MOST ENTREPRENEURS ARE JUST GETTING BY BECAUSE THEY ARE UNDERCHARGING FOR THEIR SERVICES!
I see it everyday…a $7 this, a $37 that…or even $197 course that cost someone thousands in time and resources to create!
Let’s break this down for a second…
Let’s say you build out an ecourse and turnaround to sell it for $97…
There are 10 video trainings for your course. Each one takes 1 hour to record. Then, you have to edit the videos – let’s say 5 total hours. Then, you have to upload and embed them into your site – 5 hours.
Did I forget to mention the hours it took you to write your course, do some research, and put together your presentations? 80 hours…
Okay, now let’s look at hard costs:
Landing Page software = $97/month
Email Autoresponder program (after all, you do want to automate it, don’t you?) = $37/month
Video recording and editing software = $97/month
It takes you 2 months to put your program together from concept to launch. That is $462 in hard costs. Your total time investment at $150/hour (MINIMUM you should be charging for your time) is $15,000. That’s a total investment of $15,462. This means, you have to sell 160 ecourses and that’s BEFORE you breakeven!! Now imagine you build several different courses to try to sell! If you had 3 of these ecourses, your cost would be $46,386!
So why are you charging only $97? Because that’s what your competitors are doing? Because you don’t think anyone will buy at a higher price point? Because you believe you can’t charge high prices?
As I see it, there is one main reason why entrepreneurs make this fatal mistake!
YOU DON’T BELIEVE IN YOUR BRAND!
Why don’t you believe in your brand? You don’t believe in your brand because it doesn’t look professional. It can’t stand up to premium pricing! You see, when you have an amateur looking brand, you KNOW that people are not going to pay you what your worth, and YOU wouldn’t even pay YOURSELF at a premium price because your brand doesn’t reflect premium pricing!
This is a mistake entrepreneurs make all too often! You will invest hundreds of hours and dump money into programs that you don’t need, but you don’t invest in your brand, the mere FACE of who you are…the reflection of what you stand for!
Think about it…let’s say you want to hire a lawyer to represent you. You go to their website and it looks like it was build in the 90’s with a lot of text, hard to navigate, and poor images. Then you meet him at his office and it looks like something from the scene of Breaking Bad! It’s in a rundown neighborhood, there are bars on the door, and he is wearing street cloths when you meet him. Now…do you really want him to represent you? OF COURSE NOT!
…and your audience doesn’t want YOU to represent THEM either!
So, instead of investing in the next program that you don’t need, instead invest and learn how to build a professional brand! Start with understanding the PSYCHOLOGY of your audience!
We teach our clients everyday how to understand what their audience REALLY desires so they can build a brand that will attract with them instantly! This is just the beginning of building a professional brand!