How To Confidently Charge More For Your Products Or Services - With Robin Waite
May 01, 2021Tom Bailey, Founder of Succeed Through Speaking, Interviews Robin Waite
Robin is the Founder of Fearless Business; Helping Coaches, Consultants & Freelancers to Confidently Charge More.
Husband ✳️ Daddy ✳️ Business Coach
🏆 Guinness World Record Holder
🏄♂️ Surfed 15ft Waves in Morocco
🚴 Hit 52.5mph on my Road Bike
🤯 Mental Breakdown in 2016
🔥 So I Sold my Marketing Agency
💰 And Built a 6-Figure Coaching Business
🤩 Founder of Fearless Business
🎧 Host of Fearless Business Podcast
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Online Business Startup (sold 25k copies)
Take Your Shot (500+ 5* reviews)
Marketing Machine
Get Coached
Kickstart
Pivot and Grow
Why you've got to check out Robin's episode:
- Learn how Robin helps service-client businesses who are running their business offering charge by the hour services including coaches, consultants, freelancers, accountants and even dog trainers.
- Discover the biggest challenges these business owners typically face including being constantly in the process of trying to run around and find new clients.
- Understand why starting a business sometimes ends up just creating a another job for business owners, and how to avoid this from happening.
- Learn how to confidently charge more for your products or services instead of charging by the hour, by factoring IP and your operational costs into your prices.
- How to get used to saying the ‘big numbers’ when you are quoting your prices for your products or services to your prospects
- Get access to an exclusive offer of Robin's free book called Take Your Shot. This is an exclusive offer for our listeners :)
Resources / Links
Transcript
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.
