#735: Hot Seat: I Keep Lowering My Prices To Get Clients! [Jasmine from Brooklyn, New York] [WOYG Podcast]
Have you been challenged with maintaining and standing your ground on price as an entrepreneur/freelancer? Running into too many people who don’t have the money you’re charging? Finding yourself too easily caving in, and thus feeling bitter about selling yourself short?
Don’t feel bad — every service-based entrepreneur goes through this.
Be excited, too — in today’s episode I share mental and tactical strategies to dissolve this issue.
Ready to hear yourself on the Hot Seat? Apply to be the next contestant at DreAllDay.com/Hot.
2:43 Introduction to today’s hot seat
4:18 Today’s guest: Jasmine, a 24 year old recent college graduate and self-employed graphic designer with a passion for acting
4:26 She needs help to figure out what to focus on – acting classes or her graphic design business
4:43 Jasmine’s goal is to become a successful director, actor, and entrepreneur
7:52 What is the purpose of doing acting and design
8:27 Graphic design is paying the bills for acting
9:09 Her real passion is acting, but the time she is putting in graphic design is taking time away from acting
11:23 Dre shares his early career working in Footlocker, a supermarket, and at a gym while trying to be a professional basketball player
11:50 You do not have to hold yourself to the standard of doing just one thing
13:07 Define what “up and running: looks like – steady income with a storefront
14:29 What Jasmine needs is to quantify how her business should grow, figure out the gap, and how that gap gets closed
17:34 According to Jasmine, she needs $4,000 in revenue from her design business so she can devote 40 hours a week to acting
18:17 Dre drills down the process to see why she is not getting the amount she feel is her worth
21:55 The biggest obstacle to stand firm on her price – accepting that she is worth that much
22:24 Her business is like a step on a ladder. Design is her money skill, a step so she can do what she really wants to do
23:17 Dre shows Jasmine how she would feel standing her ground on pricing
24:51 Dre gives a powerful example on standing your ground on pricing through shopping for clothes
25:57 A truth every service based business will face – “Everybody cries broke”
26:59 It’s alright that everybody can’t afford you
27:23 You should understand the value of what you are offering
28:34 Jasmine’s sales process and where it goes south
29:56 Breaking it all down
31:45 3 questions to ask clients – the best ammunition as a salesperson
35:54 Remember, you are the expert. Clients may think they know what they need, but you are the expert, you should be their guide
36:45 You are guiding them from point a to point sold when you ask them questions where they articulate their needs
38:08 The real reason entrepreneurs get her services
39:37 A role-playing sales exercise
42:19 Keep asking clients why it matters to them so they get to the core reason/motivation they do what they do, then show them what you can do for them
44:04 The key thing when selling is to have the posture to stand firm on your price
44:45 What you accept is what people will see you as
45:55 Selling is about asking questions and listening
48:04 In selling, your #1 priority is yourself. Value yourself based on what you are bringing to the table, not trying to fit in a budget
50:04 You can start looking for your ideal clients who are willing to pay
52:12 Business is an exchange of resources between people, the variable is the value we exchange it for
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