Categories
Show

MBA507 How to Create an Effective Pricing Table

MBA507

If you have a business website, of course you have a pricing table, it’s mandatory. Creating a table for your prices highlights the differences in your prices, packages, tiers and even the value of your product or service. How do you create one that’s effective? How do you make sure that your pricing table is communicated clearly to your potential buyers? We’ll teach you the strategies, the tools and how to organize your pricing table in today’s lesson! Hit play!

SUBSCRIBE ON APPLE PODCASTS

Stitcher | Spotify Podcast Feed How To Subscribe

Give us a Rating & Review

Today’s Sponsors:

constant-contact-logo

#1 in Email Marketing for Small Business 15 years of helping small businesses means we get it: your email marketing needs to be easy, fast, and get real results. Become an Email Marketing Wizard by downloading their free guide over at constantcontact.com/mba right now!

Heroic Public Speaking Live

The Public Speaking Event of the Year 3 days you can’t afford to miss if you want to become a truly HEROIC public speaker and discover how becoming a “PERFORMER” can translate into $$$ for your business! GRAB YOUR MASSIVELY DISCOUNTED TICKETS NOW!

Show Links:

ARPrice – WordPress Pricing Table

Categories
Entrepreneurship Leadership Uncategorized

Decision-Making For the Entrepreneur

Decisions, decisions. If you’re venturing into the world of entrepreneurship, you’ve already made a huge one: you’ve decided to leave the security and predictability of standard employment behind. It shows that you have the capacity to take on uncertainty and face a range of unpredictable results with confidence, or at least with guts. It’s a skill you’ll need over and over again. Being able to make and commit to big decisions might be the most important fundamental skill you can develop.

I’m particularly passionate on this subject, because in my view the thing that most holds independent business people back is indecision. Decisions move businesses forward; that’s not hard to understand. What many don’t realize, however, is that no one moves forward without all kinds of decisions, including the bad ones. From studying the example of the entrepreneurs I look up to, I’ve learned that none of them got where they are by trying to make perfect decisions. They got where they are by making lots of decisions, from brilliant to regrettable and everything in between.

That’s not to understate how stressful decision-making can be. From experience, I know exactly how daunting it is. When your livelihood is in the balance, it’s pretty hard to imagine being comfortable with the idea of making a wrong move. However, almost every great entrepreneur has succeeded precisely because they would rather move in the wrong direction than stand still. Rather than trying to make perfect decisions, they used each decision’s result as a stepping stone towards their broader goals.

I’ll be the first to admit: I’ve made some business decisions that did not turn out to be the best. However, I recognize those missteps as part of the process. In the end, I’d rather have made those mistakes and ended up where I am than have allowed myself to be paralyzed. If I had, you might not be reading this.

The Decision-Making Process

From experience and the wisdom of others, I’ve learned that there is a way to get over one’s natural hesitancy and make timely, wise decisions. While nothing will guarantee the outcomes of those decisions, there is a formula that makes decision-making an easier, more informed process, regardless of what kind of business you’re in. By considering just a few key factors, you can empower yourself to make confident decisions, exactly when they need to be made.

It’s important to remember one thing: not deciding is a decision in itself. A lack of a decision is a choice, if only to maintain the status quo. For example, as I write this I’m faced with a decision regarding the price of one of my products, the webinar platform Webinar Ninja. I’m convinced I should adjust the price, but it remains to be decided by how much. The price I set will determine all kinds of things, from how much revenue we bring in, to the kinds of customers we attract, to our branding and image. I have to make a decision about this, because doing nothing is still doing something. In other words, the longer I keep the price where it is, the more I commit to the exact model I’m already using- for better or worse.

To break out of the tentative stage of a decision and fully commit, I use a three-step process:

1. Ask yourself if the decision (and its effects) would be permanent. Whichever path you choose, can you turn around if you don’t like where it leads? Is the decision reversible? Sometimes, simply planning an exit strategy in the event that things don’t work out is the best way to feel confident moving forward. Most of the time, with almost all types of decisions, you’ll find that the answer is usually yes. Prices can be adjusted. Projects can be reassigned. Different approaches can be tried and discarded if they don’t pan out.

In the case that a decision would be permanent, just make sure that it aligns with the overall mission of your business, is consistent with your business culture, and that all available information has been factored in. Accepting risk is part of the entrepreneur’s lot. Speaking of which…

2. Assess the risk. Establish “worst case” and “best case” scenarios and perform a risk/reward comparison. If the risk far outweighs the potential reward, it’s time to adjust your plans. In my price-adjustment example, I know that by raising prices I risk alienating a certain number of customers, and losing some. The potential reward in revenue, however, could allow my company to make greater strides. If the number I’m considering will price half my customers out of the service (in the worst case), I need to lower the number.

Adjust your plan, and repeatedly concoct best and worst case scenarios until you find one that feels comfortable. If you could live with the worst case, and the potential best case is a game-changer, do it. Some of this is intuition -you can’t predict everything accurately- but if you train yourself to decide things within a fairly accurate range of possibilities, you’re likely to plot a relatively safe course forward.

3. Set a deadline. This is what separates the thinkers from the doers. By setting firm deadlines and adhering to them, whether you feel completely ready or not, you shake the reticence that holds so many back. This is where it’s most important to remember that you can’t control everything. This habit is one that truly requires a person to accept the reality of risk, and grow steadily more comfortable with it.

When you’ve done your calculations, you’ve weighed the possibilities, and you’ve factored in all the known variables, it’s time to mark the calendar. Whichever move it is, you’re moving on this date, come Hell or high water. The best and most successful entrepreneurs I’ve known aren’t cavalier or overly casual, but when they’ve settled on a course of action, they move. Sometimes it goes well, sometimes it doesn’t, and in either case they respond by moving again. Make your call, set your date, and then immediately take some concrete step towards implementation, even if it’s a small one.

The most important decision you can make is the decision to make a decision. Lead yourself, and remember that after years in business, the most successful people have usually racked up a pretty significant list of regrettable moves, all of which turned out to be worth it in the long run. If you’re new to decision-making, start small. Exercise your decision-making muscles on less intimidating decisions like the font on your website or the color of your business card. Get used to making calls, and to the idea that each is just one small part of a bigger story.

Categories
Show

MBA506 Guest Teacher: Pat Flynn – How to Define Your Ideal Customer

MBA506

Pat Flynn is one of the biggest entrepreneurs online. He also has a very successful podcast called Smart Passive Income that’s consistently at the top of the business section. In today’s lesson, he will teach us his way to define our ideal customer, who exactly we are targeting in our business. This is a very important topic that we must learn about so we don’t get stuck at this stage in our business. Hear the lesson from Pat Flynn himself! Click play!

SUBSCRIBE ON APPLE PODCASTS

Stitcher | Spotify Podcast Feed How To Subscribe

Give us a Rating & Review

Today’s Sponsors:

Web Hosting with Unlimited Disk Space, Bandwidth and 24/7 Technical Support. All $100 MBA listeners get 30% off hosting!
Just visit hostgator.com/mba30!

Show Links:

Say thanks to our awesome guest teacher today on Twitter! Pat Flynn (@PatFlynn) And visit his website at WillItFlyBook.com!

Categories
Show

MBA505 Q&A Weekends: Why did you start a software business in such a competitive space?

MBA505

Most of you may know that we run a software business called Webinar Ninja – an all-in-one solution for webinars. Yes, this industry is very competitive and Conrad is asking why we ventured into this space. In this episode, we will share with you why we started this business and how we deal with the competition. Press play right now!

SUBSCRIBE ON APPLE PODCASTS

Stitcher | Spotify Podcast Feed How To Subscribe

Give us a Rating & Review

Today’s Sponsors:

Heroic Public Speaking Live

The Public Speaking Event of the Year 3 days you can’t afford to miss if you want to become a truly HEROIC public speaker and discover how becoming a “PERFORMER” can translate into $$$ for your business! GRAB YOUR MASSIVELY DISCOUNTED TICKETS NOW!

Categories
Show

MBA504 Q&A Weekends: Why does everyone seem to use Infusionsoft? Do you recommend it?

MBA504

Many entrepreneurs use Infusionsoft. We hear about this platform often. If you’re not using this platform, then you might have the same questions as today’s topic. In today’s lesson, we will tell you what Infusionsoft is, why you would need it, who’s using it and why, and if we recommend it or not. Click play!

SUBSCRIBE ON APPLE PODCASTS

Stitcher | Spotify Podcast Feed How To Subscribe

Give us a Rating & Review

Today’s Sponsors:

Heroic Public Speaking Live

The Public Speaking Event of the Year 3 days you can’t afford to miss if you want to become a truly HEROIC public speaker and discover how becoming a “PERFORMER” can translate into $$$ for your business! GRAB YOUR MASSIVELY DISCOUNTED TICKETS NOW!

Show Links:

Infusionsoft MailChimp ActiveCampaign ConvertKit

Categories
Show

MBA503 Will Someone Steal Your Idea? Plus Free Ride Friday!

MBA503

If you think that your business idea is a secret, think again. Most people think that their business ideas are so valuable and they worry about them being stolen by somebody else. In fact, it’s the number one fear of every new entrepreneur! Well, it’s time for us to talk about this and answer the question- will someone steal your business idea? We’re gettng in front of this touchy subject in today’s episode! Press play!

SUBSCRIBE ON APPLE PODCASTS

Stitcher | Spotify Podcast Feed How To Subscribe

Give us a Rating & Review

Today’s Sponsors:

Web Hosting with Unlimited Disk Space, Bandwidth and 24/7 Technical Support. All $100 MBA listeners get 30% off hosting!
Just visit hostgator.com/mba30!

Categories
Show

MBA502 How to Start a Clothing Line Business P2

MBA502

This is part 2 of our 2-part episode about how you can start your own clothing line business. In part 1, we learned the first 3 crucial steps and you’re about to hear the 4 final steps in this lesson. The next steps will have you roll up your sleeves, find the materials you need, create your product, find your workforce, fund your business and sell your products to the masses! Ready to take notes? Okay! Hit play!

SUBSCRIBE ON APPLE PODCASTS

Stitcher | Spotify Podcast Feed How To Subscribe

Give us a Rating & Review

Today’s Sponsors:

Web Hosting with Unlimited Disk Space, Bandwidth and 24/7 Technical Support. All $100 MBA listeners get 30% off hosting! Just visit hostgator.com/mba30!

Show Links:

Kickstarter Etsy Shipwire