How To Charge What You’re Worth Without Being Greedy

value and price scale

I’ve come across lots of people who have an inspiration to teach others something they’re passionate about, and they want to be financially free as a result, but they carry guilt for charging what they perceive as huge fees that aren’t really affordable. These teachers want to make an impact, but they don’t want to be greedy about it.

I have a little experience with this.

People tend to handle this one of two ways: they either charge hardly anything or they charge as much as clients will pay.

Neither approach is wrong in itself, as long as you’re able to answer this central question: “What’s the least amount you can charge and still make a profit?”

Here’s how I incorporate both approaches in light of this question of being fair and financially savvy.

First, you create a lower-ticket item or items that a broader range of people can afford. In other words, you focus on volume.

In my case, thousands of people a weekend take my Millionaire Mind Intensive course for hardly anything. I have helped over a million people, and I have gotten freaking rich! When you take this high-volume approach, you can’t gouge people. It simply won’t work.

However, if you can’t earn a profit, then don’t take this approach–or better yet create another product that can reach a higher volume of people. If not, you’re not going to stay in business long enough to help anybody. You need to be able to generate enough revenue to cover expenses and make some money.

But at some point you should also have a high-ticket item in addition to your low-ticket product. You have to have at least one product to sell in the backend.

First of all, if you did a good job with your first product, your customers are more than likely going to want more. Secondly, it’s much easier to market to your already-existing customers because that trust has already been established. Most importantly, though, the higher-ticket, backend product is where you go from a little profit to the beginnings of real wealth generation. It allows you to do well financially.

Now, there are people who just don’t want to deal with a lot of people as customers, so the high-volume approach, even though it’ll still work, just won’t be satisfying. Some people just want to deal with a few customers but still make profitability.

If that’s the case, then by necessity that means taking the second approach–setting a higher price point that fewer people can afford, and that’s okay, as long as you’re effectively reaching that kind of market.

This is a great philosophy for people who are good with simplifying their lives. They tend to work based on their time. They don’t necessarily want to have a million clients, and they don’t necessarily want a big business.

That means going lower volume and straight to the higher-ticket item. So, for example, you can position yourself as a premium consultant, get six select clients and charge them $5,000 a month (again, just as a hypothetical). Multiple that by six, that’s $30,000 a month, $360,000 a year. Not a bad year at all.

With that extra time and money, you can serve however you like, make the impact you want to have in the way you want, and not worry gauging people who can’t afford it.

So yes, you can be rich and kind and generous and make an impact. In your business, whatever it is, you want to have low-ticket items. With those low-ticket items you create high volume so that you can help a lot of people at a price they can afford. Or you go low-volume, premium package. You give these people a much more personalized service.

Now, I’m not telling you that this is the philosophy of business that you need to have. It’s my philosophy. It also happens to be a philosophy that’s made me tens of millions of dollars.

You can do this in every sort of business. And you know what’s going to happen? You’re going to have very, very happy customers, and you’re going to be very, very happy yourself because you helped people and you got rich as well.

What are your thoughts or experiences on finding that right price point for your business? Or if you’re not a business owner, what are some concerns you have about fairness, greed, and value? Is fear of becoming greedy holding you back from earning the money you know you can earn?

Share your story; we want to hear from you!

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