Welcome to day one of the ranked solopreneur profits Bootcamp. And on day one, we got to dispel a critical myth. The whole purpose of what we’re going to COVID on this day is to get you in the right frame to charge for your services. Because what stops a lot of solopreneurs and what keeps them stuck is a pervasive mindset. That results in what’s called a race to the bottom. Where you charge way less for your services. Way less for what you do, and for your valuable expertise than you need to. So this is why it’s vital that you learn the pricing principles that we’re going to be covering in this day’s training. So there’s a pervasive myth that exists in the marketplace.
A lot of businesses and solopreneurs, freelancers, and service business owners have, and the meat goes something like this. If I charge the lowest for my services, for whatever I do for my work. Then all the clients in the market will run to me because I’m charging the least amount of money. So I’ll get all the clients, I’ll get all the business. The reality of the situation is, no, they want it because you are charging the lowest amount. You are charging lower than the guy next door or the girl next door, doesn’t mean all the clients are going to come to you.
It doesn’t work that way. In fact, you will succeed only at being the most underpaid in the market. If you’re the one that’s charging the least, you succeed only at being the most underpaid in the market. And you wind up overweighed, underpaid, and unappreciated with unhappy customers and you won’t be able to actually pay the bills. So you won’t be able to pay to get anything done, and you won’t be able to hire anybody to help you with anything. You won’t be able to outsource things you don’t want to do because you don’t have the money. And your business will actually end up making way less profit, way less revenue. And this is, in fact, one of the key reasons why a lot of businesses go out of business. If you have seen Walmart or these other big businesses charging very little money for what they do. You might think, oh, that’s the way to profit. Let me be a low-cost supplier, like Walmart, or Amazon. But the reality is it takes very deep pockets to be able to do that and do that. Unless you got billions of dollars in the bank to subsidize low-cost services for everybody like you see the big companies do. It’s not smart. You’ll see companies like Google providing email services like Gmail for free to everybody. But it costs a lot of money to run the servers. They have to run the bandwidth that goes through those things.
That takes a lot of money. You can’t do that as a solopreneur and charge people zero for that product or service. Your pockets are not deep enough. And so this is why it’s foolish to want to be the lowest price provider of your service. If you are a copywriter if you’re a lawyer if you are a personal fitness trainer if you’re a designer if you are a dentist. Whatever it is you do, don’t be the cheapest. You end up broke and your clients will resent you because the level of service and quality that you provide will go straight down the drain. You won’t be able to have enough time to actually give your clients individualized time. You won’t be able to provide any kind of real value and quality. As a matter of fact, you only end up doing very short work because you can’t afford to invest in proper materials. To invest in training for yourself, to invest in building your team, to invest in scaling what it is. If you do invest even in marketing yourself, you can get the word out and attract high-value clients. That is going to make your business a lot more profitable. This is why you have to charge high, very high prices for what you do. Because guess what happens when you are charging high-value prizes for what you do?
Think about the most expensive restaurant in your neighborhood. They got the best interior decor, they got the best chefs. They got the best building, and they have the best clients. Like, look at all the super successful business people in your area. They eat there rather than at the cheapest restaurant down the street. Why would they do that when that restaurant is cheaper? That’s because they know the level of service, the level of quality. And the experience that they’re going to get at this most expensive restaurant is going to be leagues. Beyond whatever the cheapest restaurant is going to be able to do. So who do you want to be? Do you want to be the cheapskate restaurant, with customers making chips, gates, and little money? Or do you want to be the most expensive restaurant with the most affluent customers? The best service, the best food service, the best dishes, the best employees, the best chefs, and the best experience? This is why you want to charge a lot of money for what it is that you do as a solopreneur.
I help solopreneurs get MORE PROFITABLE in WAY LESS TIME, grow and scale their one man businesses into time independent 7-8 figure machines that make money even when you’re asleep. Learn how in my Renegade Solopreneur Profits Bootcamp.