What You Will Hear:
- Office Romance to Solid Life and Business Partnership
- Couple lost Jobs, had to replace 2 incomes
- How to Narrow Down Business Ideas for Startups
- Launch a Husband/Wife Business
- Uncertain about Charging More for Your Service?
Listen to ReLaunch Show on iPhone or Android App
More about our featured guest (click bar below)
Richard Fenton is the owner of Courage Crafters. He has been an entrepreneur for the last 17 years, after leaving his corporate training job to pursue his dream as an author and professional speaker. Since then, he has given over 700 presentations and written several books, including the best-selling title, Go for No!
Check out their “Ghost Story” – Think Life is Precious Now? Just Wait Until You're Dead! Onyx Webb: A Supernatural Soap Opera (“It's fundamentally about a woman who has died. She lives in a lighthouse and she watches people who are alive sleep walking through their lives, not paying attention to what they're doing, wishing their time away. Not taking chances, and it kills her. She would give anything for one more day of life. And she watches people who are just wasting their lives.”)
- Their best-selling title: Go for No!
- Check out their “Ghost Story” Onyx Webb: A Supernatural Soap Opera – Think Life is Precious Now? Just Wait Until You're Dead!
Full Transcript (Click bar below)
19:24 Richard Fenton: The vice president pulled me to the side and he said, “I've got a little bit of advice for you,” and I thought, “Oh, boy, what did I do? Did I screw up?” And he said, “Increase your fee.” He said, “We almost didn't hire you because you charge so little. We thought, ‘What could we possibly get for such a small fee?'”[19:40] Joel: Wow. Now okay, that is a brilliant point that you make because what a lot of people do that are starting in business, and you know what, I'm guilty of this too, is they charge peanuts and then they justify it to themselves or at least I did saying that, “Yeah, but I'm just starting. Yeah, but I don't have any experience. Yeah, but I need a client or I need to put a butt in the seat.” And, well, what happens and what almost happened to you but luckily it didn't is you undervalue yourself right out of gigs that would have paid you more. [20:24] Richard Fenton: Yeah, completely. And it had never crossed my mind that the client was valuing us higher if we were charging more. I thought they were looking for the deal. I thought every client was out there looking for the, “What solution can we buy from the lowest priced vendor?” Kind of like the United States government, you know? And they weren't, they weren't. Now, there is a limit to what you can charge. I'm not saying that the upper end is endless. There is a ceiling somewhere up there but it's almost always a lot higher than you think it is. [21:04] Joel: Right. [21:04] Dr. Pei: So how many foes did you increase afterwards? [21:10] Joel: Yeah, hold on. What are you… You don't have to give us dollar figures but if you think about your first paid gig and then your next paid gig… [21:19] Dr. Pei: By percentage. [21:20] Joel: What's the difference? [21:21] Richard Fenton: Yeah. Well, I don't mind giving dollar figures, especially the numbers when we first started. Andrea and I were working in corporate jobs where we were each making about $50,000 a year in salary, so I valued myself as being worth $1,000 a week. That's what I thought my time is worth. So when we launched our training program and we were charging $2,500 for a three hour workshop from where we were coming from income-wise, it seemed like an outrageous amount of money. They were gonna pay me two and a half times more than I was making for a 40-hour week and I was only gonna have to go and work for three hours so I thought I'd priced myself to the moon. [22:05] Richard Fenton: And when he said, “Increase your fee,” we immediately, the next week, increased it to $3,500 and we found that there was no pushback from anybody it didn't matter. And then, we went to $5,000 and $7,500 and we just found that… And once we got to about $10,000, we found that every time we doubled our fee, and when you get into that range you lose about half your clients. But that means that you're working half as much and making the same amount of money so you still have a lifestyle. [22:35] Joel: It's hard for people, especially if they're conditioned, they have the corporate conditioning of valuing their time. It's like, “Well, employer X paid me this for my time so that must be all that I'm worth.” And then it can get you into that mold. Go ahead, Pei. [22:54] Dr. Pei: Yeah. Also, I know you were talking about you charged this amount for three hours, but honestly, when you work for yourself there's so much backend work that supported those three hours too so… [23:09] Richard Fenton: Well, yeah. That is a significant observation because… And I certainly didn't realize just how much time was gonna be spent behind the scenes. We would put 100 hours easy putting together a three-hour workshop for the very first time to get that thing. And then, of course we'd have to tweak it and keep changing it. So, the behind the scenes and just having conference calls with the client and travel, traveling to and from the speaking engagement. So there's a lot more that goes into it but I wasn't thinking that way. I was just looking at the time I was standing there in front of them speaking which was an error in my own calculation of my own worth. [23:49] Joel: I got you. Good point, very good point. Okay, so you wrote “Go for No” and that book just continues to do good for you. You take that with you to your training events. And then, we're gonna fast forward through that because people can listen to Andrea's interview. Let's go right into your current book, and what brought that on? [24:13] Richard Fenton: Well, it really was a matter of… One day we were out for our morning walk around the lake here in Downtown Orlando and I don't remember who said it first but one of us said, “Wouldn't it be fun to write a ghost story?” And it was interesting 'cause we just… We stopped, we turned, we looked at each other and it was like, “Yeah.” It was like one of these things where we just went, “That would just be fun.” And it was kind of like going back to that original feeling that we had 15 years earlier when we launched our first go around, our retail training business was, “Let's just do something fun.” [24:51] Richard Fenton: But this was now really fun because we weren't worried about whether we were gonna pay the bills. Our “Go For No” business is established and we knew we were gonna pay the bills. The question is, could one of us drop off and devote their time to starting this new… And I won't call it a relaunch so much as a side launch, but it's the same thing. We're not leaving one business and going into another. We just said, “Hey, let's do something else that would be a lot of fun without the pressure of whether we have to sell a certain number of units in a certain amount of time.” And so really, we started writing this Onyx Web Series as just a labor of love but it became evident very quickly that there was also a business there. [25:35] Joel: Gotcha. Okay, can you give us a kind of a nutshell version of the book? [25:42] Richard Fenton: Yeah, absolutely. This is both a Kindle and a physical series available through Amazon and it's… This series will be 18 books, about a hundred pages each, when it's done. It'll roll out over the course of the next two years and it's fundamentally about a woman who has died. She lives in a lighthouse and she watches people who are alive sleep walking through their lives, not paying attention to what they're doing, wishing their time away. Not taking chances, and it kills her. She would give anything for one more day of life. And she watches people who are just wasting their lives. And so, our tag line to the series is if you think life is precious now, just wait until you're dead. [26:39] Dr. Pei: Wow. [26:40] Joel: That is powerful. I could picture… Could you picture that, Pei? [26:44] Dr. Pei: Well, I can also see this very awesome read for Relaunch Nation. [26:51] Joel: Absolutely. Okay, so 18 books coming out over the next two years. Definitely keep us in the loop there, Richard, and… So we can get your material out as it comes available. We're big fans of you and Andrea. Goforno.com, that's the place to go. Of course, we're gonna have all the social media hotspots and links to the books on our broadcast, Show Notes. Richard Fen is our guest. It's been a pleasure to have you on. I'm so glad that we were able to make this work. Do me a favor, give Andrea a hug and a kiss for us. We just love you guys. It was a blast visiting you in Florida and the next time that we're there, we're definitely… Hopefully, we can do that again. [27:37] Richard Fenton: Absolutely. We will go to the Drunken Monkey and we will have seven cappuccinos each and we'll stagger out. [laughter] [27:45] Joel: I'm already there. I'm ready to go. [27:47] Richard Fenton: You got it. [27:48] Joel: Have a wonderful day, Richard. You're welcome back here on the show any time.