How To Ask For More Money (And Actually Get It)

In this episode of The Big Deal Podcast, Codie Sanchez tackles the crucial topic of pricing, focusing on the 'seven deadly pricing sins' that entrepreneurs often fall victim to. She begins by telling the story of Jenny Britton, a woman who originally underpriced her premium ice cream, leading to business struggles. After realizing the value of her product, she successfully doubled her prices, ultimately achieving immense success. Codie argues that many businesses are underpricing themselves, often due to fear or societal pressure, which impacts their revenue.

Codie identifies seven pricing sins: imitation (pricing too close to competitors), delusion (charging market rate without understanding value), surrender (unnecessary discounting), hustle poverty (working hard but earning less), hero complex (relying solely on oneself to close deals), doormat work (offering custom work for standard prices), and self-extraction (not pricing to allow for delegation). She advises entrepreneurs to look at the value they provide and price accordingly, using a model where they charge a percentage of the value they create for their clients. Throughout the episode, Codie encourages listeners to confront their limiting beliefs around pricing and to be bold in setting their prices higher. This aligns with her upcoming book, 'Owner Be Owned,' aimed at helping small business owners understand and reclaim their financial worth.