The truth is, there are many more things that I know now that I wish I’d known ‘then’, particularly when it comes to business growth and wealth.
Having worked closely with thousands of Entrepreneurs for over a decade, one of the biggest challenges is understanding and embracing their real value, which often comes hand in hand with the price of their product or service.
When you get this right, both building a business and resulting wealth becomes more achievable. That said, I believe the following three ‘secrets’ are universally applicable then most others. Here goes:
There really are no restrictions on what people will pay. There are only self-imposed limits, both psychological and practical in nature.
Too many entrepreneurs have their profits, their wealth and their cash, completely wrong because their pricing is too low.
It’s the absolute truth that we each set our own prices, and more often than not, we set them lower than necessary. I know I still do it now – and almost certainly so do you.
The secret of transaction size
In simple terms, it requires fewer £2,000 sales than £200 sales or £50 sales to get to each million-pound benchmark.
BUT it is not proportionately difficult to create and sell a £2,000 thing than it is to create and sell a £50 thing.
Think about the true value of your product or service and how much you can ‘sell’ it for, because this is a biggie.
The power of continuity income
It started with the Book-of-the-Month Club that my Dad used to get in the seventies and continues today with food companies that automatically ship vegetables, or vitamins or chocolate, to consumers at a certain time each month.
Within my own business membership organisation, Entrepreneurs Circle (which is a business built on continuity income), we have dozens of members who have found creative ways to introduce continuity income into their business and boy what a difference it makes.
When you know, at the start of the month, that the bills are all paid from the subscriptions or recurring income that are coming in via direct debit, life becomes so much better and less stressful.
If you want to achieve real and solid business growth in 2020, I encourage you to make these three secrets of wealth creation the focus of your research, investigation, and study.
Learn as much about them as quickly as possible. Pay attention to them on an ongoing basis and carefully consider them every time you launch a new product or service.
Get an opinion or several opinions from people who ‘get it’ and who might see a way to price higher that you may have overlooked.
There is no virtue in settling for less than you are worth, less than you deserve, less than the market will cheerfully pay.
It would be a great and worthy mantra for this next 12 months for you to strive to never accept less than your customers would gladly give you.