Tom Bailey: Hello and welcome to the Flow And Grow Expert Interviews. The place for experts and entrepreneurs who want high value ideas to boost business results.
Hello. I'm Tom Bailey. And in today's episode, I'm joined today by Robin Waite who is the founder of Fearless Business and he helps coaches, consultants, and freelancers to confidently charge more. So, Robin, hello, and a very warm welcome to today's episode.
Robin Waite: Oh, thank you, Tom. Very excited to be here, indeed.
Tom Bailey: Great. And whereabouts are you in the world right now?
Robin Waite: Based in near Bristol in the Southwest of England.
Tom Bailey: Amazing. Thank you so much. And let's just jump into the subject of Robin just for a second then. So, Robin is the host of the Fearless Business Podcast. He's a Guinness world record holder, course creator mentor, and also the author of six best selling books.
And the title for today's episode is How To Confidently Charge More For Your Products Or Services. And Robin is going to show us how to do that in just under seven minutes. So, question number one for you, Robin is who are your ideal clients?
Robin Waite: Ideal clients are people who are they run service client businesses, typically charging time for money. So, by the hour or by the day, and they're all normally, coaches consultants or freelancers. Albeit I do have a couple of, sort of, random types of businesses, which fall through the net, which are, I've done some work with some accountants, done some work with several medical, aesthetics businesses and also some dog trainers. So, okay.
Tom Bailey: Got a big variety there then. Absolutely. And when we do think of the core base of your clients, these coaches, consultants, what is the biggest challenge that they typically face?
Robin Waite: The biggest challenge is that they're all incredibly bright people. They get amazing results for their clients. But the challenges that they tend to be running around, like busy fools, a lot of the time, because they're that busy selling lots of hours of their time because they need to, to pay their mortgage to pay that like put food on the table, like the bills and things like that. And so, they're constantly out there trying to find clients to sell hours to so through our sort of process, which hopefully we'll get a chance to do that in the seven minutes is a bit of a challenge, but we will start digging into how we actually start to unpick that and confidently charge more.
Tom Bailey: Perfect. Thank you. And, and thinking about these coaches that are busy running around, trying to find clients, what impact does that normally have on either them or their business?
Robin Waite: Well typically what they end up doing is a lot of our clients end up coming out of corporate and setting up a job and then they invariably, Oh, sorry, setting up a business.
And invariably, they end up creating another job for themselves. The other thing, as well as they factor, they kind of set their goals around being able to deliver 20 days worth of work a month. So, they work out their hourly rate or day rate, multiply that by 20. And they think that that's what they're going to learn, but what they've not factored into that is what goes on behind the scenes in terms of running a business.
So, marketing and sales accounts, finance, you know, all of the different facets of the business on top of actually doing the fulfillment. So, the reality is they only ever ended up selling sort of three, four, five days a month. And the rest of it is spent kind of, you know, being, doing the running around like a busy fool, trying to grow that business and work out this problem.
Tom Bailey: Understood. Yep. Sounds it sounds like a pretty painful place to be in. So, if you are in that situation, what is one valuable piece of advice that you might give somebody to really help them get out of that downward spiral?
Robin Waite: The key thing is when people charge by the hour, they actually forget to factor in two really important pieces of information.
And so, into that calculation. So, the first one is intellectual property. A lot of the clients, we worked with a very experienced business people, regardless of what they've been in a job or through running their own business for X number of years. So, all of this knowledge that they've learned over the years, I'm getting case studies, reviews, and testimonials and success stories with clients.
They forget to factor that into the calculation. And the second thing they forget to factor into the calculation. They kind of touched on before, but it's the overheads and operating expense in the business. And actually, when you start to think about it, you could, you know, your time is about a third of what you should charge for something.
Intellectual property is probably another third and the overheads and expenses are probably another third. So, typically, most people charging by the hour could two X or three X their prices, and end up at a more reasonable rate where they feel like they're getting paid their worth.
Tom Bailey: Yeah. Yeah, it makes complete sense to me.
And as a six times author course creator and online, online coach, have you got some valuable, free resources that you could share with people to really help them move forward?
Robin Waite: Yeah. So, one of my best of the best bet is probably this book. 'Take your shot', so there's, there's a couple of options.
This one, one, you can always help me out by buying it on Amazon, if you want to. And it's on audible as well. If you're into audio books, but I am giving away free copies to your listeners. This is an exclusive, I'm an, I'm a pretty generous guy anyway, but they can head on over to fearless.biz/tys for ‘Take Your Shot’.
You can download a free copy of that. And if you listen to the bass, the new car will post out a copy to them as well.
Tom Bailey: Fantastic. Thank you so much for that. And that's fearless.biz/tys and I'll put a copy of the link to that below this episode, so people can click that and get a copy of that book.
Thanks, Robin. What would you say is your greatest failure that you've ever made either in life or in business? And what did you learn from it?
Robin Waite: Well, first and foremost, I don't believe in failure is not an option really. I believe you, you win or you learn those are the two best outcomes. So, you know, take the app word out that the capillary for start, but in terms of my, my own personal sort of where I look back on my business journey and think, well, maybe I could have done things ever so slightly different and differently.at I wished I'd known back in:
Like when you've got cashflow coming in through the business, it gives you so many more opportunities than the accountancy is worth the struggle which I had during those early agency days. And I, I don't want any business owner to have to go through why. Well, I went through the painful process and nobody else has to do.
Tom Bailey: Great. And, and all those lessons that you learned along the way, you know, that is available resources and content that you can help people avoid those problems. Absolutely. Great. And the last question from me today is what is one question that I should have asked you that will also give some great value to our audience today?
Robin Waite: Well, one of the first things is most common questions I actually get asked is, well, how do you increase your prices? So, I kind of given a couple of snippets around like obviously why you should increase your prices, but how that's I'll try and break it down as quick as I possibly can. So, if you're charging by the hour, let's say you're a web designer and your websites are going to take 20 hours to build and you charge, 50 pounds an hour.
What you've got to start doing to productize your service is get used to saying the big number, the thousand pounds, rather than 50. 50 pounds an hour at 20 hours. So, get used to saying the big numbers when once you've started being able to articulate your value, say the big numbers and start to sell packages at thousand pounds.
Generally, what happens then? And this is the bit of the pixie dust moment with the coaching, right? You just get it. All of a sudden you get used to what it's like to sell packages with big numbers attached to them. More often than not what happens at that point. My clients will then say things along the lines of, Oh my gosh, Robin, I can't believe how easy it was to sell the last package.know, they're selling it for:
Tom Bailey: Fantastic. And sometimes I've heard before is how would you put a value on the transformation that you're giving to that person rather than the hours that you're putting in.
Robin Waite: Hundred percent? Yeah. It's, it's all got to be results and outcomes focused. If what you find is you're selling features, you know, HTML code and hours is a feature, believe it or not, or sessions of coaching as a feature or days of your time as a consultant is a feature you're actually doing it wrong. What you need to be focused on is what remarkable outcome you're going to deliver.
For your client's business and then that's what you get paid for.
Tom Bailey: Great. So that's an awesome way of looking at it. So, and Robin, thanks again for your time today. I've really enjoyed meeting you and I just can't wait to share in this episode with our audience.
Robin Waite: It's my pleasure. Thank you, Tom. Appreciate it.