How Allyson Byrd Went From Living on Food Stamps to Running a Profitable Business

You’re responsible for helping the Lisa Nichols brand and revenue numbers grow tremendously. What advice do you have for professionals who are trying to grow their side-hustle business but still manage the demands of their day job?
I think the first thing you have to understand is a brand is based off credibility and results. A lot of people build brands based off style and skill. The thing I try to explain to those who I call ‘parallel-preneurs’ is, number one, you have to understand the results you give and not the process you take people through.

If someone says they’re going to be a consultant–what kind and what kind of results do you want to produce? Then ask yourself who you want to produce these results for and how many people you can help. So if you say, ‘I believe I can help 10 people and make $100,000,’ then that helps you to make a price point. So now you can build a brand for people who are able to give to your $10,000 value.

Do you think one of the biggest downfalls for entrepreneurs starting out is that they set unrealistic financial goals?
I think the answer to that is yes and they borrow the success of someone else without looking at the history of that person. Look at the history of Magic Johnson. Look at the history of Oprah Winfrey. She did not come out of the gate making millions. Just because you have a million dollar business you can be in a negative dollar profit. Being a million dollar business does not mean you are making a profit, you can still be making a very modest five figure salary. Entrepreneurship is meant to get you to a place of owning your time. The fact is so many people build it without understanding the sequence of actions that will get you to make money.

You talked about being on food stamps and facing hard times financially after starting your business. What was the key thing that kept you from giving up?
Having a mentor is key as a business leader. If you have a mentor who is saying I’ve been there and I’ve done that, then they can tell you how you are going to get to the other side. Also have a coach. A mentor is someone who is advising you on the leadership of you. A coach is someone who is advising you on the execution of your ideas. And you should also have training so you can be advised on the how-to. As  entrepreneurs we have to invest in ourselves at the rate we hope to return. So we have to invest in mentors, invest in coaches and invest in training.

For more information on Allyson Byrd and how you can grow your business with the help of her courses and training visit AllysonByrd.com.