The fourth step on The Pronto Path is Elevation. In this episode, we walk through raising our prices and finding a highly profitable niche. We talk about leadership, confidence, and ownership of our business to success at this step. And how to avoid getting stuck for years as many do on this step.
In this series, we are walking through the 9 steps of The Pronto Path. The Pronto Path is a career roadmap or framework to remove fear and doubt from the tax profession. If you're wondering how to get from where you are right now to where you want to be as an independent tax professional, this show is for you!
To learn more, comment, and for the complete show notes, visit: http://taxpronation.com/4
Topics discussed:
- [02:39] What does the elevation step mean?
- [03:26] The importance of celebrating victories
- [04:18] Where we get stuck: Mindset and Math
- [04:48] Some examples of the math
- [05:26] Raising prices is scary!
- [06:34] “What got you here won’t get you there.” —Marshall Goldsmith
- [06:59] Whose desire is stronger to grow their business?
- [07:22] How you can raise your prices with integrity
- [08:50] A helpful script for talking to clients about raising your prices
- [09:38] What to do if you simply cannot see yourself having this conversation
- [09:58] A tip that employees use that entrepreneurs can leverage
- [11:43] A situation where many clients will leave if you raise your price
- [12:56] Why you cannot raise your business without raising your prices
- [13:36] Andy’s success story of raising prices over a couple year period
- [14:42] Do you stand behind your work? How to think about your value
- [15:34] Why having hundreds of clients but facing going out of business happens a lot
- [16:12] How the Wright Brothers can shed light on this elevation step
- [17:12] Two main ways to get your tax career to the next level
- [17:28] Three types of clients in the tax prep business
- [18:53] Highly profitable doesn’t necessarily mean a high price
- [20:12] How to approach finding the type of clients that are highly profitable
- [23:30] What working with passion looks like when you find your ideal clients
- [24:17] The key question to ask to elevate your business
- [25:15] Why leadership plays a large part in the elevation step
- [27:00] A key question clients will ask themselves to determine your immediate value
- [28:29] One of Andy’s very unique niches
- [30:09] Something to look forward to from clients when they see you raise your prices
- [30:48] What are some highly profitable niches? Examples
- [32:06] A few examples of very poor niches
- [35:23] A story from Jeff trying to find a niche tax preparer for stock trading #washsales
- [35:57] Why measuring a niche by Fear and Greed can be helpful
- [37:43] One way to find your highly profitable niche
- [40:09] “We have to take responsibility for our own success.” —Andy Frye
- [40:50] Help! I’ve been stuck for years at this step! How to get unstuck
- [43:31] Who are you surrounding yourself with?
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Tax Pro Nation is produced by Podcast Masters
