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Value pricing is a powerful lever to increase profit in a business. It involves creating more value in pricing to justify higher prices. To implement value pricing, businesses need to conduct an in-depth analysis of their customers' underlying problems and determine the economic value of those problems. This approach shifts the focus from a win-lose to a win-win situation, where both the business and the customer benefit. The Lean Canvas tool can help businesses define the problem they are solving in terms that the customer understands and quantify the value of the solution. Pricing should be set as close to the value received by the customer as possible.

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In this conversation, Christian Brim interviews John Jantsch, author of Duct Tape Marketing, about his experience with Profit First. They discuss the importance of focusing on profit in creative businesses, the challenges faced by marketing agencies, and the value of creativity in a world of AI. They also touch on the mindset of creatives when it comes to making money and the need for more creative entrepreneurs.

PROFITABLE KEY TAKEAWAYS...

• Profit First is a valuable tool for creative businesses to focus on profit and ensure financial success.
• Many marketing agencies are focused on tactics rather than strategy, which can limit their effectiveness.
• Creativity and profitability are not mutually exclusive; they can complement each other in a business.
• AI may have its uses, but it cannot replicate the unique creativity and problem-solving abilities of humans.
• Creative entrepreneurs have the potential to fill the gap in the market by solving problems creatively in various industries.

Download a free chapter of Christian Brim's PROFIT FIRST for CREATIVES ➡️ https://www.coregroupus.com/profit-first-for-creatives

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In this conversation, Christian Brim interviews Richard Walsh about his entrepreneurial journey and the lessons he learned along the way. Richard shares his experience of starting a landscape business and transitioning into creating custom water features and steel sculptures. He also discusses the financial collapse of 2008-2009 and how his business failed due to his own decisions. Richard reflects on the importance of understanding money and the impact it can have on a business. He shares how he realized the need to prioritize his family over his business and made the decision to close down his business. The conversation highlights the themes of entrepreneurship, creativity, financial management, and personal growth. In this conversation, Richard shares his journey as an artist turned entrepreneur and the importance of seeking help and guidance in business. He emphasizes the need for entrepreneurs to separate their identity from their business and to surround themselves with a supportive community. Richard also discusses the role of creativity in business and how it can be channeled to create unique experiences and value for customers. He shares his vision for the future and his goal of helping 10,000 business owners achieve freedom, profit, and impact.

PROFITABLE KEY TAKEAWAYS...

• Entrepreneurs are both builders and artists, driven by passion and creativity.
• Understanding money and having good financial management skills are crucial for business success.
• Prioritizing family and personal well-being is essential for long-term happiness and fulfillment.
• Learning from past mistakes and taking responsibility for one's actions is key to personal growth and success.
• Entrepreneurship requires resilience and the ability to adapt to changing circumstances. Entrepreneurs often see their business as their identity, but it's important to separate the two and not let the success or failure of the business define who you are.
• Seeking help and guidance from coaches, mentors, and entrepreneurial colleagues is crucial for personal and business growth.
• Surrounding yourself with a supportive community of like-minded individuals who understand the challenges of entrepreneurship can provide valuable feedback and support.
• Creativity can be channeled in business to create unique experiences and value for customers, without sacrificing profitability.
• Building a business that serves you and allows for freedom, profit, and impact is possible with the right mindset and support system.

Download a free chapter of Christian Brim's PROFIT FIRST for CREATIVES ➡️ https://www.coregroupus.com/profit-first-for-creatives

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In this conversation, Nick discusses his experience with Profit First as a creative entrepreneur. He highlights the challenges of finding profitability in the creative industry, such as high costs and the need to balance creative fulfillment with financial success. Nick mentions that he has implemented some aspects of Profit First, including having a separate profit account and running quarterly estimates. He also talks about the temptation to pull from the profit account and the importance of maintaining a cushion for the business. Nick and his partner have a shared goal of buying commercial property, and they see the profit account as a means to save for that. Overall, Nick appreciates the analytical side of business and enjoys working with numbers.

PROFITABLE KEY TAKEAWAYS

• Profitability is a challenge in the creative industry due to high costs and the need to balance creative fulfillment with financial success.
• Implementing Profit First principles, such as having a separate profit account and running quarterly estimates, can help creative entrepreneurs manage their finances.
• Maintaining a cushion in the profit account is important to handle unexpected expenses and invest in future business goals.
• Creative entrepreneurs should find a balance between taking on profitable projects and pursuing work that aligns with their creative vision.
• Analytical skills and comfort with numbers can be valuable for creative entrepreneurs in managing their finances.

Download a free chapter of Christian Brim's PROFIT FIRST for CREATIVES ➡️ https://www.coregroupus.com/profit-first-for-creatives

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Download a free chapter of Christian Brim's PROFIT FIRST for CREATIVES ➡️ https://www.coregroupus.com/profit-first-for-creatives