Podcast Summary: "The Mentor Effect: Unlocking Growth Through Guidance"

You Can! Inspiring Women In Business
Host: Sarah Jolley-Jarvis
Guest: Savannah, Mentor for Cake Business Owners
Release Date: October 3, 2024

Introduction

In the episode titled “The Mentor Effect: Unlocking Growth Through Guidance” of the You Can! Inspiring Women In Business podcast, host Sarah Jolley-Jarvis engages in a profound conversation with Savannah, a seasoned mentor specializing in guiding cake business owners. The discussion delves into the transformative power of mentoring, particularly for women aspiring to transition their passion for baking into successful, full-time businesses.

Savannah’s Journey into Cake Making

Savannah shares her organic entry into the world of cake making, describing it as a serendipitous journey rather than a calculated career move. Beginning with a simple act of boredom, she decided to bake cupcakes, which quickly evolved from a hobby into a burgeoning business.

Savannah [00:25]: "I just did more and more and more and then I got really good at it pretty quickly. So I was like, you know what, I could do this as a side hobby."

This spontaneous start highlights a common pathway where passion meets opportunity, laying the foundation for a thriving business.

Common Path for Cake Entrepreneurs

The conversation underscores a prevalent trend among cake makers: starting with small, personal projects that gradually expand into a full-fledged business. Savannah observes that many entrepreneurs begin by crafting cakes for personal celebrations, which eventually attracts broader demand.

Savannah [04:23]: "It's very rare that somebody comes along and says, I want to start a cake business because I want to start a cake business. It's usually they've fallen into it somehow."

This natural progression from hobbyist to professional emphasizes the importance of passion and personal satisfaction in sustaining business growth.

Biggest Pitfalls in Transitioning to Business

A critical discussion point is the common mistake of treating a business as a mere hobby. Savannah highlights that many aspiring entrepreneurs undervalue their offerings and undercharge, undermining their potential for profitability.

Savannah [06:13]: "Treating it like a hobby, that is. Yeah, absolutely. Even though they've registered and they've said, right, this is going to be a business and I'm going to make money from this, they still treat it like a hobby."

This mindset often prevents individuals from scaling their businesses effectively, keeping them tethered to their corporate jobs without fully committing to their entrepreneurial ventures.

Gender Dynamics in Charging for Services

The episode delves into the unique challenges women face in pricing their services appropriately. Both Savannah and Sarah discuss the internal struggle of feeling "greedy" when charging for something they love creating.

Sarah [07:33]: "It's like we've been greedy. It's like, oh, wait a minute, you know, because I like this, I shouldn't really charge somebody so much."

Savannah [08:02]: "It's this whole mindset for women is I'm enjoying what I'm doing, so surely I can't charge for that."

This conversation sheds light on the societal expectations that often discourage women from valuing their work adequately, highlighting the need for a shift in mindset to ensure fair pricing and business sustainability.

Damaging Effects of Undercutting

Undercutting prices not only affects individual businesses but also the industry as a whole. Savannah explains how treating a business as a hobby leads to pricing wars that can erode the market's overall value.

Savannah [09:11]: "It's really damaging to the industry as a whole... educating everybody to charge what should be charged helps."

By maintaining fair prices, businesses can ensure profitability while preserving the industry's integrity and quality standards.

Role of a Mentor

Savannah elaborates on her role as a mentor, emphasizing the importance of guiding mentees through mindset shifts and business strategies necessary for transitioning from hobbyist to professional.

Savannah [10:59]: "I am the person that says, right, you want to do this, this is how it's done, go and do it."

Her approach is proactive and directive, ensuring that mentees not only dream but also take actionable steps towards achieving their business goals.

Difference Between Mentor and Coach

The dialogue distinguishes between mentoring and coaching, with Savannah positioning herself firmly in the mentoring realm. Unlike coaches who facilitate self-discovery, mentors like Savannah provide direct guidance based on their own experiences.

Savannah [15:30]: "And that's my impression of a mentor. Coaching is a little bit more hands off."

This distinction clarifies the active role mentors play in shaping their mentees' business trajectories through shared experiences and practical advice.

Importance of Having a Mentor

Savannah shares her personal experiences, underscoring the invaluable support a mentor can provide. She reflects on how mentorship could have accelerated her own business growth by helping her avoid common pitfalls.

Savannah [17:44]: "I wish I had somebody Back then, who I could just get in touch with and say, look, I'm thinking about doing this. What do you think?"

Her testimony reinforces the critical role mentors play in fostering business success by offering guidance, support, and accountability.

Tips for Finding the Right Mentor

When asked about finding the ideal mentor, Savannah advises aligning one's goals with the mentor's expertise and current business practices. She emphasizes the importance of observing a potential mentor’s online presence to ensure compatibility.

Savannah [20:24]: "If somebody is wanting to have a shop selling cakes and things like that, that's probably not for me because I've never done that."

She recommends seeking mentors who have achieved the specific goals one aspires to, ensuring that the guidance received is relevant and actionable.

Conclusion

The episode concludes with Savannah sharing her primary platforms for mentorship, notably Instagram and Facebook under "Cake Business Academy." Sarah encourages listeners to connect with Savannah through these channels for further guidance.

Savannah [22:16]: "Yes. That is my number one place."

As Sarah wraps up, she teases an upcoming solo episode focused on business growth, promising continued support and insights for aspiring women entrepreneurs.

Key Takeaways:

• Transitioning from Hobby to Business: Passion can organically evolve into a profitable business if approached with the right mindset and strategies.

• Mindset Shift: Viewing a venture as a serious business rather than a hobby is crucial for scaling and sustainability.

• Fair Pricing: Women often struggle with valuing their work appropriately, but maintaining fair prices is essential for business health and industry integrity.

• Mentorship Importance: Having a mentor provides invaluable guidance, accelerates growth, and helps avoid common mistakes.

• Finding the Right Mentor: Aligning goals and ensuring compatibility through a mentor’s expertise and business practices are vital for effective mentorship.

Notable Quotes:

• Savannah [00:25]: "I just did more and more and more and then I got really good at it pretty quickly."

• Savannah [06:13]: "Treating it like a hobby... they still treat it like a hobby."

• Sarah [07:33]: "It's like we've been greedy... I shouldn't really charge somebody so much."

• Savannah [09:11]: "It's really damaging to the industry as a whole... educating everybody to charge what should be charged helps."

• Savannah [17:44]: "I wish I had somebody back then... What do you think?"

For more insights and mentorship from Savannah, visit her Instagram and Facebook pages at @cakebusinessacademy.