Revisited - Systematizing Your Business: The Key to Regaining Your Freedom With Lauren Tickner [Ep.102]
Oct 3, 2023
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Fitness coach turned 7-figure online business owner, Lauren Tickner, discusses systematizing your business to regain freedom. She shares her journey, the systemization process for entrepreneurs, hidden growth opportunities, and the importance of simplicity. The podcast also includes funny incidents and embarrassing Zoom moments.
Systematization enables entrepreneurs to focus on their strengths and delegate or automate non-vital tasks.
The host plans to acquire and scale businesses aligned with their vision, leveraging the systematic approach of Impact School.
Organic growth and maintaining control without external investors allow for reinvestment and high-profit margins.
Deep dives
The Power of Systemization in Entrepreneurship
Systemization is crucial for entrepreneurs to scale their businesses and avoid getting overwhelmed. By implementing effective systems, entrepreneurs can automate repetitive tasks, ensure consistent sales processes, and improve customer fulfillment. This allows them to focus on higher-value activities like sales, coaching, or strategic growth. Entrepreneurs should prioritize vital tasks that bring in revenue and fulfill customer needs, delegating or automating non-vital tasks. A systematic approach provides confidence, scalability, and leverage, fostering business growth and potential for future acquisitions.
Expanding Income Streams through Business Acquisitions
The host discusses the future vision of acquiring businesses to diversify income streams. By leveraging the success of Impact School and its systematic approach, the host aims to acquire and scale businesses primarily in the health and fitness industry. The key focus is on selecting businesses aligned with the ultimate vision, which revolves around making a meaningful impact in the health sector. By applying the machine-like approach of Impact School to the acquired businesses, and offering guidance and coaching based on their expertise, the host plans to enhance their value and create opportunities for future sales at higher multiples. This strategic approach aims to avoid shiny object syndrome and maintain a clear focus on the long-term vision.
The Benefits of Organic Growth and Leverage in Entrepreneurship
The host explains the advantages of organic growth and maintaining full control of the business without external investors. Through their cash flow-heavy business model, the host appreciates the power of organic growth and high-profit margins. Instead of seeking financial investment, the focus is on leveraging the expertise of consultants and building a strong advisory board. This approach allows access to valuable guidance and insights while retaining full ownership. The host recognizes the value of cash flow and the ability to reinvest profits into the business, ensuring organic growth and maintaining autonomy.
The Importance of Prioritizing Vital Tasks
Achieving automation and delegation of less important tasks allows businesses to focus on vital outcomes. Examples of vital outcomes include closing a certain number of deals through direct messages (DMs) and obtaining a specific number of client testimonials. By prioritizing vital tasks, businesses can move forward and make progress.
The Dangers of Misleading Advice in the Business Coaching Industry
There are several bad ideas circulating in the business coaching industry that entrepreneurs should be wary of. These include the belief that high employee turnover is acceptable under the philosophy of "hire slow and fire fast," when in fact, a solid hiring and onboarding process is essential. Another dubious idea is exaggerating revenue figures, which can hinder growth and prevent businesses from seeking appropriate help. Additionally, the concept of morning routines may not always be effective, as individuals have different preferences and requirements for optimum productivity.
Sometimes, it’s an entrepreneur’s ability to neutralize their weaknesses that paves the way to their success.
By prioritizing important tasks and removing themselves from activities they aren’t skilled at or simply don’t like, entrepreneurs can focus their talents on areas of their business where they can make a measured difference.
Implementing systems like these helped Lauren Tickner turn her side hustle as a fitness coach into a 7-figure online business by the age of 21.
But Lauren didn’t stop there. She realized that the systems she used to grow her fitness coaching business could be applied to all industries.
This revelation inspired her to create Impact School, a 7-figure coaching company that helps digital entrepreneurs implement systems that allow them to free up valuable time and scale their businesses to new heights.
In this episode, Lauren joins us to discuss the advantages of systematization, the steps business owners should take to systematize their business, and how implementing systems has helped her own business thrive. According to Lauren,
“As a business owner, you have to fill your weaknesses. I became so systems oriented through my own lack of organization. A big lesson for me was hiring someone who was my opposite, who could ensure that those systems were set up. But only by being honest about my weaknesses was I able to find the right person.”
Lauren also sheds some light on the bad industry advice that entrepreneurs should avoid, how she diversifies her income streams without succumbing to shiny object syndrome, and some of the biggest challenges she faced when building and scaling Impact School.
Topics Discussed in This Episode:
How Lauren helps people detach their personal brand from their business (05:06)
Lauren walks us through her origin story as an entrepreneur (07:55)
Hiring people who compliment your weaknesses (13:48)
How systemization can benefit entrepreneurs (15:10)
The right time to implement systemization in your business’s lifecycle (18:03)
The V.I.L.E. system Lauren uses to prioritize tasks (24:33)
The bad advice Lauren has heard floating around the industry (29:41)
How Lauren plans to diversify her income streams moving forward (39:35)
How Lauren avoids shiny object syndrome when acquiring businesses (44:05)
Why Lauren decided to exclude investors from her own business (50:35)
