You know how small-business owners usually say that most people are cheap and unwilling to buy stuff? Well, it's kinda true, but not always.
Some people are cheap, others are simply not able to afford your products and services. That's an important difference. But at the same time, there are people who are spending huge sums on something as simple as dessert.
Don't believe me? Let me prove the point.
If you go to Serendipity-3 restaurant in New York City, you can order a Golden Opulence Sundae at a mere $1,000. (Oh, forgot to mention you have to order 48 hours in advance…)
According to the restaurant, they sell approximately one each month. And they say that it's more common on valentines day and other special occasions.
If you ask me, I think it's a little over the top. But hey, people are gonna spend their money anyway, why not give them a creative way to do so.
This sundae has made the news and it's relatively well known, and that is one of the perks of being the most expensive. Try getting a $5 sundae on the news!
See, the most expensive feels premium. Not everybody can afford it, which makes people who can feel so much special.
Alright, enough about desserts, I'm fasting 🙂
But what's the lesson here? I think it's simple, stop setting limits to what you think people are willing to afford. You are not your customer or client. But at the same time, it all starts with who you want to serve.
If you choose to serve people who are financially tight, you can do so, but your strategy needs to be different. On the other hand, if you want to serve the wealthy, you need to give them something that they value.
There is a whole spectrum in between, and really that choice is yours.
However, you need to be realistic about your goals, which is why I believe setting your financial goals should be the first step in any business. If you want to earn 7-figures per year and you want to work only a few hours per week, you can't really target people without the money to grant you that lifestyle.
Same applies if you just want an extra $5,000 per month, you don't need to target the super-affluent to achieve that.
The first section of my Service Business Blueprint talks specifically about choosing your market. To get the blueprint for free, click on the link below:
To your success,