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The Power of Hiring a Business Coach, with Mike Arce, Ep. 18

Nov 2, 2017

When Dean and I invited Mike Arce, founder of Loud Rumor, onto the show, we knew were getting a dynamic guest. And when you have a guest like Mike, you never know where the conversation is going to go. As the founder of Loud Rumor and a leader in fitness and wellness marketing, Mike has an incredible story to share about how he got his start, the trials and tribulations of trying to get the company up off the ground while your own family is just starting out, and the key role coaches have played in his success. You’re going to want to hear not only his story but the very practical, actionable tips he provides throughout the interview.

Forget the serial entrepreneur, how about the serial employee?

Mike’s story is one that a lot of our listeners may relate to, but also one that doesn’t get as much attention. While you’ll hear a lot of entrepreneurs talk about being “serial entrepreneurs,” Mike is actually more of a “focused entrepreneur”: Aside from a small personal trainer business, he’s started one business and grown it and expanded it in super-smart ways. Mike tells us how, before he started Loud Rumor, he worked 22 different jobs, often running sales floors for other companies. But then his wife, incredibly, was let go from two different jobs once her bosses found out she was pregnant. When that happened, he hired her as his first employee, making sales calls from their house. And that was what showed him he had a winning formula.

From the “Mac ’n Cheese Diet” to more than 400 clients

The work Mike’s wife did for him as someone with no sales experience, landing eight clients in just a couple weeks through cold calls, showed him there was something there. So in 2010, he quit his job and started Loud Rumor, building websites for fitness and wellness companies. Mike tells the story of how for the first few years they ate mostly mac ‘n cheese, had their car repossessed, and generally had a very difficult time growing their business and keeping the family afloat. It was years before he went on a vacation, but ironically, it was being told to go on a vacation that changed his fortunes forever. Find out how on this episode of Just The Tips.

How hiring a business coach transformed his business

On this episode of Just The Tips, Mike Arce told us about how he was able to find a mentor to help him solve some of his business’s growth problems. One of those suggestions—aside from requiring him to take a vacation and get his mind off work—was to read more. Reading more led to Mike growing as an executive, but it was really when he went one step further and hired a coach that he took off. Mike stresses that although books may seem like an inexpensive way to improve, the ROI on a coach is infinitely greater because he can “implement the next day” what he’s told by his coach. But you can’t just hire a coach and boom: problem solved. It takes a bit more than that, and Mike has great advice for how to get the most out of your coaching experience.

Be your business coach’s best client

Mike talked about how every time he hires a business coach, he tells him or her the same thing: I’m going to be your best client. He told us how he works openly and closely with his coaches and often ends up in testimonial videos for those coaches on their websites. He also provides very specific, fascinating tips for what he would do if he was starting all over again. You’ll want to hear them.

Outline of This Episode

  • [1:40] Mike Arce asks for his own personal trumpet player
  • [3:30] Mike talks about how he actually didn’t have the bug to be an entrepreneur
  • [6:45] How Mike and his wife got started with Loud Rumor
  • [9:40] The first three years of running the business
  • [10:30] How a mentor changed his trajectory
  • [13:43] The economics of hiring a business coach
  • [17:20] Surround yourself with the best people
  • [21:10] Getting the most out of a coach
  • [27:30] Some of Mike’s best, most practical tips for marketers

Resources & People Mentioned

Music for “Just The Tips” is titled, “Happy Happy Game Show” by Kevin MacLeod (http://incompetech.com) Licensed under Creative Commons: By Attribution 3.0 License

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