Joining the Impact Lab: How is it Free, and Do I Qualify?
This one’s for the skeptics out there!
Every year, our team here at Mission Edge knocks on doors, walks the streets at farmer’s markets, and attends networking events to spread the word about our Impact Lab cohorts: completely free finance support for small business owners who qualify.
My first time doing so, I remember thinking: how hard can it be to find applicants? We’re literally offering free support.
But it’s not that easy. I’ve learned that – rightfully so – people are skeptical about any program with the word “free” in front of it. And when people did express interest, oftentimes they weren’t quite ready for finance support, or their business model didn’t qualify for our program. In the past few years, we’ve improved our outreach efforts in an attempt to help inform people who are interested about the program, and we’ve even been able to build up a waiting list.
But I know there are still thousands small business owners out there – right in this San Diego community – who qualify for our program and don’t even know it, or who are still skeptical about *yet another* free coaching program.
I hope this article helps clarify two things: 1) how we’re able to offer small business owners a coaching program that’s completely free, and 2) whether you’d qualify for it.
Joining the Impact Lab: The Application and Enrollment Process
At the Impact Lab, our application process is designed to be transparent and straightforward. We operate on a rolling application basis, which means you can apply at any time, and there's a waiting list system in place to manage enrollment. This ensures that everyone gets a fair chance to be part of our cohorts. As for group timelines, these are clearly communicated once you're accepted into the program, so you know exactly what to expect and how to plan.
More about qualifying for our program:
Currently, we are accepting 20 businesses per cohort, but we are hoping to expand our efforts to serve even more entrepreneurs in 2025.
We prioritize working with underserved communities, which include business owners who identify as low-moderate income, people of color, women, veterans, people with disabilities, or anyone else who faces barriers to entry in the world of entrepreneurship.
To qualify, you must have a for-profit business that is generating revenue. In this program, we do not work with businesses still in the ideation phase.
Do I have to be a San Diego business owner?
No, you don't necessarily have to be a San Diego business owner to join the Impact Lab. While our primary focus is on supporting the local community, our resources and coaching are accessible to entrepreneurs beyond this geographic boundary.
In 2024, we expanded our services nationwide. However, during certain parts of the year we are restricted by funding, so for the Fall and Winter cohorts (beginning September 2024 and January 2025), we will only be working with businesses in the San Diego City Limits.
How does the Impact Lab work if I get in?
Once you apply to the program, you will receive an invite to schedule a discovery call, where you can tell a team member more about your business. If you are accepted, you’ll be notified via email and you will receive a syllabus with important info. You will then join a Kickoff call, where you meet the team and the other entrepreneurs in the program.
Over the course of 10 weeks, you’ll work with a finance expert who goes through your numbers with you one hour per week via Zoom. They can help with any challenges you are currently facing.
We also host three 2-hour Mastermind sessions with other entrepreneurs in the program.
The next cohort we run begins on May 14th, and lasts 10 weeks, until July 16th. Applications for this cohort open on March 25th.
Applications for Fall 2024 open on July 29th.
Building an Actionable Plan with Impact Lab
The Impact Lab will build a customized curriculum tailored to your business model and goals (there is no set curriculum for everyone).
Our experts can help you with the following:
Cost of goods sold
Revenue drivers
Business expenses
Pricing structure
Runway
Profit margins
If the Impact Lab is THAT good, how is it free?
I can hear the business-minded people in the room: “there’s no such thing as a free lunch, Olivia.” And that’s true. So who’s picking up the bill for the Impact Lab?
Our donors!
The Impact Lab belongs to a nonprofit organization called Mission Edge. We receive donations from businesses and individuals who want to invest in the small business community, support budding entrepreneurs, and benefit the local economy.
Our donors want you to join the Impact Lab because they want you to take home a livable paycheck. They want your business to succeed. And they want you to give back to the community when it does. (It’s a win-win).
Inclusivity at Impact Lab
While we prioritize support for communities of color and low-to-moderate income individuals, the Impact Lab is open to all entrepreneurs seeking financial guidance. We believe in leveling the playing field and ensuring that everyone has access to top-tier financial coaching.
Ready to take the next step?
Our team of finance coaches is dedicated to helping you achieve your business and financial goals. When you join a cohort, you're not just learning new things about owning a business; you're transforming the way you do business.
Think you might qualify and want to take your business to the next level? Apply today.
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
Join the next cohort!
