hair going welcome to a quick tgim mastermind video usually do this on a
mastermind video usually do this on a
mastermind video usually do this on a Monday that’s the tgim but yesterday 50
Monday that’s the tgim but yesterday 50
Monday that’s the tgim but yesterday 50 cent dropped one of my videos and said
cent dropped one of my videos and said
cent dropped one of my videos and said that he really liked them and he shared
that he really liked them and he shared
that he really liked them and he shared my video on his Facebook page in his
my video on his Facebook page in his
my video on his Facebook page in his Twitter page and my day just kind of
Twitter page and my day just kind of
Twitter page and my day just kind of super exploded on me had a massive
super exploded on me had a massive
super exploded on me had a massive headache by the end of it and said you
headache by the end of it and said you
headache by the end of it and said you know what I want to make this video when
know what I want to make this video when
know what I want to make this video when I am feeling good on top of my game so
I am feeling good on top of my game so
I am feeling good on top of my game so question came in for one of my online
question came in for one of my online
question came in for one of my online mastermind members Mike who has a
mastermind members Mike who has a
mastermind members Mike who has a service-based business and he’s feeling
service-based business and he’s feeling
service-based business and he’s feeling like he’s underpricing himself the other
like he’s underpricing himself the other
like he’s underpricing himself the other shops around him his competitors are
shops around him his competitors are
shops around him his competitors are charging at least thirty percent more he
charging at least thirty percent more he
charging at least thirty percent more he wants to raise his price event is
wants to raise his price event is
wants to raise his price event is concerned about losing his clients he’s
concerned about losing his clients he’s
concerned about losing his clients he’s wondering how to how does it do it how
wondering how to how does it do it how
wondering how to how does it do it how do you raise your prices so a couple
do you raise your prices so a couple
do you raise your prices so a couple couple things that come to mind yeah I
couple things that come to mind yeah I
couple things that come to mind yeah I was an entrepreneur you never want to be
was an entrepreneur you never want to be
was an entrepreneur you never want to be the lowest cost provider because
the lowest cost provider because
the lowest cost provider because somebody could always do it cheaper
somebody could always do it cheaper
somebody could always do it cheaper right somebody can always find somebody
right somebody can always find somebody
right somebody can always find somebody else to do it cheaper than you at the
else to do it cheaper than you at the
else to do it cheaper than you at the start that’s okay you know you’re
start that’s okay you know you’re
start that’s okay you know you’re building up your experience your
building up your experience your
building up your experience your credibility you’re getting the roster of
credibility you’re getting the roster of
credibility you’re getting the roster of clients you’re getting some
clients you’re getting some
clients you’re getting some word-of-mouth happening for you but at
word-of-mouth happening for you but at
word-of-mouth happening for you but at the end of the day you want to think in
the end of the day you want to think in
the end of the day you want to think in business you make money by providing
business you make money by providing
business you make money by providing value you make more money by providing
value you make more money by providing
value you make more money by providing more value and if you’re providing a lot
more value and if you’re providing a lot
more value and if you’re providing a lot of value you don’t want to be at that
of value you don’t want to be at that
of value you don’t want to be at that that low-cost provider you always want
that low-cost provider you always want
that low-cost provider you always want to think how can i add more value to the
to think how can i add more value to the
to think how can i add more value to the relationship so I in charge money it’s
relationship so I in charge money it’s
relationship so I in charge money it’s not bad when you’re doing it yourself if
not bad when you’re doing it yourself if
not bad when you’re doing it yourself if you charge a lower price because you
you charge a lower price because you
you charge a lower price because you have low low overhead you have low cost
have low low overhead you have low cost
have low low overhead you have low cost it’s just you but if you were building a
it’s just you but if you were building a
it’s just you but if you were building a team and you want to continue to build
team and you want to continue to build
team and you want to continue to build that team if you are the low-cost
that team if you are the low-cost
that team if you are the low-cost provider it’s really hard to pay your
provider it’s really hard to pay your
provider it’s really hard to pay your team and then still make more a little
team and then still make more a little
team and then still make more a little bit yourself to be able to take home
bit yourself to be able to take home
bit yourself to be able to take home it’s really hard when you’re the lowest
it’s really hard when you’re the lowest
it’s really hard when you’re the lowest cost provider so again always be
cost provider so again always be
cost provider so again always be thinking about providing value and not
thinking about providing value and not
thinking about providing value and not cost that means said how do you go about
cost that means said how do you go about
cost that means said how do you go about increasing your prices one I like to
increasing your prices one I like to
increasing your prices one I like to think of it as since your service based
think of it as since your service based
think of it as since your service based business your supplies limit right
business your supplies limit right
business your supplies limit right supplies your time your personal time
supplies your time your personal time
supplies your time your personal time the time of the people on your team your
the time of the people on your team your
the time of the people on your team your supply is limited if you’re providing a
supply is limited if you’re providing a
supply is limited if you’re providing a ton of value at a really good price
ton of value at a really good price
ton of value at a really good price you’re going to get lots of people
you’re going to get lots of people
you’re going to get lots of people coming right you should if you’re not
coming right you should if you’re not
coming right you should if you’re not getting people coming people are talking
getting people coming people are talking
getting people coming people are talking about you repeat business
about you repeat business
about you repeat business for business if that’s not happening
for business if that’s not happening
for business if that’s not happening you’re not doing a good enough job over
you’re not doing a good enough job over
you’re not doing a good enough job over delivering for your clients right so you
delivering for your clients right so you
delivering for your clients right so you have to make sure people understand what
have to make sure people understand what
have to make sure people understand what you say in for right your one word that
you say in for right your one word that
you say in for right your one word that you’re applying one word that you’re
you’re applying one word that you’re
you’re applying one word that you’re living your one word that people
living your one word that people
living your one word that people understand the difference that you
understand the difference that you
understand the difference that you provide versus going somewhere else you
provide versus going somewhere else you
provide versus going somewhere else you have to make that clear all your
have to make that clear all your
have to make that clear all your marketing and every conversation you
marketing and every conversation you
marketing and every conversation you have with them and if that’s working and
have with them and if that’s working and
have with them and if that’s working and you’re at a low price you’re going to
you’re at a low price you’re going to
you’re at a low price you’re going to get tons of people coming right you
get tons of people coming right you
get tons of people coming right you should feel like I don’t have enough
should feel like I don’t have enough
should feel like I don’t have enough time to handle all these clients right
time to handle all these clients right
time to handle all these clients right if you’re not then you got to increase
if you’re not then you got to increase
if you’re not then you got to increase to buy you and increase the over
to buy you and increase the over
to buy you and increase the over delivering for them and increase the
delivering for them and increase the
delivering for them and increase the marketing to help them understand why
marketing to help them understand why
marketing to help them understand why and how you’re different because if I
and how you’re different because if I
and how you’re different because if I can’t tell why you’re different than the
can’t tell why you’re different than the
can’t tell why you’re different than the next guy then I’m only going to compare
next guy then I’m only going to compare
next guy then I’m only going to compare on price right if I think you’re the
on price right if I think you’re the
on price right if I think you’re the exact same was the guy next to you I’m
exact same was the guy next to you I’m
exact same was the guy next to you I’m going to go to where the cheapest price
going to go to where the cheapest price
going to go to where the cheapest price where if I understand the difference
where if I understand the difference
where if I understand the difference between you and the next guy then price
between you and the next guy then price
between you and the next guy then price is still a factor but it’s not the only
is still a factor but it’s not the only
is still a factor but it’s not the only factor right then then then I’m
factor right then then then I’m
factor right then then then I’m calculating a lot more things in my head
calculating a lot more things in my head
calculating a lot more things in my head than just who’s going to give me the
than just who’s going to give me the
than just who’s going to give me the cheapest price right and so that’s on
cheapest price right and so that’s on
cheapest price right and so that’s on you to figure out how are you going to
you to figure out how are you going to
you to figure out how are you going to market yourself and make sure people
market yourself and make sure people
market yourself and make sure people understand how you’re different and that
understand how you’re different and that
understand how you’re different and that means you’ll lose some customers that’s
means you’ll lose some customers that’s
means you’ll lose some customers that’s great but they’re not the ideal clients
great but they’re not the ideal clients
great but they’re not the ideal clients so your supplies limited you should be
so your supplies limited you should be
so your supplies limited you should be attracting clients who love what you do
attracting clients who love what you do
attracting clients who love what you do who keep coming back or referring
who keep coming back or referring
who keep coming back or referring clients to you and your supply is
clients to you and your supply is
clients to you and your supply is shrinking like I have no more time in
shrinking like I have no more time in
shrinking like I have no more time in the day and I have too many customers at
the day and I have too many customers at
the day and I have too many customers at this low price you can start increasing
this low price you can start increasing
this low price you can start increasing your pricing second thing to think about
your pricing second thing to think about
your pricing second thing to think about is what I talked about with ideal
is what I talked about with ideal
is what I talked about with ideal clients you want to have clients in this
clients you want to have clients in this
clients you want to have clients in this for any business when you’re first
for any business when you’re first
for any business when you’re first starting up to up this work with anybody
starting up to up this work with anybody
starting up to up this work with anybody right like I need money I need to
right like I need money I need to
right like I need money I need to survive I gotta pay my bills and you
survive I gotta pay my bills and you
survive I gotta pay my bills and you take on a lot of non ideal clients and
take on a lot of non ideal clients and
take on a lot of non ideal clients and they these are the guys to give you the
they these are the guys to give you the
they these are the guys to give you the headaches they hassle with you there you
headaches they hassle with you there you
headaches they hassle with you there you know they could be rude to you you know
know they could be rude to you you know
know they could be rude to you you know they create a lot of the pains and
they create a lot of the pains and
they create a lot of the pains and problems in your business eighty percent
problems in your business eighty percent
problems in your business eighty percent of the problems come from twenty percent
of the problems come from twenty percent
of the problems come from twenty percent your customers definitely at least and
your customers definitely at least and
your customers definitely at least and so you can’t be focused on keeping every
so you can’t be focused on keeping every
so you can’t be focused on keeping every single customer it can be very
single customer it can be very
single customer it can be very liberating and an amazing experience for
liberating and an amazing experience for
liberating and an amazing experience for your business to actually fire some
your business to actually fire some
your business to actually fire some clients and for the wrong clients and I
clients and for the wrong clients and I
clients and for the wrong clients and I real clients for you to go somewhere
real clients for you to go somewhere
real clients for you to go somewhere else like that’s good for you that’s
else like that’s good for you that’s
else like that’s good for you that’s good for business because when you’re
good for business because when you’re
good for business because when you’re working with ideal clients who
working with ideal clients who
working with ideal clients who understand the value that you’re
understand the value that you’re
understand the value that you’re providing again you’re making sure you
providing again you’re making sure you
providing again you’re making sure you do a good job explaining it and they
do a good job explaining it and they
do a good job explaining it and they understand it they can make an educated
understand it they can make an educated
understand it they can make an educated decision whether to go with you or
decision whether to go with you or
decision whether to go with you or somebody else based on what you’re
somebody else based on what you’re
somebody else based on what you’re promising value when you start work with
promising value when you start work with
promising value when you start work with those clients man life gets a lot better
those clients man life gets a lot better
those clients man life gets a lot better you’re charging more you’re getting more
you’re charging more you’re getting more
you’re charging more you’re getting more referrals you’re happy there’s less
referrals you’re happy there’s less
referrals you’re happy there’s less issues with the customers they’re happy
issues with the customers they’re happy
issues with the customers they’re happy they’re spreading more word-of-mouth
they’re spreading more word-of-mouth
they’re spreading more word-of-mouth about you you want to identify who are
about you you want to identify who are
about you you want to identify who are the target clients that you’re working
the target clients that you’re working
the target clients that you’re working with not just in terms of the the size
with not just in terms of the the size
with not just in terms of the the size of business and the types of projects
of business and the types of projects
of business and the types of projects that they have for you but also the
that they have for you but also the
that they have for you but also the their values right coming back to your
their values right coming back to your
their values right coming back to your one word like they’ll clients who
one word like they’ll clients who
one word like they’ll clients who appreciate that they understand that
appreciate that they understand that
appreciate that they understand that they like it they love that about you so
they like it they love that about you so
they like it they love that about you so you want to be able to target those
you want to be able to target those
you want to be able to target those ideal clients and don’t worry so much
ideal clients and don’t worry so much
ideal clients and don’t worry so much about losing the other guys because the
about losing the other guys because the
about losing the other guys because the ideal clients will be your gold mine for
ideal clients will be your gold mine for
ideal clients will be your gold mine for your company and then three if you’re
your company and then three if you’re
your company and then three if you’re worried about increasing prices and
worried about increasing prices and
worried about increasing prices and people giving you feedback and they’re
people giving you feedback and they’re
people giving you feedback and they’re upset about it what you can easily do as
upset about it what you can easily do as
upset about it what you can easily do as a grandfather people in and slowly
a grandfather people in and slowly
a grandfather people in and slowly adjust it you can say you can tell
adjust it you can say you can tell
adjust it you can say you can tell everybody hey our new rates have gone up
everybody hey our new rates have gone up
everybody hey our new rates have gone up we’re now the same the same race as
we’re now the same the same race as
we’re now the same the same race as everybody else the same competitive
everybody else the same competitive
everybody else the same competitive rates but we’re still gonna provide the
rates but we’re still gonna provide the
rates but we’re still gonna provide the amazing value that we stand for that you
amazing value that we stand for that you
amazing value that we stand for that you come to us for and for you guys for the
come to us for and for you guys for the
come to us for and for you guys for the next six months we’re going to give you
next six months we’re going to give you
next six months we’re going to give you your old rate and then after that six
your old rate and then after that six
your old rate and then after that six months are going to go back to the full
months are going to go back to the full
months are going to go back to the full price and I would do on the invoices for
price and I would do on the invoices for
price and I would do on the invoices for those guys I would show them that here’s
those guys I would show them that here’s
those guys I would show them that here’s what the full rate should be but you get
what the full rate should be but you get
what the full rate should be but you get a discount being a preferred loyal
a discount being a preferred loyal
a discount being a preferred loyal customer or whatever and then after the
customer or whatever and then after the
customer or whatever and then after the end of that time period cream on six
end of that time period cream on six
end of that time period cream on six months however long you want to do it
months however long you want to do it
months however long you want to do it you increase the price in them so
you increase the price in them so
you increase the price in them so they’re they’re not shocked they’re not
they’re they’re not shocked they’re not
they’re they’re not shocked they’re not coming in and like super sticker shock
coming in and like super sticker shock
coming in and like super sticker shock right away it gives them time to make
right away it gives them time to make
right away it gives them time to make the decision and also gives you time to
the decision and also gives you time to
the decision and also gives you time to see is this person you know an ideal
see is this person you know an ideal
see is this person you know an ideal client for me is this somebody who I
client for me is this somebody who I
client for me is this somebody who I want to continue working with or not
want to continue working with or not
want to continue working with or not right again if they leave you because
right again if they leave you because
right again if they leave you because your price has gone up too much then
your price has gone up too much then
your price has gone up too much then it’s probably not an ideal client that
it’s probably not an ideal client that
it’s probably not an ideal client that being said I’ve always found that I have
being said I’ve always found that I have
being said I’ve always found that I have soft spot for some clients and I think a
soft spot for some clients and I think a
soft spot for some clients and I think a lot of entrepreneurs do have a soft spot
lot of entrepreneurs do have a soft spot
lot of entrepreneurs do have a soft spot for some clients there are some clients
for some clients there are some clients
for some clients there are some clients who you fall in love with their story
who you fall in love with their story
who you fall in love with their story you fall in love with them they’re great
you fall in love with them they’re great
you fall in love with them they’re great clients in terms of dealing with you and
clients in terms of dealing with you and
clients in terms of dealing with you and appreciating the work that you’re doing
appreciating the work that you’re doing
appreciating the work that you’re doing and and I’ve given some discounts and
and and I’ve given some discounts and
and and I’ve given some discounts and done a lot of work for free for people
done a lot of work for free for people
done a lot of work for free for people who just couldn’t afford it and that may
who just couldn’t afford it and that may
who just couldn’t afford it and that may be something that you want to build in
be something that you want to build in
be something that you want to build in as well you have some clients that you
as well you have some clients that you
as well you have some clients that you know they can’t afford you know they’re
know they can’t afford you know they’re
know they can’t afford you know they’re not a big business you still want to
not a big business you still want to
not a big business you still want to support them and you have a certain
support them and you have a certain
support them and you have a certain percentage of your clients that you keep
percentage of your clients that you keep
percentage of your clients that you keep at a lower price and they have you have
at a lower price and they have you have
at a lower price and they have you have an understanding like because because
an understanding like because because
an understanding like because because they’re small because like let them know
they’re small because like let them know
they’re small because like let them know that there’s a reason why they’re
that there’s a reason why they’re
that there’s a reason why they’re getting a better price but don’t let
getting a better price but don’t let
getting a better price but don’t let that be your whole business that’s like
that be your whole business that’s like
that be your whole business that’s like ten percent your clients kind of thing
ten percent your clients kind of thing
ten percent your clients kind of thing right in terms of dollars not in terms
right in terms of dollars not in terms
right in terms of dollars not in terms of your client base because it’s great
of your client base because it’s great
of your client base because it’s great to do charity and and it’s kind of
to do charity and and it’s kind of
to do charity and and it’s kind of charity and I love giving back and being
charity and I love giving back and being
charity and I love giving back and being part of the community at the same time
part of the community at the same time
part of the community at the same time you have to be around right it’s great
you have to be around right it’s great
you have to be around right it’s great to want to give back and help and the
to want to give back and help and the
to want to give back and help and the way to do that is to be able to build a
way to do that is to be able to build a
way to do that is to be able to build a bigger business build a solid business
bigger business build a solid business
bigger business build a solid business because you could volunteer all day long
because you could volunteer all day long
because you could volunteer all day long and be out of business in three months
and be out of business in three months
and be out of business in three months and that’s not going to help your
and that’s not going to help your
and that’s not going to help your community at a bigger scale that’s not
community at a bigger scale that’s not
community at a bigger scale that’s not going to help you and so focus on
going to help you and so focus on
going to help you and so focus on building your business focus on getting
building your business focus on getting
building your business focus on getting ideal clients and having a good price
ideal clients and having a good price
ideal clients and having a good price even increase in prices maybe I would
even increase in prices maybe I would
even increase in prices maybe I would want to increase my prices ahead of my
want to increase my prices ahead of my
want to increase my prices ahead of my competition you’re under so at least
competition you’re under so at least
competition you’re under so at least matching them and then if there’s some
matching them and then if there’s some
matching them and then if there’s some clients that you really want to keep
clients that you really want to keep
clients that you really want to keep when you really have a soft spot for as
when you really have a soft spot for as
when you really have a soft spot for as long as it’s under that ten percent of
long as it’s under that ten percent of
long as it’s under that ten percent of your revenue I think it’s okay to have
your revenue I think it’s okay to have
your revenue I think it’s okay to have some that you help them get back to and
some that you help them get back to and
some that you help them get back to and you know the concert really make you
you know the concert really make you
you know the concert really make you feel good any other discussion ah that’s
feel good any other discussion ah that’s
feel good any other discussion ah that’s it TT IM thanks to the question and let
it TT IM thanks to the question and let
it TT IM thanks to the question and let me know what you guys think below in the
me know what you guys think below in the
me know what you guys think below in the comments bully
”
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