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November 12, 2019

045 | Money Mindset, Buying & Pricing

Money Mindset, Buying & Pricing with Annie Miller of The FitsPRO Podcast

Today I’m taking you through a few topics around money from a consumer and biz owner point of view.

We’ll cover:

  • Why we buy
  • Money mindset (something I’ll likely work on five ever)
  • A pricing formula

Pricing is one of those things that seems so simple to me now, but I remember it being crippling so many times earlier on in biz.

Now I have a bit of a formula to follow. Formulas make things easy. They take the emotion AND your wallet out of the process.

Emotions aren’t bad. But they are also not how we choose what to charge for our services. They are however how we decide to PURCHASE a product or service.

In my mastermind we were discussing why people buy things. It’s multifaceted of course. Humans aren’t robots.

There’s always emotion involved. ESPECIALLY with what we’re likely talking about. Which is making an investment in ourselves and/or asking someone to invest in themselves via our offer.

People will buy from you because they are at point A and they believe you will get them point B. They feel that you will support them, or provide the map they’re looking for. They believe you’ll help them reach a new level of themselves. Or get them out of the hole they’re in now. Maybe it’s healing their relationship with food. They want to feel free from bondage and obsession. Maybe they just want more headspace. They don’t want the gym to cause more stress than it needs to.

Look at yourself, why do you buy things?

To feel good? Look the part of a certain status? To decrease worry? To improve yourself? Reach a new level? To support a local cause? To support the planet?

These are pretty *normal* reasons that people buy:

  • Get Results
  • Express a Status
  • Convenience
  • Self Improvement
  • Social/environmental mission

I pay to get my nails done because it makes me feel put together. Even when everything else is a shit show, it literally brings me joy to look down and see my fresh gel nails.

I pay coaches for two reasons: I want to feel less overwhelm, and get over my next hurdle. Whether that’s having more successful launches, or creating better systems, or figuring out how to hire someone so I can remain more in my zone of genius.

I pay for grass-fed meat because I have the money and because I value my health as well as the way the animals are raised. That’s more on the environmental side of things, right?

So, that’s all jus to say that a lot more goes into making a purchase than “wanting something, and then buying it.” Feelings drive most of our buying decisions.

And those decisions can be empowering or destructive. Buying things does not = making wise or massively expensive investments.

That’s where money mindset comes into play.

Let’s talk abundance vs scarcity mindset for a minute.

I did not grow up with money. My mom worked at Safeway and that was more-or-less our income for a four person household.

I remember delivering newspapers door to door and going with my mom to stock Little Debbie’s pastries on early weekend mornings. Okay?

So, were we impoverished? No. I had food and a roof over my head. But was money viewed as plentiful and overflowing in my home? Absolutely not.

Money to me was synonymous with stress.

We were never going to have enough and we would be restricted by it. That was my belief. I wasn’t going to have nice things. And I certainly wasn’t going to give it away if I had it.

I also learned very early to work hard. BUT that hard work did not equal more money. If you believe that hard work = money, let’s set that straight right now.

It’s false. There are plenty of hard working people in this world, and in America that do not make “good money.” Does that mean you shouldn’t work hard? No. That’s not my point. It’s simply that working hard does not equal more income. In fact the goal of en entrepreneur or my goal anyway has been to provide the same value, but work less. To become more efficient. That’s where I believe the money is.

So money mindset issues were plentiful for me early in entrepreneurship as well as consumerism. I will forever work on money mindset I believe.

Some shifts that have taken place are re-shaping how I see money and what I believe to be true about money.

I’ve worked hard to see money as neutral. A simple exchange of energy.

Money is not good or bad. Money is just money.

That was a grounding phase for me when I began re-shaping my money mindset.

I also had a part of my mantra created in May of 2018 that was dedicated to money.

That money comes to me easily, I welcome it, and that I can do good with it.

Money does not equal greed.

See another money mindset I struggled with and still work on is the idea that money and greed are synonymous as well. That if you have money you must be greedy. You must want more and more THINGS. And I want to point out that I KNOW this to be false. Logically, I know that is NOT true. But beliefs don’t change overnight just because we have some new facts.

I like to think of money as a magnifier. It will magnify your values, health and priorities. And that can all change as you grow and work on things like self worth and your money mindset.

What has helped me a lot is seeing other female entrepreneurs do good things with their money. They provide jobs for other women, they pay off people’s medical bills, they give to causes they support, they provide scholarships and are good stewards with their money.

I am not to the point yet that I can pay off someone’s $100,000 medical bill. But I’d like to be. I’d really like to do good things with my money. Because I do believe in Marie Forleo’s saying of “when good people make money, good things can happen.”

So if I can make money, if I have the ability to boost the economy and create income for myself and others, why would I hold myself back from doing that? Right?

I am blessed to be a blessing. My personal belief, anyway.

With all of this, which I have to admit was a bit of a tangent haha, you don’t have to make $10k per month to start working on your money mindset. You can work on it NOW. I began working on mine and even entertaining the fact that money didn’t have to be a terrifying, scarce, and fear-based subject in May 2018, when I made $2.5-$3k per year.

Which brings me to my next point of pricing…

And not pricing your own services or products on your own wallet.

I’ve spoke about this before briefly, but I undercharged for my services for A LONG time. And even currently I could charge more than I do for my services. But that’s why we have a pricing equation. 

We don’t just charge more because WE CAN.

Inside FitsPRO Foundations, we charge based on three things, none of which have anything to do with whether or not YOU could afford your own offers. Which is also known as charging with your own wallet.

The three things I have my FitsPRO clients consider in my perfect pricing guide inside FitsPRO Foundations are:

  • The value of your service
  • Where you want to sit in the market
  • Who your demographic is

What is the value of your service? What is the result worth for your clients? And what do you feel good charging for your service or product? You need to be able to overdeliver on it, so make sure you leave room for that.

I have taken courses before that just weren’t worth it in my opinion, but maybe they weren’t the right courses for me.

I encourage you to take some time to be real with your product or service and look at what they true value is. What is the value of your offer to your ideal client? 

That leads us to your demographic – or the age, location, and income of your ideal clients. Download my free Ideal Client Avatar Creator here.

If you want to work with 18-22 year olds in college that pricing might be different than if you want to to work with CEO’s in their 40’s or 50’s right?

If you want to work with entrepreneurs in their first year of biz or entrepreneurs making $10k per month, that could allow for different pricing.

I follow people who honor this really well. They work with young college women and I’d say the max price is under $300 for a service for sure. Most sit between $29 and $197.

That brings me to the next point about doing market research.

Who has a similar service to you?

How much are people charging? (This is not so you can charge the same thing. Its so you have some data and can determine where you want to sit in the market) Do you want to be a premium brand like Saks Fifth Avenue? Or are you more of a Target? Maybe you’re a Nordstrom (I am Nordstrom). I have high end products, but my demographic is middle class still, right? My training clients don’t have $1,000 per month to drop on programming for a year. It just wouldn’t make sense for who I serve.

Knowing your demographic comes with knowing your ICA. My ICA has likely done CrossFit before and/or is a coach or past athlete and values a trustworthy progressive program without all the fluff so I know they are willing to pay in the $100-200 range for a templated program like BBA. They may have been paying that much in the past for group fitness more-or-less in CrossFit, so it’s certainly feasible.

And then determine where you want to be in the market. That’s a gut choice for you and does also have to do with your demograpic.

Really, all of this is a gut choice.

  • Pricing is a thing fam, but it doesn’t have to be a scary one or a crippling one. The same goes for money in general.
  • Money can be an empowering topic. Pricing can feel good for you and for your clients.
  • And you can always always always shift your thoughts and beliefs around money.

If you find value here, on The FitsPRO Podcast, then pretty please head over to iTunes to subscribe, rate and review the show. It means the world to me when you spread my message to more humans.

Want more podcasts? Click here to skim the archives.

P.S. Save this value packed episode for later over on Pinterest!

Money Mindset, Buying & Pricing with Annie Miller of The FitsPRO Podcast

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I'm an adventurous introvert from Vancouver, Washington who lives on sleep + "me time." I'm a lover of lifting weights, dinosaurs, real talk and traveling with my husband. I am here to help you move better, lift more, bust the myths of the fitness industry, and inspire you to love the process.

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