Interested in starting your own entrepreneurial journey in career development but unsure what to expect? Then read up on our interview with Lauren Bailey, Founder & President of Factor 8 & #GirlsClub, located in Phoenix, AZ, USA.
What's your business, and who are your customers?
I'm in the business of helping people love going to work. At Factor 8 (who turns 15 this year!), we help salespeople get success faster by selling virtually with our award-winning inside sales training curriculum. Then we keep developing them through their first, second, and third promotions with constant access to just-in-time skills in our fun enablement platform, The Sales Bar. Sales Managers are our favorite group to train - it's the toughest job out there, and precious few companies have skill development for the superstars who get promoted into the role. #GirlsClub is my passion project dedicated to changing the face of sales leadership by helping more women earn promotions to sales leadership. We're at over 300 promotions so far!
Our customers are leaders of sales teams: VP Sales, CRO, GM, Sales Directors, and Sales Managers. They usually find us when it's time to scale, change their GTM strategy, or shift from field to virtual selling. We also help Training and Enablement Leaders by supplying the curriculum and platform their teams need to work directly with their sales teams. Ever seen an HR employee train a salesperson? That's where we come in instead. ;)
Tell us about yourself
My first big-girl job was in sales management, and I was WAY over-employed! For years I struggled to find help for myself and for my teams. Nobody seemed to teach me the skills my team, and I needed. I also grew up pretty much the only female at the table. Both companies were born out of solving the problems I faced in corporate America. I'm motivated by the lives we change. Not a week goes by we don't get an email from a past attendee in their first Director role, a woman who got brave and asked for the promotion, a rep who took our skills to a new company and is the best one on the team! I know from first-hand experience that when I'm happy at work, I'm happier everywhere.
What's your biggest accomplishment as a business owner?
Gosh, staying with it? I read recently there are precious few women-owned businesses that make it over $1M in revenue or ten years, and we've done both! What I'm most proud of on a daily basis is that we've attracted and kept some pretty remarkable team members. They are my family, and I get up each day to serve them.
What's one of the hardest things that comes with being a business owner?
Payroll is real. When I moved from a "mom and shop" company to over 10 employees on payroll + benefits, it was the hardest move. If sales are down or companies pay late, the same amount comes out of the account. I heard a speaker once say, "If you're a bootstrapped business (didn't take equity funding), it's not IF you'll miss payroll; it's WHEN." Knock on wood; we aren't there yet!
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Figure out your safety net so you'll actually jump - because it's worth it! I've thanked my former self many times recently for making a move. For most people, this means benefits and X months of living expenses in the bank.
- Start doing favors and reconnecting with your network now! Once you put on that smelly vendor hat, you'll be surprised how often your calls aren't returned. Build up a bank of favors before you jump!
- Don't get married to your marketing, website, etc., until after you've dated your business for a year. What I thought companies would hire me to do was quite different from what they actually wanted me for. Likewise, I've seen lots of young trainers spend a year building their curriculum and getting it perfect before ever knowing if they could sell it. Selling it is the hardest part, folks! Sell it, then build it! Do a few gigs, figure out your secret sauce, then build, market, and sell that. Hope that helps! Entrepreneurship is easier than most people think. Jump in! The water's fine. . .
Where can people find you and your business?
Website: https://factor8.com/girlsclub-sales-leadership-program/
Instagram: https://www.instagram.com/_wearegirlsclub/
LinkedIn: https://www.linkedin.com/in/insidesalesadvisor/
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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