We’re excited to introduce you to the always interesting and insightful Elbi Elm. We hope you’ll enjoy our conversation with Elbi below.
Alright, Elbi thanks for taking the time to share your stories and insights with us today. Risk taking is something we’re really interested in and we’d love to hear the story of a risk you’ve taken.
I decided to take the leap of faith and launch my business in 2018 after witnessing a group of women raise over $300K+through crowdfunding to start a co-working space. I thought if they can do it, so can I. At the time, I was working as a fellow in Minneapolis Minnesota, and dealing with micro-aggressions daily. On top of that, I was in the middle of a messy custody battle, in another state, that drained my savings and ran up my credit cards. My credit score had dropped to an embarrassing 480 and with no prior experience in running a brick-and-mortar business obtaining a traditional bank loan was next to impossible. I knew that raising capital through private and angel investors would be equally as difficult as my corporate and professional network was limited due to my 10 years in the U.S. Military and I had no personal relationships with anyone whose net worth afforded them the opportunity to risk their money on my vision.
Fueled by Steve Harvey, Ted Talks, and inspirational quotes from Instagram and my desire to leave my position by any means necessary, despite my various insurmountable pitfalls, I left my fellowship and moved my son and me to Savannah, Georgia to begin our new adventure.
I was able to purchase a small home for us and begin to actualize the vision now known as The Culturist Union Coffeehouse and Artisan Marketplace.
Elbi, before we move on to more of these sorts of questions, can you take some time to bring our readers up to speed on you and what you do?
A proud alumna of Howard University and the Savannah College of Art and Design, Elbi Elm is passionate about managing creative spaces, using self-expression as a change agent, and community-building. Elbi founded The Culturist Union to equip creators with the support, awareness, and confidence to improve their craft and their community. She brings over 15 years of leadership to the table, including nine years in the U.S. Air Force. She’s served as the diversity marketing advisor and board member for several nonprofits and publicly speaks on diversity, equity, and inclusion. Elbi won best pitch of Savannah SCORE’s 2019 BizPitch competition, was selected for the American Express “100 for 100” program and has been featured in several local and national publications.
The Culturist Union Coffeehouse and Artisan Marketplace (TCU) is a multifunctional coffeehouse, community gathering spot, and inclusive marketplace that empowers creatives, entrepreneurs, and professionals to be seen + heard + celebrated.
TCU is a village-minded space where good vibes and social change intersect. Where we go to pause societal pressures while simultaneously challenging ourselves to go deeper and think bigger. Where art, business, politics, and healing amicably co-exist. Communities like TCU is where the change we’ve been waiting for ignites from the inside out.
Can you open up about how you funded your business?
While living in Minneapolis in 2018, I had the opportunity to meet a group of women who raised over $300K through crowdfunding to open a women’s-exclusive co-working space. They connected me to a fintech platform called iFundwomen, which, at the time, had only been open for about a year. I received coaching from the founder on using my network to raise capital. My business partner and I spent most of 2019 calling/texting/emailing everyone on our various contact lists, asking them to invest in our idea. Despite the pandemic, inflation, and various concerns, we were able to raise $10K collectively in our Friends and Family round. In 2019, I signed up for SCORE’S BizPitch Competition and won the grand prize of $3K and $7k in prizes/resources. In 2020, I began to set my sights on grant writing. I applied and won a few grants: AMEX 100 for 100, Lee Initiative, Facebook, and SCAD Start Up, totaling $40K. I coupled that with my income tax check, and in 2021, I applied for a small $60K business loan through Carver State Bank. I launched another crowdfunding effort once we obtained the building for our brick-and-mortar space and raised another $25K. I then sought out private investors. Out of 1000+ asks, I secured 10, $1k-25K private investment dollars to get us over our threshold and open The Culturist Union. After 3+ years of raising capital, I raised over $170K to open The Culturist Union, LLC.
Are there any books, videos, essays or other resources that have significantly impacted your management and entrepreneurial thinking and philosophy?
My favorites:
Purple Cow
Profit First
10X
The Alchemist
Richest Man in Babylon
The Art of Gathering
All about Love
Steal Like An Artist
Contact Info:
- Website: www.theculturistunion.com
- Instagram: https://www.instagram.com/theculturistunion/
- Facebook: https://www.facebook.com/TheCulturistUnion
- Yelp: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjh74Wbqaz6AhVjmWoFHa2YDeAQFnoECAsQAQ&url=https%3A%2F%2Fwww.yelp.com%2Fbiz%2Fthe-culturist-union-no-title&usg=AOvVaw0NGqPc_2M2Y-tUgqIuw4Ea
Image Credits
Somi Photography Sunni Photography Andre Johnson Photography