HOW TO: Make More Money
Dr. Venus Opal Reese, CEO of Defy Impossible, Inc. (www.DefyImpossible.com), is an expert on helping people break the seven-figure ceiling. “Our self-worth and our mindset around money are our biggest barriers to breaking the million-dollar mark,” Dr. Venus says. Although many salon pros may not (or hopefully MAY) be approaching the seven-figure area, Dr. Venus shares 3 secrets from the high profit professionals on how to make more money... tips that totally relate to the professional beauty world:
1. Make money from what you “know” instead of from what you “do”:
As employees, we rent out our behaviors for a certain number of hours each day. We’re paid to use our skills and accomplish tasks that benefit our employer. We all know how to make survival money from what we do.
Give up the working-class mentality of making money from what you “do” and start making money from what you “know”. Everyone has a skill, but not everyone has your story and your unique perspective on life – what you’ve learned from walking through fire. You have a million-dollar message that can be monetized to launch your entrepreneurial dream or take the dream you’ve launched to impossible new heights. First, you must identify it.
2. Don’t position yourself as a low-cost leader:
Imagine being a Kia and then trying to be a Bentley. The market won’t believe you. If you want to go high-end, you have to stop charging low. It takes clarity, trust and confidence to up your rates, but it also forces you to get crystal clear on why people should pay top dollar to work with you. If you start low with the intention of going high, you will attract all the people looking for a deal. These people will never want to pay more. So don’t build your business on low-end items.
3. Trade on value instead of volume:
Another pitfall of charging low ticket is that it is dependent upon a high volume of people buying in order for you to earn a living. When you move into the world of high-end leadership, you don’t make your money from volume. You make your money from the value you bring your clients. The more value you provide, the more you can charge. Value can be tangible, emotional, prestige, exclusivity, or customization. When you build your business around value instead of volume, you naturally charge more -- and get more -- high-end clients. We’re taught that to feel good about ourselves, we have to work hard, sacrifice for others, prove ourselves, overcome; those are survival skills for which we’re socially rewarded. But when we allow society to dictate our inherent value, our self-worth, we will always come up short.