In this podcast, Robin Waite, a professional business coach with 20 years of experience, shares valuable insights on starting and growing a business in 2023. Topics discussed include finding your product, pricing strategies, mindset, and building a team. The episode also touches on meal replacement shakes, investing apps, relationship coaching, pricing your services appropriately, finding ideal clients, lifelong learning, leveraging connections, delivering results, becoming a successful streamer, skepticism towards business coaches, qualifying potential clients, overcoming comparison and imposter syndrome, work-life balance, and a book about a golf professional's journey.
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Quick takeaways
The podcast emphasizes the importance of finding a business idea one is passionate about to start and grow a business in 2023.
Coaching plays a significant role in helping individuals achieve their relationship goals by providing guidance, accountability, and stepping out of their comfort zone.
Determining pricing for coaching services should take into account the coach's financial goals, capacity, and the transformative value and confidence they bring.
Overcoming fear, imposter syndrome, and comparisonitis is crucial for entrepreneurs to take action and achieve their goals, while also focusing on health and personal fulfillment.
When starting a coaching business, it is recommended to create value-based pricing models that reflect the transformation and outcomes delivered, rather than relying on hourly rates.
Deep dives
Step-by-step process to find your ideal partner
The podcast episode explores a step-by-step process to help individuals find their ideal partner. This process includes understanding one's goals and preferences, optimizing dating app profiles, attending meetups and events, and debriefing after dates. The host highlights the importance of fun, freedom, and finance in relationships and encourages individuals to find a business idea they are passionate about. The episode emphasizes the value of coaching in helping clients achieve relationship goals and suggests potential pricing models for coaching services.
Role of a business coach
The podcast episode features a conversation with a business coach who provides insights into the role of a business coach. They discuss the differences between a coach, a mentor, and a consultant, highlighting the importance of well-formed questioning and guidance in coaching. The coach emphasizes accountability and stepping out of one's comfort zone as part of the coaching process. They encourage aspiring entrepreneurs to start with something they are passionate about and explore the profitability and fulfillment factors of potential business ideas.
Determining pricing and target audience
During the podcast episode, the host and coach explore the process of determining pricing for coaching services. They discuss the concept of capacity-based pricing, taking into account the coach's financial goals and their capacity to serve clients. The coach encourages the host to consider the transformative value of their coaching program and the confidence they have in delivering results. They introduce the idea of higher pricing to attract committed clients and create focus on quality rather than quantity.
Overcoming fear and self-value
The podcast episode addresses the host's concerns about fear, self-value, and imposter syndrome. The coach encourages the host to challenge their limiting beliefs and not base pricing solely on their own value system. They discuss the importance of confidence in selling coaching services and the significance of being in the right mindset to provide value and transformation for clients.
Focus on transformation and results, not hourly pricing
When starting a relationship coaching business, it is important to focus on delivering transformation and results for clients rather than relying on hourly pricing. Hourly pricing can be seen as unethical and does not incentivize delivering value or achieving desired outcomes. Instead, create a value proposition based on the results you can provide to clients and offer packages or programs that align with their goals.
Start with an engaging workshop and offer a quiz
When conducting a workshop or presentation, it is recommended to start with an engaging introduction and offer a quiz or interactive activity at the beginning. This helps establish credibility, engage the audience, and provide a personalized experience. By offering a quiz related to the subject matter, you can gather leads, gain insights into their needs and preferences, and tailor your offerings accordingly.
Avoid waiting until the end to pitch your services
Instead of waiting until the end of the presentation to pitch your coaching services, introduce your offerings at the beginning. This allows attendees to understand what you offer and creates value context for the rest of the session. Offer specific next steps or invitations to continue the journey, such as consultations or enrollment in coaching programs.
Don't rely solely on hourly rates for pricing
Hourly rates can be limiting and do not indicate the value provided or the results achieved for clients. Instead, consider pricing models based on the transformation and outcomes you deliver. This allows for fair compensation and aligns with the success clients experience through your coaching services.
Summary of the Podcast Episode
The podcast episode discusses the importance of overcoming fear and taking action in entrepreneurship. The speaker emphasizes the need to fear less and take the first step towards one's goals. They discuss the common challenges faced by early-stage entrepreneurs, such as comparisonitis and imposter syndrome. The episode also explores the significance of building sustainable recurring revenue and finding a balance between work and personal life. The speaker highlights the value of learning from mentors, coaches, books, and podcasts to accelerate one's entrepreneurial journey. Overall, the episode encourages entrepreneurs to embrace the easy and effortless approach to business and focus on health, relationships, and personal fulfillment.
We have a lot of people listening to this podcast who potentially want to start their own businesses someday, maybe even today or tomorrow. This interview is with Robin Waite. Robin is a professional business coach, public speaker, and author with 20 years of experience. For 10 years Robin ran a successful design and advertising agency serving over 250 clients which he then sold before helping thousands of people become grow their businesses with his business coaching. This has been one of my favourite episodes of the podcast and Robins book, ‘Take Your Shot’ was one of the books I read as soon as it came out and it’s featured in my top 10 recommendations. In the episode we talk about how to start and grow a business in 2023 covering everything from finding your product, to pricing, to mindset and building a team. I hope you enjoy the episode as much as I did.
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Season 6 Episode 9
00:00 Intro 04:21 What does a business coach do? 07:57 The three Fs of business 18:33 Getting your business started 28:30 Pricing yourself 44:43 Finding clients 58:30 Scaling your company 1:06:53 Managing your finances 1:18:18 How long does it take to make money? 1:25:52 You are not your business 1:28:02 Overcoming sales resistance 1:39:54 Beating the fear-factor 1:53:13 Biggest mistakes entrepreneurs make 2:00:39 Robin's backstory and finding a work-life balance 2:15:40 Work vs. entrepreneurship 2:21:35 Robin's book and a special offer
