How to Build a Business in 2023 (The Easy Way) - Robin Waite

Metadata

• Author: Deep Dive with Ali Abdaal
• Full Title: How to Build a Business in 2023 (The Easy Way) - Robin Waite
• URL: https://share.snipd.com/episode/3a1b9d59-e709-452d-9913-65bbf4d98319

Highlights

Why Pricing Yourself Based on Your Own Value System may Not Serve Your Clients Well Transcript: Speaker 1 So how much would I pay to have the opportunity to meet my future wife through online dating? And I wasn’t particularly good at the dating game, let’s be fair. You can’t put a price on that. And so I think where you kind of have looked inside yourself and kind of looked into your own value system there, and I’m not going to give you a therapy session now about around that. But it’s common what people do is they kind of base their prices based on their own value system. But what you’re actually doing there is you’re making a decision on behalf of everybody else in your world, all of your clients. So when you say, well, I think I’m only worth 40 pounds an hour, you’re kind of making a decision on behalf of all of your clients, which might may or may not be serving them justly. So think about it this way. There are things where maybe if you haven’t paid enough for it, do you really value it that much, whereas actually if you’ve paid a lot for something, do you cover it, cherish it, look after it, take care of it, think whether if you’re a capitalistic expensive cars and things like that, like you get the slightest dingy, like, oh my God, just ding my car sort of thing. So you really cover things that you’re actually investing in. So when it comes to coaching especially, it’s much better to be at the more expensive end of it, because then what you get is clients who are invested in the process. They’re more likely to do the things which you’re encouraging them to do. And as a result of that, they’re more likely to get better results. Right. So if you’re charging five to 10k for this transformation process. Five to 10k. My goodness. We’re coming to that. Okay. So this is part of the coaching process. So let’s say you’re charging five to 10k for this coaching process, you’re going to get very committed clients, but also you don’t need that many clients to work with each year in order to build a sustainable profitable coaching practice. (Time 0:34:40) Pricing What is the thing that my product or service enables someone to do? What is the value of increasing your focus and creativity?

The Importance of Stretching Yourself Transcript: Speaker 1 Well, it was between 800 and 1200 pounds where poker face came out. Yeah. You can keep a straight face. And I knew that that’s where your subconscious would tell you that’s what you say. Speaker 3 1200. I’m just like, I find myself just not being able to keep a straight face. Speaker 1 So it was 800, comfortable. You’re not disagreeing with me. So, so what we want to do is we want to, we don’t want to stay in comfort zone, because we don’t actually learn that much in there. You’ve got to stretch yourself a little bit. So my advice would actually be if you were going to go out and sell this hypothetical coaching program, you go and pitch 10 to 20 people at 1200 pounds for that six month transformation Process. And I know, because I’ve done this with 700 over 700 business owners now, the pricing thing that is get people to elevate their prices. I know that a good conversion rate for most service businesses like coaching is somewhere around about one in five to one in three. That’s random numbers call it 20 to 40%. So if you pitch 10 people, it’s not actually it’s 20%. So one in five is actually quite low. A lot of people think it’s quite (Time 0:38:57)review

The Importance of Free Work for Doctors and Nurses Transcript: Speaker 1 About if you actually carved one of those days out for the doctors and nurses, it’s your, you know, that’s your kind of like hero product. Right. And what if actually, well, you can’t work with them all, you know, you’d have to charge them a lower rate potentially if they can’t afford it. And I’m surprised they can afford to eat, you know, at the moment, the amount of doctors and nurses are paid. But so maybe what you do is you introduce a group program, you know, a membership or something like that where they get access to the IP, maybe it’s a self-paced learning with a weekly Q&A on a Friday just for the doctors and nurses. Right. And they get a preferential rate for that when they show their doctor or nurse badge. And that’s your way of giving back to those love clients. Speaker 2 I could even give it to, I could even give it to them for free. Speaker 4 You could see. Speaker 1 Yeah. Damn. Yeah, 100%. My, my hesitation with that is would they value it if it was free? Would they do the work if it was free? Do they need to have a little bit of something? Yeah. Speaker 3 A little bit of skin in the game. Speaker 2 Yeah. Doctors are notorious about signing up to free stuff and then not actually. Yeah. Yeah. Speaker 1 So so it might be that, I don’t know, maybe they get it but a reduced rate. Maybe that’s the price we started off. Speaker 2 One thing that I’ve seen this other, this other business do is that you pay something upfront. But if you do the work, you get a full refund. Yeah. And that would be sick. Like if I could charge them like, I don’t know, even, even like 500 quid for the whole six months and they know they’re going to get the refund if they do the work. Yeah. That would really motivate them to do the work. Yeah. And so many more doctors and nurses would be in relationships then. Yeah. Sick. But (Time 0:47:13)review

How to Be a Successful Streamer in 10 Steps Transcript: Speaker 2 Against. There’s a Twitch streamer called Ludwig, who’s also a YouTuber, he’s absolutely huge. And he has a YouTube video, which is something like how to be a successful streamer in like 10 steps. And it’s like a sort of hour long video. And he’s like, starts off by being like, okay, I’m going to teach you the 10 step process of how to be a successful streamer. Why should you listen to me? Well, because I’ve blown up and I’ve done this and I’ve done this and I’ve done this and I’ve done this. So you really should listen to me. I’m going to tell you the steps. Let’s go for it. Step number one, pause this video right now and just answer these three questions. What’s your goal? How much time are you willing to put it on blah, blah, blah. And then he’s like, no, I’m serious. I know, you know, I’m sure you guys are going to keep watching, but like genuinely pause the video right now. I seriously pause the video and write down these things. He says that like five or 10 times. And so I, you know, I was like, okay, you know what, I’m going to pause the video. I wrote down those things. And then I’m in then a press play. And he’s like, right, I estimate less than 10% of you actually stop actually pause the video. If that’s you, then quit right now because there’s no way you’re ever going to make it in the streaming world. The streaming world requires so much bliss, this, this and this. I am the biggest streamer in the world. And the fact that you have literally not followed me to say saying to you 10 times, pause the fucking video and write that and write these three things down means there’s just no way in How you’re going to make it. Speaker 3 So switch this video off right now and just the comments in the video are like, Oh my God, he called me out. He called me out. He called me out so much. And I thought good because I was like, I actually pause the video and took action. (Time 1:34:25)review

The Skepticism of Advice Transcript: Speaker 2 Think there’s, oh, there’s almost a natural, a natural, a kind of defense mechanism that people have when it comes to, I think, I think, especially in the UK, I feel like Americans have Less of this defense at least from what I’ve seen at conferences, any sort of a natural defense to anything that seems even remotely like, Oh, this person’s trying to tell me what to do Or they’re trying to promise something that’s too big. And this sort of natural, or this skepticism that we have towards following the advice of someone who’s been there and done that. And we don’t have that skepticism when it comes to a tennis lesson or a guitar teacher, but we have that skepticism when it comes to a sales coach, a marketing coach, or a business coach, Or anything remotely in the make money realm. Why any thoughts on that? Speaker 1 I think it’s the answer to just what our preconceived ideas are about that thing. You kind of know a little bit about, like, if you’re going to show up to a tennis lesson, you know that you’re probably going to have to run about a bit and swing your racket and hit a few balls, Right? So you kind of got a preconceived idea about it. I think to a lot of people, there is a certain element of mystery around what business is, what it means. And I always say to people, like, you can do the website and the branding and the domain names and all of the things like the goal setting, the business planning, all that sort of stuff. But (Time 1:36:11)review

How to Deal With Fear in Coaching Transcript: Speaker 3 It. I think it really simplifies things. Speaker 2 Okay, so I’ve been working with you and we’ve said, and I’ve said to you, Robin, right, you know, these are my slides for my talk at McKinsey and you’re like, no, hang on, I think you should Put your put your put your picture at the start. You’re telling me about this thing called score app link down below where I can build a scorecard or a quiz or something. And I’m like, Oh, cool. And then we’re like practicing the presentation and stuff. And then I go to the session. And I’m like, you know, we check it afterwards, I message you in WhatsApp or something. And I’m like, Robin, the session went great. I’ve already got three people at the end of it who came up to me and who said that they wanted my coaching services. Yeah. Speaker 3 And at that point, I felt scared and I was like, so I said, I get back to them. So I’ve got their numbers. What what happens next? Speaker 1 Well, there’s nothing to be. So again, if that is there’s a fear factor around that transaction having to happen, well, let’s see if we can eliminate that from the process a little bit. So what what might be a bit of a compromise there that you might feel more comfortable with? Could it be something like, well, maybe let’s just do a 30 minute chat, see if it’s a good fit. Speaker 3 Oh, that sounds good. Speaker 1 So let’s see if we gel together, let’s see if we can work together. You’ve got a bit of data about them already. Speaker 3 And that’s a free chat. Speaker 1 It’s a free chat. Some people you could pay some you could charge for it if you wanted to a small amount if you wanted to get commitment. But yeah, given they’ve sat through like a 40 minute presentation with you filled out your scorecard, you’ve already built up a bit of trust. (Time 1:41:50)review

The Pattern of Guilt Transcript: Speaker 2 What does that look like playing, playing out that story? Speaker 1 Well, work is serious, isn’t it? It’s like very focused. It takes all of your attention away, right? But with kids, it’s fun, playful. It’s exploratory. It’s like dancing. I don’t know. It’s all, all, you can imagine all the fun stuff, the stuff that went through our minds when we were kids we’ve forgotten about, that our kids, my kids are now, you know, want to enjoy in Life. And it’s, it’s being able to get involved in that without being drawn into the work series thing. Just stay in the fun playful space for them. Yeah. Speaker 2 So is the guilt around it from like, oh, if I’m, if I work harder, then I’ll make more money and therefore be able to give the kids a better life. Speaker 1 Is that, is that the pattern or is that the script? Like, what’s, what’s the script that’s aimed at the game? My challenge, Alias, I love what I do. I love my work. Yeah. And it’s a different kind of love, though, obviously, to family and kids and all that sort of stuff. But it’s, it’s, I’m so passionate about helping the business owners. But, but then am I just using that as an excuse to get more tied up and work and ignore what I need, the work I need to be doing over here with my family, right? Yeah. It’s, it’s, it’s, it’s such a complicated battle, which, you know, it’s, it’s a lifetime’s worth of like stuff that’s got me caught up in that, which I’m now probably spending the next Part of my lifetime unpacking. Yeah. (Time 2:09:56)review

The Toxic Side of Work Transcript: Speaker 1 Yeah. And it’s just such a common pattern. And I’m like, I need to fight, fight really hard against that inertia. It’s, it’s provider traits. Think we’ve done it since we were cavemen. Yeah. You know, that’s, it’s, it’s a, it’s a natural instinct. But we don’t have to do that in 2023. I, there’s, there’s a whole nother episode and probably people who are better educated to speak about this than me, but the whole sort of equality, male, female equality and, and this, You know, everything which goes along with that. It’s just, you know, I think it’s about being open to just breaking those sort of like the provider trait is I think it’s quite toxic in men because quite often men absorb themselves in Their work. I’ve done this. I’ve been totally guilty of this. I don’t mind not ashamed to admit it. Well, I’m probably slightly shameful to admit it. I don’t know. But sometimes I’ve used workers as a reason to hide from problems, challenges in my life, whatever shape or form those take. And I, that’s the toxic side of it. And I think if men become more aware, I’m just going off on a proper tangent now. If men become more aware of the reasons why they’re turning to work, and they’re, they’re able to face that reality that maybe they might be hiding away from something with their work, We will have a lot more happier men out there, I think in the long run, if they can start to understand that. Speaker 2 And as you’re saying that, I’m thinking like, shit, what am I hiding from? (Time 2:11:53)review