When I worked in commercial real estate, it was my job to make sure the buildings were FULL.
And when your dad is your boss and you have 8 very large mortgages to pay, and 4 employees counting on you to bring in the coin – that is a job you take very seriously.
Because vacancies mean less cash flow.
If you don’t have cash flow, you don’t have money to invest in your business, pay your bills, pay your employees or make a profit (which is the sweet spot: profit = designer shoes!)
Are you following?
Every vacancy is money that’s not in your pocket – or your shoe collection.
When I first offered Morning Whip in May of 2011, it was FREE!
Now, I know I just told you that a vacancy is the most expensive thing in your business, BUT I needed a test group to gain confidence & momentum before I was ready for the big time.
Once that very first cycle was done and I was super confident that my course rocked, I raised the price to $395.00.
And it took off from there. Here’s how it’s progressed:
* Beta Group, May 2011 – $0.00
* June + July 2011 – $395
* August 2011 through February 2012 – $495
* March through May 2012 – $595
* July 2012 through September 2012 – $795
* October 2012 through January 2013 – $995
In less than 2 years, I more than doubled my price.
And I filled that course every time – more than 350+ women went through The Morning Whip.
If I’d started out on day one charging premium pricing, I wouldn’t have reached so many fancy business ladies OR gotten the confidence and credibility to be where I am today.
Whether you’re selling a service or physical goods, you need to move that product.
An entire store lined with luxury goods at luxury prices is no good if your would-be clients see you as a Payless and not a Louis Vuitton.
When you’re first starting out, you need confidence, momentum, social proof & credibility – NOT premium pricing.
If you do excellent work and treat your customers like QUEENS, the money will roll in.
You’ve got to earn that cred before you can become a luxury brand.
What would it do for your business if you filled those vacancies and moved your products today?