Creating Financial Transparency In Your Business With Ellen Yin

Welcome back to another episode of the Best Damn Coach podcast. Today, I’m excited to dive into two important topics: financial transparency and the world of partnerships and sponsorships in business.

Do you ever feel like income numbers are tossed around with no meaning or context?  This week my guest, Ellen Yin and I, came together to talk about how to demand more financial transparency in the online industry specifically.  Ellen is the founder & host of Cubicle to CEO® and bootstrapped her first $300 freelance project into over $2 million in revenue by age 28.  In this episode, we share how to read through the smoke and mirrors of finances and how paid partnerships can be an organic and powerful way to grow profit inside your business.

The Backstory of Our Connection {01:08 }

Ellen and I connected when she rejected my pitch to her show.  Listen to how Ellen’s constructive feedback turned things around. This experience highlights the importance of persistence and the value of specific feedback on how I was a guest on her show and how we continue to support each other.

From $300 Gig to Multi-Million-Dollar Revenue {03:16 }

We dive into Ellen’s entrepreneurial journey, from quitting her corporate job to landing her first $300 freelance client. She shares how her business has evolved through various phases, from offering marketing services to becoming a media company. Ellen’s willingness to embrace change and pivot is a valuable lesson for all entrepreneurs.

Ellen gives us a glimpse of her podcast, Cubicle to CEO, where she transparently shares her financial journey. Her show features case studies of entrepreneurs who have successfully implemented strategies in their businesses, providing valuable insights for listeners.

The Art of Pivoting in Business {08:10}

We discuss the challenges of making strategic pivots in business and the fear of change. Ellen shares her perspective on why pivoting doesn’t equate to failure but is often driven by personal growth and aligning with your true passions.

We emphasize the importance of impact over profit when making business decisions. Ellen’s decision to pivot her business model wasn’t solely driven by maximizing profit but by aligning with her long-term vision and passion.

Both Ellen and I admit that patience isn’t our strong suit. We reflect on the need to be patient when building a solid foundation for a new business model, even if it means a temporary decrease in revenue.

Financial Transparency: What It Means {15:02}

Ellen defines financial transparency as having access to information that is typically kept hidden. She stresses the importance of breaking down barriers around money conversations and sharing the real story behind business numbers.

We explore the impact of financial transparency. Ellen shares heartwarming stories of listeners who have been empowered to break down generational barriers around money discussions within their families.

 Making Partnerships Work in Business {20:25}

Ellen is a master when it comes to sponsorships and partnerships in business.  I’ve learned so much just by being in her world! Ellen explains how her media company collaborates with brands and shares strategies for creating successful partnerships.

We discuss the importance of identifying ideal partners that align with your coaching niche and audience. It’s essential to establish a win-win relationship that benefits both parties.

We highlight the significance of promoting partnerships authentically to your audience. It’s about showcasing how the partnership adds value to your clients rather than sounding overly promotional.