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Welcome, everyone, to week three of our GBR Masterclass.

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I am so excited to be here with you all this week and for us to have this class with one

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of my favorites, Alicia Scott.

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She is the founder and CEO of Range Beauty.

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And Alicia has been a part of the Fearless family for some time, and I'm sure she'll

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share with you all her story and what that looks like for her.

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But Alicia, we are so excited to have you here, and I cannot wait for you to share with

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everyone.

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So I would love to introduce Alicia to our GBR students.

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Thank you.

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Thank you.

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I'm so excited to be here.

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Yes, I've been around for a long time.

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And so my relationship started with Ariane back in 2018, I believe it was the first time

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that I ever did a pitch competition.

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For those who don't know, I went in, I believe it was two pitch competitions through Fearless.

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I lost both of them.

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And on the third competition was when I was fortunate to receive an investment and join

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the Fearless Fund Portfolio Company.

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So I'm so excited to share everything with you guys.

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Yes, yes, yes.

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So we are excited.

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So Alicia, I'm going to go ahead and kick it over to you.

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Okay.

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I'm going to share my screen with you guys.

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Okay, so today we're talking about what investors are looking for from a founder's perspective.

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A little bit about what we're going to go through, a little mini introduction about

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who I am for those who aren't familiar.

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We're going to go through how do you know if you're investor ready, what to prepare,

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what do investors want, and what do you want out of investors, where to find funding, and

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then what do you do after you land an investor.

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A little bit about me, I have been fortunate to scale Range Beauty to a seven-figure brand

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with the significant help of pitch and grant competitions.

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Since 2019, I've raised over $500,000 in grants and investments, including one that I mentioned

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from Fearless Fund and one most recently from Shark Tank where I've landed two sharks.

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And so I truly believe in capital helping us get to where we want to scale to.

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Obviously, we have to work a lot harder than our counterparts to ensure that we're creating

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successful businesses, and we really want to make sure we're snatching up as much money

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as possible, and we want to make sure that we're presenting the best of ourselves when

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we are having those meetings with investors.

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So let's get ready to do that.

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Okay, a few questions around are you even investor ready?

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How do you know it's time for you to take on an investment?

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So not a grant, but an actual large-size investment.

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This is where you should ask yourself, okay, do I need more money, more capital,

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to scale to a larger size?

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So for example, when I launched in August 2018, I was approached by Target a few months

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after I launched.

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I had a very real meeting with the buyers, and I was fortunate that it was two black

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women that I was speaking my truth to, and I was like, I just launched.

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I am not ready for all of the expenses that come with retail.

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And I realized that my bootstrapping efforts, I was working a nine-to-five at the time.

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I went on to start getting money through grant competitions, but I realized that this

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kind of piecemeal that was happening, it wasn't enough money coming at one time to help me

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scale to where I want it to be, to help me get into retail, to help me expand my marketing

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budget, to help me with the rebrand.

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And so that's a huge question to ask yourself.

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Am I trying to scale to be larger than what we are right now?

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What pace do I want that to happen on?

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Am I ready to take on a large sum of money?

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Another question you can ask is, do I need a strategic partner or additional high-level

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help?

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Again, for myself, I am a solopreneur, so I don't have a co-founder.

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I came into Range Beauty without a background in business, without a background in beauty,

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and I really wanted to find strategic partners who had expertise in the areas that were my

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weaknesses.

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So, for me, that was creating a strategic marketing plan and budget.

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For me, that was, how do I know the right hires?

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For me, that was what's needed to go into retail and be successful in retail.

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Another question is, money is needed for a long or uncertain period of time.

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A lot of times with grants, it's typically under, I would say, probably 200K or less

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is what your grant size is going to be.

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And so when we're talking about money needed for a long time and you're going out and you're

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raising what's like a Series A round or Series B round, these are large sums of money.

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that you're planning on having and holding on to for typically at least two to three years.

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And so this is a lot different than something that you might need in just the short term.

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And then capital is needed pre-launch for development, testing, etc.

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So this is similar to brands who have the idea, but they need help getting it off the ground.

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So Topicals is a very popular eczema and acne brand.

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They basically needed additional capital to help with lab testing, to help with formulating

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because there are so many regulations around the formulas they wanted to use.

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So they went out to raise in order to have the capital to launch a successful brand.

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Same with, you know, you might have an app and you're showing Tractional.

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We have 10,000 people signed up or we have 20,000 people interested and they really need this,

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but we need additional capital to really get it off the ground and get it into launch mode.

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So that's another reason why you might need a larger sum of money.

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So once you ask yourself, am I investor ready?

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And do I need an investor?

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Here's what to prepare from my experience with range.

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The biggest thing you need is a clear vision.

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When I first launched Range Beauty in August 2018,

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Range Beauty was clean beauty for the forgotten shades.

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And when I went to pitch in my first Fearless Fund pitch competition,

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the judge was like, you know, at the end of my pitch, that was a really great pitch.

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You know, your energy and your passion.

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I can really feel it, but I don't understand what makes you different from other makeup brands on the market.

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And at this point Fancy Beauty had launched.

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There are more brands coming through for deeper skin tones.

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So for me saying, oh, well, we're clean beauty for the forgotten shades,

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which are women of color.

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It didn't really set me apart from what was already happening.

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And so I had to get clear.

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My clearer vision was what we are today.

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Range Beauty is acne and eczema centered makeup for the forgotten shades.

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So now I've niched down and what's considered a saturated or oversaturated market.

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I've niched down to say this is why we're creating.

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Here's who we're creating for and this is why it's needed.

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So get really clear on your vision.

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Get really clear on what you're creating, who you're creating it for,

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the problem that you're solving.

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Demonstrate potential for high growth.

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So for me when I launched in 2018, August 2018, we ended the year with I think it was 20k in revenue.

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By the next year, we did 45k.

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By the year after that, we were in the 337,000k in revenue.

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And so that was a high growth for us and we demonstrated this not only through revenue,

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but we showed it through our website traffic and we saw a huge uptick.

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We had around 60,000 visitors to our website.

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We demonstrated this through our press callouts.

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We demonstrated this through the grants that we were receiving.

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So really make sure you're clear on here's why there's potential for high growth,

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whether that's through pre-revenue traction or post-revenue traction.

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Sustainable competitive advantage.

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Going back to how I niched down to range beauty being for acne and eczema skin types

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and niching down to the forgotten shades.

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So mostly women of color, melanin rich skin.

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So that's my sustainable competitive advantage because when I set out my landmark

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and I do my competitor landscape, no one else is covering both of those bases.

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And since 2018, no one has come in to disrupt that like I have.

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So really make sure that you're showing here's how we're disrupting

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or changing the competitive landscape now and here's how we'll continue to do so.

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Of course, financial return on investment.

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These people want to know how are they getting their money back?

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If you can't demonstrate that clearly, that's going to be a problem.

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So you want to be able to illustrate here's how you're going to get a return on this investment.

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Here's what I've been able to do with $500,000.

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Here's what I've been able to do putting $150,000 towards my marketing plan.

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With your investment, I'll be able to 2x that which means etc, etc, etc.

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So you want to demonstrate how they're going to get a return on their investment.

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The use of the investment needs to be very clear.

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It's not enough to say, oh, I just need it so I can have more inventory on hand.

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Why? I need to have more inventory on hand because every time that we post our releases,

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we sell out within the week and we have to wait to replenish our inventory

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or we need to put more towards our marketing

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because this is how far we've made it with our current marketing budget

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and we know if we're able to add on an influx of X amount,

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then we'll see this much growth from our marketing plan.

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Use of investment can be towards new hires.

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We are at a place where we need to bring in a CMO or Chief Marketing Officer,

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CFO, Chief Financial Officer, or we need to bring on a new fulfillment center.

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So really.

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demonstrate where the funds are going and show why they're needed. It's not enough to stop at

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because we need it. Actually show if we have this to put towards capital or sorry,

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to put towards inventory, to put towards hires, to put towards marketing, to put towards product

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development, et cetera, this is the return that that will bring. Because at the end of the day,

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it's all about bottom line. It's about bottom line for you and your company and about bottom

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line for the investor. And then a big question is definitely test every statement in your pitch deck

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by asking, so what? So when you are going through your pitch deck, I know you guys already had a

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class where you were putting together your pitch deck. When you go through each slide in your pitch

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deck and out loud, you say, so what? You need to be able to respond to that. So if you go through

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your deck and you say, oh, our ingredients are really different and that's what helps us stand

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out. So what? Well, that's important because when I think about, um, the high percentage of

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black women who are affected by acne and eczema, it's crucial that they have ingredients in their

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skincare products that help with those skin issues. Um, my market is melanin rich black,

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black women, because they have the highest buying potential when it comes to beauty and makeup.

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So just being clear on why would someone care when you're demonstrating or going through and

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presenting your pitch deck, some documents to get together, a target investor list. I love this

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because it helps you zero in on who you would love to have be a part of your culture, be a part of

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your brand, be a part of your team. And that's simply going through, it can be going through

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other brands that you like that you've, you see what they're doing and you're like, oh, and you

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take a peek at who their investors are. Uh, that can be by going through, um, just anyone, any VC

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page, um, any list of investors. And you're saying, oh, wow, I would love to have Serena

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Williams and her VC invest in my company because she's really into sun care products or going out

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and saying, oh, I would really love fearless fun to invest because I love what they're doing in

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the consumer goods space. So having a goal investor list is really great. And then, um, it's good too,

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because you're able to zero in on investors who are helping brands that are similar to yours.

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And that's important because you want someone, whether it's a VC, whether it's angel,

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whether it's private, you want someone who has experience helping a company that is similar to

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yours grow in the space. Another document, obviously your pitch deck, uh, your business

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plan, making sure you keep that updated. Same with your pitch deck, making sure it's always

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updated with any new press that you get, any new numbers that are coming in, any, um, new

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traction that you're seeing, any new raises that you've had, um, income statements, balance sheets,

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very, very, very crucial that you are connected to some type of, um, financial software.

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QuickBooks is what we use. It's very easy. It's user-friendly, um, affordable, whether you have

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someone, you know, on your team and accounting and accountant, make sure you have those up to

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date and readily available financial projections that's showing, okay, by the end of this year,

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we are on track to do X amount and you can have a, um, actual goal and you can have a stretch goal

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for that too. And then typically investors like to see that projected out for three to five years.

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Um, and that's just saying from this year, we've seen this much growth and we're going to keep on

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going on this type of track and being very realistic. That doesn't mean like, oh, you know,

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this year we're going to do 500,000 next year, we're doing 10 million. You really realistic with

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your financial projections based on what you've been doing year over year. And then just assess

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metrics and that's being able again to speak to your traction. That's huge. Being able to speak

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to how many customers you have, your customer retention percentage. So how many customers are

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coming back to you? Um, that's speaking to even your social media engagement, your social media

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presence, press. Um, if you're in any retailers, uh, if you're having conversations with retailers,

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so anything that can establish your success,

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what do investors want? So I put together a list of questions, um, that you should ask yourself

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about your brand or service. How innovative is the business or service model? Investors are always

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trying to find the next unicorn, right? They're always trying to find the next big thing.

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And we're not saying every brand is going to be Airbnb. No, but you definitely want to be able

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to show off. Here's how I am innovating in this space. We're not reinventing the wheel,

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but here's how we're making adjustments. Here's how I'm making these adjustments because we

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reached out to, you know, 500 women and they said that they would like to see this in beauty,

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or we reached out to 200 women and they said that this is what they would like.

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to see in the food space or having some type of data

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to support why you're creating what you're creating

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and displaying that no one else is doing that.

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What is the size of the market opportunity?

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Again, that's zeroing in on the large market

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and kind of going down to your industry.

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So if we think about beauty

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and the black woman buying power and beauty, 7.5 billion.

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Okay, from there you trickle down

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to what that looks like for your competitor landscape.

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So looking at how much they're basically raking in

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across competitors, and then from that zeroing in

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on what percentage of your revenue

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makes up that total landscape.

219
00:15:44.080 --> 00:15:46.520
So what size is your market opportunity?

220
00:15:47.400 --> 00:15:51.200
Can the investor add value to the scaling of the venture?

221
00:15:51.200 --> 00:15:52.660
This is a really great question

222
00:15:52.660 --> 00:15:55.560
because it adds to saying

223
00:15:55.560 --> 00:15:58.160
that I haven't done everything that I can do.

224
00:15:58.160 --> 00:16:00.680
So it's saying with me on board,

225
00:16:00.680 --> 00:16:03.320
here's the value that I'm adding to this brand.

226
00:16:03.320 --> 00:16:05.580
Here's the value that I'm going to be able to use

227
00:16:05.580 --> 00:16:08.040
to bring it to an even larger size.

228
00:16:08.040 --> 00:16:09.440
So that might be your network.

229
00:16:09.440 --> 00:16:11.140
That might be your customer list.

230
00:16:11.140 --> 00:16:14.260
That might be your retailer relationships.

231
00:16:14.260 --> 00:16:17.400
That might be your patents.

232
00:16:17.400 --> 00:16:19.280
So thinking about what additional value.

233
00:16:19.280 --> 00:16:20.440
It might be your background.

234
00:16:20.440 --> 00:16:22.920
You might be very experienced in product development.

235
00:16:22.920 --> 00:16:25.640
You might be very experienced in marketing, sales,

236
00:16:25.640 --> 00:16:26.480
what have you.

237
00:16:26.480 --> 00:16:28.040
So what value, additional value

238
00:16:28.040 --> 00:16:30.760
do you bring to scale in the venture?

239
00:16:30.760 --> 00:16:32.640
Do you confidently know your metrics?

240
00:16:32.640 --> 00:16:34.640
This is very important.

241
00:16:34.640 --> 00:16:36.520
You don't want to have an investor

242
00:16:36.520 --> 00:16:37.720
ask you about something,

243
00:16:37.720 --> 00:16:40.080
ask you about your customer acquisition costs,

244
00:16:40.080 --> 00:16:43.920
ask you about how many visitors are hitting your website,

245
00:16:43.920 --> 00:16:46.520
ask you about what is your customer retention,

246
00:16:46.520 --> 00:16:49.040
and you are staring at them blank face

247
00:16:49.040 --> 00:16:50.520
because you don't know the answer.

248
00:16:50.520 --> 00:16:52.400
Make sure that you're really going through

249
00:16:52.400 --> 00:16:54.760
and understanding and studying your business

250
00:16:54.760 --> 00:16:56.880
so that no matter what question is asked of you,

251
00:16:56.880 --> 00:16:58.240
you're able to respond.

252
00:16:58.240 --> 00:17:00.720
Unless it's something that's really just out of left field

253
00:17:00.720 --> 00:17:02.680
and you have to hit them with,

254
00:17:02.680 --> 00:17:04.359
I'm unsure about that stat,

255
00:17:04.359 --> 00:17:06.760
but give me a moment and I'll be able to get back to you.

256
00:17:06.760 --> 00:17:10.280
Really anything else is pretty standard across investors

257
00:17:10.280 --> 00:17:11.359
when they're asking,

258
00:17:11.359 --> 00:17:13.040
really just trying to figure out

259
00:17:13.040 --> 00:17:15.920
how much value you have in your company

260
00:17:15.920 --> 00:17:17.560
or how valuable it is.

261
00:17:17.560 --> 00:17:21.480
And you should be able to know those stats at all times.

262
00:17:22.440 --> 00:17:24.240
A recent question that I've been seeing is,

263
00:17:24.240 --> 00:17:25.800
is there social impact?

264
00:17:25.800 --> 00:17:29.240
So just from even pitch competitions

265
00:17:29.240 --> 00:17:31.640
or grant applications that I've been seeing,

266
00:17:31.640 --> 00:17:33.800
recent conversations with investors,

267
00:17:33.800 --> 00:17:35.760
there is this new,

268
00:17:35.760 --> 00:17:36.840
we wanna know what you're doing

269
00:17:36.840 --> 00:17:38.480
beyond your brand, beyond your service.

270
00:17:38.480 --> 00:17:40.320
How are you giving back to the community?

271
00:17:40.320 --> 00:17:45.240
Is there a donation or some type of social impact?

272
00:17:45.240 --> 00:17:47.840
Are you helping because your brand is sustainable?

273
00:17:47.840 --> 00:17:51.040
Are you helping because your products are recyclable?

274
00:17:51.080 --> 00:17:55.760
Are you helping because you're working with a co-op in Ghana

275
00:17:55.760 --> 00:17:57.800
that helps produce the shea butter that you're using?

276
00:17:57.800 --> 00:17:59.960
So what is your social impact?

277
00:17:59.960 --> 00:18:02.680
What are you doing beyond your product and service?

278
00:18:03.640 --> 00:18:06.440
And then some things to remember when presenting,

279
00:18:06.440 --> 00:18:08.280
be passionate about your story.

280
00:18:08.280 --> 00:18:12.120
A big part of my brand is my founder story.

281
00:18:12.120 --> 00:18:16.760
I created Range Beauty because I developed eczema and acne.

282
00:18:16.760 --> 00:18:18.000
And at the same time,

283
00:18:18.000 --> 00:18:21.560
I noticed a huge lack of makeup shades

284
00:18:21.560 --> 00:18:22.960
available to deeper skin tones

285
00:18:22.960 --> 00:18:25.760
while working behind the scenes in the fashion industry.

286
00:18:25.760 --> 00:18:28.240
And so I took it upon myself to create a brand

287
00:18:28.240 --> 00:18:30.360
that merged both of those worlds together

288
00:18:30.360 --> 00:18:32.400
because no one else was creating it for us.

289
00:18:32.400 --> 00:18:35.120
So you want to have an actual founder story

290
00:18:35.120 --> 00:18:38.280
that is interwoven into your brand or service.

291
00:18:38.280 --> 00:18:39.440
And you don't wanna say,

292
00:18:39.440 --> 00:18:41.520
oh, it's just this really cool.

293
00:18:41.520 --> 00:18:43.160
No, come confident, come bold,

294
00:18:43.160 --> 00:18:45.000
and tell them why you create this

295
00:18:45.000 --> 00:18:46.920
and why they need to be on board.

296
00:18:46.920 --> 00:18:48.440
A lot of times investors will say,

297
00:18:48.440 --> 00:18:50.760
I invested in the founder first,

298
00:18:50.760 --> 00:18:51.880
and then the brand second,

299
00:18:51.880 --> 00:18:54.200
because they believe so much in your story

300
00:18:54.200 --> 00:18:56.960
and they believe so much in what you created and why,

301
00:18:56.960 --> 00:18:58.920
that's what hooked them.

302
00:18:58.920 --> 00:19:00.840
Knowledge of your industry, of course.

303
00:19:02.120 --> 00:19:03.840
A big thing is when people say,

304
00:19:03.840 --> 00:19:05.360
oh, who are your competitors?

305
00:19:05.360 --> 00:19:07.400
And sometimes I hear,

306
00:19:07.400 --> 00:19:08.440
oh, I don't have any competitors,

307
00:19:08.440 --> 00:19:09.920
no one's doing what I'm doing.

308
00:19:09.920 --> 00:19:12.480
No, like be knowledgeable about your industry.

309
00:19:12.480 --> 00:19:14.320
You can say, here are my competitors

310
00:19:14.320 --> 00:19:15.560
and here are the marks that they're hitting,

311
00:19:15.560 --> 00:19:18.400
which are not similar to the ones that I'm hitting.

312
00:19:18.400 --> 00:19:20.040
Knowledge of your market size,

313
00:19:20.040 --> 00:19:21.800
knowledge of your ingredients,

314
00:19:21.800 --> 00:19:24.520
knowledge of what others are doing in the space,

315
00:19:24.520 --> 00:19:27.480
knowledge of where you see yourself

316
00:19:27.480 --> 00:19:28.840
on the retail landscape,

317
00:19:28.840 --> 00:19:30.920
knowledge of where you see your brand going

318
00:19:30.920 --> 00:19:33.200
within two to three years, five years.

319
00:19:33.200 --> 00:19:36.320
So knowledge of your industry, knowledge of your brand.

320
00:19:36.320 --> 00:19:39.720
Customer traction, I've said that so many times,

321
00:19:39.720 --> 00:19:40.960
but really, really demonstrating

322
00:19:40.960 --> 00:19:43.440
that there is a demand for your product or service

323
00:19:43.480 --> 00:19:44.640
is so crucial.

324
00:19:44.640 --> 00:19:46.000
And being able to do that

325
00:19:46.000 --> 00:19:49.600
through whatever stats you have available,

326
00:19:49.600 --> 00:19:52.840
like I said, pre-revenue, if you have email signups,

327
00:19:52.840 --> 00:19:55.200
oh, I have an email list of 15,000 people

328
00:19:55.200 --> 00:19:57.040
who are waiting to get their hands on this product

329
00:19:57.040 --> 00:19:58.160
or on this app.

330
00:19:58.160 --> 00:19:59.640
Or we already have,

331
00:20:00.000 --> 00:20:02.520
12,000 people subscribe to our app.

332
00:20:02.520 --> 00:20:05.000
So that could be a pre-revenue, it could also be a post.

333
00:20:05.000 --> 00:20:07.560
We already have 5,000 people

334
00:20:07.560 --> 00:20:09.680
who have monthly subscriptions through us.

335
00:20:09.680 --> 00:20:11.240
We have this much in revenue,

336
00:20:11.240 --> 00:20:13.880
we have this much in profit, et cetera.

337
00:20:13.880 --> 00:20:15.920
Leadership ability.

338
00:20:15.920 --> 00:20:17.720
So you wanna be able to demonstrate

339
00:20:17.720 --> 00:20:19.240
that you can lead a team.

340
00:20:19.240 --> 00:20:20.520
You want to be able to demonstrate

341
00:20:20.520 --> 00:20:24.620
that you can make decisions easily,

342
00:20:24.620 --> 00:20:26.800
that you can work together with a team.

343
00:20:26.800 --> 00:20:30.800
So really demonstrating your leadership ability.

344
00:20:30.800 --> 00:20:31.920
Team members.

345
00:20:31.920 --> 00:20:35.800
A big thing that I ran into when I was early on

346
00:20:35.800 --> 00:20:36.960
trying to talk to investors,

347
00:20:36.960 --> 00:20:39.280
they asked, well, who else is on your team?

348
00:20:39.280 --> 00:20:41.120
And it was just me, myself, and I.

349
00:20:41.120 --> 00:20:42.720
And I was like, me, myself, and I.

350
00:20:42.720 --> 00:20:44.620
They're like, okay.

351
00:20:44.620 --> 00:20:49.620
A big red flag for investors is if it's just typically you,

352
00:20:50.760 --> 00:20:52.000
that means that, okay,

353
00:20:52.000 --> 00:20:54.560
how are we gonna be able to manage this brand

354
00:20:54.560 --> 00:20:57.880
and this service if she doesn't have any additional help?

355
00:20:57.880 --> 00:20:59.100
A lot of times, they're like,

356
00:20:59.100 --> 00:21:00.680
okay, yes, we wanna be a strategic partner.

357
00:21:00.680 --> 00:21:01.800
We want to give you the capital.

358
00:21:01.800 --> 00:21:03.780
We want to help you in the areas that we can,

359
00:21:03.780 --> 00:21:04.760
but they're not going to be there

360
00:21:04.760 --> 00:21:07.160
to hold your hand every day, 24-7.

361
00:21:07.160 --> 00:21:08.940
So they wanna make sure you have the support

362
00:21:08.940 --> 00:21:09.960
through other team members.

363
00:21:09.960 --> 00:21:12.660
And this doesn't always mean it has to be full-time members.

364
00:21:12.660 --> 00:21:13.720
That doesn't mean you have to run

365
00:21:13.720 --> 00:21:15.800
and find a co-founder if you don't have one.

366
00:21:15.800 --> 00:21:18.680
It can simply be, oh, we have a social media team.

367
00:21:18.680 --> 00:21:21.160
It can be, we have a fulfillment center.

368
00:21:21.160 --> 00:21:24.280
It can be, I have an operations manager.

369
00:21:25.040 --> 00:21:27.160
Just making sure you are able to demonstrate

370
00:21:27.160 --> 00:21:28.320
that you have other team members.

371
00:21:28.320 --> 00:21:29.880
It can be your mentors.

372
00:21:29.880 --> 00:21:31.600
It can be your lab.

373
00:21:31.600 --> 00:21:34.300
So demonstrating that there are others outside of yourself

374
00:21:34.300 --> 00:21:36.640
so it doesn't seem like everything will fall on you,

375
00:21:36.640 --> 00:21:37.600
which means that everything

376
00:21:37.600 --> 00:21:39.760
will probably fall through the cracks.

377
00:21:39.760 --> 00:21:41.600
A realistic vision.

378
00:21:41.600 --> 00:21:42.880
So as I mentioned earlier,

379
00:21:42.880 --> 00:21:45.520
not coming out the woodwork with just crazy numbers

380
00:21:45.520 --> 00:21:46.400
and a crazy vision,

381
00:21:46.400 --> 00:21:49.920
actually having a strategy behind what you're building,

382
00:21:49.920 --> 00:21:51.760
having a strategy behind your numbers,

383
00:21:51.760 --> 00:21:53.760
how you arrived at those numbers.

384
00:21:53.760 --> 00:21:55.040
And then coachability.

385
00:21:55.040 --> 00:21:57.100
So some investors come in

386
00:21:57.100 --> 00:21:58.720
and they see where your weaknesses are,

387
00:21:58.720 --> 00:22:01.280
or you tell them where your weaknesses are

388
00:22:01.280 --> 00:22:03.720
and they try to give you the help that you need.

389
00:22:03.720 --> 00:22:08.400
If you're very kind of stagnant and just,

390
00:22:08.400 --> 00:22:09.720
no, I got it, I don't need it.

391
00:22:09.720 --> 00:22:11.280
I'm just gonna keep doing it my way,

392
00:22:11.280 --> 00:22:13.360
or you're not taking on the help

393
00:22:13.360 --> 00:22:14.200
that they're trying to give you,

394
00:22:14.200 --> 00:22:16.200
that means that you're not coachable.

395
00:22:16.200 --> 00:22:17.480
And the reason they're coming on

396
00:22:17.480 --> 00:22:18.840
is to be a strategic partner for you

397
00:22:18.840 --> 00:22:20.320
to help you grow this thing.

398
00:22:20.320 --> 00:22:22.040
So you want to be able to, yes,

399
00:22:22.040 --> 00:22:23.760
stick to what's true to your brand,

400
00:22:23.760 --> 00:22:24.920
to your brand vision,

401
00:22:24.920 --> 00:22:26.400
vision to your brand voice,

402
00:22:26.400 --> 00:22:28.360
but also take on feedback

403
00:22:28.360 --> 00:22:30.840
and any critique that will help you grow

404
00:22:30.840 --> 00:22:31.760
as a better founder

405
00:22:31.760 --> 00:22:33.080
and help you grow your business

406
00:22:33.080 --> 00:22:34.380
to get to a better place.

407
00:22:37.760 --> 00:22:39.000
An important thing to know

408
00:22:39.000 --> 00:22:40.120
when you're speaking to investors

409
00:22:40.120 --> 00:22:43.320
that this is just as much an interview for them

410
00:22:43.320 --> 00:22:45.200
as it is for you.

411
00:22:45.200 --> 00:22:46.360
It's like you guys are dating.

412
00:22:46.360 --> 00:22:48.600
You're trying to date to find the right investor.

413
00:22:48.600 --> 00:22:50.440
It's speed dating, really.

414
00:22:50.440 --> 00:22:51.560
And so these are questions

415
00:22:51.560 --> 00:22:53.640
that are for both sides, the four Cs.

416
00:22:53.640 --> 00:22:54.480
So competence,

417
00:22:54.480 --> 00:22:57.120
do you have the skillset to build the business?

418
00:22:57.120 --> 00:22:59.840
And again, this is just demonstrating

419
00:22:59.840 --> 00:23:02.080
through whatever experience you have

420
00:23:02.080 --> 00:23:04.320
to bring to this business,

421
00:23:04.320 --> 00:23:06.760
demonstrating this through whatever traction

422
00:23:06.760 --> 00:23:09.240
you've already been able to build up to this point,

423
00:23:09.240 --> 00:23:12.280
demonstrating this through who you've hired.

424
00:23:12.280 --> 00:23:14.120
So just demonstrating you have the skillset

425
00:23:14.120 --> 00:23:17.320
to build the business beyond where you've built it.

426
00:23:17.320 --> 00:23:20.100
Commitment, are you going to see the brand through the end?

427
00:23:20.760 --> 00:23:22.980
This is huge because investors, as I mentioned,

428
00:23:22.980 --> 00:23:24.580
are sometimes investing in you

429
00:23:24.580 --> 00:23:27.380
as much as they're investing in the company.

430
00:23:27.380 --> 00:23:29.060
So they want to make sure,

431
00:23:29.060 --> 00:23:30.260
are you in this with me?

432
00:23:30.260 --> 00:23:32.340
Are we taking this to the exit?

433
00:23:32.340 --> 00:23:35.140
Are we taking this to whatever it is?

434
00:23:35.140 --> 00:23:37.340
And you're really here and you're committed

435
00:23:37.340 --> 00:23:39.780
and you're going to give it your all as best as you can.

436
00:23:39.780 --> 00:23:41.020
You're not going to land the investor

437
00:23:41.020 --> 00:23:42.900
and then kick up your feet and be like, okay,

438
00:23:42.900 --> 00:23:44.280
I don't have to do anything more.

439
00:23:44.280 --> 00:23:46.020
Like the real work is going to start.

440
00:23:46.020 --> 00:23:47.340
So they want to make sure you're committed

441
00:23:47.340 --> 00:23:48.940
to see the brand through the end

442
00:23:48.940 --> 00:23:50.380
and make it as successful as possible,

443
00:23:50.380 --> 00:23:52.540
just as much as they want to.

444
00:23:52.540 --> 00:23:56.220
Connections, do you have the networks to build the company?

445
00:23:56.220 --> 00:23:59.680
And this is very important because yes,

446
00:23:59.680 --> 00:24:01.340
investors will bring their own networks,

447
00:24:01.340 --> 00:24:03.020
they'll bring their own resources,

448
00:24:03.020 --> 00:24:04.900
but they also want to see what you're able to bring

449
00:24:04.900 --> 00:24:05.820
from your end.

450
00:24:05.820 --> 00:24:08.420
So the two way question there is you want to know

451
00:24:08.420 --> 00:24:11.060
that the investors have resources and networks

452
00:24:11.060 --> 00:24:13.560
and you want to know who is within their network.

453
00:24:13.560 --> 00:24:17.100
And it's the same with you, who's in your network,

454
00:24:17.100 --> 00:24:19.180
who has been helping you thus far,

455
00:24:19.180 --> 00:24:21.060
who can you lean on if needed

456
00:24:21.060 --> 00:24:24.300
or go to for the future of the brand.

457
00:24:24.300 --> 00:24:26.700
Chemistry, is there chemistry between you

458
00:24:26.700 --> 00:24:27.860
and between the investors?

459
00:24:27.860 --> 00:24:30.380
Again, question for you and for the investors.

460
00:24:30.380 --> 00:24:34.340
I met with some investors and off the bat,

461
00:24:34.340 --> 00:24:37.080
probably two minutes into us speaking,

462
00:24:37.080 --> 00:24:39.820
I knew that they weren't going to be the investor for me.

463
00:24:39.820 --> 00:24:41.340
And that's something that's very important

464
00:24:41.340 --> 00:24:43.860
because this is going to be someone that's on your team.

465
00:24:43.860 --> 00:24:45.500
This is someone you're going to work with

466
00:24:45.500 --> 00:24:48.460
for a pretty decent amount of time.

467
00:24:48.460 --> 00:24:50.660
And so you want to make sure the chemistry is there.

468
00:24:50.660 --> 00:24:52.820
You want to make sure you actually like each other.

469
00:24:52.820 --> 00:24:55.100
I say, is this someone that you would actually be okay

470
00:24:55.100 --> 00:24:57.840
with getting on the phone every other day?

471
00:24:57.840 --> 00:24:59.940
Or would you like, oh, I can't believe.

472
00:25:00.000 --> 00:25:01.160
Let's talk to this person.

473
00:25:01.160 --> 00:25:04.120
You want to look forward to talking to them.

474
00:25:04.120 --> 00:25:08.440
And you don't want there to be any friction between you guys

475
00:25:08.440 --> 00:25:10.680
because there's going to be a merge of ideas.

476
00:25:10.680 --> 00:25:12.960
There's going to be some feedback coming through.

477
00:25:12.960 --> 00:25:15.080
There's going to be, oh, I think we should do it this way.

478
00:25:15.080 --> 00:25:16.320
No, I think we should do it this way

479
00:25:16.320 --> 00:25:18.240
and having to find common ground.

480
00:25:18.240 --> 00:25:20.820
So making sure that there's chemistry there.

481
00:25:20.820 --> 00:25:22.840
And those first two, it's the same for you.

482
00:25:22.840 --> 00:25:24.560
So making sure that they have the skillset

483
00:25:24.560 --> 00:25:25.720
to build the business,

484
00:25:25.720 --> 00:25:29.120
making sure that they've invested in, like I said,

485
00:25:29.120 --> 00:25:30.920
companies that are similar to you.

486
00:25:30.920 --> 00:25:32.720
If you're in the consumer goods space

487
00:25:32.720 --> 00:25:33.720
and you're looking at them

488
00:25:33.720 --> 00:25:36.760
and they've only invested in really like apps

489
00:25:36.760 --> 00:25:38.880
or something similar to that,

490
00:25:38.880 --> 00:25:42.320
then that's not going to be the investor for you most likely.

491
00:25:42.320 --> 00:25:44.920
So you want to make sure that this is going to be

492
00:25:44.920 --> 00:25:47.240
the investor for you based on their portfolio.

493
00:25:47.240 --> 00:25:49.040
And it's the same just like at a job

494
00:25:49.040 --> 00:25:50.400
when they ask you for references,

495
00:25:50.400 --> 00:25:53.600
it's really great to tap into brands

496
00:25:53.600 --> 00:25:56.720
that they've invested in and ask them for references

497
00:25:57.240 --> 00:25:58.920
and speak to the founders and say,

498
00:25:58.920 --> 00:26:03.920
hey, I was having a conversation with X, Y, and Z investor

499
00:26:03.960 --> 00:26:06.240
and I understand that you're in their portfolio.

500
00:26:06.240 --> 00:26:07.700
If you don't mind sharing

501
00:26:07.700 --> 00:26:10.040
how the partnership has been with them,

502
00:26:10.040 --> 00:26:11.720
that would be really great.

503
00:26:11.720 --> 00:26:15.000
And commitment, making sure that they're here

504
00:26:15.000 --> 00:26:16.320
to see the brand through the end,

505
00:26:16.320 --> 00:26:18.520
that they're here to make sure that you have

506
00:26:18.520 --> 00:26:21.200
as successful as a brand as possible,

507
00:26:21.200 --> 00:26:22.560
especially with their help.

508
00:26:22.560 --> 00:26:27.560
Okay, finding funding.

509
00:26:27.640 --> 00:26:31.200
So I kind of put this into three buckets

510
00:26:31.200 --> 00:26:34.440
that I've seen through my journey.

511
00:26:34.440 --> 00:26:35.760
And the first one is network.

512
00:26:35.760 --> 00:26:37.280
So checking your circle.

513
00:26:37.280 --> 00:26:39.320
And yes, of course, people are always like,

514
00:26:39.320 --> 00:26:43.040
oh, go to your family and friends and try to raise, yes.

515
00:26:43.040 --> 00:26:46.120
But checking your circle also means other founders

516
00:26:46.120 --> 00:26:49.400
through your journey, building a brand or service.

517
00:26:49.400 --> 00:26:50.400
I really hope that you guys

518
00:26:50.400 --> 00:26:52.420
are building out your founder circle,

519
00:26:53.280 --> 00:26:54.120
building out your founder family.

520
00:26:54.120 --> 00:26:55.700
That is very important.

521
00:26:55.700 --> 00:26:58.180
A lot of times, a lot of these conversations I have

522
00:26:58.180 --> 00:27:00.660
with founders in my circle, I'll ask them,

523
00:27:00.660 --> 00:27:02.460
oh, have you worked with this warehouse before?

524
00:27:02.460 --> 00:27:04.620
And they're like, oh my gosh, let me tell you about,

525
00:27:04.620 --> 00:27:06.940
you know, why you shouldn't work with this warehouse.

526
00:27:06.940 --> 00:27:10.020
Or, oh, I'm thinking of going with this retailer.

527
00:27:10.020 --> 00:27:12.780
Well, make sure that you get X, Y, and Z in order

528
00:27:12.780 --> 00:27:14.340
because this is what they ask for.

529
00:27:14.340 --> 00:27:17.420
So making sure you have a circle of founders

530
00:27:17.420 --> 00:27:19.260
in different areas of the journey.

531
00:27:19.260 --> 00:27:22.660
So this could be founders who have sold their company.

532
00:27:22.660 --> 00:27:25.340
This can be founders who are basically

533
00:27:25.340 --> 00:27:28.120
in kind of in the same pace that you are.

534
00:27:28.120 --> 00:27:31.420
Founders above you who have gone into retail.

535
00:27:31.420 --> 00:27:32.740
Maybe you haven't gone into retail,

536
00:27:32.740 --> 00:27:34.400
who have gained investors.

537
00:27:34.400 --> 00:27:36.820
Maybe you haven't gained an investor.

538
00:27:36.820 --> 00:27:40.060
It could be, you know, just founders in different spaces.

539
00:27:40.060 --> 00:27:42.380
It doesn't necessarily have to be in your industry,

540
00:27:42.380 --> 00:27:43.380
but you really want to make sure

541
00:27:43.380 --> 00:27:44.960
you have a good circle around you

542
00:27:44.960 --> 00:27:47.380
because a lot of times these founders

543
00:27:47.380 --> 00:27:49.660
will also be able to say, hey,

544
00:27:49.660 --> 00:27:51.500
this VC didn't work for me,

545
00:27:51.500 --> 00:27:53.300
or this investor didn't work for me,

546
00:27:53.300 --> 00:27:55.720
or wow, this investor is really looking

547
00:27:55.720 --> 00:27:59.460
for black women-owned brands in the consumer goods space

548
00:27:59.460 --> 00:28:02.740
who are creating products in the haircare industry.

549
00:28:02.740 --> 00:28:04.420
And I highly recommend you speak to them.

550
00:28:04.420 --> 00:28:06.680
Actually, I can make the introduction for you if you'd like.

551
00:28:06.680 --> 00:28:08.820
So checking in your network to see

552
00:28:08.820 --> 00:28:11.860
if there are other founders who have raised,

553
00:28:11.860 --> 00:28:13.660
who have begin raising,

554
00:28:13.660 --> 00:28:16.100
and might have some references for you.

555
00:28:17.020 --> 00:28:18.740
And then another one is networking events.

556
00:28:18.740 --> 00:28:23.740
So there are different events that happen around investors.

557
00:28:25.060 --> 00:28:26.580
I know there was one earlier this year

558
00:28:26.580 --> 00:28:28.660
that was aimed towards black-owned brands,

559
00:28:28.660 --> 00:28:31.300
and it was a virtual conference.

560
00:28:31.300 --> 00:28:34.260
You got to hear from different investors,

561
00:28:34.260 --> 00:28:35.620
and then you got to go one-on-one

562
00:28:35.620 --> 00:28:37.540
into little brainstorming rooms with them,

563
00:28:37.540 --> 00:28:39.620
and give your pitch, and get their feedback,

564
00:28:39.620 --> 00:28:41.540
and then you also have their contact.

565
00:28:41.540 --> 00:28:44.800
So looking into those networking events as well.

566
00:28:45.640 --> 00:28:47.120
So there's non-equity funding.

567
00:28:47.120 --> 00:28:49.400
That's the crowdfunding loans grant.

568
00:28:49.400 --> 00:28:51.280
So I'm huge on grants.

569
00:28:51.280 --> 00:28:53.500
It's just, it's free money.

570
00:28:53.500 --> 00:28:55.720
It's free money, so you have to pay taxes on it,

571
00:28:55.720 --> 00:28:57.320
but other than that, it's free money

572
00:28:57.320 --> 00:28:59.380
that you don't have to pay back to the company,

573
00:28:59.380 --> 00:29:02.240
or a person, or whomever you received the grant from.

574
00:29:02.240 --> 00:29:06.520
And with loans, that is obviously something

575
00:29:06.520 --> 00:29:08.760
that you have to pay back.

576
00:29:08.760 --> 00:29:11.120
Sometimes they might have a high interest rate.

577
00:29:11.120 --> 00:29:14.240
Sometimes banks or loan servicers

578
00:29:14.240 --> 00:29:17.520
may not give you a loan for your company.

579
00:29:17.520 --> 00:29:19.920
And then there's also crowdfunding.

580
00:29:19.920 --> 00:29:23.960
And crowdfunding, iFundWomen is a great platform for this.

581
00:29:23.960 --> 00:29:26.480
It's for women-owned businesses,

582
00:29:26.480 --> 00:29:31.480
and it's similar to all the other crowdfunding businesses,

583
00:29:31.480 --> 00:29:34.320
except I really like it because of how they promote

584
00:29:34.320 --> 00:29:35.940
for women-owned businesses.

585
00:29:35.940 --> 00:29:37.680
I like that if you don't reach your goal,

586
00:29:37.680 --> 00:29:39.960
you still get to receive whatever money it is

587
00:29:39.960 --> 00:29:43.000
that you've made up to that point.

588
00:29:43.000 --> 00:29:45.080
They keep you within the network.

589
00:29:45.080 --> 00:29:48.840
So it's a really great platform for you guys to tap into

590
00:29:48.840 --> 00:29:50.200
if you're interested in crowdfunding.

591
00:29:50.200 --> 00:29:52.760
They have lots of different free sessions

592
00:29:52.760 --> 00:29:54.720
educating you on how to set yourself up

593
00:29:54.720 --> 00:29:56.240
for success with crowdfunding.

594
00:29:56.240 --> 00:29:58.400
And they also post about different grants

595
00:29:58.400 --> 00:29:59.880
that they give out.

596
00:30:00.000 --> 00:30:05.840
Uh, new voices is a huge, huge, huge, huge, huge, um, investor

597
00:30:05.840 --> 00:30:07.740
and black women owned businesses.

598
00:30:08.060 --> 00:30:11.340
Uh, this was started by Rich Lou Dennis who previously owned Shea

599
00:30:11.340 --> 00:30:13.300
moisture and currently owns essence.

600
00:30:13.540 --> 00:30:17.540
And he has poured hundreds of millions of dollars back into black women

601
00:30:17.540 --> 00:30:20.660
owned businesses, both through grants and through investments.

602
00:30:21.500 --> 00:30:25.040
Um, black girl ventures is another one that they pour through

603
00:30:25.040 --> 00:30:27.000
grants and invest investments.

604
00:30:27.300 --> 00:30:32.940
Um, the small business, um, this one's a little bit stricter than other,

605
00:30:33.240 --> 00:30:37.900
um, grants or, um, other providers.

606
00:30:37.900 --> 00:30:43.940
So for the small business site, um, they're really great because they have

607
00:30:44.000 --> 00:30:49.900
loans for government based, um, like contracts, uh, they have loans through,

608
00:30:49.940 --> 00:30:53.860
um, just through their small business administration for your brand.

609
00:30:53.860 --> 00:30:56.100
So that's another one to tap into for loans.

610
00:30:56.440 --> 00:31:00.400
And then fund black founders is another great site for crowdfunding as well.

611
00:31:01.640 --> 00:31:04.100
And so if you're ready for equity investors, there's

612
00:31:04.100 --> 00:31:05.380
different equity investors.

613
00:31:05.700 --> 00:31:11.440
Um, there's VC like fearless fund angel, and then private, and I've

614
00:31:11.440 --> 00:31:15.580
listed just a few, um, Harlem capital is another one that is catered

615
00:31:15.580 --> 00:31:20.080
towards black on brands, black angel tech fund, obviously catered towards

616
00:31:20.240 --> 00:31:22.640
black owned tech brands and services.

617
00:31:22.880 --> 00:31:26.520
Cleo capital is geared towards black owned brands.

618
00:31:26.780 --> 00:31:32.240
Um, and so deciding where you fall within this, it can be all over the board.

619
00:31:32.240 --> 00:31:34.780
It can be, you know, you tap into your network.

620
00:31:34.780 --> 00:31:35.800
You're also getting grants.

621
00:31:35.800 --> 00:31:38.520
You might've taken out a loan, you've done crowdfunding, and now

622
00:31:38.520 --> 00:31:39.860
you're ready to get an investor.

623
00:31:40.020 --> 00:31:43.660
So finding where you are in your journey and what's best for you.

624
00:31:44.020 --> 00:31:48.340
Um, and again, making sure that you're tapping into the different brands

625
00:31:48.560 --> 00:31:53.160
that have received something through, through one of these buckets.

626
00:31:53.160 --> 00:31:59.560
So I know for me, um, I received a grant through the glossier program, uh, last

627
00:31:59.560 --> 00:32:05.000
year, and they were saying, you know, if you have any, uh, founders that, you

628
00:32:05.000 --> 00:32:08.760
know, that, you know, we could reach out to, or we should keep on our

629
00:32:08.760 --> 00:32:10.880
radar for our next round, let us know.

630
00:32:11.140 --> 00:32:15.700
And so really making sure that you're really utilizing your network.

631
00:32:15.700 --> 00:32:17.280
I cannot stress that enough.

632
00:32:19.180 --> 00:32:19.680
Okay.

633
00:32:19.840 --> 00:32:20.680
What's next.

634
00:32:20.740 --> 00:32:25.540
If you're hitting a wall with investors, so you have refined your pitch deck,

635
00:32:25.540 --> 00:32:30.360
you've now gone out to the investors, you have your figures ready, you know,

636
00:32:30.360 --> 00:32:34.840
your stats, you know, your industry, you are, you feel like you are just armed

637
00:32:34.840 --> 00:32:36.220
with everything you need to be armed with.

638
00:32:36.700 --> 00:32:41.320
If an investor tells, you know, the first thing I say is to review any feedback

639
00:32:41.320 --> 00:32:42.880
or questions the investor raised.

640
00:32:43.200 --> 00:32:47.080
So you might go in and say, you know, well, last year we had a

641
00:32:47.100 --> 00:32:48.940
50,000 people on our website.

642
00:32:49.000 --> 00:32:54.040
And this year we had around 30,000 people on our website, but this was our revenue.

643
00:32:54.500 --> 00:32:57.620
And so the investor might say, oh, what do you think accounted for

644
00:32:57.620 --> 00:32:59.940
the drop in website visitors?

645
00:32:59.940 --> 00:33:03.300
Like, what do you think, you know, accounted for the drop in demand or

646
00:33:03.300 --> 00:33:08.940
whatever, and maybe your response that wasn't concrete enough for the investor.

647
00:33:09.100 --> 00:33:12.900
So going through any questions that the investor has raised or any

648
00:33:12.900 --> 00:33:14.300
feedback that they have raised.

649
00:33:14.300 --> 00:33:18.520
One, if it's seriously applicable to you, and then two, going back and

650
00:33:18.520 --> 00:33:21.800
adjusting what you need to, and preparing what you need to for the

651
00:33:21.800 --> 00:33:24.080
next investor meeting that you have.

652
00:33:24.760 --> 00:33:28.600
A big one is ask the investors who gave you a no for other referrals.

653
00:33:28.840 --> 00:33:31.720
So a lot of times you might kick it off with this investor.

654
00:33:31.760 --> 00:33:36.000
You guys are on zoom or in person and it's going so well.

655
00:33:36.000 --> 00:33:39.640
Everything is really flowing together and you, in your mind, you're like, oh,

656
00:33:39.640 --> 00:33:40.540
we're hitting it off.

657
00:33:40.540 --> 00:33:41.780
This is going to be a deal.

658
00:33:41.980 --> 00:33:45.340
And at the end of the conversation, they're like, you know what, this just,

659
00:33:45.820 --> 00:33:49.180
I really, really enjoy you, but honestly, this isn't for me.

660
00:33:49.180 --> 00:33:52.820
You know, I really need to see a higher revenue amount or, you know, I really

661
00:33:52.820 --> 00:33:56.900
enjoy you, but this just, my expertise really isn't in hair care or my

662
00:33:56.900 --> 00:33:58.940
expertise really isn't in food.

663
00:33:59.780 --> 00:34:03.460
Do not get off that call without saying, you know, I really enjoyed this meeting

664
00:34:03.460 --> 00:34:06.780
with you too, and I completely agree with you on this, but I really need to

665
00:34:07.120 --> 00:34:09.060
you know, I really enjoyed this meeting with you too.

666
00:34:09.060 --> 00:34:11.040
And I completely understand by chance.

667
00:34:11.040 --> 00:34:14.520
Do you have anyone in your network that might be interested in seeing my pitch

668
00:34:14.520 --> 00:34:18.280
deck? Do you mind if I give you my pitch deck to share with someone in your

669
00:34:18.280 --> 00:34:21.960
network? Like making sure you're utilizing that relationship to get another

670
00:34:21.960 --> 00:34:25.800
referral. Um, and making sure that they might on their own say, you know what,

671
00:34:25.800 --> 00:34:29.600
I'm going to push this yet. I will push this out to my circle.

672
00:34:29.600 --> 00:34:33.679
I remember I met with an investor and she was like, oh, every other Friday,

673
00:34:33.699 --> 00:34:38.699
we have a women's group that meets and we present pitches that came across our

674
00:34:38.699 --> 00:34:40.739
table. I'm going to bring you to that meeting.

675
00:34:40.739 --> 00:34:42.620
I'm going to bring your pitch deck to that meeting.

676
00:34:42.860 --> 00:34:47.860
So making sure that you still try to end that call if it went well and seemingly

677
00:34:48.260 --> 00:34:50.659
in your favor, trying to get something else out of the call.

678
00:34:51.460 --> 00:34:55.659
And then if you're continuing to hit these roadblocks with investors,

679
00:34:55.659 --> 00:34:58.700
I say look towards alternative funding. In the meantime, again,

680
00:34:58.700 --> 00:35:00.020
going back to the crowd funding.

681
00:35:00.000 --> 00:35:07.040
the grants, the loans, making sure that you're tapping into other streams of capital, if that's

682
00:35:07.040 --> 00:35:12.880
what you need at the moment, in order for you to still continue to build the company until you're

683
00:35:12.880 --> 00:35:20.640
landing an investor. And then what's next? You grab an investor's interest. Congratulations.

684
00:35:20.640 --> 00:35:25.920
What does that mean? So with grabbing an investor's interest, this is where

685
00:35:25.920 --> 00:35:31.200
I say the really hard part comes, and that's the business and legal due diligence will commence.

686
00:35:31.200 --> 00:35:39.920
For those that don't know, I taped with Shark Tank in July of last year. I landed two sharks,

687
00:35:39.920 --> 00:35:48.000
Lori and Emma, and I am still under due diligence. And so it can be a long period. It could be a

688
00:35:48.000 --> 00:35:52.160
short period. It could take up to eight months. It could take two to three months, and you guys

689
00:35:52.880 --> 00:35:57.360
close the deal. You get the money. We're moving forward. So just be prepared. And again,

690
00:35:57.360 --> 00:36:02.320
this goes back to making sure you have your documents in order, making sure you have an

691
00:36:02.320 --> 00:36:08.960
attorney ready to review any term sheets, any documents that come across your way.

692
00:36:10.000 --> 00:36:14.480
And so this is when everything is going through. They're going through all of your financial

693
00:36:14.480 --> 00:36:18.160
records. They're going through your balance sheets. They're going through your income

694
00:36:18.160 --> 00:36:22.800
statements. They're going through your tax returns. Okay. So making sure you have everything

695
00:36:22.800 --> 00:36:28.320
in order. Inform your team of the new investor coming on board. So a lot of times with an

696
00:36:28.320 --> 00:36:34.480
investor coming on board, there might be terms where they're saying they now might have a seat

697
00:36:34.480 --> 00:36:40.880
on your board. They might now have a say-so over any salary changes. They might now have a say-so

698
00:36:40.880 --> 00:36:46.400
over any large purchases the company is going to make. They might have a say-so in any new

699
00:36:46.400 --> 00:36:50.720
investors you're bringing on. So informing your team, not keeping them in the dark, sharing as

700
00:36:50.720 --> 00:36:54.960
much as you'd like with them, but letting them know, hey, we now have another partner coming in,

701
00:36:54.960 --> 00:36:59.040
and here's how this is going to adjust the way that we're currently doing things.

702
00:37:00.000 --> 00:37:05.760
And then post-close, keep financial reporting up to date. So a lot of times within terms,

703
00:37:05.760 --> 00:37:10.480
it might say we want quarterly reporting. It might be monthly reports about what's going on with your

704
00:37:11.280 --> 00:37:16.800
financial data. And then sending over any new updates. So having a separate newsletter for

705
00:37:16.800 --> 00:37:22.640
your investor, for any partners, and having them BCC. And sharing any new updates. Sharing, oh my

706
00:37:22.640 --> 00:37:27.600
gosh, I was just on Shark Tank. Sharing, oh wow, we finally landed this retailer. Sharing we are

707
00:37:27.600 --> 00:37:34.880
going to be on BET. We're going to be at this festival. We're going to be speaking at this

708
00:37:34.880 --> 00:37:39.360
conference, whatever. Keeping them updated on any new updates or traction that's happening with you

709
00:37:39.360 --> 00:37:49.360
as a founder and with your company as well. And that is going to conclude the presentation.

710
00:37:50.080 --> 00:38:00.640
And so I will kick it over for any questions. Let me see.

711
00:38:01.120 --> 00:38:08.640
Okay. What site references can you provide us to determine stats, metrics, etc? Example,

712
00:38:08.640 --> 00:38:16.640
census.gov, Matrillo. Okay, yes. So this is kind of two parts. So for your stats and metrics,

713
00:38:16.640 --> 00:38:21.440
these should be directly through your company data. So for example, if you're on Shopify,

714
00:38:21.440 --> 00:38:25.840
making sure that you're able to pull any of that data, making sure you're using QuickBooks

715
00:38:25.840 --> 00:38:31.840
for any of that data. Aside from that, if you're looking for industry metrics, yes, a good one is

716
00:38:31.840 --> 00:38:39.840
census.gov. Another one is, sorry, I'm blinking. But it gives you the reports of what's going on

717
00:38:39.840 --> 00:38:45.840
in your industry. And it breaks it down to beauty. It breaks it down to whatever service you're in.

718
00:38:46.640 --> 00:38:53.840
So looking for industry-specific reports. Looking towards any kind of industry-specific

719
00:38:53.840 --> 00:39:01.440
metrics. Looking towards any industry-specific stats that have been registered. Looking at any

720
00:39:02.480 --> 00:39:07.120
research that has been done. Specifically, if you're looking for stats around your ingredients,

721
00:39:07.120 --> 00:39:15.040
stats around what women are needing, what men are needing. So honestly, utilizing Google to the best

722
00:39:16.000 --> 00:39:23.840
of your advantage. That is the key for me. I typed in, honestly, how many Black women are

723
00:39:23.840 --> 00:39:31.040
dealing with acne and eczema? And thousands of reports came up describing how much we are facing

724
00:39:31.040 --> 00:39:35.200
that at larger amounts, at larger percentages, which I was able to use within my pitch deck,

725
00:39:35.200 --> 00:39:41.360
which I'm able to use when I speak about why I created Range. So really utilizing Google for that.

726
00:39:41.840 --> 00:39:45.120
What is your business structure? Are you a C-Corp, Benefit Corp, LLC? Okay, that's a really great

727
00:39:45.120 --> 00:39:52.960
question. When I started Range Beauty, I started as an LLC. To prepare for investment, I transitioned

728
00:39:52.960 --> 00:39:59.520
from LLC to a C-Corp, to a Delaware C-Corp. And the reason it's a Delaware C-Corp is because

729
00:39:59.520 --> 00:40:04.880
it's a C-Corp that's a C-Corp that's a C-Corp that's a C-Corp that's a C-Corp that's a C-Corp

730
00:40:00.000 --> 00:40:02.680
Delaware C-Corp is because basically,

731
00:40:02.680 --> 00:40:07.680
Delaware is kind of the standard across investments.

732
00:40:07.860 --> 00:40:10.380
So investors like to see that you are

733
00:40:10.380 --> 00:40:12.820
registered as a C-Corp, it just makes it easier,

734
00:40:12.820 --> 00:40:14.060
it makes it easier for taxes,

735
00:40:14.060 --> 00:40:16.620
it makes it easier for investments.

736
00:40:16.620 --> 00:40:21.140
And so for us, we are Delaware Registered C-Corp,

737
00:40:21.140 --> 00:40:24.260
and we are a foreign entity LLC within Georgia,

738
00:40:24.260 --> 00:40:25.620
which is where we're based.

739
00:40:26.500 --> 00:40:31.540
How do you decide what percentage to give an investor?

740
00:40:31.540 --> 00:40:33.340
That's a great question.

741
00:40:33.340 --> 00:40:37.100
So that boils down to when we get into valuation.

742
00:40:37.100 --> 00:40:41.720
So the valuation is the present value of your company today.

743
00:40:41.720 --> 00:40:45.420
So there's pre-valuation and there's post-valuation.

744
00:40:45.420 --> 00:40:48.660
Pre-valuation is what the value of your company is today,

745
00:40:48.660 --> 00:40:51.260
post-valuation is what your company is valued at

746
00:40:51.260 --> 00:40:53.900
after the investment lands.

747
00:40:53.900 --> 00:40:58.780
So for us, once you land your valuation,

748
00:40:58.780 --> 00:41:02.540
and you break down, okay, that means if I give away

749
00:41:04.220 --> 00:41:07.100
8% of my company for $200,000,

750
00:41:07.100 --> 00:41:10.900
that means that the value of my company is $2 million today.

751
00:41:10.900 --> 00:41:12.900
My company is valued at $2 million.

752
00:41:12.900 --> 00:41:15.220
So post-valuation, my company will be valued

753
00:41:15.220 --> 00:41:17.640
at $2,200,000, right?

754
00:41:17.640 --> 00:41:20.180
So it's going to see, it's breaking down

755
00:41:20.180 --> 00:41:24.100
what your valuation is and seeing how much equity

756
00:41:24.100 --> 00:41:27.300
you're comfortable giving up with and why.

757
00:41:27.300 --> 00:41:31.420
So saying, okay, well, my valuation is $2 million,

758
00:41:31.420 --> 00:41:34.380
I'm not gonna give away 20% for $200,000

759
00:41:34.380 --> 00:41:36.100
because that means that my valuation

760
00:41:36.100 --> 00:41:38.760
would be lower than $2 million.

761
00:41:38.760 --> 00:41:41.240
And I think it's also important to understand

762
00:41:41.240 --> 00:41:43.380
what your strategy is with your company.

763
00:41:43.380 --> 00:41:45.300
So if you have an exit plan, if you're saying,

764
00:41:45.300 --> 00:41:48.020
I would like to sell my company within five years,

765
00:41:48.020 --> 00:41:49.980
knowing how much you would be comfortable

766
00:41:49.980 --> 00:41:52.840
with owning of your brand within five years.

767
00:41:52.840 --> 00:41:55.100
Do you wanna own 80% of your company when you sell?

768
00:41:55.100 --> 00:41:56.500
Do you wanna own 50?

769
00:41:56.500 --> 00:41:59.500
Are you okay with owning 20% when you sell?

770
00:41:59.500 --> 00:42:01.960
And making sure that you're making those adjustments

771
00:42:01.960 --> 00:42:04.300
as you go through these investment rounds,

772
00:42:04.300 --> 00:42:07.020
as you're going through your series rounds

773
00:42:07.020 --> 00:42:09.340
and making sure you're not giving up too much equity

774
00:42:09.340 --> 00:42:11.740
in any of your rounds to leave you with enough of the pie

775
00:42:11.740 --> 00:42:14.840
when you sell or as you hold on to the band.

776
00:42:15.560 --> 00:42:19.680
What are the boundaries for investors?

777
00:42:19.680 --> 00:42:21.880
How do you know if investors should make decisions

778
00:42:21.880 --> 00:42:24.040
in your brand, or they should just be someone

779
00:42:24.040 --> 00:42:26.000
who gives the financial support of the brand?

780
00:42:26.000 --> 00:42:26.960
Great question.

781
00:42:26.960 --> 00:42:30.400
Okay, so for me, I knew that I was ready

782
00:42:30.400 --> 00:42:32.200
for a strategic partner.

783
00:42:32.200 --> 00:42:33.840
I knew that I was ready for someone

784
00:42:33.840 --> 00:42:36.240
who would actually partner with me

785
00:42:36.240 --> 00:42:39.640
that I could sit down with and speak to about,

786
00:42:39.640 --> 00:42:41.160
here's what you should be doing with marketing

787
00:42:41.160 --> 00:42:42.320
because this is our expertise.

788
00:42:42.320 --> 00:42:45.040
Here's what you should be doing with product development.

789
00:42:45.040 --> 00:42:46.000
Here's what you should be doing

790
00:42:46.000 --> 00:42:48.360
when speaking to these retailers.

791
00:42:48.360 --> 00:42:50.660
Those were the areas I wanted help with.

792
00:42:50.660 --> 00:42:52.840
So I didn't want someone who was just going to give the money

793
00:42:52.840 --> 00:42:56.000
and kind of sit back and kick their feet up.

794
00:42:56.000 --> 00:42:58.400
There are absolutely investors who are available

795
00:42:58.400 --> 00:43:00.680
to just say, okay, I'm giving you the money

796
00:43:00.680 --> 00:43:03.400
and I'm kind of like a silent partner in that sense

797
00:43:03.400 --> 00:43:06.560
where I'm giving you the money, send over your reports.

798
00:43:06.560 --> 00:43:07.920
If you need me, I'm here.

799
00:43:07.920 --> 00:43:09.100
If not, cool.

800
00:43:09.100 --> 00:43:11.120
And just let you go on and do your own thing.

801
00:43:11.120 --> 00:43:13.800
There are some investors who you present to

802
00:43:13.800 --> 00:43:16.000
and they're saying, okay, great.

803
00:43:16.000 --> 00:43:18.840
I want to be able to have more say-so

804
00:43:18.840 --> 00:43:20.640
in these areas of your company.

805
00:43:20.640 --> 00:43:23.080
And you have to ask yourself if that's okay with you.

806
00:43:23.080 --> 00:43:24.760
You have to ask yourself if that's okay

807
00:43:24.760 --> 00:43:27.440
if someone is coming in and wants to overhaul

808
00:43:27.440 --> 00:43:30.280
your marketing department or strategy.

809
00:43:30.280 --> 00:43:32.460
You want to be okay if someone is coming in

810
00:43:32.460 --> 00:43:35.780
and wants to overhaul your supply chain management.

811
00:43:35.780 --> 00:43:38.560
So that's asking yourself, do you want someone who's silent

812
00:43:38.560 --> 00:43:40.080
or do you want someone who's going to partner

813
00:43:40.080 --> 00:43:41.880
to strengthen these areas with you?

814
00:43:44.160 --> 00:43:45.640
Do you need to have an exit plan ready?

815
00:43:45.640 --> 00:43:48.140
What if you don't see yourself selling for years?

816
00:43:49.700 --> 00:43:53.120
Again, so this comes down to the brand

817
00:43:53.120 --> 00:43:54.300
that you're trying to build.

818
00:43:54.300 --> 00:43:56.720
Are you trying to build a legacy brand?

819
00:43:56.720 --> 00:43:59.000
That's completely fine if you don't have an exit

820
00:43:59.000 --> 00:44:00.480
and you're saying, this is something

821
00:44:00.480 --> 00:44:02.120
that I know I'm going to want to hold on to.

822
00:44:02.120 --> 00:44:05.280
That's going to take a lot more capital

823
00:44:05.280 --> 00:44:08.240
versus if you have an exit strategy,

824
00:44:08.240 --> 00:44:11.880
but it doesn't mean that that can't be an option for you.

825
00:44:11.880 --> 00:44:13.840
The exit strategy comes into place.

826
00:44:13.840 --> 00:44:15.720
It doesn't need to say, oh, I'm trying to exit next year

827
00:44:15.720 --> 00:44:17.080
and you just launched last year.

828
00:44:17.080 --> 00:44:18.480
No, be realistic.

829
00:44:18.480 --> 00:44:20.900
Okay, I know that there's still this amount of work

830
00:44:20.900 --> 00:44:22.800
to do in this space.

831
00:44:22.800 --> 00:44:25.040
Here's how much I know that we can still gain

832
00:44:25.040 --> 00:44:26.720
with me at the helm in this space.

833
00:44:26.720 --> 00:44:30.880
So my exit strategy is set for five years from now.

834
00:44:30.880 --> 00:44:33.720
Within five years, I want to be able to sell my company

835
00:44:33.720 --> 00:44:35.000
at X amount.

836
00:44:35.680 --> 00:44:38.400
And so you can be on both sides.

837
00:44:38.400 --> 00:44:40.560
You don't have to force yourself to be exit ready.

838
00:44:40.560 --> 00:44:45.560
I will say a lot of investors do tend to favor those

839
00:44:45.920 --> 00:44:47.160
who are exit ready because that means

840
00:44:47.160 --> 00:44:50.280
that they're getting their money back and then some.

841
00:44:50.280 --> 00:44:53.000
And so they do, I think, prefer those who are exit ready,

842
00:44:53.000 --> 00:44:55.200
but if that's not the plan that you have for your brand,

843
00:44:55.200 --> 00:44:56.280
it doesn't have to be.

844
00:45:00.000 --> 00:45:04.100
Are there any best practices on how to represent community social media metrics?

845
00:45:04.100 --> 00:45:07.500
There is a perception that social media metrics are a bit soft,

846
00:45:07.500 --> 00:45:10.900
but in today's world, that's how most brands are speaking to their customers

847
00:45:10.900 --> 00:45:18.500
and takes up a sizable time and effort investment.

848
00:45:18.500 --> 00:45:22.900
Yes, so for metrics, when it comes down to social media metrics in community,

849
00:45:22.900 --> 00:45:26.400
I would say the biggest thing is showcasing your engagement

850
00:45:26.400 --> 00:45:29.000
because you can have a hundred thousand followers,

851
00:45:29.000 --> 00:45:34.800
but if your engagement is 1%, that doesn't mean anything.

852
00:45:34.800 --> 00:45:37.900
You want to demonstrate you have an engaged community.

853
00:45:37.900 --> 00:45:42.700
So that's breaking down how many people or what your engagement percentage,

854
00:45:42.700 --> 00:45:47.700
your engagement rate is that is demonstrating if you're able to showcase.

855
00:45:47.700 --> 00:45:54.400
So let's say you use Instagram and you can set up your Instagram shop through the Facebook platform.

856
00:45:54.400 --> 00:45:56.200
So then you're able to demonstrate, wow,

857
00:45:56.200 --> 00:45:58.900
this amount of our sales come through the Instagram

858
00:45:58.900 --> 00:46:01.900
and Facebook platforms through their shop section.

859
00:46:01.900 --> 00:46:05.100
So that's the way that you can demonstrate your presence on social media.

860
00:46:05.100 --> 00:46:09.400
You can use your metrics through social media when you even run polls.

861
00:46:09.400 --> 00:46:12.100
If you have, you know, 10,000 followers

862
00:46:12.100 --> 00:46:16.000
and you put up a poll asking what you want to see in ingredients,

863
00:46:16.000 --> 00:46:20.500
what they want to see in packaging, what they want to see different in the landscape of beauty,

864
00:46:20.500 --> 00:46:26.400
you can use that to your advantage and say, hey, out of 5,000 people who were surveyed,

865
00:46:26.400 --> 00:46:30.300
X amount said that this ingredient is very important to them

866
00:46:30.300 --> 00:46:35.100
or this product is a must-have for them, but they're not seeing it created in the market yet.

867
00:46:35.100 --> 00:46:45.100
So utilizing things outside of just followers to demonstrate your metrics on social media.

868
00:46:45.100 --> 00:46:47.600
What do you believe are the core members of your team

869
00:46:47.600 --> 00:46:51.400
or contractors you should have before citing for investors

870
00:46:51.400 --> 00:46:54.100
so they know you're not just a one-woman show?

871
00:46:54.100 --> 00:47:00.400
Okay. So for me, my first real hire was an operations manager.

872
00:47:00.400 --> 00:47:03.100
This person helps with supply chain. She helps with fulfillment.

873
00:47:03.100 --> 00:47:05.800
She helps with any inventory issues.

874
00:47:05.800 --> 00:47:09.100
So that was who was the first person I named on my team.

875
00:47:09.100 --> 00:47:14.200
I have an operations manager. I have a customer service representative.

876
00:47:14.200 --> 00:47:16.700
So that means that you're not leaving customers off to the wayside.

877
00:47:16.700 --> 00:47:19.200
They want to know who else is talking to the customers.

878
00:47:19.200 --> 00:47:20.800
It can't just be you all the time.

879
00:47:20.800 --> 00:47:24.300
So saying I have customer service rep, social media management,

880
00:47:24.300 --> 00:47:28.100
who's making sure that you're maintaining your presence across these social media platforms

881
00:47:28.100 --> 00:47:29.900
and making sure that you're staying relevant.

882
00:47:29.900 --> 00:47:38.500
So social media management, some type of, if you don't have like a CMO or sorry, CFO,

883
00:47:38.500 --> 00:47:40.400
like someone within the finance room.

884
00:47:40.400 --> 00:47:46.900
So I have an accountant. I have, it can be on contract, doesn't have to be full-time.

885
00:47:46.900 --> 00:47:50.000
And then the big one, the other big one was a fulfillment center.

886
00:47:50.000 --> 00:47:55.100
So I have a 3PL. So that means, okay, if you have an influx in orders,

887
00:47:55.100 --> 00:47:58.600
who else, aside from yourself, is going to be packing these orders?

888
00:47:58.600 --> 00:48:01.300
Who else is helping you with the strict regulations

889
00:48:01.300 --> 00:48:05.000
and guidelines that retailers have when you have to pack and ship orders?

890
00:48:05.000 --> 00:48:08.000
So those were my core call-outs.

891
00:48:08.000 --> 00:48:12.100
And then along with that, I have some heavy hitters on my mentor team.

892
00:48:12.100 --> 00:48:16.000
So calling out that I have Bobby Brown as my mentor was a really big one.

893
00:48:16.000 --> 00:48:21.400
Calling out that I have the support of the Glossier C-suite was a big one for me as well.

894
00:48:21.400 --> 00:48:26.200
Do the investors have a percentage of your company or just equity ownership?

895
00:48:26.200 --> 00:48:30.500
So if you have, if it's an equity investment,

896
00:48:30.500 --> 00:48:35.000
that means that you're giving up a percentage of your common stock typically.

897
00:48:35.000 --> 00:48:37.600
So that means that you're giving up shares in your company.

898
00:48:37.600 --> 00:48:43.900
So they do have a percentage of your company, if that answers your question.

899
00:48:43.900 --> 00:48:47.900
So it's still, they have, they are still owning shares.

900
00:48:47.900 --> 00:48:55.500
They're still owning a percentage if you're giving away equity in exchange for capital.

901
00:48:55.500 --> 00:49:00.200
Oh, and something to think about too, a lot of times investors will come in on the basis

902
00:49:00.200 --> 00:49:04.300
of a convertible note before it converts to the percentage of your company.

903
00:49:04.400 --> 00:49:10.200
So the convertible note, for one, it makes it easier and quicker to close the investment.

904
00:49:10.200 --> 00:49:12.600
And that's typically, it kind of looks like a loan.

905
00:49:12.600 --> 00:49:19.800
So they're giving you the capital and they're saying, typically within 18 months or more,

906
00:49:19.800 --> 00:49:22.900
basically there's going to be a decision from the investor to say,

907
00:49:22.900 --> 00:49:26.400
okay, after this amount of time, this convertible note,

908
00:49:26.400 --> 00:49:30.300
so this investment that I just gave you will convert into equity,

909
00:49:30.300 --> 00:49:32.200
the equity that we agreed upon.

910
00:49:32.200 --> 00:49:38.100
Or at this time, that means that you need to pay back the money with any interest.

911
00:49:38.100 --> 00:49:43.000
How has your experience been working with your investors and your decisions?

912
00:49:43.000 --> 00:49:46.100
You mentioned a strategic partner, which is good to know that's an option.

913
00:49:46.100 --> 00:49:48.800
Do you still feel like you have a sense of freedom with your company?

914
00:49:48.800 --> 00:49:52.400
Great question. I was fortunate to land an amazing,

915
00:49:52.400 --> 00:49:57.300
amazing first investor with Fearless Fund.

916
00:49:57.300 --> 00:49:59.900
They have been helpful whenever I say, hey,

917
00:50:00.000 --> 00:50:06.000
the areas I need help with, marketing, networking, whatever, they are there to help. And that's

918
00:50:06.000 --> 00:50:10.640
important to me because the biggest part of their vision is making sure that they see

919
00:50:10.640 --> 00:50:15.920
success within Black women-owned brands. And so that was important to me because I wanted

920
00:50:15.920 --> 00:50:19.600
someone who understood what I was building, who understood the industry that I was in,

921
00:50:19.600 --> 00:50:23.720
and understood where I was trying to go. And that would also make it easy when I bring

922
00:50:23.720 --> 00:50:27.320
on other investors. You don't want to have an investor who makes it difficult for you

923
00:50:27.320 --> 00:50:33.760
to work with other investors because of their terms, because of any ownership they're trying

924
00:50:33.760 --> 00:50:39.000
to have over your company. You don't want to have any friction between building your

925
00:50:39.000 --> 00:50:42.960
investors if that's the path that you're going on. And so for me, I've been fortunate to

926
00:50:42.960 --> 00:50:48.300
have really great investors. My most recent investor, Emma Greed, she has been incredible.

927
00:50:48.300 --> 00:50:53.360
She has been a true strategic partner as well. So I'm very intentional about who I'm bringing

928
00:50:53.360 --> 00:50:58.800
onto my cap table, and I suggest everyone to be the same way. And I do definitely absolutely

929
00:50:58.800 --> 00:51:03.720
still have freedom with my company. How has it been working with Target? Have you enjoyed

930
00:51:03.720 --> 00:51:09.320
the experience with them? Target has been a phenomenal partner. I went through their

931
00:51:09.320 --> 00:51:15.960
accelerator back in 2020. I went through Target Takeoff Beauty, which was an immense, immense

932
00:51:15.960 --> 00:51:20.840
help for me in knowing what it's like to have a retailer partner such as Target. They take

933
00:51:20.840 --> 00:51:25.320
you completely behind the scenes and share just so much knowledge with you that you

934
00:51:25.320 --> 00:51:31.520
would not get elsewhere. For me, honestly, we started with them on .com because we launched

935
00:51:31.520 --> 00:51:36.680
during the pandemic, and it was just easier. It was more strategic, and it was the best

936
00:51:36.680 --> 00:51:41.280
thing for us because our price point is higher than beauty brands that are in Target. So

937
00:51:41.280 --> 00:51:45.600
it was a great way to test out that market, test out the customers, and see what was next

938
00:51:45.640 --> 00:51:48.720
for us. But it has been a great partnership with them.

939
00:51:52.200 --> 00:51:54.520
I think that's the last question.

940
00:51:57.480 --> 00:52:05.640
Yes. Thank you so much, Alicia. That was awesome. You gave so much information. Thank you for

941
00:52:05.640 --> 00:52:10.720
coming. There was someone who did ask something that I thought was worth mentioning. How did

942
00:52:10.720 --> 00:52:15.560
you find mentors such as someone as big as Bobby Brown?

943
00:52:16.040 --> 00:52:22.240
Yes. So again, social media presence, y'all. I'm telling you, if your social media pages,

944
00:52:22.240 --> 00:52:28.560
your personal and your brand pages are not put together. Target reached out to me via

945
00:52:28.560 --> 00:52:36.440
DM on my personal page. Bobby Brown reached out to me via DM on my brand page. So she

946
00:52:36.440 --> 00:52:40.400
actually reached out to me. She was someone that I've always admired. She DMed on the

947
00:52:40.400 --> 00:52:44.600
brand page and was just like, love what you're doing in this space. Would love to get on

948
00:52:44.600 --> 00:52:46.120
the call. And I was like,

949
00:52:47.280 --> 00:52:47.960
Of course.

950
00:52:50.520 --> 00:52:51.600
Like, are you asking?

951
00:52:51.600 --> 00:52:56.480
Are you for real? And then she sent her phone number. And I was like, Oh, and I told her

952
00:52:56.480 --> 00:53:01.280
on the call. I thought you were joking. She's like, No, I really want to talk to you. You

953
00:53:01.280 --> 00:53:05.680
know, I would really let you know, we were on the phone for around an hour. And she would

954
00:53:05.960 --> 00:53:10.080
honestly asked me outright, you know, I would really love to be your mentor, if you would

955
00:53:10.080 --> 00:53:16.960
be interested in that. And I absolutely accepted. And so I, yes, I and I was really

956
00:53:16.960 --> 00:53:20.640
fortunate. Obviously, that's not something that happens every day, which I'm aware of.

957
00:53:20.880 --> 00:53:25.480
But I honestly, again, tap into your network, tap into some of these founders that you

958
00:53:25.480 --> 00:53:29.400
really admire, some of these brand owners you really admire and see if they would be

959
00:53:29.400 --> 00:53:37.840
willing to take on a mentee. I know there was a recent share of different pages or like

960
00:53:37.840 --> 00:53:43.000
different networks where you can find black women mentors as well. So again, hop on

961
00:53:43.000 --> 00:53:47.280
Google, see how you can find a mentor, but definitely try and tap into your network or

962
00:53:47.280 --> 00:53:52.720
just honestly reach out to the founder of a brand that you admire, cold DM, cold email,

963
00:53:52.960 --> 00:53:56.400
and ask them if they would be open to being your mentor.

964
00:53:57.400 --> 00:54:04.400
Thank you so much for all of that information. We are at the close of our masterclass. So you

965
00:54:04.400 --> 00:54:10.840
all make sure that you sign in. The link is in the description chat. So where you see

966
00:54:11.040 --> 00:54:17.120
Alicia's bio, the takeaways, and there's a link that says to log your attendance, please

967
00:54:17.120 --> 00:54:23.560
click this link, click that link. If you are not able to see it, for whatever reason, I'm

968
00:54:23.760 --> 00:54:28.520
going to go ahead and put it in the chat right now, so that you have it and you can copy and

969
00:54:28.520 --> 00:54:38.520
paste it. And you can go ahead and sign that I will leave the sign in link open until 810.

970
00:54:38.520 --> 00:54:43.440
And then after that, I will close it out. But thank you all so much for tuning in greatly

971
00:54:43.440 --> 00:54:47.440
appreciate Alicia coming on and sharing all of this information. And know that the

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presentation will be in the the portal for you all to rewatch and watch the replay and the

973
00:54:54.560 --> 00:54:59.840
presentation will also be in the Mighty Portal. So see you all next week.

974
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Thank you.