“Remember that time is money.”
In 1748, Benjamin Franklin wrote that. We’ve all heard that particular aphorism, but is it still true today? For some of us it is. Is it for you? Odds are, you do not want it to apply to you. Luckily, there are ways you can stop trading your time for dollars.
Offer Value Instead of Time
Consider the last hourly position you worked. Of the 40 hours you spent at work per week, how many of them did you spend doing something productive? Some, right? But certainly not all.
Remember when you first launched your company? Or maybe you dreamed of starting a company. You did that with the idea that you would be your own boss. Maybe you were seeking freedom. Maybe creativity or possibly even more joy in your life.
Part of the draw of becoming an entrepreneur is being able to control your income and schedule. You might have imagined being paid fairly for what you accomplished without wasting your time. However, you might have discovered that your time is still inextricably linked to the money you make. Too many people step from the nine to five into the twenty-four seven.
Instead of charging for your time, why not charge for the value you create for your clients?
Rather than billing on an hourly or daily basis, set your prices based on what outcomes you will accomplish. When you switch to this billing strategy, step into your value, have confidence and set your prices carefully, there is no reason to find yourself working long hours for less than you would make otherwise. With the right pricing scheme, you’ll achieve more money in less time.
Build a Passive Income Stream
Passive income may be more work than the name suggests. Before you can make money while you sleep, you need to create something valuable that clients will purchase over time.
Doing so is glorious! Yet, it’s also a balancing act to get it right. Let’s say, you spend 120 hours creating a video series. Once it’s complete, you can sit back as people purchase it, right? But, let’s say it nets you 1,000 dollars before it’s outdated, maybe it takes you 100 hours to sell it or perhaps it reaches everyone in the intended market too quickly.
Was it worth your time? Maybe. But maybe only if you’re satisfied making slightly more than the federal minimum wage. The point is, It’s critical to work both strategically and systematically with the right order of operations in place. This is where coaches, consultants and mentors can serve to help turn dimes into dollars.
One of the solutions when you’re building a passive income stream is to look for products or services that have staying power. Ideally, they will not require many updates or upgrades from you. Keep iterations to a minimum. Also, have a roadmap and a planned value ladder. That way, your initial time investment remains the same, but your earning potential becomes unlimited.
If you are tired of trading your precious time for dollars, reach out to connect with our team today. Since 2012, we’ve helped hundreds of businesses double or triple their revenues while empowering people to gain back their time. Your company could be the next best success story. Reach out to schedule your free 30-minute consultation today.