ep 50

The host discusses the importance of mentorship in business and shares her personal journey in finding the right mentor. She talks about the need for outside support when taking big leaps in business growth and the consequences of not having guidance. The host also emphasizes the importance of investing in the right kind of support and shares her experiences with different types of mentors. She advises saving for mentorship and treating it as a deposit on a new home, rather than waiting to have all the money upfront. Hello, hello, welcome back to the Buyer Side Chat podcast, where I take you inside the mindset of a buyer to help you scale your product business profitably. I'm your host, Kristen Fisher, your buyer bestie, and I'm so glad that you guys are here today. I appreciate you tuning in. You know that. I love you guys for listening so much. So, okay, today, I don't really have many notes for today. Sometimes I have notes, sometimes I don't, just depends on how I'm feeling and the topic. Today, I just kind of wanted to talk about mentorship in your business, because I've been, I don't know, the last couple of months, I've really been just in a place, trying to figure out what mentorship looked like for me, why it's important to me, whether I need it or not, and I've really done a lot of work to kind of get myself through what is right for me and my business. So I just wanted to share that, because I think a lot of times we make really big decisions in a silo, and I don't know, I don't really feel like a lot of people talk about it all the time. So I just wanted to share kind of what I've been going through, and hopefully it helps some of you guys that are listening. So really, it's all about what it looks like to invest in your own personal development as the CEO of your business, when you're really pushing yourself to take that big leap in your business, when is it right to have somebody supporting you in those stages? And when is it better for you to just dig deep and do it on your own? So that's kind of what I'm going to talk about. So I recently, just within the last couple of weeks, invested in a mentorship program for myself, and it's the biggest investment I've ever made in my own business. And you know, it might be small for some people, I know there are like crazy ass masterminds out there that are like six figures, that is not what I'm talking about here. But it was big for me. From what I have invested in the past, it's the biggest one I've invested in. And so I really, really sat with the decision. And when I tell you I'm embarrassed about how much time I wasted, how much brain space I wasted, sitting on the fence, thinking about it, trying to decide if it was right, like it's embarrassing to admit it, because while I admit that I'm an overthinker, I have been doing so much inner work to really stop overanalyzing everything in my life. I'm such an overanalyzer. It's not debilitating, like it's not that bad. But when it comes to really big decisions, I pick things apart. But then what's interesting is other times, I can make split second decisions. And sometimes I'm like, Oh, maybe I should have sat back and looked at that a little bit longer. But nothing's ever bit me in the ass. So, so far, so good. But I really sat with this. And I think the reason is because I'm coming off of a couple of months where I kind of hit a wall. And here's the deal. I think it's because I did not have mentorship for most of last year. I invested in shorter sprints, meaning like a four-week intensive, or a one-on-one, you know, 90-minute session. Because the year prior, I had a long-term commitment with a coach that really was amazing. And I was like, You know what, 2023, I'm going to take all that skill set, and I'm going to apply it. And I'm going to really work towards it. But then I got to these sticking points. You know, you know what I'm talking about when you're just kind of like, Oh, this feels uncomfortable. I'm in my own head. I need to invest in some support, like quick, short-term support. And that worked for me for most of last year. But towards the end of the year, it kind of wore off. It was like, Okay, now you're treading water out here. Your business is growing really quickly because it's Q4, and that's what happens every Q4. You know, I know it's happening. I know it's coming. And I'm fortunate that the business grew in Q4, because I know that's not the same for everyone. So I'm very fortunate about that. I found that I was really busy and still trying to do all the things. And I had big goals and things I wanted to launch in Q1 for both Boku and for coaching. And it was all kind of coming to a head. And so it's like, all of a sudden, I was spiraling in Q4. I didn't have anybody to really talk to, except for my one really close, actually two really close business friends. God bless their souls. They supported me through my spirally, swirly thoughts, but that's not their job, right? And so I had a whole Q4 of just like, I don't know, poof, all of a sudden, I land in January, like a fairy drops me in January, and I'm like, What is going on right now? I need to get it together. I am not going to be sitting here this time next year, feeling like this because the last three months haven't felt good. And it's not to say that all things were bad. It was just, I feel like I was hitting these growth moments, and I had no one to advise me. And so I was tired, and stressed. And also, I have a lot of personal things going on outside of business, you know, because we also have lives. And I just didn't have anywhere to kind of turn to. So I was just turning inward to myself. And so I sat on it. I for weeks have been like, you know, should I still do this on my own, blah, blah, blah, you know, back and forth, back and forth. And I sat down, you know, I, you guys have heard me talk about how I really relish the first couple of weeks of January, every year, it's this gift I've given to myself, that I just think is so powerful, because it allows my brain to settle down, not make any rash decisions, but to just really evaluate, how am I feeling? What needs do I have in my business? What worked last year? What didn't work last year? What felt good last year? What didn't feel good last year? And just really look at the data, and also look at how it feels, because it's really both that push and pull, you know, it's both of those things, data can tell you a lot, but also how you're feeling in your business can tell you a lot, too. So I really sat with that. And while I was overanalyzing, I was also letting the dust settle. And when I look back on really the last two years, specifically, that's when I truly started investing in my business. I started investing in mentorship. Prior to that, it was a course here and there. It was, you know, a free training. It was listening to podcasts, it was Googling, kind of duct taping things together. And there's a time and a place for that, for sure. But I was growing and made that first investment in my business and realized, holy fricking crap, how have I not done this sooner? Because that power of an outside, unbiased, skilled view, someone who understands business and understands how to look at opportunities objectively, having that eyesight on your business was massive. I experienced my biggest growth, my biggest leap years in the moments when I've invested in the right kind of support. With that said, I've also invested in not the right kind of support and learned what does not work for me. That's not to say that they weren't good coaches, mentors, leaders, but they just weren't right for me. I've also bought things that I've never opened. How many of you guys have done that? How many times have you bought a, I don't know, fill-in-the-blank course or training or something where you're like, oh, okay, this will help kind of put the fix on me just wanting to invest and get a little education on something, and then you literally never open it or you open it and you're like, oh, this isn't what I thought it'd be. That was kind of maybe not the best use of $100, but it's $100, I'm moving on, right? You know, that happens. So I've kind of done the whole gamut of it, but when I looked back, I was like, you know what, I have so much potential sitting in front of me, so many things I'm excited about, and I know the way that I operate is I tend to want to do all the things immediately. And it's so funny because I am really, really good at coaching and mentoring other people to not do that. I'm really good at looking at somebody else's business objectively, finding white space opportunities, mapping out a strategy and a plan to really get it to happen without burnout. I can do that for other people, no problem. For myself, I just can't. I don't know what the deal is. I wish I could take my own advice all the time, but at least I'm aware of it, right? So I recognized that I want to get these things done, I need to invest in support. And so I went through this whole kind of checklist and learnings that I've had over the years when I was just making sure that the investment I was about to make was the right one. So I thought that this could be a fun or insightful episode to, first of all, just share kind of what I've been going through and what it looks like to not have support and also what it looks like to have support whenever it's the right kind for your business. But I just want to go through a couple of the things that I kind of went through my own thought process when deciding to invest and how I chose the mentorship and the support that I have. So like the very first thing to just talk about is the financial aspect. Now obviously there are varying levels of what you're investing in from a growth and a support development perspective. But the biggest thing that I would recommend is to save for it. Don't hold yourself back because you don't see like all of the money in your bank account in this exact moment. But think of it like a deposit on a new home, right? Like you save for that deposit, you're not saving for the entire house. If you save for the entire house, a lot of people, most people would not be able to buy a home. But if you're working towards a percentage of that, then you know money is going to come, right? You're going to continue to have income coming in to help support you in paying off that loan. Now I'm not saying to take out a loan for your development and investment in your business when it comes to mentorship or courses and that kind of thing. What I'm saying is you should be saving for this. So take a small percentage of your profit and set that aside every time you get payouts and you ultimately will build up a kitty that will allow you to invest in your growth and development. Now I definitely want to say I am not a proponent of when people say you need to be investing before you're ready and just go after it and you know all these amazing things are going to come out of it. So there's a fine line between that, right? Because emotionally, yes, you should invest in yourself as the leader and the CEO of your business. You should invest in a team before you think you're ready. You should not do that though before you're financially ready because I don't know about other people, but I would never want a client that was financially stretched working together. I would feel awful. So you want to make sure you can financially sustain that and that the investment makes sense from that perspective where it feels really aligned from a financial perspective. But know that money is an energetic exchange. I'm not trying to get all woo woo here, but when money goes out, money will come back to you. And if you have that mindset that it's not a finite thing, that it is a flowing thing, that opens you up to when I'm investing in my growth, I'm not investing because I'm just giving money away and never seeing it again. I'm investing in my business so that I can grow and bring in more sales, bring in more clients, bring in more customers, whatever type of business model you have by investing in your growth and development, you're investing in your business. And the goal is to get an ROI on that. It might not be a direct line of sight, but it's coming back to you. But I want to recommend that you save for it. So if you have goals of certain programs and you're like, I cannot afford this right now, then don't invest in that, but make that a goal of yours. If you can afford 50% of it right now, then if there's a payment plan, go after the payment plan because you're going to make that money back tenfold. That is what I have experienced. Every time I have invested with someone that is super aligned with me, I have more than doubled my money back, for sure. I'm still reaping benefits from it in some instances. Whenever it hasn't felt great, it might not have been the best investment, but I learned from it. Okay? We'll kind of get into that a little more. Now, I want to talk about a couple of, I guess, questions that you could ask yourself when you're looking for a mentor to help. Make sure you're investing in support in the right way so that you get the most out of it. The first thing, this is huge, is what do I actually need in my business? Where are you at in your business journey? If you're early days, just launching, what you need in your business is different than someone that's in the scaling phase of their business. Right? It's just different needs. So really think about what exactly do you need in your business to help you grow. Now, I'll also say, when I was in the early days, I didn't even know that mentors and coaches existed. They might not have for product businesses at the time. I feel like there aren't a lot of us out there yet, but I think it's changing and there's more support coming. But I really prided myself on figuring things out on my own and challenging myself to learn how to do all the things, and there's still an element of that that I think is really important in your business, because you never want to go into a coaching engagement where you feel like they are going to tell you exactly what to do, and you're just going to follow that exactly, because that's not the case. You want to find somebody that meets you where you're at and supports you in that next chapter. Okay? So if you just need to learn a skill set or something, it may not be a skill set, but it could be a topic that you want to learn a little bit more about, a course, a masterclass, a summit, something like that might be a better fit for you based on that exact need. It could also look like one-on-one support. If you have a really unique idea or something that is really tripping you up and it's very specific to your business, maybe you need true one-on-one mentorship and accountability there. In other instances, group coaching might be a better fit for you. If you feel that you could use that support of other people, other peers in your industry that are at the same level as you, combined with mentorship from a leader in the group, then maybe that's the way to go. So I want you to really think about what you actually need in your business that will serve you best so that you're investing in a smart way that aligns with where you are at. I'll also say with that, too, how do you best learn? Do you best learn in one-on-one, having a conversation with someone? Do you best learn by following trainings and having things written out to a T for you? Do you want someone to tell you exactly what to do, or do you want to brainstorm with someone and really take your vision and have it amplified to the next level? Think through those kinds of things, okay? Sometimes it's so easy to just say, I just want someone to tell me exactly what to do in my business, but that's not always the right thing, because sometimes you do need to really think through what your next step is and challenge yourself to step into that like leadership CEO role in your business. Another question that I'd ask you to challenge yourself with is, do I need mentorship, do I need to learn, or do I need to outsource? Am I trying to learn a skill, or am I trying to better myself? Am I trying to step into that leadership role? Have I outgrown the doing, and is it time for me to put on those boss pants and level it up? So there is a difference, right? Because sometimes you just keep getting more and more training, and actually you need more people to do the thing, and sometimes you need both of those things. Sometimes you need to be learning tasks, and you need to be outsourcing, and you need mentorship. I encourage you to really just think about what it is that you need, how do you best learn, and what's going to move the needle in your business. So let me just talk a little bit about the difference between scaling versus growth. I've been thinking about this a lot lately as I've been working with my mentor, and it's been really fun conversations, and it's been, I think, just eye-opening for me to shift my mindset. So when you're in that scaling phase of your business, that's when mentorship is critical, because your decisions change from how do I do this one thing to how can I think differently and more evolved about my business? How can I think bigger? How can I build a team that can support this vision versus how can I do more things to get that done? So there's this difference between the growth mindset and the scaling mindset. There's a subtle shift in thinking, but it actually leads to really massive change in how you approach your business. So growth is doing more of what you're already doing. So working harder, doubling down on something, sending out more emails, working longer hours, and just doing more of the one thing, going to more markets. It's that idea of growing your business by doing more to get more. And sometimes you're in that growth stage where you do have to do more, because we know it's a numbers game. But when you've done that repeatedly and you see success, all of a sudden, you need to challenge yourself to shift into that scaling mindset, which is really about doing less to see a bigger result, doing less of something that maybe isn't producing results to get a more efficient and way better at what your company is really good at or really known for. It's kind of like the 80-20 Pareto rule, where 80% of your sales or your results are coming from 20% of the products that you're selling or your efforts. So honing in on that top 20% can really move the needle. So in order to do that, though, you have to be willing to think differently about your business and step into that scaling mindset to really say, I can get rid of some of these things because I can hone in on this lesser amount of things and get really freaking good at it and be known for this, and my business will skyrocket. I'm going to take this massive leap in my business because I'm focused on the right things. In real talk, it is hard to go from a growth mindset to a scaling mindset by yourself in a silo. You might have a team working for you that are working on orders, producing product. You might have a social media manager. You might be managing all these contractors, part-time employees, full-time employees, and you're just in this spiral, this growth spiral of more, more, more, more, more, when in actuality, if you pulled it up and looked at a bird's-eye view of your business and had a scaling mindset, you could probably see that you could work way more efficiently, and it's really hard to do that by yourself. Truly, it is so hard to do by yourself. If this conversation, though, sounds like you, if you're like, oh, my God, Kristen, you're speaking to my literal business right now. You're speaking to me. I would really love to invite you to check out the Product Scaling Intensive. I literally created this program essentially for what I have experienced the last two years, and I have put into play, and I've seen the results. I am just so excited about this because it is going to be a freaking game changer for you. If you are shifting out of growth mindset into scaling mindset, I think this is going to be amazing for you. This is the only program of its kind out there for established product business owners that are in a scaling phase. It's mentorship, it's strategy mixed with peer support and a very high-touch curated education of guest experts that are going to support you in getting to that next level and focusing on the things that are going to really move the needle in your business and allow you to step into that scaling mindset, that CEO, that leadership role that I know you are meant to step into this year. The doors are closing this week on Sunday, so that's February 4th. This is the only way to work with me right now. I'm at capacity of my private coaching, and I want to just pour everything that I have into my one-on-one clients and this group. It's a founder's group. You're the first ones in. We'll be building this together side by side, so it's super high-touch. Because of that, there's only a few spots open, and there's actually only a few spots remaining. A few of them are already booked. There's a couple spots open. I'm going to drop a link in the show notes. Please also definitely DM me at KristenFisherCoaching, and we can chat. If you feel like you have some questions about it, you're not sure if this is the right program for you or if you're ready for it, I would love to talk to you and see if it is the right fit, because it's going to be freaking epic. I'm so excited. Wherever you're at in your business journey, honestly, I hope that you find whatever support you're looking for that's going to help you grow and evolve to whatever that next level looks like for you. I hope that this conversation was helpful because, obviously, I got vulnerable and talked about how I've spiraled and how I have gone back and forth on different types of coaching, but I've had so many unlocks, and I feel such clarity, and I'm really excited stepping into this year to be able to support you in getting to that next level, so whether it's inside the Product Scaling Intensive or it's on this podcast or it's in the DMs. I just want to be here to support you and get you to that next level, those goals that you have set for yourself in 2024. Let's freaking do it. If you found this helpful, please do me a huge favor and rate and review the podcast. I feel like I haven't said that on the podcast in a while, but it makes a massive difference. Not only does it mean so much to me, but it really helps other product business owners find the podcast, which keeps me going. Those little dopamine hits of, ooh, the podcast is growing, but there are so many women out there that are going at it alone and are building these freaking awesome businesses and brands, and I want to be able to help and support as many of you as humanly possible. Send it to a business bestie or rate and review, share it to your stories, do all the things. I appreciate it so much, and I hope this was helpful. Crush your sales this week, and we will chat again next Monday.