There are a few myths that contribute to the mistaken idea that monetizing your work (ie. earning income from your content) automatically makes you some sort of self-obsessed scammer.
I'd like to dispel a few of those myths with you now so that you're empowered to impact others and charge what you're worth in the process.
Myth #1: If I care about impacting as many people as possible, I'll make all of my content free.
Making your content free is a great way to reach the masses, however, creating paid/gated content doesn't mean you have to stop providing free content. Not only can you provide just as much value as before, but because you'll be able to reinvest the revenue from your new income streams back into your business, you'll actually be able to provide even MORE free content that's even HIGHER quality.
Myth #2: People don't like spending money.
People love spending money on things they need, especially things that can help them. People spend thousands of dollars on education to improve themselves. They spend just as much on entertainment, food, and frivolities. Nothing you're selling is going to bankrupt someone–on the contrary, if you care about your audience you're going to enrich their lives. People want what you have.
Myth #3: Nobody wants to buy my services. / I don't deserve to charge (yet), I need to Pay My Dues™ first.
This is imposter syndrome talking, plain and simple. If you have something that is going to impact someone's life in a positive way, there are no Rules™–nobody is going to magically give your permission to get started. The best time to start is right now. Not tomorrow. Right now.
Myth #4: Everyone will want a refund and my business will collapse in a fiery ball of flames.
Refunds happen. For smaller items, rather than creating a prohibitive refund policy, encourage people to refund within 90-days of purchase if they feel they haven't gotten value from your product. If someone emails you and is 30 days outside that purchasing window, refund them anyway. For larger items, you can strive to commit to the same principles, but in a way that protects your business. For example, you can offer additional services, or bonuses, or offer partial refunds on a case-by-case basis. You can also guarantee results instead of using a money-back guarantee. If you're a business coach, you might promise to work with a student until they create $10,000 in revenue using your systems. Get creative, and don't be afraid. Refunds happen, but when they're addressed gracefully, they become opportunities to lead the marketplace.
Myth #5: People will complain. / Call me a sellout.
As creators of any size can attest: people will always find a way to complain. Those who covet the hard-earned wages and returns of another are the most likely to raise their voices against you. You don't need to give these voices a second thought. Wealth is created, it's not sliced up and divided. You charging $197 for a course, is not going to prevent anyone else from flourishing. On the contrary, it's going to contribute to the flourishing of another person. Money is simply the identifying variable in the transaction that signals something valuable has happened.
Do you ever worry that you're undercharging?
If you want a step-by-step formula you can follow to raise your prices without hurting demand then you'll want to grab your free copy of my newest book: Triple Your Prices: How To Raise Your Prices Without Hurting Demand.
About Me: Hi, I'm James. 👋🏻
I'm building a Strategic Revenue Advisory firm that provides SMBs, SaaS, and Solopreneurs with the opportunity to bring their biggest ideas to life. Here's how I can help your business.