Episode Summary for “The Dark Side of Discounts”

In this episode of Only Business, we’re tackling a topic that many entrepreneurs overlook: The Dark Side of Discounts. While slashing prices might seem like the quickest way to attract customers, it can come with hidden costs that could hurt your business in the long run.

We’ll explore:

• The Psychology of Discounts: Why they work, and how they can backfire.

• Devaluing Your Brand: How excessive discounts can send the wrong message about your products or services.

• Profit Margin Pitfalls: The financial risks of relying too heavily on discounts to drive sales.

• Alternatives to Discounts: Value-adding strategies that can boost revenue without cutting prices.

• When Discounts Make Sense: How to use them strategically during key moments to maximize impact.

Whether you’re running Black Friday promotions or considering discounts as part of your sales strategy, this episode will help you make informed decisions to protect your profits and brand reputation. Tune in to learn how to drive sales without selling yourself short!

In this special Thanksgiving episode of Only Business, we’re asking the big question: What are you feeding your business? Just like a holiday meal, your business thrives on the right combination of ingredients—each one playing a vital role in its success.

We’ll dive into:

• The Turkey: Your core product or service—the foundation of your business.

• The Sides: Essential supporting elements like marketing (the mashed potatoes), sales (the mac and cheese that must be handled by someone you trust), customer service (the stuffing), team morale (the green beans), and operations (the gravy that ties it all together).

• The Dessert: The customer experience—the sweet, lasting impression that keeps people coming back.

• The Empty Calories: The time-wasting activities and low-value strategies you need to cut out.

This episode will help you evaluate what you’re serving up in your business and ensure every “dish” works together to leave your customers and team satisfied. Tune in for actionable insights, fresh perspectives, and a little food for thought as you plan for growth.

Happy Thanksgiving!

In this episode of Only Business, we dive into the growing trend of entrepreneurs charging premium prices without delivering premium value. From overpriced “brands” with no clear identity to consultants offering empty promises, we challenge the mindset of “get everything, give nothing.” We explore how this approach erodes trust, alienates customers, and ultimately leads to unsustainable businesses. You’ll learn the key ingredients for earning premium pricing, including delivering measurable results, building a meaningful brand story, and understanding the true value of your expertise. Whether you’re setting your prices or reevaluating your offerings, this episode is a must-listen for building a business with integrity and longevity.

In this episode of Only Business, we dismantle the myth of the "self-made millionaire" and expose the invisible forces that often drive success. It’s not just about hard work—it’s about who you know and the networks you can access. We dive into how social capital, generational wealth, and venture capital disparities shape the paths of many successful entrepreneurs, while leaving others locked out of opportunity. With fewer than 3% of venture capital dollars going to Black and Latino founders and 70% of jobs being filled through personal connections, the system is far from a meritocracy. Join us as we challenge the narrative of self-reliance, reveal the unseen advantages behind many success stories, and offer insights on how to build and leverage your own network in a world where access is everything.