I am so new to business and had a crash course in it in 2016 when I purchased a CrossFit gym. My degrees are in Counseling and my life has always been about helping people be the best versions of themselves. Straight from College, I went into higher education as an academic advisor, so I helped students figure out what they wanted to major in. I did it for 10 years and didn’t really enjoy it. I liked the students but I don’t like the 8-5 life and waste 6 hrs a day doing nothing and I struggle with authority.
My life dream was to own a CrossFit gym and when I got it, I was so mentally unprepared it was emotionally an awful experience for me. I knew nothing about marketing (still really don’t), pricing, management, sales, and bookkeeping. My parents always preached not to spend money or go into debt. So I have a very hard time spending money on my business without a confident return on it. The hardest part was people quitting the gym, and having to work so hard to get new people in to just break even. I stayed in the black with the gym but was only able to pay myself 200.00 a month. After a year and a half, I was done. I LOVED coaching and programming but I grew to hate everything else. I sold the gym for 14,000 more than I paid for it and walked away. I learned that I enjoy working much better when I am not chained to an 8-5 show-up and pass time job. I learned some basic business skills. But I still feel very unprepared and insecure.
Beginning in January, I partnered up with a Naturopathic Physician and her and I have created a 30 Day Reset Detox plan. We sell it online for $298.00 dollars and it is value packed. It comes with physician grade supplements, 40 page e-book, weekly videos, facebook group, meal plan, a room by room home detox plan, and access to both of us. We launched it in April and have only sold 1. We are based in Oklahoma so people tell us this is Oklahoma people don’t have as much money here. Even though it is online so anyone can access it. We market through her practice, her email list (I don’t have one), Facebook, and Instagram. Also, we are hosting a 4-day retreat in August and we started marketing for it in the second week of May. It is $1,000.00 for 4 days, 8 Organic meals, acupuncture, yoga, meditation, grounding, classes over gut healing, stress, getting a handle on our thoughts, toxins and our health, one on one time with us and outdoor activities opportunities. The luxury home we booked in on a river so in their free time they can kayak, SUP, canoe or hike. The house cost us 3,000.00 and food will be 680.00. We decided 10 women was our ideal amount. We have been advertising online through social media Facebook, Instagram, Pinterest. She is emailing her list and I have made flyers and took them to higher-end stores like Lululemon, Athleta, Trader Joes, CrossFit gyms, Yoga studios. We haven’t had anyone to sign up yet.
The rest of the deposit is due by July 10 and the cancellation with a full refund for the house is June 10.
I am sorry I gave you all the background info for this question, but I know it is all about my thoughts and I can’t work them out or shake them. So I thought it would help. My mind has a scarcity and panic response when it comes to losing money. Anyways, my question is how long do I wait before dropping the pricing? My fear is that it may be priced to high after listening to Stacy’s Business Q&A video this week. I am seeing retreats for 500.00 for a weekend and that doesn’t include housing, it is tent camping. So my small voice says 1,000.00 is reasonable for such nice accommodations. I don’t know though.
I am a person that gets an idea launches it even though I don’t know what I am doing and then spends time trying to hurry up and figure it out once it is out there. I think contributes to my lack of confidence, since I feel like I don’t know what I am doing compared to others out there. Thank you for your help and guidance, it is very much appreciated!!