Your money mindset can make or break you as an entrepreneur. I discuss how to create a successful money mindset in this episode with my guest, Robin Waite.

Robin is a dynamic and inspiring public speaker, author, and international business coach. He has a passion for helping others succeed and reach their full potential, and his energy and enthusiasm are contagious. With over 20 years of experience as an entrepreneur and business coach, Robin has a wealth of knowledge and practical insights to share with his audiences.

I asked Robin about his story and he said “I’ve only been in business for 21 years, so maybe I’m a bit of a slow learner. I don’t know. But I finally feel I’ve nailed it when it comes to pricing and money mindset.”

We dive into topics including:

Why how we choose to buy things is a reflection of how we price and sell things as entrepreneurs.
How to break through that pricing barrier in your mind.
The two financial things your business needs to be profitable.
The makeup of a successful business foundation.
The three questions you need to ask yourself to achieve your financial goals.
How and when to raise the prices of your service offerings.
How to attract the right clients at higher price points.
How to sustain a higher value, higher ticket price business model over time.
The challenge of “loss aversion” and how to overcome it.
The one thing, above all else, that you need to do to create a successful money mindset.

…and more golden nuggets of advice!

In the Beginning…

Robin ran a marketing agency for the first 12 years of his career, predominantly doing web design and branding up until 2016, and ultimately ended up selling that agency. It was a good time because he was between kids and it meant he could spend a bit of time with his family and just enjoy my earnout that he had.

Robin eventually needed to make a decision about his professional life; start a new career or start a new business? Because the first question everybody asked you at networking meetings is “What do you do?” And I’m like. I don’t really do anything ’cause, you know, and then I tell ’em I sold my agency and naturally you get a lot of freelancers and agency owners, small networking events.

Robin did some informal networking over coffee and cake and turns out actually I was quite good at it. While explaining the agency he sold Robin realized that the reason somebody wanted to buy his agency was because there was some really cool stuff which he’d done around sort of how we packaged up our offer, how we priced it, and various things like that.

During the 12 years of running that agency, with a bit of help from therapists and various mentors and coaches, he started to realize this mountain of value that he’d actually create. He also realized he had gotten rid of the negative money mindset which he had inherited as a child. Robin had undone a lot of that during those 12 years running the agency.

He decided to start a new business as a business coach.

Your Money Mindset Starts in Childhood

Many people’s money blueprints are actually formed before their earliest memories. You’re building emotions even as a toddler based on what’s going on in the home. Many of the people speaks with they typically say most of the arguments were about money. They’ve adopted the sort of stuff that people say, such as, money doesn’t grow on trees and money’s the root of all evil and all those sorts of things. But a lot of, um, you know, home-based arguments are familial arguments around money of some sort.

In Robin’s home growing up it was a bit traumatic. There were fights between his mother and father over household bills, holidays, and things like that. It got a point where Robin and his brother used to go and hide upstairs.

It was very volatile. So, you can imagine at a very young formative age Robin’s associations with money were scary. That’s the same for many people. Much of the population are born into not necessarily born into poverty; but they’re born into working class family homes where money is tight. You know, we’re not all built, born with trust funds and silver spoons in our mouths.

Financial Mindset Growing Up

And then go into your teenage years where you want a bit of financial independence. You don’t want to rely on your parents for money, so you go out and get a paper route or you go and work in a restaurant waiting tables or something like that.

Then you start to earn your own money. But now what you’re teaching yourself is that money comes through hard work and getting paid a wage. Part of that is repeating what your parents did because many of our parents worked for a wage throughout their lives. Then your parents are trying to educate you about money. They start telling you to be careful and make wise investments and that you eventually need to buy a house with a mortgage and everything else like that. Then they tell you to plan for college. Robin was privileged to go to college but came out of that with a lot of debt.

So, you’ve got these amazing young human beings who are starting off their adult life in debt with a very poor attachment to money. They spend most of their twenties and thirties recovering from that and trying to get back into a state whereby they no longer owe money.

Then consider business owners. You can see how all of this baggage isn’t particularly helpful when you’re then running a business as a grownup, right? Because everything still feels like hard work and how many times do you see business owners tearing their hair out? That’s because they’ve ended up working solid fifty plus hour weeks and they’re scratching their head thinking “I’m not making the money that I thought I’d make.”

Onwards and upwards; listen or watch the episode to hear the rest!

You can get my book here: “Idea Climbing: How to Create a Support System for Your Next Big Idea”

About My Guest

Idea Climbing Podcast Money Mindset

From the age of 18, Robin Waite spent four years as a systems analyst for a medical devices company, helping them increase their turnover by 50 per cent, from £1 million to £1.5 million.

From 2004 to 2014 Robin ran a successful design and advertising agency serving over 250 clients. During this time, he delivered workshops and masterclasses that helped over 1,000 business owners improve their marketing, product architecture, pricing, websites and digital advertising.

Robin loves helping businesses to become more successful and getting results for his clients is what gets him out of bed each day.

Robin’s practical, one-to-one sessions are grounded in hard work and a relentless focus on goals. He believes his coaching & mentor program can help ANY business become more profitable… and have a lot more fun while they’re at it!

Robin works with ambitious businesses in Gloucestershire, the south west of England and beyond, his goal is to help as many business owners as possible by sharing his 19 years of experience through his talks and workshops, business books, and one-to-one coaching.

Learn more about Robert and Fearless Business!

Connect with Robert on LinkedIn!

Want to learn more about successful money mindsets? Check out “How to Create a Millionaire Mindset with Cole Vandee“

How To Have a Successful Money Mindset with Robin Waite