One Bill Theory
Reading time: 3 – 4 minutes
One of the best kept secrets about money is people want to pull one bill out of their pocket to pay for things. Think about this because as soon as someone says it’s a dollar and that’s all they want from you, you are kind of surprised. The average customer thinks they are getting away with not paying taxes. Realistically this is the same feeling most cats get when they do hand to hand deals on the streets. It’s a pure exchange with no bull like taxes in the middle.
So when you start out on your hustle keep this in mind. This is why the dollar water hustle works because no one has to dig through their ashtray trying to find you pennies. This is why you get pissed off when you go and get that dollar burger and they say 1.07 and you get back 93 cents and poor it in the ashtray. This is the essence of all your street vendors because as soon as you pull out your 3 bucks that’s all they want. Anything over that solid bill messes up the transaction. It’s like when you see a price for a car and then they throw tax, title and license and you are thinking damn I wanted to be out the door at 19K!
Out here on the West we have swapmeets which is what other cats will call flea markets. When I was young we would get White T’s, bootleg shoes and just about everything. We would all negotiate with the Koreans in there and most of the time when they tried to say taxes we would say this is all I got and give them a 5. They would take it and we were happy about that. See the game behind it is most people want to know they got enough when they look in their wallets. If you say it’s 5.33 they are thinking they probably don’t have enough. Think about it when you go to eat you might have five bucks only and McD’s is saying a combo is 4.99 and you are thinking I don’t have enough so you go and eat lunch some place else. Now you go to the hot dog cart and get a combo for 3.50 and you are good right?
No matter how high you are and how low you go with your hustle keep this One Bill Theory in mind. It goes back to the bartering days where you would give 2 geese for 1 goat. It’s the exact same angle but since modern times taxes have messed up this theory but it doesn’t mean you have to go along with it. Even if you run a restaurant you can price your items at the right price that it equals that One Bill so the customer still thinks he isn’t paying taxes.
Extra: Also keep in mind that customers like to see numbers like 19.99 or 9.99. Anything less than the solid bill makes them stupidly feel like they are saving something. Now you can pull the double whammy on them and give them a penny back from their One Bill and they will forever be your customer…..
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so are you saying that instead of pricing something for $15, an even $20 would work just as well, if not, better???
When you get into pricing it’s better to go lower than up if you want to move units. So to me the flat 10 bucks will work better and give you more sales.
It’s a mental thing that people want to exchange one thing for another. So that’s the thing we want to tap into so we can really be about our business.
They do this in Times Square all of the time on the weekend. Some cat get a corner and start selling something cute for $5 and people run and buy it all out. What is $5 in someone pocket when they are in Times Square?
It’s that get it and go dough. All of your street deals are solid numbers no taxes and no change so you can make the exchange. People think that the same basic get it and go angle does not work in bigger business. Everyone likes a flat fee period and in the smaller scale business they like that they got enough when they look in their wallet.