My Story With Credit Cards | Two Female Founders Talk Money And Funding Small Businesses

Financing Your Dream Business

March 19th, 2019

When I first started my own business years ago, I didn’t know how to finance it. So I did the next easiest thing. I lived on credit cards until accounts receivables came in. Last week, I went to a women’s conference where I learned how others did it differently.

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THE CREDIT CARD MOUNTAIN

When I first started my own business years ago, I didn’t know how to finance it. So I did the next easiest thing. I lived on credit cards until accounts receivables came in.

Eventually, the individual payments got to be so big that I did a debt consolidation. Since 2013, I have lived without credit cards. And I paid that lump sum down at $700/month.

This past week, I made my last payment. I feel like I climbed a mountain. But I also remember the shame I felt in having accumulated all that debt. I wasn’t out buying shoes and bags. I was building a business.

WIDE AWAKE: A DAY FOR FEMALE FOUNDERS

Last week, I was at a Female Founders Day Summit sponsored by Visa. I heard other women talk about how they, too, financed their businesses with credit cards. For the first time, I didn’t feel so alone. But I also heard women talk about overcoming that hurdle, making twice the amount of revenue with their small businesses and paying it back.  It was a day of valuable education.

MENTED COSMETICS RAISED $4 MILLION

Next Tuesday, March 19th, I’m bringing some of that valuable education to you since you weren’t in the room.  I’ll be in conversation with Amanda Johnson, co founder of Mented Cosmetics, She bucked all the assumptions about capital raises and women of color. This Harvard MBA grad raised $4 million with her co founder for a line of lipsticks—- just FOR women of color. YOU get a rare front row seat with this female founder at LadyDrinks next Tuesday and learn how she did it.

After our fireside chat, we will ask each person in attendance to share 3 things they love about themselves (because that is sometimes hard to do) and put it in a jar. We will do a drawing. One person gets a product line from our other featured speaker, Former Miss America Nina Davuluri’s line of skincare called Aavrani and one person gets a prize from Amanda Johnson’s Mented Cosmetics

FIND THE COMPLETE LADYDRINKS EVENTS LINE UP AT WWW.LADYDRINKS.COM/EVENTS

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CEO OF LIVELY RAISED $15 MILLION

March 28th at 11am, I will share another speaker from Female Founders Day with you. I host OUR FIRST VIRTUAL CHAT with Michelle Cordeiro Grant who raised $15 million for her inclusive lingerie line Lively. She always knew that her manufacturer was going to be her first investment dollars in the door. As a LadyDrinks member, learn how she built her vision.  Sign up here.

 

 

 

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