It seems that the buzz word these days for business growth revolves around mindset.
Have you heard it? If you've been on social media for any length of time, I'm sure you have read a few hundred posts about how mindset affects your success in business.
And yes, I'm one of those that really does believe it. However, until this weekend, I really didn't understand its affect on me.
If you've been reading my blog, chances are you've seen a post or two about the lessons I learn from my teenage boys. Once the lesson I learned was how to make the uncomfortable, comfortable. (Yeah that was a pretty good one)
However, this weekend the lesson was a doosey.
Although my boys are 15 and 12, they decided this weekend they wanted to have a lemonade stands—I guess you are never too old for for that. As I watched them out the window, I think they drank more than they had to offer.
Anyway I digress…
When they told me they were going to sell lemonade I though it was great. Then I asked them how much they were going to ask for a cup.
Their response—$1 a cup!
Well, to my surprise I was floored. I mean what happened to the age when they were selling a cup for 25 cents?
I told them that I thought the price was too high, but they assured me that they knew what they were doing.
I left them go, but deep down I was a little embarrassed about the price.
I happened to look out the window and one of our neighbors and friend drove by as my youngest son was sitting there. He yelled out the window that they needed to lower their prices and drove off. Now prior to this neighbor saying this to my son, they had already sold around six cups at full price—without anyone saying anything about the price being too high.
After my youngest heard the complaint about the price, he changed the sign to 50 cents a cup. When my oldest returned, he told him the news, and they decided to compromise at 75 cents for one cup or 2 for a dollar.
As I sat and watched my youngest listen to the complaint and make the changes, along with my reaction to the price, I knew I had a teachable moment for them and for me.
How often as a business owner are you embarrassed by your prices?
How often are you changing them after someone complains about how much you are charging?
Both my response of embarrassment and my son's quick change of price made me realize how much our mindset plays a part in our business growth.
3 Lessons I Shared with My Sons and also Learned Myself About Mindset
1. Never lower your rates because someone tells you that they are too high.
2. Be confident with your decisions on rates, knowing you are offering the best possible product/services.
3. Where there is a will, there is a way—make it happen.
Maybe you have the highest price on a product (I guarantee the lemonade was the highest on the block). However, I also know that they wouldn't have sold any more by offering it at a lesser price—the customers just weren't here. They were able to double their profits with the price they offered, making a total of $16 for the day.
Sure they may not be able to retire on their lemonade sale, but the lessons that they learned, and the ones they taught me are enough to last a lifetime.