Financial Feminist - 247. 7 Lessons Every Entrepreneur Needs to Know (How I Turned $40 into a Multi-Million Dollar Business)

Starting point is 00:00:00 I started my business with just $40. Now it is a multi-million dollar business. Here are the seven lessons every entrepreneur needs to know if they want their business to grow and succeed. And number five is a game changer. Welcome back to Financial Feminist. I'm Tori. I'm a multimillionaire, a money expert,

Starting point is 00:00:17 and I've helped over 5 million women be better with money. And today on the show, we are talking about all of the things I wish I knew when I built my business. This episode alone can save you thousands, if not hundreds of thousands of dollars over the course of you building your business, plus so many hours in wasted time because there are so many mistakes I made as an entrepreneur. There are so many things that I wish I knew that somebody should have told me, but didn't. And this is the episode that you need that will walk you through every single thing that I wish I knew when building a multi-seven figure business.

Starting point is 00:00:54 But first, a word from our sponsors. This episode of Financial Feminist is sponsored in part by Squarespace, Rocket Money, NetSuite, and Masterclass. Whether it's for a brand, portfolio, or store, Squarespace makes it easy. Head over to Squarespace.com slash FFPod and use code FFPod for 10% off your first purchase. Stop paying for subscriptions you forgot about. Rocket Money finds and cancels them for you. Go to rocketmoney.com slash ff pod to take control of your finances. Running a growing business, NetSuite helps you manage it all in one place. Download the free CFO's guide to AI and machine learning at netsuite.com slash FFPod.

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Starting point is 00:02:48 My first lesson, trying to be everything to everybody makes you nothing to nobody. When you're first starting a business, what happens is that you need money. You need clients. And so you cast a very broad net. You're like, I'm going to appeal to people in every single city, of every gender identity, of every age, and every need. And what happens is that somebody goes on your website or somebody goes on your social media and they don't really know if your product or service is for them.

Starting point is 00:03:17 So you don't earn their business at all because you try to be everything to everybody. it's counterintuitive, right? You think, I'm going to start this business. I want as many customers as possible. Why would I ostracize people? Why would I be clear when my product isn't for others? Well, we do this for two reasons. One is that the girls that get it, get it, and the girls that don't don't, right? The people who understand and love your business are going to be all in. They're going to be total brand evangelist for you. If you follow us at her first 100K, you know that this company, this business is definitely not for everybody, right? If you are someone who is pissed off by the word feminist, you're probably not going to have a

Starting point is 00:03:59 fun time here. That doesn't actually lead to less customers. It leads to more devoted people who are going to buy from you and support you time and time again. The second reason that trying to be everything to everybody does not work is that if you do get people who aren't in your target audience to buy your product or buy your service, they're probably not going to be happy with it. They're going to be dissatisfied customers. And so, yeah, we maybe got their sale once, but we will not be getting their sale again.

Starting point is 00:04:29 And we're probably going to have to issue them a refund, right? Because the thing that we're selling is not for them. So the number one thing that I need you to understand, especially in your marketing for your business, is it's okay to piss people off. Don't do stupid shit. Don't be controversial just for the sake of being controversial, but it's okay to have an opinion. It's okay to take a stand. It's okay to say, yeah, this thing isn't for everybody.

Starting point is 00:04:55 So that when someone comes to your social media, your Instagram bio, your website, somebody immediately knows, yes, this is for me, this can add value to my life, or no, it can't. Number two, my second lesson. If I could tattoo this on every entrepreneur's forehead, I would. done is better than perfect a hundred percent the thing that you are believing is that you need to have the perfect logo and the perfect website and the perfect brand color maybe before you even start and you think it's you being productive you think it's you doing the right things you're like I can't launch this brand until I have all of those things but in actuality you're putting these make-believe hoops in front of yourself as a way to feel like you're doing stuff

Starting point is 00:05:44 when you're actually just letting fear get in the way. One of my favorite quotes of all time is from Elizabeth Gilbert that perfectionism is fear in stilettos. And especially for women, we are believing that perfectionism is a badge of honor. It's something to be proud of. It's not. It is not. I need you to get rid of your perfectionism if you want to be a good entrepreneur. If you want to be successful, if you want to make money, if you want to make an image, impact, you have to let go of perfectionism. Because that is fear actively holding you back. That fear is, what if somebody realizes that I don't know what I'm doing? What if I fail in front of everybody? What if I post on social media and I'm cringy? What if the logo? I look back in

Starting point is 00:06:29 four years and it looks terrible. All of those things are true for me, by the way. I look back even like two years ago at the content I was posting or what our website looked like, and I'm like, it's not good. But you have to start somewhere. And you only learn how to be a good business owner by running the business. I know that seems obvious, but so many people think, oh, I can run the entire business from my head. I can design the website. I can do all of these things. And that's how I'm going to learn. No, you're going to learn by doing. and every time I get caught up in that perfectionist mindset, I can draw a direct link from that mindset to our business not making as much money or not making as much of an impact or us

Starting point is 00:07:16 wasting so much time trying to make decisions. Just make a decision. You figure out later if it's the right one. Done is better than perfect. My third lesson for you. Sometimes you have to quit the good to get to the great. And let me tell you a story of what this looks like. when her first 100K was a side hustle, I was running her first 100 K on the side of my 9 to 5 in marketing. This was 2019. So not that long ago. And I was trying to figure out how to quit my job. I was just trying to figure out how I could quit my job to run this business full time. So every day, I was trying to figure out, one, how to manage my time, but two, how to make strategic decisions to get me from where I was to where I wanted to go. And at that time, I was doing

Starting point is 00:08:03 one-on-one money coaching. I was sitting down with people at coffee shops in Seattle and having full one-on-one conversations with them where I was doing budgeting audits and helping them navigate, opening up a Roth IRA. And I realized that was a great moneymaker for me where I'm at now, but long-term, it was not sustainable. I was making probably a couple thousand dollars a month doing money coaching, which was pretty decent income. But if I wanted to quit my job to go full time on my business, I needed a lot more time to actually work on growing the business. I was too much in being my own product of taking time to do these one-on-one coaching sessions that I knew for the strategic long-term sustainability of this business, that was not going to work out.

Starting point is 00:09:01 But it was also a stupid decision. What am I going to do? Kill my best selling product. Yeah, I did. I killed my best selling product. And the reason I did that, the reason I stopped doing one-on-one money coaching was because I knew that the sustainability and the long-term lifespan of the business was not going to work. It was not going to actually get me to the point where I could quit my job because it was taking up too much of my time. And it was good. It was good money. It was interesting work, but it was not sustainable. So I killed my best selling product. I stopped doing money coaching, one-on-one money coaching no longer available. But I pivoted. I realized that 90% of the questions I was getting asked in coaching were the same. It was about how do I create a budget and what should

Starting point is 00:09:52 my financial goals be in what order? So I took all of my learnings from one-on-one coaching, which was almost like a paid beta test. And I said, okay, I'm going to make a workshop. I'm going to make a 45-minute personal finance 101 workshop with a 15-minute Q&A at the end. So I could teach a lot of people in just that one hour. And that's what happened. I would get 30, 50, sometimes 100 people signing up for that workshop. I would run it about once a month.

Starting point is 00:10:21 And that way I was able to serve a lot of people in a shorter amount of time. guess what I did after that? The workshops were no longer sustainable. So the workshops became a passive course. It became our back-to-basics course that we sold. And if you're an oldie but a goodie, you remember that. It was like our signature product. It was personal finance 101. Everything that I learned from running those workshops, from doing that coaching, went into the course. And guess what? After a year of doing that course, the course was the foundation of my book Financial Feminist, which is a New York Times bestseller that is sold nearly 300,000 copies. So sometimes you have to quit the good to get to the great. Sometimes you have

Starting point is 00:11:02 to make strategic decisions that feel really stupid in the moment, but actually benefit you and benefit the business long term. When we come back, I'm diving into more lessons I've learned over the past nine years of running my business, including how to show up to make the biggest impact in your business. Stay tuned. 85% of people have at least one paid subscription going unused each month. That might be you. You might be part of that 85%. But Rocket Money is here to help.

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Starting point is 00:12:26 One of the biggest things I hear from people who want to be business owners is they don't know where to start. They're like, I don't know what to do. I'm so overwhelmed. I want to start this business, but I need a logo and I need brand colors. And they make a million excuses to prevent them from getting started because they're too afraid of failure. They're too afraid of their business failing.

Starting point is 00:12:45 And I've done the research. for you. Squarespace. Squarespace is what you need to start that business finally. Squarespace was the first investment I made in my business way back in 2016, and they make it so easy for you to get a custom website without having to know how to code and without spending thousands and thousands of dollars. Squarespace has a bunch of stuff in addition to their website features. The best thing about Squarespace is they're saving you money and a bunch of other things. They're helping you design emails using their email campaign tool. They're helping you set up SEO tools with website optimization that is built into Squarespace, and they help you offer your services

Starting point is 00:13:22 so you can get paid all in one place. You don't have to use another third-party platform. If you're ready to start that business and you want to save money, Squarespace is the place for you. Go to Squarespace.com slash FFPod for a free trial, and when you're ready to launch, use offer code SFPod to save 10% off your first purchase of a website or domain. Welcome back to the show. Thank you for supporting our sponsor. sponsors who allow us to do this content for you for free. Okay, number four, my fourth lesson, people don't need a buttoned up expert of all experts. What do I mean by this? Well, when you're running a education business, and I don't just mean doing something like I do, financial education

Starting point is 00:14:05 or teaching, but I'm talking anytime that you are doing any sort of service in your business that positions you as a thought leader or as an expert, we believe that we need the highest certification. We need to be like a Nobel Prize winning person in this field. We believe that we need to be the best to ever do it. And here's why that's wrong. The average person does not want to hear from the person who is the best in the business. I know that feels counterintuitive. But if you are a side hustler right now, yeah, Mark Cuban could give you some pretty good business advice. But Mark Cuban has not been in your shoes for decades. He doesn't know what it's like to run your particular business. And you also are probably way too nervous and intimidated by Mark Cuban to actually

Starting point is 00:14:59 ask the questions or to get the kind of information that is actually going to make an impact. And so you think I need to be the best person at this job. I need to be the person with all the certifications and the degrees and all of the credibility in the world. When in actuality, you just need to be the person who is one to two steps ahead of the person you're trying to teach. Why? Well, one, they see themselves in you. You're not at Mark Cuban level where you're this God-type figure talking to the masses, right? You're someone who is just slightly ahead. It means that they can do it too because they see themselves in you. They're more likely to be vulnerable. They're more likely to actually want to work with you because they can

Starting point is 00:15:48 see how you did it. They can go, oh, that's inspiring. They were just where I was a year or two ago. And that helps them open up. That helps them want to invest more in your product or service. The second reason people don't need the expert of all experts is because a lot of the things that you just take for granted that you just feel like everybody knows, very few people know. And you start to understand this as you teach. This is what happened to me time and time again with marketing. I'm a very good marketer. I think it's one of the things I do best. I know that a CTA, a call to action, needs to be on screen for every social media post I do. That's not an obvious thing for everybody. Not everybody knows that. When I'm teaching business boot camp with my friend

Starting point is 00:16:35 Mal, which we're about to do live, there are so many times where we're like, oh, there's so much we're teaching here that is based on how many years of expertise we have, that somebody joining might not know. They might not know exactly how to create a marketing plan that doesn't make them want to die, right? They might not know how to strategically think about making enough money while not burning themselves out. They might not know that you have to set aside 30% of your income for taxes as a business owner. That's a fun fact that you figure out over time, right? And this is what we're doing in business boot camp is teaching you all of the things that we had to find out the hard way and that a lot of people just take for granted. So people don't need the

Starting point is 00:17:26 expert of all experts. They also don't need you to be 100% buttoned up. I think one of the reasons that you consume my content most likely is because I'm a real person. There's a lot of times where I show up in no bra and no makeup. There's a lot of times where I fuck up my words and we got to just keep trucking, okay? And people value authenticity. They value seeing you as a real person, as someone who makes mistakes, as someone who keeps going through those mistakes. And we know from so many studies that people are more likely to buy from and support

Starting point is 00:17:59 entrepreneurs who are not perfect and who are willing to say they're not perfect. And they're not all buttoned up. and they're not the absolute pristine version of what we think an entrepreneur looks like. So my fourth lesson, people don't need the expert of all experts, and they definitely don't need somebody who's 100% buttoned up 100% of the time. All right, my fifth lesson for you. You are taking advice from people who have never been where you want to go, and it's the reason you are failing.

Starting point is 00:18:29 We want to please everybody. We want to please everybody, especially, as women. When I first started my business, so many people in my life were supportive because it was a side hustle. It wasn't a risk. It didn't feel scary. It was this fun, cute little blog, right? It was like a cute little hobby that Tori had. And then when the business started becoming more successful, it was on CNBC. I'd post going viral. I went on Good Morning America for the first time. That's when I started getting it. advice from all sorts of people. And yeah, some of it was good advice. Some of it was from people who

Starting point is 00:19:11 were doing the kind of things I wanted to do and who were running the kind of businesses I wanted to run. And then I was also getting advice from people who had no interest in being business owners, who had never run a business, but had a million opinions about what I should do with my life, how I should run my business. And the loudest voice was my parents. I love my parents very much. I think they've given me great advice in my life. But one of the most harmful pieces of advice they ever gave me was that when I was on the precipice of quitting my job to run her first under K full time, I had just been on Good Morning America. I had just saved $100,000 at age 25. I had momentum in my business. The business was making good money. They took,

Starting point is 00:20:01 told me that I needed to do everything and anything I had to do to keep my corporate job because their primary goal as my parent is my own safety. That's it. That is their primary goal as my parents. Even though I was in my 20s, their motivation is always to keep me safe. And they're right. The safer option would have been the steady paycheck and the lunch office lunch on Fridays and the health insurance, right, that would have been the safer option. But it was the worst option. It was the lesser option of the two. And if I would have listened to them, well-intentioned advice, I would be living a very different life and a life that was not lighting me up and a life that I didn't have as much money and didn't have as much purpose and didn't have as

Starting point is 00:20:57 much freedom and choices and options. My parents had never been where I wanted to go. Neither of my parents were business owners. They didn't really understand what an online business was. I don't think my parents still fully understand what I do. And I've been at this for nine years. If you're taking advice from people that you want to please who have never been where you want to be, that's the reason you're failing is you care about what everybody else wants and care about making everybody else happy before you're making yourself happy. And again, these are well-intentioned people. These could be your family members, your spouse, maybe hopefully kind people on the internet, but it could also be from people who don't want to see you succeed. And if you're

Starting point is 00:21:42 believing that narrative that they're trying to feed you, your business is not going to succeed because they don't want to see it succeed. Your success is a threat to their lack of initiative. Don't let yourself get caught up in it. Stop taking advice from people who have never been where you want to go. My sixth tip for you, you need to be the squeaky wheel that gets the grease. My friend Mallory and I just put together our business boot camp live program. We refreshed it. We've redone it. I'm so excited. It teaches you everything you need to know about growing an online business, whether you have an idea, whether you don't, whether you already have a side hustle, whether you don't. It's going to get you from idea to income in 90 days or less. And one of the things we

Starting point is 00:22:23 kept coming back to for the reasons we're successful. She has built multiple companies to six figures before 30 years old. Her first 100K is a multi-seven figure business that turned me into a multi-millionaire before I turned 30. And one of the things that we realized is that we were always a little annoying. We were always a little annoying about what we wanted. And so many women, because, again, we're taught that opportunities should just come to us and we can't be loud and we can't talk about our accomplishments. That is not going to allow this business to grow. And when we wanted something, whether it was me trying to get on Good Morning America or a feature in the New York Times or for her being a Lulu Lemon ambassador, we were the squeaky wheel

Starting point is 00:23:11 that got the grease. Because no one cares about your business as much as you do. And you have to bug people. I call it like polite badgering internally with her first hundred K when I talk to my team. Like, you need to politely ask them until you get what you want. Now, I'm not saying go to their office and stalk them every day. I'm not saying email them every day. I'm just saying if you want something, you have to go get it. It will not come to you. And you have to be a little loud about it. So I'll give you an example. When my book was coming out, when financial feminist was coming out in 2022, I, even before that, but definitely during that time, I really wanted to be on We Can Do Hard Things, which is the incredible podcast that Glennon and Amanda Doyle and Abby Wambach host.

Starting point is 00:24:04 I started dropping seeds. I reached out to them on Instagram. They didn't see it. They didn't care. I was pitching them on my Instagram stories and tagging them. I was trying to email them. I was reaching out to anybody that I knew Glennon had blurbed her book that I might have a connection with so that maybe I could, like, I was trying everything. And I did not get on We Can Do Hard Things in 2022. I did get on their producers podcast. Now, I don't think she'd mind me saying this. This podcast is way smaller.

Starting point is 00:24:36 It is a way smaller show than Glennon, Abby, and Amanda's. But I thought, this is my audition tape. for we can do hard things. If I can show up at this episode and kill it and give really good advice and be absolutely phenomenal, then maybe this can happen. That was 22. I did that episode. I stayed in their producer's orbit. I would reach out every once in a while. I would have Kristen, our podcast producer, reach out every once in a while. We were sowing seeds. So the first time they wanted to talk about money on We Can Do Hard Things, it was a full three years later in 2025.

Starting point is 00:25:23 I don't even know, actually, if my episode of We Can Do Hard Things will be out by the time we released this episode. But I was top of mind. When they wanted to do an episode talking about money, talking about what I would call financial feminism, they knew about me. I had reached out in a non-annoying way and was very clear about what I wanted.

Starting point is 00:25:47 I wanted to be on We Can Do Hard Things. I wanted to be in that orbit. I wanted to show up and provide so much value for the listeners so that when the opportunity presented itself, even years later, I was the person they thought of. That's what we're talking about here. When we come back, we're wrapping up this episode with my last tip for business owners. And this is the one that changed my business in a way that almost no other tip has. Stay tuned. It is an interesting time to run a business between talks of tariffs and trade policies and supply chains and just the talk of the recession coming. It's just a lot.

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Starting point is 00:28:15 F-F-Pod for 15% off. All right, my final, final lesson for you. This is one that I see countless entrepreneurs make as a mistake. When you are trying to build your business and I'm going to use social media as the key example here. When you're trying to build your business on social media, whether it's you as your personal brand, it's just your company and your product or service, it's easy to get caught up in what we call the vanity metrics. How many followers do you have? How viral did a post go? How many views does it have? And virality is great. Don't get me wrong. I have experienced viral moments countless times over this business. Probably at this point, a couple hundred times our work has gone viral. And we are teaching

Starting point is 00:29:16 everything that you need to make your work go viral to blow up on social media in business boot camp. We are also, though, teaching what to do with that virality. And this is what no one teaches. Virality is great. It's fun. It's sexy, right? It is exciting when your aunt is like, I just saw you on this place. And you're watching, literally, you're just refreshing Instagram, and there are more views and more comments every single time you refresh. It's insane. It's incredible. But virality is fleeting. And it does not equate to actual revenue in your business. you having a post or a moment in your business, and again, I'm using virality here, but it could be like getting a big interview. It could be having your favorite influencer talk about your product, right?

Starting point is 00:30:10 These like moments are fun and exciting, but they do not make an actual impact on the sales and the growth of your business unless you have systems to support them. And that is what we're teaching in business boot camp. We're teaching you how to go viral. That's actually kind of easy. virality is not that hard. Systems are so much harder. So in 2021, we were growing on TikTok. We had probably 900,000 followers on TikTok, right? Pretty decent. We have over 2 million now. 900,000 people were watching our TikTok videos. That's fun. That's great. That's cool to have posts go viral. But I realized, I don't own that audience on TikTok. I don't own TikTok. I don't own TikTok.

Starting point is 00:30:58 's land, right? I am building my audience on borrowed land. And so if I wanted to actually grow a business that converted people to customers, two podcast listeners, hello, two YouTube subscribers to hopefully make us money there, I had to get them off of TikTok and get them onto land I owned. Actually, YouTube is not even a good example because that's land you don't own either. But I wanted to get them on land I owned, okay? So, what I did in 2021 is I worked with my team to build a quiz. You can still see this quiz. It still works.

Starting point is 00:31:36 If you go to her first hundredk.com slash quiz, you can see how we set it up. We ask you six, seven questions, and at the end, we give you a free personalized money plan and exchange for your email. That's how we're building our email list. So 2021, we had a post on TikTok go crazy viral. It got, I think, 6 million views. that first week or two. It got written up by the Daily Mail and BuzzFeed and CNBC and a bunch of other places. And the virality was great. It was cool. I got some press out of it. We got some

Starting point is 00:32:10 increased followers. I think we got an extra like 200,000 followers to our TikTok during that point. All of that was fun. But that doesn't mean actual money in the business. That doesn't mean actual customers in the business. But I did something really smart with that video. I didn't know was going to go viral. I had an idea who performed pretty well because I have a formula that we're teaching in business boot camp. But I thought to myself, how do we incorporate the quiz? How do we get people to take the quiz if they watch this video? So I very simply in the caption of that video that ended up blowing up, said, hey, take the quiz, link to my bio for a free personalized money plan. In one week, one week, seven days, we got over 100,000 email subscribers from an organic

Starting point is 00:33:01 video that we did not pay for that I shot without a bra in a sweatshirt with a ringlight in 10 minutes. You don't need to be a buttoned up expert. I was in a sweatshirt, no makeup with a ring light and an iPhone, and I shot it in less than 10 minutes. You don't need to be a buttoned up expert. You don't need to be perfect. You don't need to go viral all of the time. Done is better than perfect. People want somebody they can relate to, and systems are going to beat virality every single time. Now, here's what I want you to do. I want you to take one of these lessons and make it your new mantra. If you feel like you need to have letters behind your name or look a certain way to be taken seriously, people don't need a buttoned up expert. If you feel like you spend too much time

Starting point is 00:33:45 on every project because you don't want to make a mistake or you don't want to be a fraud or you just are so scared and letting that analysis paralysis and fear keep you from taking action, done is better than perfect, okay? If you're feeling tempted to keep everything you do so broad to reach as many people as possible, trying to be everything to everybody makes you nothing to nobody. So use your mantra every time you feel tempted to self-sabotage to keep yourself from actually playing big, from growing this business sustainably. Repeat this to your when you feel yourself playing small. It is a small step, but your mindset, that is your biggest weapon as an entrepreneur. Your mindset is the biggest reason you will be successful or not

Starting point is 00:34:28 successful. So use it to your advantage. In Business Boot Camp Live, we have everything you need to know about starting an online business and going from idea to income in less than 90 days. This is a proven formula, both for Mal and I and building six and seven figure businesses, and also both of us helping thousands of entrepreneurs figure out their marketing plan, figure out their business plan in a way that isn't going to take you hundreds of hours to actually just get started. We have early bird pricing available. You can save so much money doing it this way. We also have a VIP option where you can get coaching and business audits directly from us. You can go to her first hundredk.com slash biz dash waitlist to be the first

Starting point is 00:35:09 to hear when we launch. Biz, B-I-Z dash wait list to hear everything and to be the first. first to know what we're cooking with business boot camp. We so appreciate you supporting feminist media for being here, for listening and watching Financial Feminist, and we'll see you back here very soon. Bye. Thank you for listening to Financial Feminist, a Her First 100K podcast. For more information about Financial Feminist, Her First 100K, our guests and episode show notes, visit Financial Feministpodcast.com. If you're confused about your personal finances and you're wondering where to start, go to her first 100k.com slash quiz for a free personalized money plan. Financial Feminist is hosted by me, Tori Dunlap.

Starting point is 00:35:51 Produced by Kristen Field and Tamisha Grant, research by Sarah Shortino, audio and video engineering by Alyssa Midcast, marketing and operations by Karina Patel and Amanda LaFew. Special thanks to our team at her first 100K, Caitlin Sprenkel, Masha Bach-Macheva, Sasha Bonar, Ray Wong, Elizabeth McCumber, Daryl Ann Ingman, Shelby Duke Close,

Starting point is 00:36:12 Megan Walker, and Jess Hawks. Promotional graphics by Mary Stratton, photography by Sarah Wolf, and theme music by Jonah Cohen Sound. A huge thanks to the entire her first 100K community for supporting our show.

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Financial Feminist - 247. 7 Lessons Every Entrepreneur Needs to Know (How I Turned $40 into a Multi-Million Dollar Business)

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