Over the holiday I happened upon one of the more brilliant business people that I have met in my lifetime. Malcolm* has been able to up his income by 1200% with just a simple idea, giving him more money with less effort (our favorite kind).
Malcolm spends his days at the edge of Santa Monica Pier catching fish, primarily mackerel. At $1 per pound in stores, he’s got to catch a lot of fish to bring in good money. But Malcolm sells his fish at about $12 per pound.
How, you ask?
Malcolm has made friends with a local seal who hangs out with him at the edge of the pier. Malcolm then offers pieces of fresh fish to passerby and tourists to throw into the water and experience the seal jumping up to eat it. With an average one pound fish being cut into twelve pieces at $1 per piece sold, Malcolm now gets to relax each day by the water, meeting new people and offering them an experience with fish sold at $12 per pound in pieces instead of $1 per pound as food.
He changed his business from commodity to luxury.
And people always pay more for luxury.
And for an experience.
How can you look at your business from a different angle and bring in an element of experience, luxury or ingenuity that can help you relax more and earn more at the same time?