1) We don’t realize the impact we have on the bottom line for the client. For example, I once charged a client $2500 for consulting, no complaint. That’s what I asked for, and he paid it. Within 30 days, because of one idea, his income shot up from $3000/month, to $24,000/month. Using two other ideas, he grew his income to over $100,000/month. Those few ideas grew to over $100,000/month, or $1.2 million PER YEAR, for several years. When we realize our impact, we have the right to ask for, and receive higher fees.
2) We often sacrifice our fees based on the promise, “You’ll make more NEXT TIME.” Well, the foundation of long-term business relationships is “I provide value, EVERY TIME.” We don’t need to drop our prices to get our “foot in the door.” We need to establish our value so we get paid fairly. or generously, from the beginning.
3) We lack the self-esteem to charge what we are worth. Even if we are worth $50,000, $150,000, or $1,500,000, we are uncomfortable asking for it. Harv Eker calls this our “financial thermostat.” Learn to say, “The investment is $50,000” without giggling. If you can’t take your self-worth seriously, no one else will, either.
4) Buyers can be bullies. State your price, then stand your ground. If they want to bully you on price, be willing to walk away. For Example, many years ago, I was a locksmith, and we would go help someone unlock their cars, at a stated price of $60. Occasionally, we would get someones door open, and retrieve their keys, and they would complain, saying, “That only took you 5 minutes! I’m not paying you!” So what did we do? We threw the keys back in the car, re-lock the door, then say, “Fine, you don’t want to pay. If you want me to open your door again, it will be $120.” Be willing to walk away. If they still want your services, the fee goes up.
5) We fail to consider all the factors, such as project difficulty, our specialized knowledge, labor intensity, travel considerations, riskiness of getting paid, difficult personalities, or a lack of full commitment from the buyer.
6) We focus on trivialities, such as hours, instead of focusing on the results, the impact of the results, and the value to the buyer, improved reputation of the buyer, greater sales at the cash register, and stronger customer retention.
Ultimately, fees are based on a FUTURE OUTCOME that results from our intervention.
When you sell hours, you lose.
When we sell transformation, breakthroughs, and windfalls, and the corresponding value, we can justify higher fees, and get paid what we are worth.
Success Is Inevitable When You Master The Fundamentals.
Joe Nicassio has coached over 800 business owners in over 165 different industries.
He is the creator of “The Employee Escape Plan,” a powerfully effective mentoring program for startup business owners.
Joe began his consultancy after majestic failure, as an “Expert Of What NOT To Do.”
Joe has been on an obsessive, compulsive quest for the truth of what REALLY works in business, so that he would NEVER fail again in business.
He has attracted scores of TOP mentors into his life, including Jay Abraham, Tom Hopkins, Jim Rohn, and many others.
Although Joe is PRIVATELY retained by many top CEO’S as a trusted advisor, his primary mission is to emancipate over 100 people per year from their “Soul-Sucking Jobs”, by mentoring them into successful entrepreneurship.
Contact Information: http://EmployeeEscapePlan.com