Truth is…there are many more I wish I’d known sooner than the three secrets I discuss here.
But in the limited space I have, there is no way to summarize them all.
I do my best to start using secrets as soon as I discover them, and to pass them along through my speaking and writing. I deal with these and other powerful discoveries in detail and in depth in places like my Wealth Attraction.
However, three of the many, I think, are bigger, more universally applicable that the rest, so here they are:
1) Price Elasticity. There are no restrictions on what people will pay. There are only self-imposed limits, both psychological and practical in nature. It is the absolute truth that we set our own prices, and more often than not, set them lower than necessary.
Many people under-value themselves, their services, their products, and under-estimate what the market will pay.
It is vital to grasp that you set your own price. As Foster Hibbard taught, teaspoon, pail or tanker truck, the ocean doesn’t care. In other words, there is an abundance of water. You choose how much you want to take away and are the one who puts limits on what is available.
2) The secret of transaction size. Simply put, it requires fewer $5000 sales than $500 sales or $50 sales to get to each million dollar benchmark. BUT, it is not proportionately difficult to create and sell a $5000 thing than it is to create and sell a $50 thing.
Even in relatively mundane businesses, innovative entrepreneurs find ways to dramatically boost average transaction size.
That’s the thinking that replaced the coffee shop with Starbucks.
3) The power of continuity. Think Max Sackheim’s remarkable invention, Book of the Month Club. Or health companies that automatically ship vitamins to consumer at a certain time each month.
It turns out I’d be several dollars richer had I built my newsletter business on continuity from the beginning. There are other millions I’ve missed out on as well. I miss those millions.
Everybody ought to strive and fight and work to find ways to create continuity income streams in their business, and if they can’t, to get involved in a business where they can.
I encourage you to make these three secrets of wealth creation the focus of your research, investigation, and study. Learn as much about them as quickly as possible. Pay attention to them on an ongoing bases. Carefully consider them every time you launch a new product or service. Get an opinion or several opinions from people who “get it” and who might see a way to price higher that you may have overlooked.
There is no virtue in settling for less than you are worth, less than you deserve, less than the market will cheerfully pay. Strive to never accept less than your customers would gladly give you.
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