It is a daily battle to decide every day where the highest and best use of your time should be. Brand-new entrepreneurs and seasoned CEOs both have to make choices that push back against the idea that they have to do it all, and they have to reject the idea that they’re the only one who can do a task correctly.
For those business leaders who never break free from this mindset, they’ll always cap the limit on their success. But for those who embrace outsourcing their to-do list, they’ll be freeing up their time to work on ideas and strategies that will really push their companies forward.
Genecia Alluora is the founder of Soul Rich Woman, and she teaches female entrepreneurs how to build empires by building a team and outsourcing 80% of the work. Creating a brand around your story, establishing SOPs, and creating subscription revenue will help business leaders sit in their zone of genius and grow their business by leaps and bounds.
CREATE SOPS QUICKLY
As a solopreneur, Genecia’s done every task necessary to run her business at one point. Early on in her entrepreneurial journey, she didn’t have any kind of standard operating procedure set in stone. As a result, she found herself doing her partner’s job and carrying the full load of the dating service she’d founded. She didn’t have a contract or a business manual to train everyone around her.
Genecia’s dating service failed, and she ended up paying out of her own pocket to make good on all of the debt. But by the time the business had ended, she’d learned two valuable lessons: always have a contract, and teach others how to do the lower paying tasks.
She figured out exactly how she wanted a task done, and then she sat down and wrote out the step-by-step instructions so that she could free up her time to make long-term goals for her company
SUBSCRIPTION REVENUE
On her way to becoming a thought leader, Genecia realized that she needed money coming in every month even if she hadn’t had time to sell something. She taught yoga classes, but she soon saw that if she started charging a monthly subscription instead of a per-class fee, she would have a consistent income no matter how many students showed up.
Regular, recurring income like I’ve created with rentals and private loans is one of the ways that you can break out of the transactional business model that always has you chasing the next deal. I really think of it as the more mature way of running a business when you ask yourself:
- How do I build a subscription?
- How do I build a community?
- How do I create passive income?
Wall Street values businesses the highest that have recurring subscription revenue, whether that’s in the telecom space or the fitness industry. Business leaders who can rely on recurring revenue have space to step away from the hamster wheel of chasing after the next transaction and think strategically.
ZONE OF GENIUS
In order to get yourself into the zone of genius, this is where you need to be ruthless about outsourcing 80% of your tasks. You’ve created the SOPs your company needs to run, so you don’t need to continue holding your team’s hands. You’re searching for that idea or job that makes you excited about waking up in the morning.
Genecia loves sales and marketing, and that’s why she has her team working on bookkeeping, operations, and everything else not connected with that. When Genecia talks about sales and marketing, you can hear her passion about branding. She loves what she does, and it makes it easy for her to share her excitement about creating a business persona that attracts the audience that you can build your business around.
BUILD A BRAND
First and foremost, Genecia advises entrepreneurs to stop posting pictures of your cat or your car or whatever it is that you think is exciting. You have to turn your mess into a message by focusing on telling your story. What kind of experiences have shaped you? What kind of victories have you had? How have your failures affected you? What have you overcome?
These questions will help you nail down the core elements of your storytelling. Then you can’t tell your story just once; you need to tell it again and again. That story will shape your brand and how people perceive you. There have been times in my real estate journey where I feel like I just talk about the same one or two things over and over again. But like Genecia said, when I use ten or twenty different ways to talk about raising capital, building relationships, or investing in foreclosures, I’m just narrowing down my audience and finding my people.
Your goal is not to sell to everybody. By dialing down on your message, your story will start to resonate with your audience, and they’ll start to love everything you create. Only by consistently talking about your message will people begin to recognize you as a thought leader, and at that moment, says Genecia, you will find your pot of gold.
CONCLUSION
Thought leaders stand out in front of their businesses and lead, but in order to do that, they need to build a solid foundation for their team. Identifying business processes will allow a leader to outsource the majority of their tasks. In turn, that will give them time to find their zone of genius where they can build a brand around their story. Think strategically by stepping outside of your day-to-day business operations and become a thought leader
Be Daring,
Josh
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