3 Reasons Why you Need Scholarships in Your Business
Pricing accurately can be one of the toughest challenges to a business owner. Many people price too low because they are afraid of losing a sale. Others automatically assume someone can’t afford them, so they drop their price even before hearing an objection.
On the other hand, I know people who absolutely refuse to budge on their prices. They are firm and inflexible, claiming they never discount because it devalues their services. What’s the correct strategy to serve people and still be profitable?
It’s not about price, it’s about value. More specifically, the transformational value you provide to clients that moves them from where they are today to where they want to be. That value is priceless – yet it still requires a monetary amount.
This past Tuesday, I was moved and inspired while volunteering at the Denver Scholarship Foundation Gala. The foundation awards $31M to over 5,000 students – most of which are from low income neighborhoods and the first in their family to attend college. The Gala is the annual celebration for donors and scholar recipients. Several students took the stage to share their stories of struggle just to complete high school while balancing part time jobs to support the family. Today, they cherish the life-changing opportunity to attend top schools like University of Denver to earn a degree and make a difference.
While attending the Gala, I thought … why don’t business owners mirror this scholarship model so that we can serve even more clients? When we help entrepreneurs, they help other people, and that creates a positive ripple effect. Money should not get in the way of building a business and changing lives.
So I tested this out in my own company with an upcoming event, the Business Accelerator Summit Experience (BASE). I called my event partner, Laura Pence Atencio, and together we immediately agreed that some people need help right now and MUST attend our summit. That call resulted in creating the BASE Scholarship Program for driven entrepreneurs who just need a bit of financial help to attend the BASE event. Without support, they would continue to spin and not achieve the success they deserve.
I know some business coaches who accept ONE outstanding person into their mastermind program each year through an intense application process. This can be up to a $35K value for the lucky recipient. What a great way to support other entrepreneurs!
Here are 3 reasons you should consider allocating partial scholarships on a case by case basis:
1) Positions your company as caring – while making a profit is a fundamental tenet of business ownership, there are times we can give back and support others who need just a bit of financial help. Think of scholarships as a different way of volunteering – you are giving money instead of your time.
2) Helps talented clients achieve their goals faster – truly driven entrepreneurs do whatever it takes to succeed. When resources are scarce, it just takes them longer to surpass their goals. When you believe in someone who you know without a doubt will make a big impact on the world, why not help them succeed faster.
3) Encourages others to give back – studies show that generosity creates generosity. People who receive financial gifts tend to give back when they are able. By creating scholarships, you model this behavior and lead by example. Others will be inspired to implement similar programs in their company, and that can go viral.
Imagine the impact of gifting some scholarships in your business. By carefully selecting the recipients, you would make a huge difference in their lives – and feel really good.
Need help with some of the nuts and bolts of business? Join me at the Business Accelerator Summit Experience in Breckenridge. During the hands-on event, we do the work with you. Because the group is limited to no more than 10 people, no one is left behind. Every attendee leaves with their personalized:
* Marketing Plan (specific online and offline activities by week plus a 90 day launch plan)
* Content Calendar (exactly what to post, blog, and share on social media by week)
* Customized Systems (for their marketing, sales, team, money, and operations)
* Individual Action Plan that ties everything together
And of course, we have some partial scholarships available for the right people. Just apply here.