We’ve been talking a lot about branding and marketing lately so this week I wanted to touch base on pricing. The art of pricing is a huge topic during the Cash Machine Workshops. The discussions are about asking for what you’re worth. For some it’s a light bulb moment but for others I can see the fear flash across their eyes.
What’s the first thing that comes to mind when you think about pricing? You might find that your own perceptions with money will determine how you will charge for your products and or services. Remember to evaluate your own relationship with money before you get into the process of what to charge. If you have a negative relationship when it comes to money then start the process of gaining a healthy view on finances. Get on the ball!
Knowing what to charge for goods and services is a science. Market research companies make millions helping big corporations decide how much or how little something should be. If you’re just starting out with a Cash Machine the idea is to make money as soon as possible. It’s important to evaluate your model companies carefully.
Pricing has a knee jerk reaction in many people. They tend to under price in order to under cut the competition. Here’s where the fear tends to creep in, you might start thinking that you’re not worth what the “other guys” charge. For those of you dealing with hesitation when asking for the cash I’ve got news for you, YOU ARE WORTH IT!
If you’re using the modeling methods I teach then you’re taking an existing company and making it your own. Your pricing should reflect that.
What’s your spin?
Are you more convenient?
Do you offer a superior quality?
What makes you stand out?
Once you’ve decided your angle it’s time to do some comparison shopping. Get online and find out what others are charging for what you do or at least close to what you do. Take a field trip, show up in person, let them sell you. Figure out what they say and how much they charge. Do your homework.
This is usually the point in the process where you will discover whether or not your Cash Machine is going to put you in a cash cycle. To figure this out you need to know your facts. How much per month are you looking to earn from your business? You will need to know how much per week and down to how much per day. Having this information is going to help determine if your idea is economically viable.
The bottom line is if you find that your Cash Machine has the potential to earn you money in your pocket each month you’ve got the right idea. This kind of information is essential for finding the right price! Add that information with your comparable pricing from your model company and start playing with the numbers.
In my many years of teaching the Cash Machine method this very subject has been at the forefront of my strategies. Sometimes you just need to get out there and do some trial and error. Pricing doesn’t have to be set in stone until you find something that works, then stick with it. Use the hints I shared this week to get you in the ball park and make it happen. You ARE worth it!
P.S. In my new book ‘Put More Cash in Your Pocket‘ I designed “The Fast Cash Formula” that will help you get all the numbers right out on the table. It takes the guess work out of pricing and on the track to making money right now today. Isn’t that what we are after here? I’m very excited to bring all this information to you.
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