Pricing Strategies to Scale with Success
When you want to scale your business online and transition to a one-to-many model from a one-to-one model, a key strategy is pricing your programs and services. I made profound mindset shifts around my pricing in 2010 – and this was the pivotal year that catapulted me into a lucrative, leveraged business model that would earn over $8 million.
At the time, I was serving a steady clientele with one-to-one copywriting coaching. I was earning in the low 6-figures annually but most of that income was coming from selling my time. I ran a few group courses a year and sold these for around $497. People from the group courses often upgraded to private coaching with me, and my packages for that were around $2,000.
This simple model – with a low-ticket group course that leads to an upsell of private services, is an effective way to build a low-6-figure business that is highly dependent on your time. I was working around 30 hours a week and at first, I was happy to have steady income that gave me a comfortable lifestyle as a single person living in a modest rental cottage.
But I knew I was meant for so much more!
I had this restless feeling in my soul that my journey needed to expand to higher levels of leadership and impact. I was born to help more people.
I also knew my expertise was super valuable – I deserved to be earning 7-figures so I could buy a beautiful home and build financial freedom.
So that year I committed to growing to the next level, even if it meant stepping outside my comfort zone to do so.
When you’re ready, your mentor shows up.
I found myself in the right place at the right time to receive an offer from a wonderful mentor I looked up to. I remember how crazy I felt as I seriously considered investing in her $100,000 program. At first, I dismissed it as too wild and impractical. But then I really looked deeply at my vision and felt my greater potential wanting to burst forth.
I realized I wasn’t going to make my vision real by myself. And this person had been put in my path exactly when I needed her most. So I did the “crazy” thing – the thing that any rational employee-minded person would never think to do – I said yes to investing $100,000 in my business education.
Well, actually I chose the plan to pay it up front within a month so I got a discount and paid $85,000. About $50,000 of this investment when on credit cards and the rest I earned from quickly launching a higher ticket program.
Saying yes to my mentor stretched my ability to receive abundance and put out the energetic signal that
I was WORTH MORE.
You see, this is the kind of bold move successful entrepreneurs make. It’s the kind of move that when followed up with committed action, leads to huge results. Literally in that first month, I enrolled close to 10 clients in my brand new $5,000 program.
Many were in my network already and were just waiting for the right offer. Within the next 6 months, I launched my first $10,000 program and tripled my annual income to $300,000! So in just 6 months I earned back double my mentoring investment. And that was just the beginning!
What I learned would soon get me to 7-figure income level. It was one of the best decisions of my life to take that financial leap. It motivated me to charge more, and I could do that with full alignment and confidence because I had just made a big investment in myself. Do you see how the cycle of abundance grows?
When you invest more, you attract clients who invest more.
And it continues while more and more money flows to you as you create value in the world. Through my experience mentoring thousands of entrepreneurs since 2008, the more my clients invest in themselves through my programs, the bigger their results.
They’re more committed, they’re more focused and intentional about getting the MOST value from their investment. And because of that, they make their own big, bold moves. They raise their prices and get those high-ticket YES’s. Pretty soon, we’re celebrating their 6-figure and 7-figure business growth!
Here are 4 important tips to remember as you’re
setting your prices…
1. You can raise your prices at any time, for any reason, whenever you feel like it. You don’t need anyone’s permission. You just need to believe in your value and feel aligned with your prices. You will sell more of a high-ticket offer if you feel better about it (versus selling a lower ticket offer that you don’t feel great about).
2. You should always charge more for anything that includes your 1-1 time, at least twice as much as the investment of your group program. Make your time very exclusive and only available to your most committed clients.
3. Start by offering a high-ticket group program. Don’t start with low-ticket – it’s a myth that you should start low if you’re new to offering online courses. You’ll build a more profitable business and create bigger client successes by enrolling people into a substantial, premium group program. I recommend charging at least $2,000 for a group program and even better, offer one at $5,000 or $10,000.
4. I recommend only making your private time available as the “VIP Level” of your group program, so only clients in your group can access it as an upgrade. That way your private time doesn’t become a competing offer with your group program. You have incredible value and your time is the MOST limited resource in the world. Be very selective with who you accept as a client.
Charge what you’re worth because in doing so, you are making a bigger positive impact for your clients.
***If you’d like to learn more about scaling your business with profits and ease, register free for my new crash course here.
