ArticlesBlog How to Set Fees for Your New Consulting Business – The Art of High Ticket Sales Ep. 7 August 28, 201942 Related posts: 1 Hour of Business Strategy with 7 Entrepreneurs | Inside 4Ds 5 Keys To Building A Million Dollar Business 13 Core Business Principles to Start IMMEDIATELY | Auckland Keynote 2019 Marcus Lemonis’s Top 10 Rules For Success (@marcuslemonis) Related tags : business business idea coaching fee coaching fees Consultanting Business consulting consulting 101 consulting fee consulting fees consulting prices consulting rate consulting rates consulting services dan lok Entrepreneur fees fu money high consulting High ticket sales How to be Wealthy Increase income million dollar coaching million dollar consulting price consulting set fees Success Wealth Wealth Conciousness Post navigation Previous Article Jordan Peterson – Dealing With a Difficult Past and Feeling Lost Next Article BUSINESS DEVELOPMENT IN HONG KONG | DAILYVEE 264 Comments (42) June 6, 2017 at 8:50 pm you really set in stone the reflex to think extremely hard when i have to come up with prices. Reply June 6, 2017 at 11:04 pm Brāv loves you, Dan! Reply June 7, 2017 at 12:20 am If you want to find your soulmate it only cost 100k. millionarieclub123 🙂 Reply June 7, 2017 at 3:10 am I am inspired. I am motivated. thank you. I don't regret it. you are true with your promises Reply June 7, 2017 at 6:51 am Summary of this quality video: Do not start with low price and then raise it. Start with high price and discount it if need be. This is where video advice ends. Are you curious how prices are actually chosen? 1) you see what the fees are from your competitors for equivalent services. 2) you gauge how mature they are as entrepreneurs. If very mature you can network with them right away. Ensure there is understanding regarding price. If not network once you get some traction and offer win-win proposals and open line of communication. This is important, and probably the key step as you need to tap into synergy or if its not there, build it. 3) generally start at the market expected range as Dan mentioned. Even if you feel you will need to grow into it, and give discounts. 4) you aim to build brand loyalty by acts like rewarding repeat customers. There are Reply June 7, 2017 at 9:49 am I can still remember the first big invoice I dropped on a client in the 1980's it was for ten times what I was used to earning for the hours worked I felt like I was stealing from them. Reply July 24, 2017 at 2:18 am I have seen a lot of your videos great content Dan Reply November 6, 2017 at 9:52 pm Pricing in itself is a marketing strategy when done properly. Reply November 8, 2017 at 4:51 pm Dont set a low price at the beginning to attract client as it will cost problem in the future when you raise your price! Reply November 8, 2017 at 7:04 pm A question here Dan. So let's say you're known in the marketplace as being cheap. Would you consider rebranding yourself and forming a new company to use as an alias? In a previous video, you talked about how your mentor told you to double your prices continuously. What was your process for doing that while keeping your reputation in the marketplace? Reply January 12, 2018 at 9:53 pm Dan u are the truth!!!! The delivery in unison with the humour is not only edifying but entertaining… Reply January 31, 2018 at 7:08 pm My takeaway, is simply to feel the client out first, and everything else that follows would most likely lead to a satisfactory sale. Thanks Dan. Reply February 7, 2018 at 12:35 am Dan, high pricing is indeed a powerful influencer. Thanks Dan. Reply February 10, 2018 at 12:42 am Price vs Perception- something to mull over. Thanks Dan. Reply February 12, 2018 at 2:00 am The more you can focus on the value of your product or service, the less important the price becomes. Reply February 14, 2018 at 12:52 am Self confidence- essential key to striking a winning price balance. Thanks Dan. Reply February 14, 2018 at 12:46 pm I only ever did 1 free coaching call and I quickly realized how little commitment there was on both sides because I did it for free. Great lesson here. Reply February 16, 2018 at 1:45 am This is so spot on. There is a term that goes, "You have to hump a clunker, before you can fuck a ferrari." It's so messed up because this is how our society thinks. Lets lower our standards than once we become "good" we will charge what we "deserve." It's bullshit. Set the bar high. You want higher quality clients, charge more. If you charge less, they will view you as a discounted not so good (fraud) service. If you are uncomfortable charging more, you are most likely not confident in your service/product which means go find a new fucking product/service. Reply February 16, 2018 at 7:16 pm The smart road…build your business and offering and charge accordingly from the outset. It's more about margin than revenue. Reply February 17, 2018 at 2:05 am Pricing itself is a marketing strategy. Reply February 22, 2018 at 5:49 am Cultivation Of True Personal Power Sets The Tone. Thanks Dan. Reply March 3, 2018 at 4:35 am Pricing and marketing are also just a huge play on Psychology – if it's expensive or exclusive, it must be really valuable and worth it! Reply March 17, 2018 at 12:55 am “Higher price equal higher quality.” Bu doing that we can eliminate cheap and difficult customers while targeting sophisticated and affluent clients. Thank for sharing, Sifu! Reply April 8, 2018 at 4:36 am even at times you can find a lower cost item is of good quality, most equate high cost item to be of high quality (HTC group 3) Reply April 11, 2018 at 7:30 pm Pricing a self as a marketing strategy, when done properly Because there's a segment in the marketplace, the majority of people in the marketplace perceive higher price equals higher quality It may not always be the case but that is how a lot of people think Reply April 16, 2018 at 1:33 pm Higher price= must be better. Reply May 1, 2018 at 2:48 pm Pricing itself is a marketing strategy Reply May 28, 2018 at 7:01 pm I won't sell myself short. Thank you, Dan. Reply June 3, 2018 at 9:51 pm Pricing itself, done properly, is a marketing strategy. Thanks Reply June 13, 2018 at 6:15 pm IM refuse to sell myself short. In fact, IM take my powerful perspective & expert knowledge off of sm. Why plagarists hate MI know my worth. Not going to allow weaklings to play MI small. Reply June 28, 2018 at 4:40 pm I love it Dan the wing man. he Is a matchmaker. Reply July 3, 2018 at 5:51 am Thanks Dan 🙂 Reply July 14, 2018 at 10:26 pm Love your videos, I am taking notes every day, sometimes new things, and sometimes just a confirmation of what I think, but all great and very "listener friendly". One thing though: Does this one not contradict with the episode where you told you increased your price ten folds? from 1000 to 10,000? Is the difference that you did it very quickly? Reply August 15, 2018 at 7:40 am Thankyou. Reply September 1, 2018 at 12:29 pm I truly appreciate your natural sense of humor. The way you use analogy is absolutely remarkable. You always make me laugh while I learn LOL! Reply October 15, 2018 at 7:11 pm I really like you and learn from you. But why do you market yourself like that? It’s almost like a fake person the way you market yourself. Reply November 6, 2018 at 9:35 am Thanks for the great points about consulting fees! Reply December 6, 2018 at 11:15 pm there is difference about your own perceived value and your real value, i don't agree, its not about how much you think you are worth but on what is the added value you can bring to the market and to your clients, if you have knowledge and your clients understand your value, then you can get what you want for or ask for what you want, but if you think your value is high but in reality you don't bring anything, no one will be interested, in that case, work smart and hard to provide added value… Reply December 7, 2018 at 10:26 pm I’ve gotten clear on who is my ideal customer Sifu Reply May 23, 2019 at 11:22 am In our minds… Higher prices equal higher quality Reply May 31, 2019 at 7:48 pm You might want to subscribe… no, I definitely do, I already did and that’s not changing anytime soon Reply June 23, 2019 at 6:34 pm This is not true. If your product has no value then it's not worth anything. Otherwise the going rates for one-to-one personal services are between $100 and $200 an hour. This does not include psychiatry (which is a licensed medical profession) but does include things like hypnosis, reiki, meditation, yoga, aromatherapy, talk therapy, psychoanalysis, etc… Even the very best lawyers and tax professionals, after years of professional training, don't charge more than $500 per hour. Corporate consulting fees are a different subject. These can be very high. But you need to actually know something about business. Most of these people either have phD or have run their own successful business in the past. The later is preferable. Reply Comment here Cancel reply Comment Name * Email * Save my name, email, and website in this browser for the next time I comment.