Dawn Taylor| 21/10/2024

Dawn Taylor

I am your host, Dawn Taylor. And today I get to talk to you, one of my dear friends, Ally Stone. If you don't know her, you need to. This woman is a powerhouse. She has been in the hospitality industry since 2005. She's developed over 15 different businesses and teams. She, there's not even words like, she is the leadership queen. We'll just put it that way. Um, has led massive teams. I'm talking like 750 people-style teams and does it from her heart, does it from her heart, but also with massive success. She is very big on helping people overcome everyday problems, obstacles, building instead of quality in group and individual connection for lasting effect. She's very big on culture, having engaged emerging leaders in organizations, and she's on stages. She's coaching, she's doing all the things these days. But in 2022, she was also awarded the Transformational Leader Award by the Universal Women's Network. Holy Monday mornings I'm talking too fast And was recognized as the most inspiring leadership development company by AI International. She's all the things. She is just all the things. And let's dive into today's amazing topic. Ally, welcome to the show. And what do you wish people were talking about? 

Ally Stone

Hey, Dawn. Uh, yeah. I'm excited to be here with you today. Oh, what do I wish people were talking about? I wish people were talking more about being an entrepreneur. Um, I think there's a myth out there that entrepreneurialism is the answer. And I think we can chat a lot about this. Um, and being an entrepreneur myself, you know, building and scaling a massive organization, understanding what that takes. Um, I see a lot of people kind of missing some of the understanding of what actually goes into that. So I thought that might be a fun conversation today. 

Dawn Taylor

Absolutely so and the other piece of that is not everyone's meant to be an entrepreneur. So let's start with your journey. So, you're like this badass boss, even though I hate those terms in really like, building scaling companies. 

Ally Stone

I kind of fell into that too. So it's a really interesting story because I believe we were 22 years old when we first became entrepreneurs, my husband and I buying into the original Joes franchise. So uh, it was quite the adventure. Uh, I always say I have an MBA in business, but just kind of like, you know, the Hard knocks school of life and scaling and growing business over 17 years. I remember there were points, uh, through that journey where my husband and I would look at each other, like, almost panicked and be like, is one of us going to go to school? Somebody needs to get an MBA. But there was no time for that, right? Um, so it was just, we were just in and, you know, original Joes when we first bought our first shareholder in the Terwilliger location over on the South side, close to both of our homes. Um, there was four, I believe, four original Joes at the time. And by the time we were done with the franchise and I was done, uh, they had 98 locations in Western Canada, and we had 17 under our organizational belt. So, uh, it was a wild, wild journey. Yeah, but also so grateful for it. 

Dawn Taylor

So right now to date, how many do you still own? 

Ally Stone

So there's 12 in our partnership group and there's a few different partners in there. So at this point I don't work with or in Original Joe's anymore. So I'm just a silent partner. Um, and yeah, there's a new group running it, uh, which have been amazing. I think that, um, you know, maybe one day we moved to sell it. I don't know, maybe there's an opportunity for somebody new to kind of do what my husband and I did and go through the process of kind of building an organization or jumping into an organization again. So, I'm all about opportunity for people, too. But we are talking about entrepreneurialships, not for everybody. 

Dawn Taylor

And that's I love that. And having been in the restaurant industry for a lot of years myself and not having thrived at it, right, did amazing. Owning a single restaurant but then in the franchise world did not thrive like that was not my jam. I know how much work that is and how intense and insane that is. So let's talk about hey, both of us are a little crazy, and I'm saying that in like, the best way. Not like we need to be, like, medicated crazy, but, like, we're both risk takers. We both are okay with that. We're both resilient. We both are the type that are like, we'll figure it out. We'll just go with it and we'll figure it out. And we don't want a lot to hold us back. But I remember a conversation. It was probably four years ago. It was in Covid. And my husband, he's like, I think I'm going to start a company. And I was like, oh, okay. And I've always been the entrepreneur in our house. And he's always had like the more stable job. And I remember sitting with him and if he's listening to this, he's going to laugh because he knows exactly where this is going. But I was like, do you even know what all goes into running your own company? And it was in an area where he had massive expertise. He easily could have done it. He could have done the work. But I was like, no, no, no, you could manage. I don't think you understand the ownership piece. And he was like, what? And I said, well, for every hour that you're out there working in the business, you probably need 1 to 2 working on the business. And he's like what. And I said so not only are you going to have to like go run the piece of equipment, I said but you're going to have to figure out like the financing to buy it. And where's the money coming from. And all the insurance and the licensing and the contracts and the bookkeeping and the banking and the marketing and the bonding and and I started just like mapping all this out on a whiteboard for him. And I was like. Who's dealing with all of that? Because you're on site 12 hours a day, for ten hours a day. And I said at first, you can't afford to hire a staff to do all those things. So are you going to do all that? And in an amazing husband way, he's like, well, no, you and your team can help with that. And I was like, no, no they can't. Like, no, no, I'm not running your company for you when I have my own and my own team. 

Ally Stone

Yeah. It's so true though. We totally, if you have traditionally worked for other people and let's, let's just, you know, rip the Band-Aid off, it's not a bad thing to work for somebody else if that's where your heart lies. Yeah. If you're happy doing that, if you love contributing to a team, if you love the security and the stability that comes with working for an organization, working for somebody else, great, right? You don't have to be an entrepreneur. But what the point you're making is so true, because I might even say it's higher the working on the business, especially to get it started and even to get to work in the business, you have to figure out how to market it, how how to get people to come to you before you can even do the in the business part. There is so much on the business part. Right? 

Dawn Taylor

Well, and it was just an interesting moment because like I have worked with businesses for years like you have, we do very, very different things within working with companies. But, like, I have talked to business owners for years, and I know there's somewhere I've been like, I think you need to not own a company. And they're like, what do you mean? Or someone who's wanting to start a company? And I'm like, if you don't have this innate drive and motivation and self, you have to be a self propelled machine. Right. 

Ally Stone

It's not always easy like even you and I, I will openly admit I struggle with that some days. So I'm not going to make that assumption for you. But some days I get up and I'm like oh I want to do this today. But you have to, right? Once you take that leap, you have to or nothing happens. 

Dawn Taylor

You totally do. And I think there's this idea out there from the outside. Right. And and with that, to finish off the conversation with my husband, we had this conversation and he realized he really wanted nothing to do with that. He wanted to go to work and come home. He didn't want to think about it evenings, weekends. He didn't want to have to put all the extra hours in the hustle. And have that instability. And I remember the conversation vividly, and I looked at him and I said, you know that that's okay, right? And he said, what do you mean? And I'm like, everyone's idea of what they need for structure and security, or what their priorities are or or what drives them is totally different. Right. Some people need community in a different way. They need coworkers. They need to leave their house. They need that. They need the structure of the paycheck every other Friday because they can't handle not getting that paycheck every other Friday. Right. Like to have to work so hard for it and hustle so hard for it. And it was a very interesting moment for him, of realizing what all goes into running my company and having team members and having all of that and, you know, doing the management I do. And like, with you. Right. Like people from the outside watching can they totally could just be like, oh, they make it look so easy. And it's like, oh gosh, 

Ally Stone

I've been getting that a lot lately. Like people are like, oh my gosh, you there's you're having so much success with the inspired leader. It looks so amazing. And I'm like, oh my God. I'm like never sleeping. It's like intense. Like growth is just, it's great. But it's also super draining and I'm just exhausted and trying everything to fill my cup and take care of myself so that I don't burn out in the process. Right. It's wild. It's a wild adventure. 

Dawn Taylor

It totally is. No, I wish that more people talked like this. I was with a friend yesterday. We were buying clothes. She needed something for doing a presentation that she's doing. And I said, here, let's go to one of my favorite stores, and I'm going to help you put some outfits together, because she struggles with that and we're finding stuff. And the manager came over and offered me a job. And I was like, yeah, I might bring you my resume. And my friends liked me. She's like, sorry, you're going to get a job at a clothing store for $15 an hour. Like, I do. I'm like. And she just cracked up laughing. And I was like, yeah, I actually might. And she went, what? And I looked at the woman. I was like, could I just do like four hours a week? And she went, yeah, if that's all you want. She's like, you 100% could. And I was like, it’d be fun. It would be fun. That's entrepreneurialism. I think I might, you know, what is this is my announcement. You might see me in a clothing store in South Bend to comment in the future. But I was talking to her as we walked out and we went for lunch after. And I said, you know, there's a lonely aspect to being an entrepreneur that people don't see. Yes. We're surrounded by people. Yes, we're surrounded by clients. Yes, we're surrounded in networking rooms. Yes, we're surrounded by, you know, other professionals in similar realms or worlds as us. But it's really lonely often. Yeah. And there's a pressure attached to it. Right. There is a pressure attached to the work that we do. And I don't know if you find that the same. It's like when you're networking, there's like this in the back of your mind. You're constantly like collaborations and selling and clients and you're in work mode. So a lot of your peopling is not the same as if you were just going to an office and hanging out with people. And we were talking about it and I said, you know what I loved? And she goes, what? And I said, I just got to help random strangers, and you feel absolutely beautiful in their bodies and help them figure out how to structure clothes and do all these things on a plus sized body that they never would have gotten. And I got to help people in a totally different way where there was like zero pressure. And I just got to love on people. And I said, and it wasn't exhausting. Like it was actually just really fun. And, you know, to see someone standing there with tears in their eyes because they felt beautiful in what they're wearing or like I was like, I kind of like that. I kind of want that. I kind of want this, like, get out of my house for, you know, eight hours a week or whatever it is, and then I get 50% off clothes. So it's just gonna be super fun. 

Ally Stone

That's your entrepreneurial ism there because, you know, you can really capitalize on the the clothes. You get first dibs on everything new that comes in. It's amazing. 

Dawn Taylor

That could be my clothing budget. I know I'm laughing at myself saying it, but I really think that these are the parts and pieces that no one thinks about. Mhm. 

Ally Stone

Circling back I think, I think that um I think this is a good way to describe it. Entrepreneurialism is shown in this bright beautiful light right now. Like you're riding around on your motorcycle and your Ferrari and you're getting on your tail. You're traveling the world. I have no time to travel right now. 

Dawn Taylor

Like it's not a thing. 

Ally Stone 

If I was still working with Original Joe’s, for sure, I'd be spending a month in Hawaii. Like I do a lot of things, uh, to create this business and to create this, this life for myself. Right. And so you have to, one word in that as you were talking, it was really coming up for me was, uh, resilience. Right. And so I often think about that. I think for me, resilience used to mean actually just posted about this this morning, something like this all is coming up right now. Um, resilience for me used to mean pushing through the hard stuff, getting through. And to me, the evolution of that now means like being with the hard stuff, being present and open to get, not even to, to be with, to move with the hard stuff as it shifts and changes in your life. And if you're not able to be resilient, if resiliency is a tough thing for you, entrepreneurialism is going to be very hard because there are a lot of like on the daily, right, things come up and you're like, oh shit, how am I going to get through that? Or like total pivot, right. And that's just like the reality of it. And so if you're not able to embrace the challenges, the things that come up, the obstacles that get in the way and have the mindset to be like, okay, what does it take to get around this? How do I keep moving forward? That's when I see entrepreneurs like I use the term cut and run or be like, okay, I just can't do this and throw their hands up in the air. And I also find that really sad when that happens too. 

Dawn Taylor

I think it is. I have often looked at business centres I've seen over the years and wondered, how did nobody in their life ever be like, hey, is this actually what you're meant to be doing? Is this what you need right now? And there have been times I was talking to a friend a few years ago and it was like, so go get a job. And she was like, what? I'm like, the J word is not actually a sin. It's not less than. It's not any of those things. It really isn't. But I do think in this world of toxic positivity and social media and like you said, this laptop lifestyle mentality that everybody has in this dream, nobody's being realistic. Nobody's talking about the fact that when you turn into an entrepreneur it might shift your friend group. Because people around you aren't going to understand that you don't have as much time. That it might, that you're going to outgrow some people in your life at times, and that that can be very, very hard, that you are going to be very lonely, that you're really pushing uphill a lot of the time. And I know people might be listening to this and being like, oh, but if it's an alignment, it's all going to flow. No, that's not realistic. That's not realistic. That's not what running a business is. That's not what running a business is. And I've owned many over the years like you. Right. Like we've both owned a lot of companies and dealt with a lot of staff and a lot of things. And some days are just actually hard. I was talking to a group of young entrepreneurs, like, 20 years younger than me, last week at a networking event, and one of the guys looked at me and he goes, do you just ever have a day? And I said, were my resume’s up on my laptop? And I'm on Indeed searching for a job. And he looked at me and he goes, are you serious? And I was like, tell me, an entrepreneur that hasn't done that in the last week, and I'm going to call them a flat out liar. And he starts laughing. And I was like, I don't know, an entrepreneur. If they were being brutally honest, that has not had a moment in the last week or the last month where they've been like, I could just get a job. Do you know how much money I can make with a salary? I'd have guaranteed paid holidays? 

Ally Stone

Oh my gosh, I get the LinkedIn jobs, you know, because they're like and I'm like, oh, that's really interesting. But then also because I'm an entrepreneur, I think about it and I think, oh yeah, that's not actually what I want for my life. That's actually out of alignment for me. And so there's kind of two camps here. Right. And I think what we're kind of playing around with in this conversation is like, if you're listening to this today and maybe you are an entrepreneur or you have the j-o-b or whatever camp you're in, you know, ask yourself if you feel authentic, if you feel we use the word alignment, if you feel whole in what you're doing every day, and if you're feeling misaligned or disconnected, you know, you need to first ask yourself if that's about you. Um, but maybe it's something, maybe there's something in what you're doing that's not, like fulfilling a piece of your life's purpose or your reason for being here. And if that's the case, well, number one, you could look for another job. Number two, you could think about a business, but still take the time to really understand what you want before you make those jumps, not just because of, you know, the social media or this, like, idea of this perfect life, right? Because it actually doesn't exist in either scenario. And I think that's important to point out. 

Dawn Taylor

Okay. Thank you for that because it's it's so true. And also there's times in life where we actually need the structure and security. Where it might not be that it's about what makes us happier or what feeds our hearts or whatever, but it's like, no, right now I just need to pay my damn bills. Mhm. And that's beautiful. There's nothing wrong with that. It is so interesting. We live in such an entrepreneurial city, you and I. So Ally and I live in the same city. And I heard a statistic a few years ago that was saying, like, there's more entrepreneurs in Edmonton than anywhere else in North America per capita. 

Ally Stone

I didn't know that. Wow. 

Dawn Taylor

That we're known as the Hustle City where, like, everybody has a side hustle, everybody has a business, everybody has something going on. And I think that that leads to this belief that we all need to have something going on, right? 

Ally Stone

Yeah. It's the herd mentality maybe I don't know. And you see your neighbor on both sides. It has a side hustle and it's running a business and is making good money. You start to say to yourself, well, why can't I do that? Right. But the real question is, do you actually want to do that? 

Dawn Taylor

Yeah. Well and do we? Right. Like, do we want to do it? I've always said like the day I wake up and I'm like, no, no, I think I'm good. I'll just go get a job. Like I have no issues with that at all. And I've had times in my life where there was a time quite a few years back, my husband was super, super sick and I had a full time job at an accounting firm, and then I owned a bookkeeping company on this side, and I was doing books for a couple companies, and then I was also like going to a bar from 4 to 8 every morning, and they'd lock me in the safe because it was a dangerous place. And Grand Prairie. Yay. And they, I literally sit there and do books, like I had multiple things on the go, because at that point in my life, it was just, how do I survive? 

Ally Stone

For sure. 

Dawn Taylor

How do I survive this moment? How do I get through this moment? And I wonder if we dropped our egos, if we dropped our egos and stopped attaching our worth to our companies, our worth to our jobs, our entire identity to these things. If we wouldn't have all the companies shutting down, we wouldn't have all of that going down because we'd have more people going, hey, yeah, maybe I do need to partner with someone. Maybe I do need to walk away from this, or shift or pivot this, or do this completely different. Or hey, maybe I do need a part time side hustle right now because my business isn't where I want it to be. And that's okay. 

Ally Stone

Yeah. And it's like not getting caught up in this dream. Like that was what was going through my head as you were talking there. Like, because we get caught up in this like dream and even if it's the job and the job isn't paying us what we need, and maybe again, we need that side hustle, um, this alternate reality facing reality and being like, okay, this is what's actually happening around me right now. This is where we're at. This is where we're at financially. This is what I project into the future. Make a plan around it. I always say, like, when I'm working with clients, I'm always like, you have the power to choose what you want in your life. I think the biggest and saddest thing we ever do is give our power away to someone or something else because of a belief or an ideology or something we see out there, like we actually get to create our realities. Now that is some of the power of entrepreneurialism too, from my perspective. But that is just my perspective, and I don't expect other people to see the world the same way I do. Right? 

Dawn Taylor

Oh, not at all. I was I was talking to a client of the day, and he's irritated because he's making just over minimum wage, doing labor work. And I went on Indeed. And like in five minutes, I was like, hey, dude, this other job, it's like five minutes down the road from you because it's not a pretty job, okay? Like it's an ugly job, but it's also easier physically on your body. Still doing labor work. I was like, is paying $47 an hour? Yeah, because they can't find people. Yeah. And he was like, oh. It's like, so stop bitching and just go apply. And he started laughing at me and he goes, seriously? And I forget whose statement it was, but it's like you're not a tree - move. You're not. If you and I went into a room full of entrepreneurs from the 20 year olds that are just starting out and in the early stages of the big dream, right. And bumping up against the first obstacles because we both have been those people and up. If we were to ask people like, do you actually love owning a company? Or do you just love what you do? How many people just love what they're doing and hate the actual owning a business piece of it. 

Ally Stone

Quite a high percentage. I mean I work with those people. I always talk about getting back to doing what we love and understanding. Like, did you start this business because it was something that was going to enhance your life and make your life better and is there perspective in that? Is that something that's potential, in my words, aren't coming out right? Is that something that's possible in the future or is it not? And like you just keep saying like it's okay. Right. But it comes back to like coming back to reality and not living in this place of, uh. It's not like, okay, so I'm on the fence about this because we have to have a sense of optimism, a sense of belief, a sense of hope, a sense of faith that things will work and happen. But then there's also this piece of reality that we need to bounce back on and be like, okay, like so I really want to take the inspired leader to this vision. But reality, my current reality is here. And so if I want to take it there, what is it going to take? And I always talk about reverse engineering or business. I don't know if you do that with clients, but I think it's such a powerful process when we can be like, okay, what's the vision, now let's work backwards. What's it actually going to take to get there? Because I think we don't often sit down and do that work. Um, and I think when the entrepreneurs are sitting around saying they hate their business, it's because they have no idea what the potential steps might be to actually see that vision come to reality. Um, I'm doing a mastermind group down in the States right now with these women, and they're new entrepreneurs. And the first question I say is, do you have a business plan? 99% no. Yeah. And I'm like, okay, we need to talk. Because really, like if you don't have an idea of where you're going, how are you ever going to actualize those steps to get there? You're just going to be flopping around making decisions, hoping you make the next best right decision, instead of making a strategic decision to move forward more into alignment as to where you want to build this business. And this is probably when we see entrepreneurs cut and run, because they're so sick of taking steps that don't produce any forward momentum for their business, right? Um, but it does come down to a lack of strategy and a plan, which I know is your specialty. 

Dawn Taylor

Well, and it's it's funny, years ago, I was sitting there, my husband and I were talking, and I was like, I don't have a sellable business. And he's like, no, you don't. And for all the coaches out there, sorry, you guys, you don't have a sellable business. You don't. It's not a thing. You've created a job for yourself. Congratulations. You don't have a sellable business. So if this is your retirement plan, you need to start investing in other ways. Not trying to be harsh, but let's be perfectly blunt about it. And I was like, so instead of investing more in specific areas of my company, I was like, I want to invest outside of my company in a totally different way. And we got some opportunities to like, so I own like Basin Rovers that I rent out to oilfield companies. My insurance company is always like, sorry, what? I think that's a different policy that doesn't go under life coaching. And I'm like, nope, no it doesn't. I need an equipment policy. But it was looking at it totally different because when I looked at my company, I was like, how do I build up assets in my company that I can use to sell at a later date, that A will either build a residual income, or B will be an asset that I could sell at a later date. That's not going to lose its value. Right. That was part of my business plan, that is part of my business plan, right? I don't look at this company. The Taylor Way is not my exit strategy. Right. So the income that comes from it needs to go into something that can be that retirement exit strategy. 

Ally Stone

Absolutely. 

Dawn Taylor

And I think even just that it's not that I'm not a dreamer or I'm not a believer or I'm not a big thinker or whatever, but it's also acknowledging I'm very realistic on my capacity. Right. With what I can mentally, emotionally, physically handle. Of the work that I do. Of what time I'm willing to put into it, of the fact that I demand that I get at least four weeks, a year of paid holidays. Right? Because I'm like, if I'm not getting vacation time, then I am not doing this right. Then I should just go have a job where someone will pay me to take holidays every year. But it's really figuring that out. And then what you have to do to get there. And you're now responsible for that as an entrepreneur. So let's make the correlation back because we're talking about the difference between the job. Right. 

Ally Stone

So, if you have a job your employer might be investing for you. You can probably, you know all different things right. Like employee share whatever. Right. All of these things benefits, whatever. Um, you don't that doesn't exist for you when you become an entrepreneur. So you actually, when we talk about working, uh, on the business, there's a whole other arm that people often don't even think about. I was at a conference a couple of weekends ago, and uh, Megan Keltner was speaking. She's Canadian. I've always really looked up to her. She's built really incredible businesses. She lives out in Ontario. I believe it's the Academy of Culinary Nutrition, and I've seen people take the program and come out. And she has a business model. She teaches them on the other side. And I've seen people be really successful, and they've always been like, what is she teaching these young people coming out to run this business, right. And so anyway, she does this keynote, she comes on the stage, she says, I, I ran my business for 16 years, and this year, I shut it down. I made enough money to retire. And I'm 44 years old. And I was like, okay, you have my attention. And so she started talking about how all through all of the years of building that business, she did not care. I mean, it was obviously important what her, uh, like net was, but what she was more concerned with was what was she investing and what was she banking? And I was like, oh, that's so powerful. If we started to think that way, even if you only had, let's say, a $500,000 a year as opposed to $1 million a year, but you banked, you know, 60% of that 5000, and you had $1 million a year, and you only banked, you know, 10%. Okay. Well, at the end of the day, you're not any further ahead. Right? So it's all about the strategy and the way we're thinking about running our business. And again, nobody is making these decisions for you. And so you have to have the ability to be like this is what needs to happen. And then make yourself do it. Don't get all excited when the money comes in the bank and be like-

Dawn Taylor

Yeah, but that's the hard part. And that's the part that no one talks about. Yeah, I remember calling. I remember calling my husband one time from bed and he was in the kitchen making coffee, and I was like, I can't get ahold of Dawn. Can you tell her I'm sick today? And I were like, pretend that I was like, phoning in sick for my old job. And he just started laughing and he was like, seriously, Dawn, damn it, I just want a boss. I can call in sick to one, right? Well, we just won this once. Like, just call in sick. Yeah. Mental health day. Right. And he just laughed and he's like, so move all your stuff and have a sick day. Yeah, that's one of those things that I've really learned how to prioritize over the years. And honestly, from 20 some years of owning companies and burning out hard multiple times and everything else is when I look at my calendar some of the days, said, man, I wish I could take a vacation. I wish I could take a day off, but it's just not feasible. And I was like, if you don't, your body will for you. And I was a young entrepreneur and I said if you don't learn to prioritize taking a day once in a while and not feeling guilty at taking a day off. Your body's going to learn how to take time off for you. You're just going to get really sick. 

Ally Stone

No choice. 

Dawn Taylor

Yeah. And he kind of just like, looked to me with my eyes and I said, but think about it. I said, even in a job, you're, they're like, they're forced legally to give you a lunch hour. Yeah. They're forced to give you coffees. They can only work you so many hours a week. They have to legally give you time off. So what makes this entrepreneur is that like, if you can't at least get like 50% of that happening, why are we entrepreneurs? 

Ally Stone

Yeah, for sure. And it's part of the slog. Right. So we talked about all the hours of working on the business versus in the business. And it's like where do you find balance and all of that? Okay. So I want to ask you a question because you popped in with the questions. So, you know we're having this conversation around entrepreneurialism. Should you be an entrepreneur, should you not? If somebody's listening to this and they're thinking about being an entrepreneur today. What would you say to them? What would you tell them to look at before making that big life decision to become one. 

Dawn Taylor

So, I'd ask them immediately what is their level of security they need. So on a scale of 1 to 10 like what. Where was their hustle factor? So, if I'm like hey you need to come up with $5,000 in a week, do you know how you could do that. Do you have any ideas on how you could figure that out or how you could do that? And that question alone would tell me a lot. Because if they're like, uh, I have no idea, then you should really pause and think about it. And don't just jump in. But also I would say look at what structure and security you need to have in advance. Because if we are living in just a scared place and you're going into being an entrepreneur in a place of fear, you're never going to thrive because you're terrified. So, what is your level of structure and security you need? One being I absolutely need none, because I can fly by the seat of my pants and always figure it out. And if I have to, like, go pick bottles and ditches to pay my bills, I'm fine with that because I have no shame. Ten, being I need to have like six months of money in a bank account at all times to make sure that I can pay my bills, that I feel safe, that I feel secure, and I panic. If there isn't a certain amount in my bank account, you probably need to be like a 4 or less to be an entrepreneur. Or even a 3 or less because there's so many parts of it. Very few entrepreneurs thrive in their first business. Often we have to do 2 or 3 or 4, or you have multiples going on, or there's 100 different things at one time. And what is your risk, right? It’s that risk-reward factor you pay with. And the other big one is like how well do you deal with shame and feeling like a failure? Yes. Right. Like or the. No. I always talk about the no. Because you're going to get a lot of no's 100%. How well do you deal with that? Yeah, right. Can you walk into a coffee shop and ask someone embarrassing questions and not care? Yeah. Could you walk through them all dancing and singing at the top of your lungs and not actually give a shit if someone's looking at you funny? Because if you can handle all those things, you probably could make a pretty decent entrepreneur. Yeah, but if you are so scared that you're going to fail, or so scared that someone's going to look at you funny, or so scared that someone's going to judge you. You're not setting yourself up for success by being an entrepreneur. 

Ally Stone

You're not. 

Dawn Taylor

And how well do you ask for help? How well do you ask for help? Are you okay with somebody giving you feedback? Are you okay going to someone and being like, help. I don't know how to do this. And I'm not thriving at this. Like, I always laugh that I know what I'm good at and I know my lane, but my gosh, am I really good at being like, I suck at this. I need support, like no shame, like I'm like that. That's just actually not my forte. 

Ally Stone

Yeah, yeah, yeah for sure. And yeah, a couple things are coming up for me in that too, and they're very similar. I just frame them a little differently. I always say there's at least a two year window where you don't know what the F is going to happen. 

Dawn Taylor

No idea. 

Ally Stone

What is your capacity to navigate that to your window where you have no idea? Like no idea. Yeah, right. And then the other thing too is like you were talking about the dancing through the mall and whatever, and it's like a no or like the feeling silly or the shame when that comes in. What it does is it stops you in your tracks as an entrepreneur, if you can't navigate it, and if you cannot navigate it, when you stop, your business stops. And so it becomes this start. Stop this, like, gas pedal off, pedal on pedal. And it's really challenging for entrepreneurs. So it's like, I hate the word thicker skin, but it's like building a bit of a thicker skin and being like, it's okay, right? Like, I'm not everybody's cup of tea and I'm not going to be. And that is reality. I got a pretty hard no last week on something. Um, there was a woman that was referred to me. So I run like a higher level women's leadership mastermind group. It's a year-long commitment. It's a bigger commitment. And so normally, I don't even advertise this. Um, it's usually through a referral or whatever somebody comes in. Um, and so I had this conversation with this woman, and I could, I could tell she wasn't the right fit, and that was okay. Um, but by the end of the conversation, it was just she was just like, oh, yeah, no, it's a no. And I got off and it was a little like, oh, you know, and feeling like a little, a little like down about it. But then I just took a breath and I was like, Ally, you got to move on with your day like that That's your reality. And she wasn't the right fit. And it's okay. And I wish her the best. But this is what you're doing and you're making an impact and you just need to keep going. Right. Or I could have got stuck in it. I could have wallowed in it all day. Nothing else could have happened. Right. And I had a really successful day because I didn't let it take me down. 

Dawn Taylor

No. And I think that's what people really need to look at it and think about is what that looks like. But also we were talking about, like, the being realistic thing. Yeah, the amount of people that are like, oh, but I want an eight figure business, I want a seven figure business. And I'm like, yeah, do you even know what that looks like? Do you have any idea what that would entail for you to do that? Well, no, I'm going to just build an online course and sell it. Do you know how hard it is to actually build an online course and sell it? 

Ally Stone

How many online courses are there out there right now? Oh my gosh. Oh my God. I can't even like, begin to imagine the amount of money Kajabi rakes in every year. 

Dawn Taylor

Oh right. And that's like, what was the business model like? Totally. Well, what is the percentage? It's like 4% of people that buy an online course ever actually do it. 

Ally Stone

Yeah. For sure, for sure. Right. 

Dawn Taylor

And I've done it is the thing. Like I've been the person who's like I'm going to build this course and it's going to be amazing and it's going to go so far. And then I was like, well, that sucked and tanked. And we just put thousands into that and nothing. But that's that whole pivot piece. That's that whole like, I'm not going to have shame. And I'm just like, well, I guess that wasn't my thing and move on. But I think that's where we actually need to be realistic. Is anybody and everybody out there is going to try to sell you on the fact that you can have an eight figure company and you can do this and you can do that and know most people can't. Yeah. 

Ally Stone

The only way you have an eight figure companies, if you figure it out for yourself, I always say business is not black and white. It's actually it's actually quite gray. And it's different for each of us, and it's based on our personality and how we're willing to show up and the commitments we're willing to make. And that then dictates where we're at. 

Dawn Taylor

So what would you tell someone who wants to be an entrepreneur? Oh my goodness. We turned the question back on you. What would you say? 

Ally Stone

Well, I think first I would ask them why. Like what it is. What what has gotten in their head? What is the idea? What is the business? Then I would ask them what that means to them personally with the bigger mission and vision is like how? What's the impact they plan to create if somebody wants to like make widgets as an example, I don't know. I'm really just pulling that out of thin air. Somebody wants to make widgets and they don't have a why or a reason for building that company. I think it's going to be really hard when things get tough. So I think having a vision like for me, like I want to impact 1 million women. And so when things get tough, I'm able to be like, yeah like, think about the impact you've already made. Think about the clients that you work with. Think about the experiences you've had. I know this is a really crappy day, but this is what's going to pull me through. And I think this is very true in life, too. I think a lot of the principles in business can really be related to our lives. And then, um, yeah, I would definitely ask them those things and I think I would also. We kind of already talked about these, but talk about the runway. What is your runway like? How much time are you willing to commit to this business before you like - peace,I'm out! I can't do this anymore because that's a really short runway. You might not want to do it right. Like, what is your actual capacity to commit to this business when people start saying, oh, well, I plan to have another kid in a couple of years. And it's like, okay, well, like we need to just talk about what the priorities are going to be in and like, it's okay. But you need to recognize that if you start this business, you're not just like you said, it's not necessarily especially if it's a coaching business. It's not necessarily a saleable business. Even if you build a business that could be saleable at one point, it's not going to be in 2 to 3 years. Highly, highly unlikely. That's like 2% of businesses. Yeah. 

Dawn Taylor

You've got a good runway on that one to actually get to the point where you have a sellable business. 

Ally Stone

Yeah, and so, you know, if you're like, okay, well, I'm going to have another baby in a couple of years and I'm going to, you know, I'll step back or somebody will run it or I'll sell it. And it's like, okay, well, these are all really big what ifs. And, you know, to plan your life around that could be really challenging. Right. And so I don't necessarily, um, try to talk people out of either direction. I really just try to help them explore what's like in their heart so that they can make that decision for themselves, because, well, it's a really big decision. 

Dawn Taylor

So it's like a huge decision. 

Ally Stone

I've been in your house and your entire lower floor is dedicated to your business. You have given up half of your house to this beautiful business because you love it. And literally, that also says a lot about your commitment to what you're doing, right? Who else is willing to make that commitment right. And so I think that speaks a lot to I will say, our actions speak a lot louder than our words too. And so, you know, ask, you know, what has been your commitment to your career in the past? When things got hard in your career, how did you show up? Is it important to you that you have nights at home with your family? Because that's not always going to be the case, right? So, um, I do believe we can create an integrative experience. It just has to look different and we need to think differently. But things have to change. If you want to do that, it will never look the same. So I think that's important to recognize. 

Dawn Taylor

It's never going to be a Monday to Friday, 8 to 5. No. And I think that not enough people talk about that, or it's people that talk about how they have the perfect work life balance and that it is a Monday to Friday, 8 to 5. But they're lying about the level of success that they have or the money that they're making or what that looks like. So then we buy into it thinking that we're going to make hundreds of thousands of dollars on a Monday to Friday, 8 to 5. And then when we don't, we feel like a failure. And I think there's not there's not a lot of transparency. There's not a lot of transparency in what's actually going on in people's lives, in their businesses. It's what they're showing out there and they aren't being super honest about it. And so you really need to look at that. And one other interesting one that was just coming up when you were talking is if you have an idea that you think is amazing, 99% of the time, you are not your ideal client. So that might be a widget that you need to use and that you love and you think is the world's greatest idea. But you need to find someone outside of yourself to do some market research for you to be like, is this a widget that's actually a thing? Is anyone actually going to want to buy this? Is this a problem I'm actually solving with the said widget? Because your friends and family are going to be like, oh my gosh, this is an amazing widget. And they're all going to tell you it's the best damn widget they've ever seen, and you're going to make millions. And oh my goodness, we're all going to buy all the widgets for everyone we know. But when the rubber hits the road, nine out of ten of them are never going to give you a penny. 

Dawn Taylor

It's your closest people in your world that will never eat at your restaurant. It's the closest people in your world that will never buy your book. Yeah, they'll never share your posts. They won't 

Ally Stone

And they don't. And so you need to learn really quickly that that's actually not your market. And that's also a hard, hard thing to navigate when you start a business as well. 

Dawn Taylor

But navigating that, that's not, they're not your ideal market. They aren't your market. So if they're not sharing your stuff and they're not sending things out and they're not doing what you're expecting of them, it doesn't mean they don't like you or that they don't love you or that they don't support you. They probably don't know how. Or it's because they're not your market. And to be able to separate that, to be able to lower our expectations of the people around us and separate that. I remember, um, 2019, I wrote a book and it was really interesting the first time that, you know, people that had been telling me for years, I needed to write a book and I'd be like, oh my goodness, did you get it? And they're like, oh, no, I don't like reading. And you're like, oh, damn it, I know what you're like, thank you. Right. And it was so funny. Like I was glad at that point. Even I could take it like, you know, and just laugh it off and be like, oh my goodness, for real? But it's still to this day when someone will say something and I'm like, didn't you read my book? And they're like, no, should I have? I'm like, no, no, you shouldn't have done that. So, I love you. Thank you for not supporting that. Right. But to be able to not take that as a personal offense or a rejection or any of those things. And it's just actually humans being humans. 

Ally Stone

And one thing I'll say about that on the counter side is that building a business, while we don't want to lose ourselves in it and have it become our total identity, it's also a very personal thing, especially when you put your name on it like your name is on your business. Our businesses are us. We're not selling a widget. And so it does actually become quite personal. So it's like navigating that journey of our own. Maybe it comes back to resiliency, our own inner work, our own inner understanding of who we are and how we want to show up in the world and being confident in what we're doing, irregardless of what the outside world perceives it to be, is very important in a forward momentum and the level of success we have, because again, it can come back to that start and stop thing that I was talking about, right? Our mental health can start and stop our business quite quickly as well. 

Dawn Taylor

Oh, absolutely. So one of my biggest pieces of advice that I would give to someone, and even if they're in this already and they're like, I don't know if I want to be doing this. Stop giving a shit about what anybody and everyone else thinks and do whatever you want. If you are that passionate about your widget, go sell the damn widget. Right. But get up off your couch and go sell the damn widget. 

Ally Stone

Yes, yes. 

Dawn Taylor

Realizing you have to put the work into it. If you have a business and you're like, I am so sick of the hustle, and I'm just sick and tired of it, and I don't ever want to network again. And I don't ever want to have to sell myself again, or my services, or my restaurant or my store or whatever. Then stop. We don't actually have to torture ourselves for the rest of our lives, but also figure out your worth outside of your business so that your worth does not equal your balance sheet or your profit and loss statement. And that you are you, with or without the business. 

Ally Stone

There's so much more to life, right? This is just a fraction of it now. Yes, we spend a ton of time at work, but you're really pointing to me to like the authentic journey. And do we always make a decision in life that is successful and like, brings in all this joy? No. Like that's part of the condition of being human, part of the journey. And like when we can just embrace that. And if you start the company and you're like, I freaking hate this, that's cool too - just own it. 

Dawn Taylor

Oh, I got it. I have for sure multiple times. 

Ally Stone

I think there's like this important, uh, piece. I don't know that we're trying to articulate it, that we're kind of talking about today, but it's just that, like, if I was to say it in like a couple words, it's like, you do you but make sure you take the time to know you before you do you, so that you're happy with the decisions you make in life, whether they're successes. I don't really use the word failures a lot, whether they're successes or opportunities or whatever. Just enjoy the life that you're living so that when you are 90 years old, when you're 95 years old and you're sitting on that rocking chair of your life and you look back, you think, yeah, I started that business and it sucked. And I closed it and I went back to my job. And I'm happy with all of it because I'm glad I had all of the experiences I wanted to have in this life. And I think that's the most important thing. 

Dawn Taylor

You know, the business that I sucked the most at is literally what brought me this one. So. I wouldn't, I wouldn't be doing what I was doing had I not sucked so bad at that one. 

Ally Stone

Yeah. It's an opportunity. 

Dawn Taylor

Literally it was a woman from Vancouver who was this amazing restaurant business consultant. And I bid on a session with her at an event, a women's event I was at because she intimidated the hell out of me. Actually, I just saw her a few months ago or about a month ago, and I was there. And she still laughs at the story. And I sat in her office and she's like, what are you doing? She's like, you light up talking about helping people. She's like, you're doing so much of it on the side. She's like, why are you owning restaurants? And my very first trauma client was from one of my vendor reps that had flown in to come and see me about stuff. And we sat in a coffee shop and she cried about her daughter. And her daughter was one of my very first major trauma clients. And her testimonials on my site, I wouldn't be where I am had I not done that business, but also been so bad at it. 

Ally Stone

Yeah, for sure. We gotta suck to get somewhere. Like nobody starts out great at something. When we learn to walk—

Dawn Taylor

We fell on our faces in our asses a million times. Sometimes before we ever finally figured it out. I know nobody started off running a marathon. I don't know why. As adults we expect something different, but that is actually the process.

Ally Stone

 That's part of the experience of being human, and it's part of the beauty of life. Like, what a beautiful story, right? 

Dawn Taylor

So, find a person too, like, Allie and I have bonded over work and life and husbands and health and all the things. Right. But find some people. Find some people that you can have brutally honest, open, real, raw conversations with that won't just pacify you. And won't just yes woman or yes man you. But they will actually challenge you on things. 

Ally Stone

Yeah. It's so incredibly important. Yeah. I remember the first time I kind of started to create that circle around me because I was encircled by yes people, and not in a bad way, but I was like, I need to be challenged in my life. And it was so uncomfortable. It's brutal. But man, did I ever learn. Wow. I learned so much about myself. Like, I wouldn't trade those moments for anything. And so now, in the days which I'm uncomfortable most days in my career and in my life, um, I say - this is important, that I'm uncomfortable because as soon as I'm comfortable, I'm in the status quo. I'm not learning, I'm not growing, I'm not evolving. And those are things that are really important to me. And so, yeah going back to this, like if you're listening, what's really important to you in your life? I know that I'm clear about that. So I make myself uncomfortable. That's part of the experience. Yeah. 

Dawn Taylor

Ally, this was a fun conversation today. 

Ally Stone

Yeah, it was good. It was good. We didn't get into my traumas, but that's okay. Next time, if you want, we'll do another one. 

Dawn Taylor

We'll do another one. You know what, though? I think it's at a time when people are struggling, when a time when business owners are struggling. I think this was the conversation that really needed to be had. Yeah. This is airing at a time of year where we're going into setting new goals for the new year and figuring out what we want to do next year and all of the excitement around that. And with that, I think you need to ask yourself some of these questions and if you want change, but also to give yourself the permission that maybe you don't actually need to or want to be an entrepreneur. 

Ally Stone

Yeah, and that's okay. 

Dawn Taylor

Oh, the day I'm done, I'm getting a job for sure. Yeah. I mean, for years I'm like, one day, one day I'm gonna wake up and just be like, I'm out, I'm going to get a job. Chad always laughs about it. He's like, no, you won't. You're still going to be working when you're 90. And like, yeah. Probably. 

Ally Stone

Oh, it's amazing. It's a good journey. 

Dawn Taylor

Part of the fun of it all. Ally, thank you so much for being here. Thank you for being part of this conversation and for being a resource, being such an amazing leader and mentor and resource for women and business, people and business, and for what they're trying to do and where they're trying to go. 

Ally Stone

Thanks, Dawn. I'm really grateful for the conversation. Today was awesome. Thank you. 

Dawn Taylor

So for those of you listening, you can find Ally in our Show Notes. She's everywhere. She's an amazing conference coming up at the end of or in September, so we will have all of that in our show notes located at the TheTaylorWay.ca. So you can go check that out if you need any of her contact information. It's also going to be there and pretty, pretty. Please take a minute to actually ask yourself if what you're doing is what you should be doing right now in your life. Thank you, thank you, thank you again, Ally, for being here. And for those listening, check back in two weeks for another fun episode. Talk to you guys later.