Ambrea’ M. Lacy, the dynamic CEO of iTax Solutions and iTax Institute, has dedicated herself to entrepreneurship and community leadership. She transformed a humble mobile tax preparation business into the thriving 7-figure firm, iTax Solutions, and founded iTax Institute to empower aspiring entrepreneurs nationwide. Her journey, marked by resilience, dedication, and continuous growth, is a powerful testament to the entrepreneurial spirit.
Ambrea’s story began in 2009 when she turned a side hustle into a significant enterprise, inspired by her father’s investment in a tax course, a laptop, and a printer. Balancing professional success with personal life, Ambrea prioritizes time management, efficient task delegation, and self-care. She overcame numerous challenges as a woman entrepreneur, breaking through gender stereotypes and balancing family responsibilities, with support from mentors, networking groups, and fellow female entrepreneurs playing a crucial role in her journey.
A significant milestone in her career was being recognized at the Tax Accounting Summit in 2021 for generating over $1 million in revenue within 12 months. This achievement validated her hard work and entrepreneurial strategies, highlighting the effectiveness of her approach. Through iTax Solutions and iTax Institute, Ambrea engages in philanthropic endeavors, supports community initiatives, and advocates for social justice as a member of Alpha Kappa Alpha Sorority, Inc.
Looking ahead, Ambrea envisions significant growth and expansion for iTax Solutions and iTax Institute. By embracing innovation, forging strategic partnerships, and exploring new markets, she aims to shape the future of entrepreneurship and continue making a positive impact on individuals and communities. Ambrea’ M. Lacy is eager to share her inspiring journey with the readers of Women on Topp Magazine, illustrating the power of determination and innovation in achieving entrepreneurial success.
Can you tell us about the moment you decided to start your own business? What inspired you?
The moment I decided to start my own business was back in 2009 when I ventured into the world of tax preparation. It all began as a side hustle, with my father’s investment in a tax course, laptop, and printer. What inspired me was the opportunity to turn this small endeavor into something much bigger. Witnessing its growth from a side hustle to a thriving 7-figure tax firm fueled my passion for entrepreneurship.
As a successful CEO, how do you balance your professional life with your personal life?
Balancing my professional and personal life as a CEO is crucial for my well-being and success. I prioritize time management and delegate tasks efficiently to ensure I have time for both aspects of my life. Setting boundaries and sticking to a schedule helps me maintain focus during work hours, allowing me to be fully present in my personal life when I’m not working. Additionally, practicing self-care and making time for hobbies and activities I enjoy rejuvenates me and enhances my overall productivity and happiness. Ultimately, finding harmony between my professional and personal life enables me to thrive in both areas and lead a fulfilling life.
What challenges did you face as a woman entrepreneur, and how did you overcome them?
As a woman entrepreneur, I encountered various challenges on my journey to success. One major challenge was breaking through gender stereotypes and biases in the male-dominated business world. Additionally, balancing the demands of entrepreneurship with family responsibilities posed its own set of challenges. However, I overcame these obstacles by staying resilient, confident, and focused on my goals. I sought support from mentors, networking groups, and fellow female entrepreneurs, finding strength in community and solidarity. Embracing my unique perspective as a woman in business and leveraging my strengths helped me navigate challenges and carve out my own path to success. Through determination, perseverance, and a commitment to continuous growth, I overcame obstacles and emerged stronger, paving the way for other women entrepreneurs to follow.
Can you share a memorable success story from your entrepreneurial journey?
One particularly memorable achievement occurred at the Tax Accounting Summit in 2021, where I was recognized for generating over $1 million in revenue within a 12-month period. This acknowledgment not only validated the hard work and dedication I had invested in my business but also served as a testament to the effectiveness of my entrepreneurial strategies.
How do you give back to your community through your businesses?
Through my businesses, I am deeply committed to giving back to my community and supporting causes that are close to my heart. One of the ways I contribute is by actively engaging in philanthropic endeavors that aim to uplift and empower marginalized communities. As an upstanding member of Alpha Kappa Alpha Sorority, Inc., I dedicate my time and resources to supporting community initiatives and advocating for social justice causes. Whether through financial contributions, volunteer work, or mentorship, I strive to make a positive impact and create meaningful change in the lives of others.
Can you elaborate on the key strategies that have contributed to the growth of iTax Solutions?
Our dedication to fostering strong relationships with clients and partners has been instrumental in driving growth. We prioritize open communication, transparency, and trust in all our interactions, building lasting connections that extend beyond the transactional. By establishing ourselves as trusted advisors and valued partners, we have cultivated a loyal client base and unlocked new opportunities for collaboration and expansion.
In addition to providing exceptional service, another key factor driving our growth is our focus on leveraging technology to streamline processes and enhance efficiency. From implementing state-of-the-art tax preparation software to optimizing our online presence and digital marketing efforts, we harness the power of technology to deliver seamless and convenient experiences for our clients. By embracing innovation and staying ahead of the curve, we position ourselves as industry leaders and remain competitive in a rapidly evolving landscape.
Can you discuss the importance of financial literacy in your entrepreneurial journey and how iTax Institute addresses this need?
Throughout my journey as the founder and CEO of iTax Solutions I have witnessed firsthand the profound impact that financial literacy can have on individuals and businesses. It empowers individuals to take control of their finances, make sound financial decisions, and build wealth for themselves and future generations. Similarly, businesses that prioritize financial literacy are better equipped to navigate challenges, seize opportunities, and achieve sustainable growth.
This realization led to the creation of iTax Institute, a platform dedicated to providing comprehensive business training and education in tax preparation, financial management, and entrepreneurship. Through iTax Institute, we offer a wide range of virtual business training courses, one-on-one coaching sessions, and educational resources designed to empower entrepreneurs with the knowledge and skills they need to succeed in the financial industry.
iTax Institute goes beyond traditional education by fostering a supportive community of entrepreneurs, where members can network, collaborate, and share experiences. This collaborative environment facilitates peer-to-peer learning, mentorship, and continuous professional development, further enhancing the effectiveness of our programs.
How do you foresee the future of iTax Solutions and iTax Institute in the ever-evolving landscape of entrepreneurship?
As we continue to innovate and adapt to the evolving needs of entrepreneurs and businesses, we are poised for significant growth and expansion. We are committed to fostering a culture of innovation, collaboration, and continuous improvement within our organization. By embracing new technologies, methodologies, and best practices, we can enhance the effectiveness and relevance of our programs and services, ensuring that they remain at the forefront of the industry.
Additionally, we are focused on expanding our reach and impact by forging strategic partnerships, expanding our network, and exploring new markets and opportunities. Through strategic alliances with industry leaders, we can amplify our reach and extend our impact to a broader audience of aspiring entrepreneurs and business owners. We are confident that we will continue to play a significant role in shaping the future of entrepreneurship and making a positive impact on the lives of individuals and communities.
![From Music to Perfume: How did your background as a music teacher influence your transition into perfumery, and how do you incorporate your musical sensibilities into creating fragrances? I’ve always thought in terms of metaphors, and music has many that can be related to perfumery! Beyond just thinking in terms of top, middle and base notes [soprano/alto/tenor in choir], I approach each fragrant idea as a composition. When documenting my ideas, song structures often come to mind. As the scent brief is visited, I meditate on what the fragrance should convey - do I want to create an accord or a “chord” of fragrance note combinations? Do I want an a capella soloist (a particular ingredient to stand out more than others?) Many of my thoughts regarding song composition transfers to my scent formulation process, with me treating each note as an intentional soliloquy at some point.
Brand Origin: What inspired you to start Pink MahogHany in 2005, and how has your vision for the brand evolved since its inception?
An avid lover of all things pleasantly scented (with slight modesty), looking back in retrospect, it’s no huge surprise that I’ve created an indie perfume house with just an idea to provide unique options for those who may be sensitive to unnecessary pungency. Initially, I just wanted to evaluate various blends to note their aroma profiles when “played” together…it wasn’t until I had friends and family asking if I knew of brands that catered to those who may be on the more olfactory sensitive side, that I really began to take my research more seriously. In the almost 20 years that Pink MahogHany has been in existence, our micro visions for the brand have evolved to larger territory. Where Pink MahogHany used to only be a personal brand, we are now also a bespoke formulation service provider to other indie brands seeking unique fragrance offerings for their products. These products range from (but are not limited to) perfumes, candles, body butters and lip balms. Ingredient Transparency: You emphasize transparency and the use of desirable ingredients in your products. How do you select your ingredients, and what challenges have you faced in maintaining this standard?
Being an indie brand often comes with a set of assumptions and misconceptions - one of them being more negative than positive as it relates to ingredients used. There is a lot of “fluff” in the industry with labeling falsification. Because fragrance formulas are a trade secret, not every molecular breakdown of a material has to be noted on the ingredient label (it would be incredibly long), but we at Pink MahogHany™️ adhere strongly to the IFRA [International Fragrance Regulatory Association] regulations that state for common and potential allergens to be listed on our ingredient label. We’ve taken this a step further to also include these ingredients listed on our website to promote further transparency, all while protecting our intellectual property. Unfortunately, we’ve had companies to unethically sell lesser expensive “dupes” of our artisan perfumes, so as a way to create a better authenticity stamp, we make it our duty to be honest about our claims. If our perfume says “Rose Bulgaria”, it is in fact just that and not a component of rose being passed off as the source material. Collaborations and Custom Scents: Can you share more about your work with private label clients? What excites you most about creating custom scent solutions for other indie brands? I could easily sum this up in one word and say “Funding.” True, there is money out there, but I’m always thinking outside the box. Having a program that has an “Each One Fund One” mentality doesn’t exist (that I’ve been made aware of). Bootstrapping can be quite the challenge, even when you’ve reached the 6-figure mark annually. Competition to be seen and set apart is extremely high, so having quality packaging and branding is a must. There are lots of factors to consider, though when desiring to make upgrades. If there were a unique, tier-geared funding operation available, it would help perfume brands offset packaging and bulk material costs in the beginning stages.
Industry Challenges: What are some of the biggest challenges you've faced as an independent fragrance house, and how have you overcome them to grow your brand? As the brand continues on the path of organic growth, I would like to expand our reach into schools, offering perfumery as an arts elective for middle and high school. I’d love to partner with botanists, farmers and horticulturists directly to grow and source raw materials for the students to work with in the creation of tinctures. My passion is getting back to nature as best as possible, as nature was my first “scent experience” as a child. We would also love to witness our fragrance creations being used to scent model homes, our focus diffuser blends being used in automobile dealerships as well as partner with Air Bnb and boutique hotels that specialize in highlighting minority, indie brands. Personal Journey: How has your personal experience, particularly as a divorced mother and someone who has experienced the loss of a child, shaped your approach to life and your work in perfumery?
Because I homeschool my twin sons, we are together a lot more than most, so one thing we all do is have moments of sharing where a neutral “floor” is laid to converse about anything. Though they are quite communicative by nature, I realize that sometimes I can be in work mode so much that it spills over into what should be our quality time. My sons see the authentic me and learn how to communicate through seeing authenticity. I’ve learned not to feel as if I have to be the epitome of perfection but allow them to see my imperfections vulnerably but with discernment. Having had two traumatic experiences pretty close together has taught me how to truly slow down and enjoy the simplicities of life - igniting a spiritual aspect that I’ve always carried but never fully explored…until Kenji’s sudden passing (2018.) Grief has a way of catapulting us into a quest for more meaningfulness in both life and business. After Kenji’s passing and my processing through the initial stages of grief, I was able to incorporate our spiritual bond into Pink MahogHany by way of essential oil diffuser blends for both focus and sleep and most recently aromatic perfume elixirs. It’s been quite the process channeling the void of his physical presence, but I also have peace knowing he can be honored in a great way through scent. I noticed once I began to be more open and receptive to spiritual signs, synchs and “winks”, more ideas began to flow. It’s been this way since his transition. Emotional Expression: Fragrance is often tied to memories and emotions. How does your personal life influence the fragrances you create, and do you have a particular scent that holds special meaning to you? My creative process is much more alchemic now, and I include Kenji by talking out loud to him, believe it or not. I’m a firm believer that when our loved ones transition from the physical plane, they are still present - just in another form. I choose to keep his memory alive by not pretending he never existed (even if for a brief period of time). I am working (slowly) on a book and accompanying fragrance, but I know it will require me to revisit some memories I’m not quite ready for, so until then, his big brothers will launch their debut fragrance, The Peaceful Tiger (they chose the name.) I’ve learned that even in what we consider “small things”, our transitioned loved ones want to be recognized and acknowledged. When the twins and I designed their fragrance label (with a designer out of the country that didn’t know anything about me personally), we had issues with the graphic - so much so that the designer asked if they could rework the design. When they sent the proof for approval, the Tiger was not only younger but sleeping, with an uncanny, angelic resemblance to baby Kenji! Becoming more aware and being more sensitive to my intention for launching a fragrance has definitely made room for more divine situations like these to occur. Healing Through Scent: In what ways has creating fragrances been a form of healing or expression for you, especially after the loss of your son, Kenji Mwamba? I know my sons may not necessarily want to be perfumers, but they definitely have an entrepreneurial heart. My desire is that whatever they decide to pursue (acting, script-writing, music or architecture), they know that anything is possible with the right amount of determination, grit, belief and immersion. One reason I chose to homeschool is so they could enjoy learning without restraint and have ample time to devote to their own separate passions and it still be fun. They know Pink MahogHany is theirs if they want it (many, many years from now - lol), and we are already discussing business structures for whatever they choose their role to be once I retire. Work-Life Balance: How do you find balance between your professional responsibilities and personal well-being, and what self-care practices do you prioritize? I’m not just a perfumer; I’m also a consumer, and self-care is huge for me. I often take salt baths to reset my energy and clear my mind after being around large groups of people or free a long day. I’m a habitual perfume sampler, and I have so many to choose from to wear as my “nightcap.” Even if just for 10-15 minutes, I cherish each moment I’m able to have some “me-time.” When time and co-parenting schedules permit, I’m definitely on a flight somewhere to indulge in some delicious food and mouth-watering mocktails!](https://www.womenontopp.com/wp-content/uploads/2024/10/IMG_3812-1200x720.jpeg)
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