Get Paid For The Value Of What You Deliver
Author: Bernadette Doyle
If you took one year off from your business, would it be in the same shape - or better - when you came back? If the answer is no, according to Robert Kiyosaki, the author of Rich Dad, Poor Dad, you don't really have a business, you've got a job.
There's no reason your business shouldn't grow just because you're not around to tend to it. You simply need to think differently to make that happen.
The lower paid people in the world think they get paid for each hour that they work. That's how they measure income. That's how they measure value - by the hour. They think about an hour's worth of work and what they're earning for that hour. Those people are always focused on raising their hourly income.
Now, higher paid people believe that they get paid for the value they bring to the hour. They're typically very comfortable receiving a higher hourly rate. They recognize that what they're earning in the hour is not just based solely on the time. It's also based on their expertise - think of a lawyer or an accountant, for example.
But, take notice that the connection between time and money is still there. Most service businesses are based on this model. So if you're a coach or a consultant, a healer or a therapist, there's a very good chance that this is your model, too.
That's why people in consulting are often obsessed with billable hours. That link between time and money is really strong. The main problem with a business that's based on selling time is that you're basically selling a finite resource.
For example, when I started my training business, my whole business model was based on me selling time. I wanted to sell a certain number of days at a certain daily rate.
It seemed like a good way to begin, because typically I earned more per hour than any employer would ever have paid me.
The trouble is that sooner or later, you run out of time.
So I replaced the idea that I got paid for my time with the belief that I got paid for my time and my talents. That was progress. But the limitation was that if I wanted to take a month off, the price that I would pay was lost income.
As long as my business was based on me selling my time, I didn't really have a business. I had a job. A well paying job, but still just a job.
As long as you are selling your time, even at commanding top fees, you are always going to be manual labor. And, as long as you're manual labor, it really doesn't matter whether you're getting £10 a day or £10,000 a day.
The highest paid people in the world understand that. They understand that the hour is irrelevant. The only thing they concern themselves with is the value that they deliver according to the marketplace. They don't even think in terms of hours.
This is the level of thought you want to achieve. Begin by associating with people who are already at that level. That was a big influence for me, and it helped to really shift and shape my own beliefs. Get exposure to these people and just observe, up close and personal, how they approach things.
They think and act differently from the rest!
About the Author
Bernadette Doyle is a marketing specialist who helps entrepreneurs become client magnets and attract a steady stream of their ideal clients. She publishes a free, weekly newsletter for trainers, speakers, coaches, consultants, complementary therapists and solo professionals.