Here’s 1 rule that can make your startup float, swim and eventually reach a Falcon 9 sea platform, to give you a shot at hypergrowth.
Increase your prices, constantly. Yep, that simple.Oh, and believe me, this is not selfish. Any extra money invested inyourself and in your team will magically make product and CS better.
You’ll also attract higher payers.
Remember that the poor men’s 100$ is the same as the rich men’s 10000$.
Also, remember that in business, spending psychology is differentfrom individual psychology. For example, anything under 4 figures, in my business, passes under the radar. Business spending generally provides a return. Hence, spending 10k in a business is different from charging a heavy 10k to an individual.
So raise these prices up. I saw a coaching business today charging12$ per client session.
Don’t make the mistake to think that you’re one of these funded SAAS
that aims to conquer a full market through price cuts (paid through VCmoney). Aim to develop a war chest, which you’ll be able to invest infurther market conquest. Your prices, up.
Simple. I personally raise my prices monthly, yet I’ve always wrestled with personal demons telling me it was too high. You get out of your comfort zone, and you adapt. Do it progressively, if necessary, ie from 1k/month to 1.2k/month. Do it until it hurts. Go premium. Raise the bar.
Raise your prices.