projects.

L – Loans

When you borrow money from an individual, bank, or organization, they are your lender. The money you are being lent must be paid back according to the repayment terms you agree to, which include how much you’ll pay, when, and for how long, on top of the interest you’ll pay for access to the money. The advantage of taking out a loan is that you retain ownership of your business, rather than selling ownership to outside investors.

M – Mentor

A mentor is someone typically more experienced than you who agrees to “take you under their wing” and guide or coach you to help you build a more successful business. Within corporations, mentors can become champions for their mentees, helping to smooth a path to promotion. In the small business community, mentors can be sources of referrals, new business, potential new hires, and problem-solvers.

N – Net 30 payments

Unlike retail businesses, where customers pay on-the-spot for their purchases, most companies receive payment after delivery of their products or services. The standard for many years was 30 days, or, in accounting speak, Net 30. However, in recent years, that standard has stretched to 45 and even 60 days, providing businesses more time to pay. That’s good news if you owe vendors money and potentially difficult when you’re waiting for payment. Which is why some organizations ask if you’ll accept a discounted payment if they pay you faster, such as a 5% discount if the bill is paid within 14 days.

O – Operating expenses

Operating expenses are costs incurred that help the business continue to operate. They are not directly associated with manufacturing of the product or services, however, and include costs such as employee wages, sales commissions, travel, and employee benefits.

P – Partnership 

A partnership is a type of business where there are two or more owners, each of whom can share varying degrees of responsibility for the success or failure of the company.

Q – Quarter/quarterly report

While the IRS expects companies to report on their profits and losses on an annual basis, most corporations issue quarterly reports, which summarize the company’s performance the past three months. Most quarters end March 31^st, June 30^th, September 30^th, and December 31^st, at least for companies that operate on a calendar year basis.

R – ROI   (Return on Investment)

The relative success or failure of a particular marketing strategy is often measured in terms of ROI. That is, what did I gain for a particular investment. For example, I bought a $10,000 newspaper ad – my investment – and what did that ad yield in terms of sales results. If you spent $10,000 and landed $20,000 in sales, your ROI is 100%. But if you spent $10,000 and only sold $5,000 you have a negative ROI of 50%. But ROI is only one measure of success.

S – Small Business Administration

The Small Business Administration (SBA) is the US government agency established to provide support and resources to entrepreneurs. The organization’s services range from free counseling, through the Service Corps of Retired Executives (SCORE), loan guarantees, and counseling, through Small Business Development Centers, to other related programs.

T – Trade/barter

One way to obtain the products and services you need is to propose a barter arrangement with another business, to avoid having to pay cash up front. In most situations, bartering is done on a dollar-for-dollar basis. There are also formal trade exchanges, such as American Barter Exchange and ITEX, that allow members to perform services for one client and receive a credit they can spend with any other exchange member. Exchange members pay a fee to belong and pay a commission for each trade that occurs between members. Barter can be cost effective if your business has sudden excess production capacity or dead inventory that you haven’t been able to sell at full retail.

U – Unemployment claim (something to avoid) 

When an employee involuntarily stops working for you, meaning you fired or laid them off, they may be entitled to file for unemployment benefits through your state. The amount they receive that you are responsible for paying generally depends on how long they worked for you. The key thing to know is that even when you fire them, you may be responsible for paying their unemployment benefits. Check your state’s unemployment website to learn more.

V – Venture capitalist    

A venture capitalist (VC), sometimes jokingly referred to as a “vulture capitalist,” is an individual or firm willing to invest a sizable sum of money in your company in exchange for an ownership stake. The expectation is that your business will generate significant profits quickly, once the VC’s money is invested. After three to five years, the VC typically sells their shares at a profit and moves on to a new investment. The entrepreneur then must contend with a new owner or the risk of shut-down if the company hasn’t been making acceptable progress toward growth and profitability.

W – WBE certification

Contractors and individuals that do business with local, state, or federal government agencies have incentives created by the government to give a portion of projects to woman-owned firms, also known as women business enterprises (WBE). So that the government can be sure that a business is truly owned and operated by a woman, it created a formal verification process, called certification. State agencies have a certification process and the WBENC also offers certification.

X – Exit plan

Many entrepreneurs establish and build companies to create an income source for themselves. Some businesses are built with the primary goal of supporting the business owner; these are generally considered lifestyle businesses. Since the company’s revenue is dependent on the services of the owner, there is no real value in the business without the owner. Standalone businesses, however, that can grow and scale on their own, can often be sold or merged with other businesses. Entrepreneurs who think about what the company might be worth in a few years are contemplating an exit strategy – how they’ll remove themselves from the business and get some money out of it. In addition to selling the business, the owner could merge it, hand it down to children or grandchildren, sell of patents or real estate, or shut it down and walk away.

Y – Year-end

Most businesses operate on a calendar year basis, meaning their financial, or fiscal, year starts on January 1^st and ends on December 31^st. So the companies’ year-end is the last day of the calendar year. However, many schools end their fiscal year on June 30^th and government agencies often close out their year on July 31^st. Knowing when an organization’s fiscal year ends can help your sales planning process, since some companies will have money they need to spend before “the end of the year,” while others may need to pay for new projects “in the new year,” which may or may not be in January.

Z – Zero-based budgeting

Zero-based budgeting is a technique to track your income and expenses and match them up at the end of each month or quarter. With a zero-based budget, your revenue minus your expenses must equal zero. That doesn’t mean you should try and spend every penny you earn, only that you need to assign each dollar a category. That could include salary, raw materials investment, or savings, for example. It also doesn’t mean that you’ll ever have zero dollars in your bank account, only that you know where every dollar is.

FedEx media relations pro Gretchen Mathis was kind enough to answer a series of questions WomensNet posed regarding FedEx’s small business grant contest.

The 2019 winners were just announced (April 2019), so use these suggestions to prepare for the 2020 round.

The last paragraph of Mathis’ response offers suggestions for what you can start doing now to put yourself in a great position for next year:

Would you give us some history on the FedEx small business grant program?

At FedEx, we know that small businesses are the backbone of the global economy. We launched the FedEx Small Business Grant Contest seven years ago as a way to show our support for and commitment to helping small businesses grow. After announcing this year’s winners on April 29, 2019, we have now awarded over $778,000 to more than 70 small businesses across the United States.

Are there particular types of businesses that FedEx is looking to support, or that have a better chance of winning?

No, we’re not looking for any specific type of business – but we ARE looking for small businesses that have a demonstrated passion for what they do or sell.

How important is the quality of the initial application in moving on within the competition?

The quality of the entry is the most important thing in moving forward in the contest. Your entry profile is what the voting public uses to get to know your business and potentially vote for you. It’s also what FedEx looks at to get to know you, learn more about your business, and understand your plans for growth.

Do votes from the public determine the ultimate winner or is that only one factor among several?

Votes from the public are just one factor among several in determining our winners. This year, the 700 businesses that received the highest number of votes were considered for the Top 100 Finalists. And from those Top 100 Finalists, we chose our Winners.

How important is video quality from the finalists – or is content more important than, say, camera angle?

The video is really all about the content. We recognize that not everyone is able to produce a professional grade video and we like the authenticity of a “selfie” type video.

What advice would you offer applicants to help them submit the best grant application possible?

Advice for anyone thinking about entering the contest or any pitch competition in the future is “just do it.” You have nothing to lose and everything to gain. Focus on telling your story, connecting to your audience and being clear about how you would use the grant money. You’ll get great exposure for your business and get to practice perfecting your business’ story. 

Thinking about past winners, what would you say they have in common as entrepreneurs?

We’ve had a diverse pool of winners each year – each with their own unique story and business. The one thing they’ve all had in common, however, is their energy and passion for their business. They believe in what they’re doing and are willing to put their all into making their business succeed.

What else should grant applicants consider when completing their FedEx small business grant forms?

In order to enter the contest, we ask you to tell us all about your business, what inspired you to get into it, what makes it stand out, and how you would use the grant to grow.

In addition to that, we do spend time looking at the social media channels of the businesses who enter the contest. We enjoy seeing how these small businesses have leveraged social media to develop an authentic and positive brand voice.  We also like reading about how the entrants are involved in their local communities, whether that be through mentoring other small businesses, donating to a cause they’re passionate about, creating jobs for the community, or doing good for the environment.

by Dr. Sydney Richardson

Dr. Sydney Richardson currently serves as Dean of College and Career Readiness at Forsyth Technical Community College. After years of facilitating workshops on mentorship, teamwork, and professional development, she launched Rae of Knowledge (RoK), a company that assists businesses and organizations in achieving their goals using relational strategies. Dr. Richardson resides in Winston-Salem, North Carolina with her spouse and children

For mentoring in the 21^st century to work, mentors and mentees must embrace their roles. Mentees, especially, must know what to look for in a guide. Below are some characteristics and types of mentoring to consider when delving into a mentorship.

Five + years of experience in the field

Generally, a mentor should have no less than 5 years of experience in their field. Usually, it takes about 3 years to understand the field, and 5 years to become comfortable with one’s profession. The first year is to learn, second year is to make changes, and the third year is to perfect new ideas; therefore, by the time someone reaches the fifth year, that person already knows the rhythm of their profession, who the key players are, and how to implement change and make progress in one’s career. Also this person, more than likely, has experienced job advancement at least once. So while it’s great to have a mentor who has been in the field for 10 + years (which is becoming rare), 5 years minimum is enough to really help a mentee.

Now, notice that I stated in the field instead of with a company. That’s because the difference between the two is a personal preference. I believe that experience within the field matters more than experience within a particular company (unless there is a drastic difference between your company and others). A mentor with at least 5 years of a marketing background will have much to offer — even if that person has not been with a company for very long — because guess what?  Your interest is not in a company, but in navigating and advancing in your area, regardless of one company’s culture.

Proven time to dedicate to a mentee

The mentor that you choose will need to be someone who manages time well, as it can be shocking to people how much time mentoring actually takes. This person will not only need some preparation in the ways of mentoring, but will need to know (up front) how much time they should be prepared to devote to this relationship. This means that you [mentee] should have an idea of the time that you require. Do you require an insignificant amount of time (ex. 3 hours per month)? Or, do you require a larger amount of time? It’s not uncommon for mentees and mentors to communicate up to fifteen hours per month. Understanding what you want and the amount of time you hope to have with your mentor is critical to the success of this relationship.

Positive with the promise of moving forward

This one is a special characteristic to look for in a possible mentor. You may know someone who performs well in her career, but if this person is a constant complainer, or does not work well with others, do you really want that type of influence in your life?  Nope. A chosen mentor should be reliable. They should arrive at work on time, have good communication skills, and get along well with various people.  Disclaimer: Getting along well with others does not mean this person never says anything negative. It doesn’t mean that this person doesn’t challenge the status quo. It means that they are respectful in their actions.  This type of person knows how to use her agency and navigate through situations that brings about respect from her peers and superiors. Being able to do this means that your mentor shows promise of career progression, so you should be able to visualize this person in a higher position, representing the field to others, whether they will actually do it or not.

Respectful and respected

I mentioned that the possible mentor should be respectful, so let me delve into that a bit deeper. This person should know how to handle conflict, have challenging conversations, address issues with a superior, and even collaborate with colleagues in ways that bring about positive results. A person who can do this respectfully is someone who has spent time crafting her ability to work with others (and I don’t use the term work lightly). This is someone who does not shy away from tense situations, but knows how to confront them and achieve a level of resolution. This does not mean that a person never experiences a difficult day. But they should have some helpful ideas on how to handle challenging times.

Also, this type of person should be respected among others. This is a person who has proven to be trustworthy, so that when they speak, colleagues know that they are genuine, fair, and knowledgeable. Finding a mentor with these abilities can truly benefit you professionally.

*Notice that so far, I have not mentioned seniority. A person can have seniority, but not possess any of the characteristics mentioned above.

What type of mentoring do you want?

Now that you have a concept of what to look for in a mentor, decide the type of mentoring relationship that works best for you. Too many times, mentees take whatever format they are handed, but you actually have a choice in making this relationship successful and effective.

Traditional Mentoring

Traditional peer-to-peer mentoring follows the model one would envision. It pairs a mentor with years of experience with a mentee, and the mentor guides the mentee through a specific area (career, life, health, personal relationship, etc.). This guidance involves answering questions, meeting face-to-face, assisting with career planning, and being the mentee’s go to person. The mentor serves as a great resource of knowledge and wisdom for the mentee, and the mentee gains professional/personal development along the way. This model can often be one-sided.

Co-mentoring/Cross-Generational Mentoring

Co-mentoring is another option that pairs younger and older women together with the purpose of mentoring one another. It is not uncommon for a company to employ up to five generations at one time, and knowing how to work with various age groups is beneficial. Digital natives can provide guidance on the latest technology, social media, and ways to integrate work into other areas of life. This helps them develop their own leadership, teaching, and mentoring skills. In “The Values of Cross-Generational Mentoring”, Ken Blanchard states: “Cross-generational mentoring relationships can provide career-enhancing wisdom for young people, and protect older people from obsolescence.” As the workplace continues to develop generationally, learning from one another will become more critical to professional success.

Group Mentoring

Imagine being in a room with your mentor, surrounded by twenty other mentor/mentee pairs, all sharing stories of success, setbacks, and lessons learned. Group mentoring takes the traditional pairing of a mentoring relationship and adds opportunities for small group mentoring sessions with multiple mentors and mentees. While each mentor/mentee pairing has their own dynamic and lessons to learn, having once a month or once a week group sessions with a variety of mentors and mentees allows multiple pieces of advice to be shared and various lessons to be learned. You will likely learn that a fear you have is similar to a fear another mentee is facing. This option is especially great for networking groups, women’s organizations and businesses.

So, as you figure out what you want in a mentoring relationship, don’t forget to consider what you have to offer. Then, start asking other people for suggestions on possible mentors. A mentoring relationship is significant for professional success, so don’t wait until you’ve reached a certain stage in your career to get a mentor. Start now.

Free money for startup businesses is extremely scarce. So it’s important to invest time in putting your best foot forward in every grant application you submit, including WomensNet’s Amber Grant program.

That doesn’t mean preparing a business plan-length tome but, rather, hitting hard on why your business or product is viable and worthy of funding.

At least that’s what the advisory board of WomensNet, which awards monthly Amber Grants of $10,000 to aspiring or existing women-owned businesses, recommended when asked what the best applications contain.

Here are other suggestions they shared about applications that resulted in grant money:

1. Address questions on the application directly and fully

Our Amber Grant application has several writing prompts designed to get a complete picture of the entrepreneur and her business concept. Sure, there is probably plenty of information on the company’s website and social media profiles, but that won’t always provide a cohesive story. Put all the information needed to understand your business right in your application.

Specific questions include:

– What’s the story behind your business? This is your chance to answer the “why” and the “how” behind your business. Why is it important to you? How did you come up with the idea? What has been your experience thus far in starting it?

–What motivates you? Facts and figures about the business could go here as background, but answers to this question should also address who the entrepreneur is as a person. What’s important to you and why? What’s your connection to this business idea?

–What are the opportunities and challenges? Amber Grants are awarded in the hope of helping a business grow or expand, or meet the needs of an untapped market. It’s useful in this section to detail how large your market is and how much demand you’ve uncovered. But also be upfront about any obstacles you’ve encountered or anticipate. Don’t try and pretend there will be no challenges – that will reduce your credibility.

–Tell us what you would do with the money if awarded a grant. Break out how you’d spend the $10,000 and the annual $25,000 grant. Price out different items you would invest in, such as new equipment, Facebook ads, or materials. Whenever possible, show how resourceful you can be in making that money stretch as far as possible.

2. Do your research

Apply for a grant the same way you would apply for a job. Take a few minutes to read about past grant recipients, learn more about the organization sponsoring the grant, and adhere to the specific requirements outlined (an FAQ page is typically a good place to start).

Use winning applications from other grant programs as your model.

3. Err on the side of a lengthier application

Telling the story of how you came up with your business idea, why you think the time is now to start it, how large your market is, and what the response has been thus far should take more than 200-300 words. If that’s all you can come up with, wait to submit an application until you have more to say about your business.

That said, don’t drone on about irrelevant facts in order to make the length of your application more substantial. If you can explain your idea, who you are, and what you’ll use the money for in 800 or 1,000 words, stop there. Conversely, if you need closer to 2,000 words to make your case, use them. Beyond that length, however, it’s likely you’re going overboard with specificity or repeating yourself.

The average Amber Grant application is roughly 600 words, though the average length of Amber Grant recipients – the applications that won – over the last six months is nearly 850 words.

4. Do’s and Don’ts

Do write your application in a program like Pages or Microsoft Word so that you have a saved copy. Keeping a copy helps you recall what you reported and also provides a starting point for other applications you might write.

Do share links to your brand or company’s website whenever possible. If you don’t have one, share links to social media accounts, such as LinkedIn, or other sites where information about your story is available.

Don’t assume that the grant committee members are experts in your industry. It’s likely they’re not. So avoid jargon or buzzwords that only you will understand; you’ll likely end up confusing the individuals responsible for reading your application.

Don’t try to sound “corporate” in your application. Yes, Amber Grants are given to business owners, but that doesn’t mean you have to pepper your application with big words or business lingo. Past winners have demonstrated their business savvy without the use of corporate speak.

Don’t stress about reporting sales figures. Is the information useful if you’re comfortable sharing? Yes. Will you be at a disadvantage if you don’t include them? No. Grant readers are not Shark Tank moguls looking to buy into your business, so don’t feel you have to disclose that information.

Ultimately, whether you win a grant or not will likely come down to how well your business syncs up with what the selection committee is seeking. That is, it’s not a comment on how viable your business is or how inventive your idea, so don’t take it that way.

Many applicants find that taking the time to complete a grant application is a useful exercise, because it forces them to become clear about what they’re trying to sell, who they’re trying to sell it to, and why their solution is better than what is currently on the market. So even if you don’t win an Amber Grant this month, you’ll likely gain clarity about your business simply by applying.