Two months ago, I had a conversation with a mentor of mine, Richie Norton, an online marketing guru.
Richie taught me a concept many entrepreneurs learn too late in their careers, if ever. "You're better off having one client at $1,000 than 10 clients at $100," Richie said. Start your business with high-ticket, as opposed to low-ticket offers, Richie taught me. He explains this concept further in this article about Tesla's similar business strategy.
"Email your subscribers," Richie said, "Tell them you're offering coaching. Then get those who are interested on the phone for a 15 minute strategy call to determine fit."
So I emailed my subscribers, said I'm offering one-on-one private life and business coaching. I had over 150 people email me saying they would like to hear more.
For seven days, I had 15 minute strategy calls with 150 people. I was not desperate for clients. The phone calls were meant to be fun, and for me to provide as much value as I could regardless of the outcome.
My price-point was $1,000 per month for a minimum requirement of three months of coaching. For most of the people I talked to, that price-point was too high. However, seven of my subscribers were stoked on the opportunity. It was a solid fit. So we pulled the trigger.
Seven clients at $1,000 each per month multiplied by three months equals $21,000.
You really only need to know three things to build a lucrative online business.
1. Who is your dream client?
2. Where can you find them?
3. How can you help them?
Once you know those three things, you create powerful content that resonates and serves them. You offer them a free product to get them to subscribe to your platform. Then, you offer them the services they need to get where they want to go.
There will always be a percentage of your audience who are willing to buy your highest ticket offerings, no matter how high that price is.