As any founder knows, lessons learned early on in the business startup journey can pay dividends at a later stage. Those valuable learning points and light bulb moments also make useful tips and advice that can be passed on to help other new entrepreneurs as they embark on their business ventures.
Prepare for customer remorse, and deal with it.
Small businesses are often told to chase the money and forget about the value. As a portrait artist, John Bentley knows that for many clients his services are a luxury purchase. This year, having photographed over 800 people, families and pets, he started analyzing why they invested in his remarkable work.
“Many paid a reduced session fee and got a discount on their prints,” he says. “In reality I was only giving good value because it was a reduced cost. Others would ask the price and balk at the £129 ($167) session fee: what if they didn’t like the pictures?”
“Clients now pay a fully deductible deposit if they order, which is fully refundable if they don’t,” he says. “We give them an amazing studio experience, complete with drinks and chocolates; they have a great time, which creates great memories. Their images are presented to them as printed proofs; memories they can see and touch. I no longer discount anything, and instead add more value to what they are purchasing. No more buyer remorse.”