Omar Zenhom argues that raising your price is the fastest way to improve your business. A fitness coach charging $500 per month would need to completely rethink their service to justify $5,000, forcing real innovation and attracting better clients.
In your business, you could change the product, you could change your team, you can change your customers, you can change your prices, you could change anything. But if I was going to start somewhere, I would definitely start with your price point. I would increase your prices so that you can attract a different type of customer. By increasing your prices, it's going to demand of you to add more value, which means you got to get better. That's going to challenge you, going to make you innovate yourself, innovate your business, innovate the product, and also just allow you to be like, hey, we're becoming something new now. It's going to give you some energy. And I love this concept of just adding a zero to your price. Like, what would you have to do? So say, for example, you're a coach and you teach people how to get fit, right? And you're currently charging $500 a month as a coach. What would you have to do in order for you to justify a price of $5,000 a month?
I think it forces you to change the business that you're actually operating. And oftentimes that can help to fall in love again with your business, because it's actually the current version of your business that you're not happy with.
