How This Woman-Owned Business Used Honeycomb Credit to Scale Faster

Women Entrepreneurs Can Win with Alternate Funding Options

Akwaaba Tea Room founder Monique Greenwood raised $99,000 on Honeycomb Credit's investment crowdfunding platform.

Monique is a powerhouse. She’s made her mark as an entrepreneur in the hospitality industry with her successful Bed & Breakfast Inns in Philadelphia, Brooklyn, and the scenic Pocono Mountains. But she had even bigger dreams - a gathering place for her Philly community. With the help of Honeycomb Credit, The Akwaaba Tea Room came to life.

The Challenge: Why Traditional Funding Wasn’t an Option

While Monique's businesses have thrived, finding funding for her team room was challenging. Traditional banks often have rigid lending requirements, and for an entrepreneur looking to innovate, the hurdles threatened to stop her before she got started. Monique needed a funding solution that worked with her vision for the Akwaaba Tea Room—a space designed for community gatherings, special occasions, and memorable experiences. Fortunately, Honeycomb Credit offered a way to raise the funds she needed while engaging her local community.

How Honeycomb Credit Provided the Right Solution for This Woman-Owned Business

Honeycomb Credit isn’t a bank, so it can be agile when banks are stiff and structured. And since our mission is to support small businesses growth by helping them connect with the community members who care about them, women-owned businesses get a leg-up. Our investment crowdfunding model lets entrepreneurs like Monique raise capital while strengthening relationships in their community. After learning about Honeycomb, Monique recognized it as the perfect path to fund her new tea room and make her dream a reality.

The Business Journey: From Startup to Expansion

Monique’s journey shows her passion and resilience. Not only was she honored as the "Visionary of the Year" by the Association of Independent Lodging Professionals in 2018, but she also authored the bestseller Having What Matters: The Black Woman's Guide to Creating the Life You Really Want and starred in her own reality show, Checked Inn, on Oprah Winfrey's OWN network. Her vision for the Akwaaba Tea Room was to create a stylish, elegant space where friends and family can come together over exquisite teas and delicious treats.

Initial Funding Struggles & What Was Holding Her Back

When it came time to open the Akwaaba Tea Room, Monique faced a challenge familiar to many women entrepreneurs - securing adequate funding. She knew that the renovations and capital needed to create the elegant and elevated experience she envisioned. Traditional funding routes weren’t going to work, so she set her sights on investment crowdfunding as a way to engage the community that had supported her throughout her journey.

Monique made the decision to launch an investment crowdfunding campaign on Honeycomb Credit. And it was the moment that changed everything. Her Honeycomb offer allowed her to connect with her community and invite them to be a part of her journey.

Monique set a clear funding goal, seeking to raise $25,000 for the final renovations and startup costs of the tea room. Her campaign strategy focused on sharing her story and the vision behind the tea room. With her existing relationships and the goodwill of her loyal customers, she engaged her community to help get the capital she needed.

The response was heartwarming. Supporters rallied around Monique’s vision, eager to invest in a space that would bring connection and joy to their community. With each investment, they became part of the Akwaaba story, helping to create a community hub that everyone could enjoy.

How Her Woman-Owned Business Met (and Exceeded) Her Goal

Thanks to the enthusiasm and support of her community, Monique not only met her funding goal but also passed it with additional investments. This success story shows the power of local support and the impact of investment crowdfunding in building meaningful connections between businesses and their communities.

Through this investment crowdfunding journey, Monique learned the importance of community engagement and the value of sharing her story. She realized that inviting others to be part of her business journey brings in necessary funds and strengthens the connections that make her business thrive.

Advice for Women Entrepreneurs Considering Investment Crowdfunding

Starting anything new can be scary. But as a woman entrepreneur, you know that. Here are some things you can learn from Monique to make your own Honeycomb campaign a hit: 

1. Share Your Story: Authentic storytelling can resonate deeply with potential investors and create a sense of community ownership.
   

2. Engage Your Audience: Build relationships with your supporters and keep them updated throughout your campaign.
   

3. Be Clear About Your Goals: Clearly communicate what you need and how the funds will be used to achieve your vision.

   
   

How to Prepare for a Crowdfunding Campaign

• Define Your Vision: Know what you want to achieve with your crowdfunding campaign and how it aligns with your business goals.
  

• Create a Marketing Plan: Utilize social media, email newsletters, and community events to promote your campaign and reach a wider audience.
  

• Offer Meaningful Rewards: Consider offering unique incentives to your backers, making them feel valued for their support.

  
  

Final Thoughts

Investment crowdfunding is just one of many funding avenues available to women entrepreneurs. Monique’s story is a beautiful example of how community support can help woman-owned businesses flourish. If you’re inspired by her journey and want to learn more about how Honeycomb Credit can help you reach your goals, visit us here.