I interview Founder and CEO of Factora, Allegra Brantley, about how she’s evolved as a CEO alongside of her financial education platform, Factora, all the way through her first $1M annual revenue. With a mission to support women in their quest to be financially stable and successful, Factora offers a wealth circle learning experience that I’ve previously participated in, and Allegra gives me insight into what future offerings from Factora will look like, including a potential membership to their wealth community.
In this episode, Allegra and I cover:
- Post Traumatic Success outcomes
- Version 1 of Factora vs version 27
- Problem solving and scaling simultaneously
- Building Factora as an asset
- Factora’s 2021 numbers and what the future looks like for the company
- Allegra’s advice for $250k earners
Allegra’s personal finance story
We’ve discussed the concept of Revenge Success previously, but Allegra’s version of this takes the form of Post Traumatic Success, giving credit to the rough financial situation of her childhood and the difficulties she experienced saving money in early adulthood for her current success. After trying her hardest to learn how to prevent lifestyle creep and make her money matter, Allegra felt called to help other women save and make money.
“I always think back to me, that was overwhelmed, confused, shameful and fearful, and I think, “How do I help her?” Because that’s still who I’m helping, even though I don’t feel that way about money anymore.”
Building quality financial habits alongside business skills
Through struggling to learn how to save and make money, Allegra learned that many women, just like her, find investing and finances to be incredibly daunting and extremely hard to learn, especially when so many of the spaces in the financial world are taken up by men. For Allegra, it’s about finding the confidence not only to make personal financial decisions, but professional decisions about how Factora will be financed and will be run.
“I had complete analysis paralysis, I wanted to do everything because I had so much that I hadn’t done, but I didn’t want to mess up. And I think that there is something…innately feminine about that. We don’t want to mess up.”
Scaling intimacy and connection as the customer base grows
With a mission to lead 1 million women to 1 million in net worth, Factora needed to scale in order to accomplish this incredible goal and provide amazing educational opportunities. While many courses just choose to scale by mass selling self-serving courses, Factora’s wealth circles scale through limiting assignments and maximizing community amongst wealth circle members to increase accountability and connection.
“I felt like with the subject matter, with the demographic I was serving, and with the effect that I wanted to have, I just couldn’t leave them alone. So, there has to be that intimacy factor, and we’ve done that with community.”
Choosing not to take outside funding
Factora has no investors, and that is a purposeful decision on Allegra’s behalf. At a time in her life where starting a family is extremely important, Allegra didn’t want investors breathing down her neck or telling her what to do. Making her own financial decisions for herself and for her business is extremely important to her, and the advice she passes onto others is to consider that not every business is right for institutional money.
“I right now have 100% control of how we build this thing. And I can do it intentionally, and in the speed that works for me and starting a family, which are my personal life goals and I don’t want anyone to intercept that.”
Connect with Allegra on LinkedIn and Instagram.
Check out the Factora website and find out more about the next Factora wealth circle.
The Residency is a 12-month, cohort-based program specifically built to help first-generation entrepreneurs gain the business acuity and mental-emotional maturity to build their next high-impact, high-profit asset…and whatever else they want for the rest of their lives. Join the email list HERE to get application details for the next cohort.
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Listen to: Factora’s Coffee & Coin podcast.