The Sweaty Startup

341: The secret to building a sustainable business

Jun 15, 2023

Topics discussed in this podcast include the importance of raising prices and attracting quality customers, the benefits of maintaining high prices in business, and the significance of increasing prices and attracting better customers to grow your business.

08:42

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Quick takeaways

Raising prices is crucial for transitioning to a profitable and scalable business.

Charging higher prices attracts higher-quality customers and reduces stress levels.

Deep dives

Raising prices to improve profitability and scalability

When you reach a point in your business where you are overwhelmed with work, constantly putting out fires, and unable to effectively chase leads and follow up on sales calls, it is time to raise your prices. Despite the fear and reluctance to do so, raising prices is key to transitioning from a stressful, low-margin business to one that is more profitable and scalable. By shifting your mindset and focusing on attracting customers who value quality and superior service, rather than competing solely on price, you can become more selective in choosing clients and increase your profit margins. Raising prices by 30% can double your profit margin, providing the financial resources to invest in your business and hire additional staff.

Introduction

2min

The Importance of Raising Prices and Attracting Quality Customers

2min

The Benefits of Maintaining High Prices in Business

2min

The Benefits of Raising Prices and Attracting Higher Quality Customers

2min

This episode originally aired on June 30th, 2022. I'm sharing the secret how to scale your business and make it sustainable. Dominate the service-base business and build your empire!

Join us on June 20, 2023, for a 1 hour workshop on top tax saving strategies for small businesses with CPA Mitchell Baldridge. From section 179 to QSBS to retirement accounts, we'll cover the things you MUST KNOW if you run a small business. Click here to register 👉 https://lu.ma/qal9t07o

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