Why should everyone have a high ticket item? How would you like it if someone had the secret to making 6 or 7 figures right in front of your face and you didn’t know it. How stupid would that make you feel? Well let me spare you from that embarrassing feeling! I’m giving you the secret-sauce right now, so pay attention!
Every person and/or business should have a high ticket item, no questions asked. In the blog post that I wrote called How to create your own product, I described why it is essential that everyone needs to have their own product. This could be a digital product or even a physical product. I personally deal with digital products because there is not any overhead fees and services. Anyhow, having your own high-ticket item fits right into this subject waayyyy better than OJ Simpson’s hand that couldn’t fit the black glove. “If the glove doesn’t fit, you must acquit!”
In the blogpost Top 3 Reasons Why You Need To Create A Digital Product, I spoke about how it is the most profitable thing to do. It takes a little more work rather than using affiliate marketing, but it produces way more profits. If you don’t know what affiliate marketing is, you can check out the 5 Reasons Why Affiliate Marketing Is The Best and Easiest Way To Make Money Online. The next step to creating your own product is creating your very own High-Ticket-Item. The reason this is so crucial to successful business is because you do way less work and you make way more money.
I do real estate. I have coaching tracks that range from $997 all the way up to $20,000! If I get a client at $20,000, this is extremely profitable for me because I’m simply coaching that client to do what I have already done in real estate. I can easily teach others how to wholesale properties, get rental properties and create a portfolio to make money in a short amount of time. Not only is the work for me easy, but now I don’t have to work with a lot people! Ah, the beauty of having a high ticket item.
With one client at $20,000, I can focus all of my efforts on 1 person as opposed to 100s of people for a small priced ticket item. I will only work with about 10 people throughout the year. When I get 10 people for the year, my gross income will be $200,000!
“WOW!” I can hear you say. “That’s a lot of money!” If you think that is a lot money, think about my real estate mentor who can charge way more than what I can! He has a program at $50,000. Now multiply that by 10 people. That’s $500,000 in a year from just one high ticket item!
You can do this for any business. You may not be able to make a $50,000 program, but surely you can make a product or service that is priced at $397 up to $1,997, no matter what niche you are in. Keep in mind, when you create something with that type of price tag, you’re not looking for a ton of people to purchase it, you’re only looking for a few people. Imagine being a brick and mortar business and selling 10 items a month at $347 instead of busting your butt to sale a lot of tiny services at high volume. I’ve been there and done that and it can get stressful.
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This is the type of thinking that revolutionizes businesses. I spoke with someone who makes millions of dollars in his plumbing business. He wants to make more money and doesn’t know how because he is leveraged when it comes to time and service. It’s hard to expand when you don’t have others to trust with the responsibility of your business with such tasks of expanding.
Through conversation, I found out that he helped a buddy of his start his own plumbing business, he is now killing it and making up to a million per year. I told him that I noticed that it seems like he has the business down to a science, and then I asked if he feels like he can teach others the very same techniques that brought him success? He comfortably said “Of course! That’s easy!”
I asked him how much extra profit would make him satisfied in his business and he said and extra $20,000 would be great if he could achieve that. I then smiled and told him…”That’s easy!” I gave him some ideas about creating a high ticket item and he was intently listening to every word I said. The lightbulb went off for him. He saw that he can make high profits without spending a lot of money. Making $20,000 free and clear does a world of a difference when you don’t have to pay for overhead. That’s why digital products are so attractive.
Here are some examples of high ticket items that you can create:
-Coaching program: 3 month, 6 month, or year
-Live events with VIP options and products
-Recordings of previous live events
-workshops and seminars
-1 on 1
I’m a believer in doing less work for more money. I don’t have any kids at the moment of writing this article, but I know that when I start having kids, I’m going to wish that I had loads more of time to spend with them. If someone tells you that they want to work more on their business while making more money, RUN AWAY! Here at Emancipation Occupation, the point is to liberate you from a job…not make another one.