How To Run A Profitable Business & Make Money

but who am I? Anyway, if you go to a wholesale place like Costco, you know where they sell you things wholesale." You're going to pay one price for the coke, if you go to a vending machine, you're going to pay a different price for this coke, and if you go to the movies, you're going to pay a different price for the same amount of liquid and what's the determining factor. I'd love for you guys to read a couple of questions or comments from the audience while I go get some supplies. I'll be right back. you got it yeah do you want to just read give mentions and that kind of thing so the question is what would change the price between the three sure okay what is it what do you think it is I don't know.

I wasn't paying attention, oh my gosh, to use okay, for use, for use, the flood, okay, don't show them what I'm doing now, okay, okay, just go to the broad while I work on this. a little bit here, the location, we have someone commenting on the location, I have to think. off my feet I think I remember you talking about this, so maybe you remember the answer, maybe you remember the answer, yeah, why don't you read some comments, not even questions like yelling and stuff like that, someone thinks, oh, okay, um? Go ahead, yes, shopping is thirstier at the movies, so that would determine it, maybe you're thirstier.

I don't know, you're thirstier at the movies. Now people only want coke. Okay, coke. We are looking for a sponsor. I see someone commenting that I remembered, yeah, remember, the answer should be, I'm saying, no, no, okay, let's get into this, this is good, so you can say his name, I think jason47 got it, you know, give them Greetings, you missed it, the moment is gone, oh, they're coming so fast, okay? forget about it guys, let's get back to this, so if you go and buy this in bulk, I'll do it like this now, it's a fully interactive whiteboard, it's not cool and you're basically going to pay.

I've done the math 30 cents. per serving 30 per serving and it's cheaper to buy it's the most inconvenient because you have to drive to Costco the warehouse place you have to wait in line and the lines for these things can be brutal you know this well it's almost like sometimes out In my wife said, "Get in line right now, we just got in, let's go find that line because by the time it's ready, it should be ready to go well and it takes the most amount of time and planning effort to buy this and , usually these locations. they're not as convenient, they're in more industrial areas compared to the suburbs, okay, next if you go to a vending machine, I've done the math here, typically vending machines are 1.75 a serving and you put almost two dollars. you get a quarterback and it costs 1.75 why does it cost so much?

What is driving the cost difference here? Well, this allows for a spontaneous purchase. You walk. It's hot outside. You're thirsty and I have nothing, but I have cash. so you are paying for the convenience, the fact that someone went to Costco bought all the cans of coke put in the machine, it chilled them waiting for you to consume them on the spot, it is ready to consume rtc correctly and that is why it costs a Much more, same thing: the cinema costs 450 per serving, so this is an order of magnitude more than if you bought it in bulk and why does it cost so much at the cinema?

Well, a couple more things, one is that they have a monopoly on this. you're not allowed to bring your own drinks and where movie theaters

make

most of their

money

is at the concession stand, not the price of tickets, so they take you to the movies, they might even consider the movie in yes as a lost leader, which is what they will do. They lose

money

getting in and out because they're probably paying more for the screening, the venue, the maintenance and the ushers, so they're making money, they're making real money on the popcorn, the drinks and the candy, so come on.

Get into this, the cinema has an exclusive monopoly, okay, and we are conditioned to feel, because my son and I feel this way, that when we go to see a movie at the cinema, you have to get that bucket with the container of popcorn and frozen champagne. drink it, it tastes better, it feels good, yes it tastes better, it really does and maybe because it's on tap they have the right level of carbonation and the syrup and they know it's really good and this is what triggers an emotional response, we're sharing a moment, my son and I, so when we go, even though I don't want to drink soda water or consume a tub of popcorn together, I feel like we're bonding or I remember when when I was. younger and I was dating I was dating, you know, and I went to the movies with my girlfriend, I felt like I was forced to buy a jar of popcorn and two drinks, right, it can't be cheap, I can't be cheap, but I can't seem cheap, so there is an emotional benefit to this.

Is there an emotional benefit to going to Costco? Usually, there's not really an emotional benefit to the vending machine, maybe, but mostly it's one of convenience, so we know that. a little bit about how we can increase the price of something, let's see if you're paying attention, ricky, yeah, how can we increase the price of something based on what we just talked about now? Attach an emotion to it, how can we add an emotion to it? emotion, yes, you're right, but how, when looking at what people value, okay, yes, go deeper for me, please, look at what they value most and, okay, what do you value most in a transaction like this? ? convenience and convenience, that's not an emotion yet, it helps.

I, Jonah, oh, I have no idea that you might want to feel a sense of accomplishment, right? Because I can't afford it. this we can go here there are a couple more things we can talk about is when you have an exclusive monopoly you can charge whatever you want this comes through positioning this comes through positioning okay being exclusive monopoly okay and if you can trigger emotional responses in the person, okay, so when you have something that's nice, when you floss and drip on ricky with your sneakers, your 100 sneakers and everything fine, yeah, what do you feel?

I feel good, I feel why why are you? feeling good, I feel like you feel successful, I feel empowered, yeah, okay, you feel empowered, you see what they're doing to you there, ah, look at those fools, yeah, no, you're not the fool, yeah, you're the one Dumb, you feel successful, okay, so what? What we have to do is understand the pain point that your customer is going through and we market and sell to that. We have to sell towards the emotional part. This is where the money is. Understand the weak point that everyone had to understand your client's. weak point, so they're not necessarily buying a website, what are they doing?

They're trying to increase customers, they're trying to see how they feel about themselves, most of the customers that come and hire us for design a website for them. says Chris, we feel like we're a billion dollar brand, we feel like we're a billion dollar company and what we put out there is shit, it doesn't

make

me feel good, it's like I'm driving around in a junk car. I'm wearing that cheap suit, I'm wearing the ugly sneakers, I'm wearing the filler in white brand and I want the Nikes, I want the fear of God Bran, I want the off-white sneakers, I want the bellies, I want the Whatever You're Feeling in the blank, Gucci is the proudest.

I want to feel that way if you can help them feel that way because not at all if we all boil it down to what are some of the raw emotions that drive us all. state state yes, that's Ricky, I don't know, today you're on fire, you're on fire, how do you say that in Spanish, today you're on fire, friend, we're looking to achieve a higher social status, that's it, are you done? can you just let go of the lens, just let go of the no, I can go home, we need that lens, this is the next question, should we just call her?

The state is what I'm looking for, thanks, this is the clearest you've ever been on the live stream. oh Jesus, okay, it's almost like you're trying to impress me now from the last one, okay, that's it guys, this is the conversation we're having, okay, this is it, we'll take it home, I promise you a . whiteboard session we're almost done here doing this, so now we understand the difference between cost price and value. Cost is the sum total of what it costs to do something. It doesn't include profit when you add profit, that's your price. The amount of price you would charge depends on the profit you make, the risk you are taking and how well you can understand what is valuable to the client, almost always when a client comes to me and tells me they need an ex.

Always ask if this is a very important problem that you want to solve, if not, let's find one that is big and important because that's what I want to focus on. I want to do something that has a material impact on your

business

. I want to move. the needle for you with you together we can do that and that's how I stand out well if this was valuable to you I'm going to check my phone later today hey first of all like this video share like we said If we get 50,000 views in the first week I will leave the video, if not I will remove it, it has to reach 50,000 views, that's fine and if you want you can send me some money, I appreciate it. just to support the future is in v crystal maybe then I can buy those Nike, those Air Max that Ricky wears, but I don't buy them, okay, and I just want you guys to know that these are the type of concepts that we teach within the

business

.

The boot camp is for an entrepreneur, a solopreneur, someone who wants to grow their business. You probably need to make more than 75,000 a year before I would consider taking this because if you're not making that kind of money, you're not ready. In that case, what I encourage you to do is watch and consume as much free content as is available and there's a lot on our channel before you get there. My goal is to help you make money so that one day you can afford this or join us in our private coaching community or something else.

Let's end it with a quote from probably the most astute financial investor of our times, and that is Mr. Warren Buffett. Warren Buffett said that the price is what you pay. Value is what you get. boom, that's it, I hope you enjoyed this whiteboarding session, let me know in the comments below. We'll include some additional details for when the business boot camp begins. I'm wearing the designer goddess hat, we're almost sold out. These, if we're not already sold out, I just want to say thank you. I want to remind you that you are not defined by your past.

The future is what they make. See you next time, bye.