Dan Martell - The first question I always ask business owners

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00:00:00.000 If somebody bought your business tomorrow,

00:00:01.220 what's the first decision they would make?

00:00:02.720 For most companies is they would fix their pricing.

00:00:05.820 I had a friend of mine, Rachel, she was a consultant

00:00:08.720 and she was busy, she had a small team,

00:00:10.900 but she wasn't making any money.

00:00:12.480 Paying herself like 30, 40 grand a year.

00:00:14.460 She thought that was normal.

00:00:15.820 When I looked under the hood,

00:00:17.780 I learned that there was a gap between

00:00:20.560 what she was charging versus what it cost her

00:00:23.340 to deliver her service.

00:00:25.040 She doubled her prices

00:00:26.320 because she realized she was severely underpriced.

00:00:28.760 Half her customers left, but she doubled her business,

00:00:32.660 which mean that she was making 25% more profit.

00:00:36.880 Your pricing should be going up.

Dan Martell - June 09, 2023