How the Impact Lab Helped This Entrepreneur Change Her Money Mindset
How the Impact Lab came alongside Abby Brown, the owner of H20m, a sustainable activewear brand
Impact Lab graduate Abby Brown is the driving force behind H2OM, a sustainable apparel brand that’s making waves in the fashion industry with its eco-friendly activewear (made out of recycled plastic; how cool is that?!).
Abby's mission is to blend eccentric style with environmental consciousness.
But like any entrepreneur hoping to scale sustainably, she faced a few challenges when she joined us here at the Impact Lab.
challenges
Abby faced the typical hurdles of an entrepreneur but with an added layer – she felt pulled in multiple different directions due to fundraising, financial pressure, and job search challenges.
Abby needed a business model that could scale without causing her to burnout or compromising on her core values of sustainability. Luckily, that’s where our finance experts work best.
Where mission edge came in
Recognizing Abby's unique vision and challenges, our Impact Lab finance experts stepped in not just as consultants but as partners in her mission.
The team worked closely with Abby to rework her financial model. They provided guidance on efficient inventory management, strategic fundraising, and navigating the complexities of fashion retail, all while keeping Abby's commitment to the environment at the forefront.
Here are the key focus areas in which we helped Abby:
Financial guidance: We provided support in refining Abby's financial model, focusing on bridging the gap between the current business status and the later stage.
Fundraising and job search assistance: We offered Abby guidance on fundraising, including reviewing pitch deck slides, and provided support in her job search to address financial pressures.
Coping skills: We equipped Abby with skills for navigating financial challenges and provided finance/employment goal-setting worksheets.
Business model revision: We worked with Abby to revise her business model, particularly with Cost of Goods Sold (COGs) and pricing strategies.
Money mindset: We conducted a money mindset review using the Secrets of Six Figure Women self-assessment, identifying areas for improvement.
The results
With the Impact Lab's support, Abby could refine her financial strategies to better suit her business's growth phase, avoid burnout, and manage mindset blockers.
Abby walked away from our program with:
A better financial model: Abby's financial model was refined, addressing COGs, pricing, and funding strategy, making it more relevant to her current business stage.
Increased clarity and motivation: Abby identified and addressed mindset gaps related to dealing with money and prioritizing her needs.
A 60-day pause goal to manage burnout: Acknowledging potential burnout, Abby set a 60-day pause goal, intending to reduce time investment in the business.
Successfully moving production overseas to be able to manage a more most cost effective business model.
The Impact Lab also helped Abby explore new avenues for growth, such as expanding into wholesale market opportunities, allowing her to increase new revenue streams.
You can see results, too
Abby's story is a testament to how professional guidance can transform a small business while staying true to its mission. If you're looking to:
Navigate the complexities of small business finances;
Expand your offerings without losing sight of your mission;
Understand the value of professional support in building a sustainable business.
Be supported by industry experts to move you forward in the right direction.
Then our Impact Lab program could be the perfect fit for you.
Don’t just be inspired by Abby's journey with H2OM; apply for our next cohort and see how you, too, can make a difference in the world through your business.
(Have we told you it’s completely, 100% free?)
Want to keep the inspiration going? Read more success stories.
See how Impact Lab could help you gain financial clarity for your business in 2024
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