Financial Feminist – 120. Building A Sustainable Online Business (Tori’s Interview on Independent Business Podcast)

Intro

In this episode of the “Financial Feminist” podcast, Tori Dunlap shares her journey of building a multi-million dollar business from scratch without any funding or outside investment. She discusses marketing strategies, debunking money myths, and the importance of building trust and credibility with a community. Natalie Frank interviews successful authors, entrepreneurs, and creators to break down the science of self-made success.

Main Takeaways

Building a Sustainable Online Business

• Tori Dunlap shares how she built a multi-million dollar business from scratch without funding or outside investment.
• Entrepreneurship is like an iceberg, there’s a lot of work that happens behind the scenes that people don’t see.
• New business owners often think they can grow on social media by selling their products, but it’s important to serve before selling.
• Building trust and credibility with a community is key to making sales.
• Many successful businesses have been cultivating their brand and voice for years before they achieve virality.

Marketing Strategies and Techniques

• Virality is not the thing to chase, it’s the systems you have in place that build your business.
• Going viral doesn’t always move the needle if it’s not about something your core audience cares about.
• Building a following on social media is like renting land, and you need to diversify where your audience is and how they interact with you.
• The customer journey funnel is important to think about when creating content and converting followers into customers.
• Building a substantial following on social media is important, but it’s crucial to get them onto an email list that you own and control.

Debunking Money Myths

• Talking about money is important for decreasing wage gaps and wealth gaps.
• The myth that talking about money is taboo is meant to keep people underpaid and overworked.
• The myth of frivolous spending being the reason for not building wealth is gendered and shames women for their purchases.
• The idea that working hard will make you rich is a myth and ignores systemic issues such as lack of social safety nets and minimum wage increases.
• Gaslighting can make people believe that not being able to save is due to lack of willpower or not working hard enough, when in reality it is often due to external factors.

Financial Freedom and Fighting the Patriarchy

• Financial freedom is part of fighting the patriarchy and building mission-focused businesses.
• The gender wealth gap is a result of systemic oppression and lack of access to resources.
• Women need to prioritize their financial education and seek out resources to build wealth.
• Investing in oneself is a powerful tool for building financial independence.
• The Financial Feminist community provides a supportive space for women to learn and grow financially.

Summary

Building a Sustainable Online Business

Tori Dunlap shares her inspiring journey of building a multi-million dollar business from scratch without any funding or outside investment. She emphasizes the importance of entrepreneurship being like an iceberg, with a lot of behind-the-scenes work that people don’t see. Additionally, she highlights the significance of serving before selling, building trust and credibility with a community, and the patience required to cultivate a brand and voice over time.

Marketing Strategies and Techniques

Tori Dunlap debunks the myth of chasing virality and instead focuses on the systems that build a business. She stresses the need to understand the core audience and create content that resonates with them, rather than solely aiming for viral moments. Diversifying audience engagement beyond social media and utilizing the customer journey funnel are key strategies for converting followers into customers. Building a substantial following on social media is important, but it’s crucial to also capture them on an email list for long-term engagement and ownership.

Debunking Money Myths

Tori Dunlap challenges common money myths that perpetuate wage gaps and wealth gaps. She encourages open conversations about money, debunking the taboo surrounding the topic. She addresses the gendered myth of frivolous spending, highlighting that it unfairly shames women for their purchases. Additionally, she dispels the myth that working hard alone leads to wealth, emphasizing the importance of addressing systemic issues. Tori also acknowledges the impact of gaslighting on people’s perception of their financial situation.

Financial Freedom and Fighting the Patriarchy

Tori Dunlap highlights the significance of financial freedom as a means of fighting the patriarchy and empowering marginalized groups. She addresses the gender wealth gap as a result of systemic oppression and lack of resources. Encouraging women to prioritize financial education and invest in themselves, she emphasizes the power of building financial independence. The Financial Feminist community serves as a supportive space for women to learn and grow financially, challenging societal norms and expectations.

Conclusion

Tori Dunlap’s interview on the “Independent Business Podcast” provides valuable insights into building a sustainable online business, implementing effective marketing strategies, debunking money myths, and working towards financial freedom. Her journey and expertise inspire listeners to challenge societal norms, prioritize financial education, and build mission-focused businesses.