Build the system that will do the marketing for you, and invest in advertising to build the business in scale. Once you get over the 6 figure mark, you can get plenty of capital.
As part of our series about what one should look for when hiring a financial planner or adviser, I had the pleasure of interviewing Arielle Loren, Founder of 100K Incubator. Arielle Loren is the founder of 100K Incubator, the first business funding mobile app for women in both Apple and Google’s app stores. She’s helping 100,000 early stage women entrepreneurs get funding for their businesses and scale to 100K+ in yearly sales. She is also a graduate of Harvard University, where she holds a master’s degree in Management and graduate certificate in Strategic Management. Additionally, she also holds a graduate certificate in International Business Management from Georgetown University and a bachelor’s degree in Social and Cultural Analysis and a certificate in Producing from New York University.
Thank you so much for doing this with us! Our readers would love to ‘get to know you’ a bit more. Can you tell us a story about what brought you to this specific career path?
I’ve worked as a business strategist for over 10 years, primarily helping startups launch and scale their businesses to 6 and 7 figures. I went to graduate school at Harvard University to get my master’s degree in management. But I just have a passion for startups over big corporations, especially startups that are woman-owned. After watching so many women entrepreneurs take the “bootstrap” approach to funding their companies, I knew there had to be a better way.
Can you share a story about the most humorous mistake you made when you were first starting in the industry? Can you tell us what lesson or takeaway you learned from that?
When I started my first business, I thought I could scale fast without capital. I always say that a business without capital is the difference between walking and flying from Los Angeles to New York. If you walk, you can definitely get there. But when you’re well funded and have the right systems in place, that’s when you can really fly.
Are you working on any exciting new projects now? How do you think that will help people?
The 100K Incubator app is the first business funding mobile app for women in both Apple and Google’s app stores. We help women get funding for their businesses. It doesn’t matter if you’re a brand new entrepreneur with zero sales. Or if you’ve had issues with “bad credit” in the past. My team and I have thought through almost every obstacle that early stage women entrepreneurs encounter in getting funding, and we have provided a solution to it in the 100K Incubator app. But one of the things I really love about us, is we don’t just dump you in a bunch of applications like so many other business funding platforms. We take the time to educate you about your options through our 50-video Bootcamp (the videos are super short, like under 5 minutes a piece) and we make sure that you know what to do with the money after you receive it. We also provide you with live coaching and support during our office hours, so you never have to navigate any part of the funding process alone.
Are you able to identify a “tipping point” in your career when you started to see success? Did you start doing anything different? Is there a takeaway or lesson that others can learn from that?
I don’t think entrepreneurship is intended to be a smooth road. You’re trailblazing. And especially with 100K Incubator being the first business funding mobile app for women, I didn’t expect it to be easy. What’s made it “easier” is that we’ve had a lot of support. We had 500 women go through the beta version of our program, which was just a website. That helped us show proof of concept. Once we had that, we were able to get even more support to relaunch as a mobile app on June 11, 2019.
What three pieces of advice would you give to your colleagues in the finance field to thrive and avoid burnout? Can you give a story or example?
This is where a strong sales funnel makes all the difference. A customer should not have to wait on you to learn about your business, a sales funnel is a non-stop representative that you only pay to build once. Placing strategic advertisements on your social media platforms delivers a consistent flow of customers and generates strong sales. Choosing platforms like Facebook, Instagram, and YouTube to place your ads preferably, since they have better analytics and tracking abilities to see if the ads are actually working.
Ok. Thank you for all of that. Let’s now move to the core focus of our interview. As an “finance insider”, you know much more about the finance industry than most consumers. If your loved one wanted to hire a financial advisor (not you :-)), which 5 things would you advise them to find out about before committing? Can you give an example or story for each?
I’m not a fan of new entrepreneurs, who are making under 6 figures, hiring a business coach. The $20,000 you may use to hire said coach, could be used on advertising and building out your sales funnel. The main reason your sales could be stalled is because you may not be investing the appropriate amount into advertising and instead you may be using your capital on inventory and other items that aren’t necessary right now. Build the system that will do the marketing for you, and invest in advertising to build the business in scale. Once you get over the 6 figure mark, you can get plenty of capital.
I think most people think that financial advisors are for very wealthy people. This is likely not actually true. Can you explain who would most benefit from hiring a financial advisor and why? Can you give an example?
There are a lot of coaches that promise overnight success, however, building a 6 to 7 figure salary is a gradual process. 100K Incubator give access to our 24/7 community, live coaching calls, and a 50-video core program that covers everything you need to get funding and scale your business to at least $100,000 in sales without having to hire a financial advisor. Having direct access to mentors, funding and proper knowledge are keys to your success.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
My father really instilled in me the power of discipline and getting your work done at a very young age. He put this hunger in me, where I am my biggest competitor and I have higher standards for myself than anyone else could ever set for me. I didn’t always like him for it but as an adult I love him for it, because more than anything, work ethic, focus, strategy, and being 10 steps ahead, will take you far.
You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂
If you’re feeling overwhelmed in your business with all the steps, paperwork, and strategies required to hit your sales goals; if you’ve tried advertising on Facebook and Instagram but can’t seem to get sales from your ads or figure out what you’re doing wrong; if you’ve heard about this thing called a ‘sales funnel’ but all the copy, technology, design, and pieces overwhelm you; and/or if you’ve been trying for years to get funding for your business and are ready for some real sources that are actually going to work for you, I want you to know there’s a spot for you at 100K Incubator. You are worthy of building and having a successful business, and my team and I are ready to help you achieve that!
How can our readers follow you on social media?
Readers can find us on:
Thank you so much for joining us. This was very inspirational.