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Advice on Building a Thriving COMMUNITY

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The 10 Minute MBA, is a no-fluff weekly podcast that teaches you practical business lessons you can use to grow your business immediately.

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Welcome to the ten minute MBA. I'm your host, Scott D clary. On the ten minute and BEA. I give you tools, tactic, strategies, insights and tips that you can use to start, scale, grow and en x Your Business. Let's get into it. What's going on Scott here today? I want to talk about community building. I'm a firm believer in community building. I think it is an exceptional way to build raving fans for your business, but it's very hard to do. It's very hard to do well. I had a podcast guest on recently. She has built an exceptional community for herself and I thought it would be a good youtube video topic. So let's get into it. So who did I have on? I had on Liz Fair cloth. So she is the CO founder, or the founder of the De Rosa Group and Co founder of invest her she has built an enormous network and Community of women investor. So she knows a thing or two about building a community from the ground up. What should your first move be? Should you start with a facebook page? How do you know if your...

...community is a success? She went into everything, as well as some of the tactical things she did when she was building it up from scratch. But I want to give you a little bit of context about Liz, who she is, where she came from, and that'll give you an idea of what she's accomplished, which he's absolutely incredible. So let's bring it back and if you want to hear more about Liz, of course you go check out lizz's podcast episode where one of the all this and then some of it was probably about an hour, but we'll do this in like ten twelve minutes. So after reading this is her story, after reading a self help book on personal finance, she started her investment career from the ground up. She didn't study economics, she didn't train in finance. Up until two thousand and five, her real estate experience was zero. In Two thousand and twenty two she has coordinated and built thriving all women investment support group with thousands of members across fifty six meet up locations and online, of course. To give you an idea of her success, here's a summary of what she's done. So she co founded the de Rosa Group in two thousand and five alongside her husband, with a mission to transform lies through real estate. They now control sixty million dollars...

...in residential real estate and commercial assets up and down the east coast. She is a cofounder and CEO of the Real Estate Invest Her community and recently published invest, Hers First Book. Only woman in the room, she's the cohost of the real estate invest her podcast, which can be found in top twenty five of investing podcasts and the top fifty of all business podcast so she was a perfect guest for the show. But, more important, she's a perfect guest to speak about building community, because she's done one exceptionally well. She's built one exceptionally well. So, alongside her business partner and dress, she launched the Invest Her community in two thousand and fourteen as a way to empower women in building their investment portfolios and gaining financial stability. She had seen firsthand the power of making smart real estate investments and wanted to provide a source of community and advice for like minded women. To quote Liz, we wanted to create something where we could bounce things off of each other and bring other women...

...together, especially women that are new or experience, because everyone can give something, everyone can get something. That's my philosophy. From her invest her website and facebook pages, it's clear that the community that lives and address a built is a thriving and mutually beneficial network for women and investment in real estate, coordinating meetups in over fifty different locations, as well as a podcast, website social platforms. It's not easy. So how did she do it? So first tips she gave clarify your mission. So this was the most important thing and one of the most valuable insights. It was to get clear on your mission. And it seems simple, but a lot of people don't do this. I think there are people who jump into things and then there are people who are really intentional. She said, I think you can be successful either way, but for on Dressa and I, we spoke about things and brainstormed. We were really mindful. So for many entrepreneurs, allure of jumping straight into the community building process is strong, especially when the excitement and the adrenaline...

...are at their peak. That a clear vision for why you're building a community in the first place, however, you'll likely find yourself spinning your wheels. So in creating invest her, Liz and address I didn't start planning their meetups or social media launches until they had a clear and passion driven starting point. When we came together, we both were very passionate about empowering women and serving women in this niche. We then got more refined. Who are these women? What are their challenges? What keeps them up at night? You can't serve everyone, so getting really clear on whom you want to serve is the most important thing. Take the time to define your mission and then make sure of all your messaging, from social media posts to the language on your website, that all reflects your mission. When people can easily see what it is you're all about and why they should care, they're much more likely to get involved. You can start gaining clarity around your community's purpose by answering some of these following questions. What need or problem are you solving for your members?...

How do you want your community and what do you want your community to achieve? How will your community make people's lives better? What unique value can your community offer that others can? Only once you have a clear answer to all of these questions should you start crafting an effective community building strategy. Now let's move on. So you've clarified your vision and your purpose, and then you have to build on that to build on the idea of clarifying your mission and your purpose. Liz share it a simple yet effective trick for getting crystal clear and down to your true goals and values. She calls it analyzing your top moments in life. As you may have guessed, it's an exercise in reflection. So a few steps to this exercise. Step one, spend some time thinking back on some of Your Life's most memorable highlights. Where you leading a team and achieving something great together? was there a time when you your business overcame a huge obstacle, or maybe there was an experience where you really felt like you made a different friends and someone's life. Maybe it was a struggling...

...family, or maybe it was a friend. Once you've identified your top moments, it's time to ask yourself why they are so memorable. So what was the common thread that ran through them? Try not to focus on common people, for example. All your best moments were experienced alongside family, but instead think about the feelings and values that you associate with these moments. So where your top moments? Generally instances where you made an impact on others. Where it was it where you created something new, or were you simply challenged and pushed outside your comfort zone. Then step three. Once you identified the key values and themes associated with your top moments, it's time to start thinking but how you can bring more of those into your life and your business. How can you create an environment where your team can achieve great things together? How can you encourage more risk taking an innovation at work? How can you make an even bigger impact and difference in the lives of others? Building a thriving community around your business isn't about creating some kind of utopia. It's about identifying the things that are most important to you and bringing them to life. By...

...understanding your top moments, you can create a clear mission and purpose for your business, something that will inspire others and help attract the right people to your community. The next piece of advice you gave was to give it your all for a little while. What does that mean? Well, your mission is clear. You've got a solid purpose and plan for building your community. But where to next? According to Liz, a key contributor to her success was her focus on genuine engagement with her audience from the get go. She gave yourself six months in which to embody an all or nothing attitude to really get to know her audience and craft the type of community she wanted. To quote Liz, we started as a passion. We didn't even start a company, we didn't start and LLC, we didn't start anything. We just said, let's do this and see where six months goes, and if it's not going anywhere, then will you've given this or all so, embodying the philosophy of as if they didn't think about stopping and operated as though investor had no chance...

...of failing. The too even drafted show notes for a hundred podcast episodes before getting the green light to actually produce a podcast. Building your online community is no different. You need to be all in for a little while, engage with your audience, learn what they want, give it to them, be genuine in your interaction and let the community grow organically. To do this sustainably, in other words, in a way where you can confidently adhere to the goals and the outline in the playbook that you set up for yourself, right down a time frame in which you will actually give it your all. So this might be six months, this might be a year or even two years. Make sure that it's long enough to allow for genuine engagement and connection with your audience, without feeling like you're forcing things. The psychology behind this is actually quite simple. If you tell yourself that you might fail, you're going to resist giving a hundred percent of your attention and effort to the task at hand. It's actually an act of self preservation. So, conversely, if you tell yourself you're going to give it your all for a little while and then reevaluate based on your results, your more likely to put in the hard...

...work required, which will actually enable you to be successful or increase the odds of you being successful, because it's there is an endpoint. So you've actually said, well, it doesn't matter if it doesn't work out, because I've actually put a point where I will force myself to stop if I haven't reached a certain point. This is a time in which you can reflect on what's been achieved and decide whether or not you want to keep going. But you're actually tricking your mind to giving it a hundred and fifty percent. Right. The next piece of advice you gave us to listen, learn and change. So the beginning stages of community building are crucial. Not only are you setting the tone for other community will interact with each other, but you're also defining what the community is and what it stands for. Listening to other members, learning their needs their wants and then changing accordingly is key to developing a thriving community. Building the community is more than starting a facebook group. It's about listening to people, it's about asking questions. This is a direct row from Liz. If you're not constantly gathering feedback and engaging with your members, how...

...can you expect the community to stick around? To think about it in a simpler way, and all the okay. Anybody who's like into planting or gardening will love this analogy. Think about it as tending a garden. In order for your plans to grow and thrive, you need to water them and give them enough sunlight. But sometimes the plants don't respond wealth of the amount of water or giving them. Sometimes they may not like the location in the house or the Condo that you've put them. So you have to be observant. You have to give them a little bit more water, a little bit less water, you have to move them around. The same goes for community. It won't always be a smooth ride and you need to make changes based on feedback. If somebody doesn't like an idea that you've actually implemented, don't just say thanks for you've thanks for your valued input and shrug it off. Listen, consider it and then put it into action if it makes sense. If you are trying to measure the success of your community, here's a few positive signs that your community is growing. Your members are engaged and constantly interacting with each other. They're providing feedback and offering suggestions to make the community better.

People are joining your community for reasons beyond just wanting to sell their product or service. The community is evolving and growing organically. If you aren't seeing the growth and interaction you'd ideally like to see, don't worry, it's not too late to turn things around. This is normal. So start paying attention to the members. See what you can do to make the community more engaging and beneficial for everyone involved. Remember, if your community wins, you ultimately win. And the last point on community building. You have to kill the EGO. So it's an unfortunate reality that a lot of air quotes communities we see in the online space are run by self proclaimed Gurus or pyramid scheme masterminds. These groups often place themselves at the center of their communities and use them as a tool to pedal their products or services. Perhaps this is why so many multi level marketing companies are compared to cults, because their leaders often exhibit the same traits as a cult, either the same sense superiority, I need to...

...control, an unwillingness to share the spotlight and, basically, some God complex over the people that have subscribed to this community. So if you want to build a thriving community around your business, it's important to avoid egocentricity at all costs. You aren't the mastermind or the guru that's going to save the community. You are a facilitator of constructive dialog and collaboration and while your name should be known for support and feedback reasons, it shouldn't be a name that people worship or idolize. To quote Liz, it's never been about me or and DRESSA. We are not the Gurus, it's a community. I think there are certain frameworks out there that are very person centric, but we always had a vision of a circle. If people don't know me, but they know our community, that's more important. Liz also mentioned that there are instances which call for egocentricity, but that building a community is not one of them. So if you're building a community, you cannot be egocentric. It's really hard to have both. So if you want to build a coaching model or module,...

...then go build that, but don't build a community too, because people aren't going to know you. I have a podcast and being known is not as important to me. Women get what they need at a meet up, whether they know I'm a founder or not. I want that woman. I want her to become financially free. That's the most important part. So a few closing notes on community building. Building a community from the ground up is a lengthy process and, like a garden, it needs to cons system care and nurturing to grow and thrive. But with the right tools, advice and support, your business can bloom into a space where customers not on only one to visit, but also feel compelled to stay connected, participate and contribute. While the tips that we've pulled out from Lizza's interview aren't a practical step by step guide, this is the high level of framework to getting your community up and running. These are the most important pieces, because the tactical, step by step guide is ultimately just attracting the right people, and when they find...

...themselves in an environment that feels like the thing we just describe, that's when they stay, that's when they get value, that's when they give value, that's when they participate. So, whether or not you're starting a community from scratch or you're looking to revitalize one that's struggling, let's just recap quickly and then leave you with some closing notes. So to recap, a couple steps to think about. Define your communities purpose before you start building. This will help guide your decisions on who to invite and how to structure your community. If it helps, analyze your standout life memories and see what the common denominators are they made them so special for you. Step to give it you're all for at least six months. This may seem like a long time, but it's important to be consistent in your actions and offerings if you want your community to grow and thrive. Build your community as though there's no chance it won't be successful and be prepared to put in the hard work. Step three, nurture your community by listening to their feedback and being responsive. This means being active on your community these channels, such as forums, social media, email...

...and engaging with them in a meaningful way. Let them know you're listening by sharing updates, addressing concerns and implementing their suggestions. And lastly, the most important, avoid your ego. So community is about giving as much as you take, and it's important to remember that your members are not there to worship you. Be Humble, be open, be generous with your time and your resources in your community will flourish anyways. I hope you enjoyed I hope you found some value in that and if you are trying to build your own community, I highly recommend going to check out the podcast. Go check out Liz see what she's building if you want join her community. It'll give you a bird's eye view into how to do it right. If you like this video, please hit that like button, hit that subscribe button and if you want to see any other business topics, leave a comment below. I'll get to it. Have a great week. I'll see you again soon.

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