Frequently asked questions & answers about Honeycomb's promotion of Small Business Saturday (SBS), a holiday dedicated to supporting local businesses across the country!
Small Business Saturday Details
When is Small Business Saturday?
Saturday, November 30th, 2024
(Honeycomb will be waiving all fees from November 30th - December 2nd.)
What is Small Business Saturday?
Saturday, November 30, 2024 is Small Business Saturday – a day to celebrate and support small businesses and all they do for their communities. Founded by American Express in 2010, Small Business Saturday has become an important part of small businesses’ busiest shopping season.
Every year, Honeycomb offers a no investor fees promotion over Small Business Saturday weekend. That means anyone can invest in Honeycomb offerings without paying our investor transaction fee.
What are investor transaction fees?
Anyone that invests on Honeycomb is typically charged a platform service fee in addition to their investment. Depending on how they invest, the fee structure looks a little like this:
- ACH/Bank Account - 2.85%, capped at $37.25
- Hybrid (Honeycomb Wallet + ACH/Bank Account) - 2.00%, capped at $37.25
- Honeycomb Wallet - 0.00%
- Credit Card - 4.00%, capped at $190.00
The above investor transaction fees will be waived over Small Business Saturday (11/30/24 - 12/2/24).
When is the no fees promotion?
There will be no investment fees on the platform from 12:00 AM ET on Saturday, November 30th to 11:59 PM ET on Monday, December 2nd. The additional two days of no fees will be a surprise!
Promotion Strategy to Maximize Success
When can I let my network know about this promotion?
Shhhh, it's a surprise! Please don't publicly announce this promotion until November 30th. If there is anyone in your personal, close family & friends network who is interested in investing, and maybe hasn't yet, go ahead and give them the heads up that they can invest on November 30th without fees. But please don't share the details of this promotion through your email, social media, or broader customer network yet. Check out our Small Business Saturday 2024 Calendar for a schedule of when to announce!
Should I announce the weekend fee waiver all at once?
We know that urgency and scarcity are big factors in driving investment activity. So, we will be announcing the fee waiver in increments, letting the public first know that the promotion is ONLY valid on Saturday, November 30th. Then, we will be "surprise extending" the promotion to the public on Sunday, December 1st, and letting them know the fee waiver is valid through Cyber Monday, December 2nd. Your Small Business Saturday Content Toolkit will contain messaging you can use to communicate the timeline of the promotion!
Does the Honeycomb Investor Network tend to invest over Small Business Saturday weekend?
Yes! Many of our regular Honeycomb users know we run this promotion and plan their annual investment strategies around it. This is a huge opportunity for your offering to get some additional investment activity from the Honeycomb Investor Network.
In 2022, live offerings on Honeycomb received on average $16,000 in additional investment over Small Business Saturday weekend.
In 2023, over $600,000 was raised from more than 800 investors.
How can I maximize my chances of getting investment from the Honeycomb network over Small Business Saturday weekend?
The Honeycomb investor network likes to invest in offerings that have momentum. Offerings that have or are close to hitting their minimum funding goal are most likely to receive additional investment from the Honeycomb network. Our power users want to see that your business has community backing. This indicates to them that your business is a good investment opportunity!
How can I maximize my chances of getting investment from my customer network over Small Business Saturday weekend?
- Your network won't know about this opportunity unless you put in the work to promote! Honeycomb is here to make this lift as easy as possible. By following our instruction, using the Small Business Saturday Toolkit, and preparing your emails, social media posts, and in-person talking points in advance, you can position yourself to maximize investment activity from your network.
- Encourage your network, or any potential investors you talk to, to download the Honeycomb app! We see an average 50% conversion rate on our mobile app.
- Like, comment, share, and engage with any other Honeycomb Small Business Saturday posts you see, especially your cohort teammates! Make sure to read the Cohort Collaboration Guide article!
- Each like, comment, and share on a cohort teammate’s post is like a customer referral, amplifying visibility and expanding reach. When you engage with each other’s content, social media platforms see it as valuable, helping your posts reach more potential investors. Let’s support one another to create a ripple effect, boost engagement, and maximize impact together!
How will Honeycomb be helping me get the word out about the Small Business Saturday promotion?
We will be sharing with you a dedicated Small Business Saturday Content Toolkit, which you can use to promote the Honeycomb fee holiday to your social media and email audiences. This toolkit will include graphics and messaging templates. You will have the support of your Honeycomb Customer Experience Manager and the Honeycomb team throughout the weekend!
Additional Support
What happens if someone invests on Friday November 29 or Tuesday December 3?
Sorry, you just missed the promotion! We’ll only be waiving fees from 12:00 AM ET Friday to 11:59 PM ET on Monday. If you have any further questions, please contact support@honeycombcredit.com.
If someone reaches out and says “I tried to invest during the promotion, but received an error. What should I do?”
Ask them to contact support@honeycombcredit.com - make sure they share the offering name they wanted to invest in, the dollar amount, and the exact time/day they attempted to invest. Someone from our team will attend to their request ASAP!
Have more questions?
Reach out to your Honeycomb Customer Experience Manager or your Support Team! We're excited to be working with you on this annual holiday dedicated to local business.