Today I’ve got 2 quick predictions to help your business thrive in the crazy economy that’s unfolding this year.
If I’m right about these things, and I believe I am, you’ll be able to boost your profits while everyone else buries their head in the sand.
Here they are:
1. The rich are the niche that will get YOU richer
The great Dan Kennedy has always said, “Lowering price is a race to the bottom and it’s a race that nobody wins.”
Because even if you win the race to the bottom… it's really hard to have a profitable business based on that.
So what you need to figure out is how to have high ticket packages or product bundles that appeal to wealthy customers.
One of my clients is a regenerative medicine doctor in Tucson Arizona and he had his best year ever in 2022.
Why?
Because we focused on selling his high ticket package…
A ten thousand dollar stem cell treatment.
It’s for people like me who have bad knees now, but who still want to feel like they’re 25 years old when they reach 65.
If you’re someone who falls into that category AND you have money…
You’re not going to turn your nose up at high prices. You’re going to pay whatever it takes to keep your body feeling good as long as you can.
However, when business owners put too much effort into selling low ticket packages to people that don't have much money (like my client was)…
They end up working too hard for minimal results. And the proof is in the pudding:
As soon as we switched that approach my client’s bottom line shot through the roof.
2. The government will be the richest niche of all
Less than two weeks ago, President Biden signed a $1.7 trillion spending bill.
That’s all money that’s going to change hands in 2023.
So the question is…
If you sell products, services, or consulting… how can you get a slice of it?
Is there something the government has grants or programs on that you can start selling to?
Can you sell to government agencies with money to burn?
I have a client in the leadership and HR space who I’m pushing to get involved in government mandated “DEI” training (Diversity Equality Inclusion).
There’s a huge amount of money that corporations have to spend on this training because the government requires it.
That’s an easy win.
Another thing I've actually helped a lot of businesses with is getting money back from the government through Employee Relief Credits, or ERC’s.
There's a lot of government money flowing down to support businesses that were hurt by COVID in 2020 and 2021.
I don't love applying for government money but our Fit Body Boot Camp was devastated by the pandemic shutdowns and we needed it to stay afloat.
Even recently I’ve helped other business owners apply for ERC’s.
If your business was affected by COVID in 2020 or 2021, you can see if you qualify to get money back here.
Another example of making money off government trends is the solar industry — which is absolutely on fire right now.
20-year-olds selling solar door to door are making as much as $750k to a million dollars in commissions.
That's not the guy who owns the company, that's sales people!
I have two clients under 30 who run a hundred million dollar solar company.
Yes, they work their tails off…
But they’re also taking advantage of the huge government incentives and tax credits to help more customers install solar power. Which means more sales for them.
The bottom line?
A LOT of millionaires will be made in 2023 by putting themselves downstream of government spending.
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Anyway, that’s it for now.
Hopefully you see my simple point with these predictions…
And how doing some serious thinking on these topics can help you generate more income this year… even in a tough economy.
Success Loves Speed,
Craig
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