10 Questions with Entrepreneur in Residence, Sherrie Storor
Real estate expert and industry leading powerhouse, Sherrie Storor, mentors, coaches and empowers businesswomen on how to ‘succeed without sacrifice’. As we know, Sherrie Storor is Freelancing Gem’s current Entrepreneur in Residence and has taken a few moments out of her busy boss lady schedule to answer the top 10 questions from members within our community.
Everything from the need for industry-relevant qualifications and the confidence that comes with ‘charging what you’re worth’ to building your own brand and the best tips for maintaining a work-life balance that works for you. Keep reading as Sherrie tells all…
1.We often hear talented women holding themselves back because they think they need a degree to be taken seriously and be successful. I see you have a degree in PR, media, and communication – how important do you think this was to your success, especially considering you’ve landed in a completely different field?
I’ve used a number of skills I learnt throughout my career and in my current business from my degree, other courses and from life experiences. It doesn’t matter what business or industry you are in; every business owner needs to be skilled in branding & sales. PR is an element of that.
I think it’s important to point out that you don’t necessarily need to study what you end up doing. In each and every course there are skills that can be transferred to entirely new jobs in entirely new industries.
In today’s age, there is something that needs to be said for the school of life, for learning on the job and also looking out for alternative types of education. There are so many available that are really appropriate for the real world and for the business and brand you are building today.
That could be a sales courses, or how to start up a successful podcast or how to launch and build a product. It’s about finding courses and training that is relevant you. It all depends on what industry you are looking at being a professional in and educating yourself on what directly aligns to that.
2. At Freelancing Gems we often talk about how women are continually not charging what they’re worth, and you mention how you see a culture of many who are “hustling too hard for too little”. How did you start ‘charging what you’re worth’ and let go of limiting beliefs around money and wealth?
Firstly, I don’t believe in the idea that we always have to be hustling and grinding to get to where we want to be. Sometimes we must work hard (and smart) in our businesses but not to the detriment of our health, wellbeing and relationships. I believe in building a business with strong foundations, systems and structures, and in building an attraction business that draws clients in.
Recently, I’ve not struggled with charging what I’m worth. But I realise that stems from being 100% confident in my ability and the value I add to my clients.
I often work with my coaching clients on their mindset to help them build their confidence and self-belief.
Having a series of small wins turns into bigger wins which turns into building your confidence. When you have great confidence in what you do and your abilities then you are able to charge what you are worth.
I do however recommend that you conduct an analysis of your marketplace and your position within it. Mystery shop your competitors and get an understanding of what they offer and what they are charging. If you are not the absolute best in your field then find out what is required to get skilled up so that you can start charging more than what your competitors are worth.
Once you have delivered exceptional outcomes for some of your clients, ask for testimonials. Third party edification is one of the best strategies for growing an attraction business.
3. There are many traditions and stigmas around real estate and sales, like that it is full of non-stop cold calls, old school marketing tactics, and outdated protocols. You’re changing that with great success. But we know many women, especially in the creative industries, have unique ideas but are afraid to step out of the ‘norm’. How did you build the confidence to challenge conventions and push the boundaries in your industry?
I took some time to observe the industry when I worked as a real estate agent and noticed that that it was very old fashioned in the way that it was operating. It was pretty clear to me through consumer trends, available technology and social change that there was an opportunity to level up in trust, connection and a commitment to exceptional service and business outcomes.
Instead of continuing to do things the way they had always had been done, I levelled up and delivered what the marketplace was looking for and showcased my style and personality instead of trying to fit in.
If you are the same as everyone else why would somebody hire you? You must build a business that is different to everyone else, it’s a great way to stand out!
I’m ALWAYS trying new things, new ideas, new ways of operating and generating income. I write this into my budget knowing full well that not everything that I do is going to succeed BUT I can’t continue to find what does and doesn’t work without trial and error. I am committed to being better, faster, more efficient and more open to change and to levelling up.
4. Running any business, let alone one in real estate, is known for being very demanding and stressful. I really struggle to switch off and give myself holidays and sometimes I don’t enjoy my business because of this. I know you strongly focus on the idea of ‘succeeding without sacrifice’, so what are your best tips to achieve a good work-life balance?
It is a learned and practised skill to put yourself first, particularly for women, because most of us are cultivated from birth to put others needs first. It’s also a practised and learned skill to actually take that down time and switch off. Today I am very good at switching on and switching off, but I wasn’t always! That took real and consistent practise to achieve. I had to take the time to mentally change my pattern of behaviour and my way of thinking in and around this.
The biggest thing I can recommend is consciously prioritising yourself first.
It can be hard at first but speaking from experience, I understand that by not doing this, what the repercussions can be. I’ve pushed myself to a point where I’ve burnt out in the past, part of my learning curve was learning from my mistakes!
I now know what my burnout indications are, I’m fully aware of when I need to take a break and I do.
Today I build in breaks into my business roster. I’m fully aware of what volume of work I can do in a time period. I know I can work x number of days at a certain pace and what recovery period I need after it without feeling broken. If I do more than that I know that there is going to be repercussions.
If I have a project or event going on, I know I can work through to that, but I also know I’m going to need a bigger break afterwards to balance out the stress and strain on my mindset and health.
It’s important to realise in your business that if you keep pushing yourself through to burnout, not only will you get ill, but your whole business also has the potential to break.
So, it’s all about prioritisation.
#1 Prioritising myself.
#2 Then my relationship.
#3 My clients and my business.
I never make them feel this way however and they all respect my boundaries.
5. You have a lot of passive offers available in the ‘Success Shop’ letter packs in addition to your 1:1 coaching, mentoring and keynotes. As a service-based freelancer I know my earning potential is limited by how many hours there are in a week, so I’d love to create a passive income stream. How did you create your first ‘Success Shop’ product, and what are your best tips to get started on a passive offer?
Conceptually, I already has the the templates I offer as it was what I have used working as an agent in the industry. I already knew the value of them, that they worked, and that the industry needed them.
I also knew that time poor agents wanted quality and proven short cuts, cheat sheets, blueprints and sales checklists. Then I worked with copywriters, graphic designers and a project manager to oversee it and put it together.
When I invested in the templates, it was a gamble, I didn’t know whether or not it was going to work. BUT I knew that successful people didn’t have much free time or resources to do it themselves and that the amount I had to sell to break even was an achievable amount.
So, my recommendation is to create a celebrity profile in your industry, cement yourself as an authority, look at the skills you have and provide your marketplace with something that you know is required, missing and needed.
6. I’ve always wanted to move into coaching and speaking, but struggle with confidence and imposter syndrome. Were you always a confident speaker, and how did you transition into this aspect of your career?
I was always a confident speaker; when I was younger, I used to dance and sing on stage and was paid to do so. This built my confidence from a young age.
Throughout my career people were always on the lookout for high performing women to speak on stage, in forums and on panels. I put myself into the position where I could offer that by cultivating relationships with the right people, such as journalists, editors or suppliers, and prioritised speaking onstage at their events.
By donating my time for free, people started to view me as an authority, and it led to other speaking opportunities. I spoke on stage, donating my time and IP for over 10 years before I started charging.
However, I do want to share a personal challenge that I encountered. In 2019 I really struggled with my confidence and often imposter syndrome.
At the time, I was undergoing intensive IVF and the hormones really affected me. They gave me anxiety and I really struggled speaking on stage. This was something new for me and I had to learn how to power through it and to put on a game face and a show. Honestly, COVID came at a really great time for me. It gave me the freedom and space to heal.
I actively look at how I can improve myself as a speaker all the time. I listen to a lot of other keynotes, podcast and shows and gauge and analyse how they speak and share their stories.
I know my speaking style and work to that. I don’t want to be a speaker who is too rehearsed or too practised. I like the style of speaking where I am more natural and not overly polished. But again, I don’t think society looks for someone who is overly polished. We all love the underdog and someone who is real!
7. You’re launching a new school called the ‘Sales Ministry’ – how exciting! Can you tell me more about this and who it’s designed for?
At this time the Sales Ministry is designed specifically for real estate agents and it will be launching in June. My long-term plans are to launch a sales school which will be applicable to all industries so, watch this space!
I’ve just launched a Mastermind program and I am looking to extend this outside the real estate industry. If you are interested in something like this, please let us know because I will bring it to the market sooner rather than later if there is demand!
8. I really struggle with asking leads/prospects for the sale at the end of a discovery call. What are your best tips to confidently ask a potential client to buy/book?
Your sole job is to close. If you can’t close a client all the other work that you have done in finding them, chatting with them and preparing a proposal is wasted. You’ve also lost time and resources that could have been placed elsewhere.
In the beginning, closing will be uncomfortable but the more you do it the more comfortable you will become with it.
Closing is a learned skill, not much different from when you started to drive a car! In the beginning it can be overwhelming, and you are conscious of all the things you need to be doing at the right time. After a while they all become natural and automatic. Second nature. The art of the sale and closing is no different. Ask for the sale! Ask for the business!
9. In a recent blog you discussed the importance of building a brand. What’s the first step you would suggest someone take if they want to improve or grow their personal or business brand?
Do your research first. Initially I would suggest spending time determining what you want your brand to look like – including ethos, design and place in the market. Next, determine who your target audience is. The way you communicate with them in style and how you communicate will vary.
Do your due diligence of where you are currently sitting in your industry, in your market segment and with your audience. Then you build it all out – build out a logo, colour palate, a social plan. Strategy is key here.
Finally work out a code of conduct and ethics in how you choose to do business and your non-negotiables.
10. Just over three years ago, you made the leap to pursue your business full-time. You mentioned delegating tasks, investing in a team, and taking small steps at a time were among your biggest lessons. In addition to this, what would you recommend for a freelancer nervous to take their side-hustle full time?
- Take the leap. I speak to so many people who want to start their own business and either they just never do it and have regrets or when they do, they wish they had done it earlier. There is never a right time. If you believe in your skill set and your ability and what you deliver and can be different, go for it! Invest income back into the business.
- Invest in and hire people who are experts in areas that you are not. For example, a social media manager for creating ads and content, or a bookkeeper for invoicing, managing your receipts and lodging BAS. This gives you the opportunity to do more dollar productive work, work thus giving you more time to make more money for your business.
- Network like crazy. Make sure that people know about your new business! Tell the people that you do know, tell the people that are in your circle of influence, expand your relationships, work your PR.
- Make sure that when you are launching your business that it’s launched as a business not as a side hustle (even if it is a side hustle)! Your marketplace wants to know that they are hiring an expert.
- Believe in yourself, harness your skillset and build your best life and a life of your dreams!
The Entrepreneur in Residence program offers Freelancing Gems members access to amazing female entrepreneurs who have paved the way for us all. The lady who holds this short-term seat is a powerful force in her field and available to support, empower and encourage you to reach your business goals.
