When it comes to your money, there’s a fine balance between knowing what to create and sell, what to charge, and what to do with your money once you’ve made it. Of course, making money doesn’t come as easily to some as it does to others — and that’s OK.
That’s why I’m sharing these 5 tips to transform your money game, so you can go from making a few bucks to making what you really want to make in your business.
Let’s dive in, shall we?
I’ve been talking a lot about value and why the concept of “charging what you’re worth” doesn’t really make any sense (go to Episode 50 if you want more context here). When developing a price for an offer, so many people start with themselves.
They either a.) don’t have much confidence in themselves or b.) they are approaching their business from a place of fear and scarcity, and so they worry that what they have isn’t valuable. So they undercharge for it. Or the opposite happens and they look at what the market is charging and think, “Well, if that person can charge $3,000 for a course, I’m just as important and knowledgeable and I’M totally worth it, so I’m also going to charge $3,000.”
Now notice I said “I’M” worth it. Guess what, it doesn’t matter how worth it you think you are or aren’t. The price of your offer isn’t about YOU. It’s about THEM. It’s about your potential client or customer and their struggle or pain point. So stop making your pricing about you. You don’t get to set your worth or your value. The market does. If people buy your offer and pay the price you asked, then great, you have successfully tapped into your ideal client’s struggle and you’ve communicated the value of the transformation you provide.
But if you’re getting pushback that the price is too expensive or nobody is buying, you haven’t communicated the value or you haven’t truly tapped into what your client needs. So your price or value is not about you, and you don’t get to just arbitrarily decide what something is worth. It’s worth what someone will pay for it.
This is such an overlooked piece of the pricing puzzle, but if you want someone to pay a lot of money for what you offer, you have to be sure they can’t get it anywhere else. Because if they can, guess what, they are just going to find the cheapest option. I mean, we all do it, right? I don’t buy a lot of brand name items at the grocery store because nowadays it’s all a commodity. Most of the generic brands are made at the same factories as the name-brand stuff, so why would I spend more for it?
Same goes for your business. Don’t be generic. There has to be a reason that someone wants to buy FROM YOU. And it might be that they just have a connection with you, that they love how you teach or present information, or they just love your vibe. Your brand and personality could be what sets you apart, but you have to be able to communicate it well. So don’t be a commodity, figure out what your unique value is, and SELL it.
Hopefully, you’re not just planning to sell one thing to someone and that’s it. Because if you want to really grow and scale your business, it’s a WHOLE lot easier to get a customer or client to buy a second or third offer from you than it is to convert a brand new client or customer. It takes a lot of investment in time, energy, and money to get someone to know you exist, build a connection with them, warm them up, and finally get them to buy. So why put in that effort over and over again?
Think: Once someone buys from you, what will they need next? We all know that once you solve one problem, what do you usually end up with? New problems! So what’s the next problem that you can help solve for your client or customer? We often call this building a value ladder, and it’s why I believe so strongly in having multiple revenue streams that all build upon one another if you want to scale your business. Don’t leave your clients hanging! What can you offer next?
Now I do have a caveat to that one, and it’s #4.
While you absolutely need to be creating a value ladder and increasing your lifetime customer value, you also need to build one bridge at a time! When I first pivoted into coaching and online offers, I had 2 different coaching programs I was trying to grow, and I also launched the Pricing Workbook, and I had two courses, and I was trying to grow a group coaching program in a whole other second business… it was a mess.
Yeah, I was making money, but it would have come a lot faster and a lot easier if I had just focused on one offer at a time. For your business, learn from my mistakes: Focus on one thing, grow it until it’s successful, then build out the second offer. Now you can totally have an idea of what your eventual future value ladder will look like, even from the very start. In fact, I think that’s super important. You should have an idea of what your “completed” business looks like. You need to have the vision of where you want to go before you try and get there. But don’t try and build every rung of the ladder at the same time. Trust me. Now I don’t really believe in changing anything about our past or our business journeys because everything I’ve done has led me to where I am today BUT if I were to have done something differently, that would have been it.
This is probably the thing that entrepreneurs are struggling with most when it comes to making money in their businesses. I can help you create a strategy to scale and grow your business, I can help you price all your offers, I can help you better understand your unique value and how to sell your offers, but if — deep down — you believe that money is hard to make, or money makes people greedy, or that you don’t deserve money, well… guess what? No matter what you do, you aren’t going to make a whole lot of it.
I’ve been talking about money mindset and sharing my own journey of changing my relationship with money over the past two years and how it’s shaped my business a lot lately and I’m going to be talking about it a lot more because it’s SO important.