"Never let anyone tell you what you can and can't do. Just get up, brush yourself off, and try again," with Ennie Lim

Ennie Lim is the CEO and co-founder of HoneyBee, a Certified Benefit Corporation® with the mission to address financial insecurity for the 7 out of 10 Americans living paycheck to paycheck. HoneyBee was the result of her own financial struggles and today her company empowers HR leaders to provide their employees with tools to bridge financial emergencies with zero-interest loans and on-demand financial coaching. 

Can you tell our readers about your background? 

At the age of 5, my family immigrated from Malaysia to Canada when my dad's mining business collapsed. I have two sisters, and as we all grew up, my family lived paycheck to paycheck. 

I've always been passionate about impact. When I was 10, I tried to sell my belongings on my driveway to raise money for sheltered animals. As an adult, I've worked with nonprofits and sat on governing boards for nonprofits to help underserved communities.

What inspired you to start your business? 

HoneyBee is the result of my financial setbacks. After my divorce, my credit was wrecked and I couldn't get access to affordable credit. That's how I discovered what the payday industry was charging their customers, which is almost 400% APR for a 2-week loan. And if you're unable to repay when your loan is due, you'll be charged another fee. And none of this includes NSF charges. 

The payday industry affects the most vulnerable families in America, and a payday loan will bring you into a vicious debt cycle. I couldn't get approved for an apartment because I had poor credit, so I moved everything I owned into storage and moved back into my parents' house in Montréal. It was a humbling experience, but it helped me discover a fundamental problem here in the US. 

In Montréal, I reconnected with an old friend from college, now one of my co-founders. His family used to own restaurants, had about 70 employees, and every time an employee had an emergency, they would ask his dad for money. They soon realized that once you start lending to one employee, you have to do it for everyone else. Collecting it back was a nightmare. 

We started talking to employers and realized the same thing was happening within lots of different companies. We heard stories where employers would use gift cards, Venmo their employees directly, or give them cash when they had an emergency. We knew it was important to provide our solution through employers as a benefit for their employees. 

Where is your business based?

Los Angeles, CA

How did you start your business? What were the first steps you took?

We started by having conversations with HR. I would attend HR conferences and strike up a conversation about the financial health of their employees. I was surprised to discover how many companies across various industries were providing in-house loans, or their employees were borrowing against their retirement plans or cashing out their PTO.  We knew there had to be a more innovative way to solve this problem.

What has been the most effective way of raising awareness for your business? 

I had to get vulnerable and open up about my financial setbacks. At first, I didn't think my story was relevant to our success as a business, but I soon realized that HR needed to know why I was so passionate about helping people improve their financial health.  

I opened up about my financial trouble after my divorce and found an amazing community of HR leaders excited to improve their workforces' financial health.  

The employers we work with truly care about the people that work for them. It's been amazing to see how engaged HR is in the financial wellbeing of their employees. After we've been able to improve their employees’ financial health, they love to share HoneyBee with their HR community. We're lucky to work with these thoughtful and engaged employers. 

What have been your biggest challenges and how did you overcome them? 

We often come across employers that feel employees' financial health is not the company’s top priority, but they don’t think twice about buying snacks for their workforce. And for the 78% of Americans living paycheck to paycheck, getting snacks will not make a significant impact in their lives. Americans need a financial safety net. They need someone to speak to when they can’t make ends meet when they’ve decided to borrow against their retirement when they're dealing with medical debts, student loans, or wage garnishments. Financial stress trickles into the workplace. It affects mental health, productivity, and engagement which all affect an organization’s bottom line. We have to guide employers through that experience to help them empathize with their employees that are struggling financially. 

And for our company, it’s important to instill a culture of authenticity, that’s part of our core values. We need to have an authentic desire to share stories and to be honest about our struggles. Even though it’s hard, we have to talk about our finances. Ever since I opened up about my financial setbacks, it's been easier to get people talking about theirs. I'll continue to share my financial struggles so that everyone feels safe opening up. 

How do you stay focused?

With the pandemic, we’ve all had to shift our lifestyle, I get up early and go for a walk in my neighborhood, but I never start my day by looking at my inbox. And at the end of the day, I play tennis to help me unwind. 

How do you differentiate your business from the competition? 

Our business has made a few changes since our conception in 2016. We've pivoted to a 100% employer-sponsored program, which allows us to be 100% mission-aligned with employees. 

Employees have access to no-interest loans and on-demand financial coaching, made possible by their employer. We approve every employee, regardless of their credit, because no one should be left behind. 

What has been your most effective marketing strategy to grow your business? 

Being a leader in the financial wellness space has been the most effective strategy for us. As well as providing outstanding service to our customers. When they have a good experience working with us, they're excited to tell their friends about it. 

What's your best piece of advice for aspiring and new entrepreneurs? 

Becoming an entrepreneur is not for the faint of heart. It's a long, uphill battle. You'll make tons of mistakes along the way. You'll get knocked down again and again and again. Don't give up. Never let anyone tell you what you can and can't do. Just get up, brush yourself off, and try again. 

What's your favorite app, blog, and book? Why?

There are two books we give to every new hire and they're two of my favorites:

The book What Do You Do With An Idea? by Kobi Yamada

I used to sit on the board of an early childhood literacy nonprofit and I’m fascinated with the lessons taught in children’s books. This story is so beautiful and inspiring. 

The book Emotional Intelligence 2.0 by Jean Greaves and Travis Bradberry

I strongly believe that managing and improving your emotional intelligence will lead to long-term success not just at work, but in your personal life as well. 

The Podcast How I Built This hosted by Guy Raz

I love this podcast because it dives into founders’ successes and failures. 

We often hear about a company’s success, but it’s important to hear about the struggles that went into building a business from nothing. 

What's your favorite business tool or resource? Why?

Audible; one of our core values is to Bee Creative, which means we should never stop learning. Thanks to audiobooks, I can listen to 4-5 books a month.

Who is your business role model? Why? 

José Andrés, a world-renowned Chef,  is such a great example of a strong empathetic leader. In the midst of a global pandemic, he has not hesitated to help those in need. And he has a long track record of being there for others. From Hurricane Maria to frontline workers during Covid-19, he’s a role model for me. 

How do you balance work and life? 

As a startup founder, I'm not sure a balance between work and life exists. I'm committed to my company and solving one of America’s most pressing issues, the poor financial health of American workers. However, the recent shelter at home order has forced me to slow down a little. I've been able to chat virtually with my nephew and twin nieces daily which brings me so much joy. In one of my favorite books, The Alchemist, by Paulo Coelho, he says that children can teach us how to be happy for no reason. I absolutely agree. 

What’s your favorite way to decompress? 

I’ve been a bit of a wine geek for years. While my divorce was pending, I worked at a retail wine shop on the weekends and it was one of my favorite ways to decompress. I loved learning and teaching customers about different varietals, producers, and regions. With the shelter at home order in place, I’ve been able to catch up on my wine books. I love reading about the world’s viticulture.  

What do you have planned for the next six months? 

I’m excited to grow our organization, increase our footprint, and bring awareness to financial health. I’m optimistic that we'll be creating a larger impact as we continue to provide financial health access to millions of working Americans that are living paycheck to paycheck.

How can our readers connect with you?

Twitter @ennielim