Ep. 52 - Riding the Wave of Inflation: High Ticket Sales, Masterminds and the Impact of Rising Costs

In our 52nd episode of 'The Profit 911 Podcast', we take a deep dive into high ticket sales, masterminds, and the current phenomenon of steep service cost inflation. If you've noticed a skyrocketing in prices in the educational, career, and Software as a Service (SaaS) sectors, you're not alone. We explore how these price surges are affecting the industry, shaping customer service relationships, and challenge the ways we handle price hikes.

We spotlight the action behind the scenes of service providers like us, trying to deliver news about price increases. With each price rise, customers reconsider their options. As business owners, we wrestle with controllable factors like labor costs. We dissect different pricing models and strategies, and ponder potential steps forward amidst the rising tide of inflation.

Moreover, we delve deeper into the intricacies of rising costs at various levels, touching on inflation rates, cost of living, and category-specific expenses. We share personal insights from our journey in the event business, drawn from our experiences with erratic price swings. We are frank about the impact of inflation on everyday items, highlighting the sharp rise in costs from eggs to meals across dining establishments. Irrespective of this, we emphasize the importance of adjusting employee pay for inflation and cost of living.

We, as business owners, shed light on the importance of being intentional about where we spend money and time. From evaluating the value of masterminds and seminars to prioritizing personal goals like travel and health — we cover it all. We end by advising our listeners to stay ahead of inflation and changing costs. Tune in as we discuss navigating economic uncertainties, and let's ride this wave of inflation together with informed and strategic approaches.