How To Build A Business In 2023 (The Easy Way) - Robin Waite

Added: Aug 3, 2023

The episode begins with Ali expressing his interest in starting a coaching business and seeking guidance from Robin. Ali explains that he wants to help people with their dating lives and relationships, drawing from his own experiences and the knowledge he has gained over the years. Robin encourages Ali and suggests that he has valuable insights to offer. They discuss the structure of Ali's coaching program, which would involve a six-month transformation process for clients. Ali envisions starting with a two-hour intensive session to gather information and set goals, followed by weekly coaching sessions. Robin agrees that this structure sounds good and suggests that the intensity of the sessions can gradually decrease over time as the clients progress. The conversation then shifts to pricing, and Ali expresses his hesitation about charging a high rate due to his lack of formal qualifications in relationship coaching. Robin challenges Ali's mindset and explains that pricing should be based on the value he provides to his clients, rather than his own insecurities. He emphasizes that charging a higher rate can attract more committed clients who are more likely to achieve better results. Robin guides Ali through a pricing exercise, starting with a low rate of £200 for the six-month program and gradually increasing it. They eventually settle on a range of £2,000 to £2,500 for the program. Ali is initially taken aback by the higher price, but Robin explains that it is important to value his expertise and the transformation he can offer to clients. Next, they discuss the number of clients Ali would need to reach his financial goals. Robin introduces the concept of capacity-based pricing, where the price is determined by the number of clients Ali can realistically work with. They calculate that Ali would need around 10 clients per year to achieve his financial goal, which seems manageable given his availability. The conversation then turns to marketing and finding clients. Robin explains the four steps of marketing: identifying the target audience, determining where they hang out, going to them, and being tenacious in reaching out to them consistently. They discuss different strategies, such as running Facebook or LinkedIn ads, organizing workshops or talks at companies, and leveraging personal networks. Ali realizes that he has access to various networks through his friends who work in finance and consulting firms. He plans to offer free workshops at these companies to attract potential clients. Robin encourages him to leverage referrals and consider offering affiliate commissions to incentivize word-of-mouth marketing. They also discuss the importance of understanding the identity of the target audience and tailoring the marketing message to resonate with them. Ali realizes that his ideal clients are likely to be socially awkward individuals who value intellectual pursuits. He can use this insight to create targeted marketing materials that appeal to this specific group. One of the key points Waite highlights is the significance of pricing. He recommends avoiding hourly rates, arguing that they are unethical and do not align with the value provided to clients. Instead, he suggests pricing based on the results delivered to customers. By focusing on the transformation and outcomes, entrepreneurs can create a stronger value proposition and attract clients who are willing to pay more. Understanding numbers in business is another important aspect discussed in the podcast. Waite challenges the notion that people are not good with numbers and emphasizes the need to grasp key financial concepts such as turnover and net profit. He suggests that entrepreneurs should have a clear understanding of their finances and develop a system to manage their money effectively. Cash flow is also addressed in the podcast, with Waite highlighting the common mistake of confusing cash flow problems with the need to make more money. He advises entrepreneurs to focus on increasing revenue and keeping the money they earn. He suggests dividing income into different accounts for taxes, savings, and day-to-day expenses to ensure they have enough funds to pay taxes and build a safety net for their business. The podcast also addresses the fear of rejection and the resistance to taking action in business. Waite encourages entrepreneurs to overcome these fears and take the necessary steps to start selling their products or services. He emphasizes the importance of learning through action and suggests that entrepreneurs can gain valuable insights by getting out there and selling something. Delivering value to clients is another key topic discussed in the podcast. Waite suggests putting the offer at the beginning of a presentation or workshop to set clear expectations and allow participants to measure the value against the offer. He also recommends incorporating interactive elements, such as quizzes, to engage the audience and gather valuable data. Waite's coaching model integrates business, leadership, and personal health. He believes that neglecting one's health and relationships can hinder one's ability to be a good CEO and leader. Health is the most important aspect of life, according to Waite. Being unhealthy or ill can impact one's ability to run a business, be a good spouse or parent, or take care of others. He stresses the need to prioritize health and shares his commitment to going to the gym regularly. In conclusion, Waite advises aspiring entrepreneurs to take action and start their businesses without overthinking their ideas. He encourages them to seize opportunities and not be afraid to take risks.