Entrepreneurship is no longer a male-dominated field. Women-owned businesses are on the rise, steadily closing in on the gender gap at over 40 percent. And Amanda Freeman, founder/CEO of boutique fitness brand SLT, has proven herself to be a successful serial entrepreneur in the wellness space. But there’s another industry Freeman is fluent in, one where women make up less than one-third of the market — angel investing.
We caught up with Freeman to learn more about her business background and how women can strengthen their presence in the financial field.
How has your strong business background contributed to your success?
I had been a trend forecaster for the first part of my career where I honed my skills studying consumer behavior and translating macro and micro trends for a variety of brands. I went to Harvard Business School. I started two businesses, one of which was in the health and wellness space that ultimately led me to start SLT (The Experience Club). Then I co-founded a business called Vital Juice. It was while running that business that I become obsessed with boutique fitness. All of those experiences led me to SLT and enabled me with a variety of relevant experiences.
Do you think a stronger fitness background would have shaped SLT differently?
I actually think SLT benefitted from the fact that I had an MBA, not a Pilates certification. I believe it has served the business well to be pure to its combination of cardio, strength training, and Pilates. But if I had a strong background in another fitness genre, I’m confident I would have infused that into the SLT method. It was also important that I learned to be an instructor early on (I still teach today!). It gave me more credibility with my team and allowed me to walk the walk and talk the talk and understand all the details of the workout and our clients.
It’s clear that women are just as capable of running businesses as men, but not as many pursue it. How can we, as a society, change that?
Three things have to happen for that to change. Women need to be encouraged to pursue entrepreneurial and investment-focused careers early in their life. More female entrepreneurs and investors need to serve as mentors and sponsors for aspiring female entrepreneurs. More men need to serve as mentors and sponsors for aspiring female entrepreneurs.
You’ve invested in several female-founded businesses — The Wing, Carbon 38, WTHN. How do you identify what business model works?
I invest mostly in female-founded businesses. Female entrepreneurs actually tend to have stronger track records than male entrepreneurs. When investing in a business it’s important to identify a scalable business model, a hard-to-replicate brand or product/service offering, and a talented, decisive, and adaptable founder.
In 2020 only 22 percent of angel investors in the U.S. were women. What do you feel holds women back from closing that gap?
Angel investing requires three key things: capital to invest, interest in investing, and the willingness to take a major risk and lose all your money. Sadly, I think all of those are traits more commonly found in men. Women are less likely to have enough of their disposable income to allocate to such a high-risk investment category. On that note, women tend to be more risk-averse than men in my experience. Lastly, women have fewer female role models guiding them in the field of investing.
I’ve had one strong success and a few likely failures. However, most of my investments are still outstanding. When it comes to investing, it’s important to invest in people you believe in, first and foremost. I also like to invest in businesses I’m passionate about, more often the sexier businesses. However, that isn’t always the best strategy.
As a former trend forecaster, what’s the next frontier in health and wellness?
The past 15 years have brought no shortage of newness in the world of health and wellness. Some of my favorite things I anticipate in the year to come to include:
Face Fitness: Look for Face Gym, Face*ssage at Stretch*d, and other facial exercise and massage-focused businesses — massage your face or buy a face roller, or better yet, get a personal trainer for your face.
Lymphatic Drainage: The detox of choice is constantly changing. A form of gentle massage in which lymph fluids are moved around the body, known as lymphatic drainage massage, will be the toxin-removing obsession.
Inclusive Beauty: Beauty is poised to address the previously underrepresented. With gender-neutral fragrances, halal skin care, and makeup that more accurately represents the skin colors and preferences of minority groups, inclusive beauty is in.
Recovery: The demand for relaxation, stress relief, and recovery is higher than ever. Expect to see more adoption of everything self-care, including infrared sauna blankets and saunas and guided or assisted stretch sessions.
Mellow workouts: Work hard, play hard used to be the reigning philosophy. These days we’re seeing a shift in mentality. Expect to see the rise in lower impact, lower intensity workouts routed in workouts like Pilates, yoga, and weight training. Fit folks are getting more satisfaction from less rigorous workouts.
What’s next for you?
I almost always have my next idea brewing. I’m currently working on a pickleball club concept with a venture group I work with.
You can meet Amanda Freeman on Tuesday, July 19, at The Baker House 1650 where she will be a featured panelist at the Empowered Movement wellness event. Visit Eventbrite for tickets.