I know an accountant; and he’s a great one. He’s brilliant at what he does, but he still has to compete on price. Like most of the people in his industry, he thinks that the key to making more money is doing more study on the technical aspects of his job.
Lately he’s been questioning everything. He now competes with software, with accountants across the world and with his own mind-set about how his industry ‘should be’.
His story isn’t unique; I hear it all the time. We’ve interviewed over 3000 entrepreneurs at Dent and many people are great at what they do, but aren’t fulfilled.
Hundreds of business owners are struggling with these changes. Each thinks their problems are unique. You might feel the same, caught in a web where your time is being traded for money.
You need to have something scalable. Something greater than yourself. Rather than trading your own time for money, to make money from products and services that you chose to represent. To break free from that hourly rate.
Here are two reasons why you should be leveraging the right products to create scalable solutions.
PRODUCTS EXPAND YOUR INCOME OPPORTUNITIES.
Imagine that you get invited to be a guest speaker for thirty minutes at a seminar in your industry.
You agree, on the condition that you can promote tickets for your event for £100. At the end of the seminar, you say, ‘If you like what you just heard and you want to know a little more, I have a special offer for our event we can offer’.
If twenty people out of the group decide to buy, you just got paid £2000 for a 30-minute speaking spot: a great result. This may also lead to a lot more business. Each person who buys the first product is more likely to want to do business with you in the future as well.
Rather than it being logged as an expense to speak at a local function, your product allows you to become a highly paid speaker and continue the relationship with all the people who enjoyed your talk.
PRODUCTS DON’T GO TO SLEEP.
If you are your only product (which is being paid for your time), this presents a big problem. You only want to work for about a third of the day and you can only be in one place at any given time.
There will always be a limitation on what you can earn if your earning capacity is based solely on your personal attendance. Products are expansive and liberating because you can sell them online 24 hours a day, seven days a week, and they can be delivered all over the world.
This one fact alone is a key reason you must develop scalable products. Selling your time may still be part of what you do but when you have products, the value of your time goes up not down. A chef who sells a lot of recipe books makes more money for their time even though everyone has access to the recipes.
Exchanging time for money is self-sabotage. Turn your skills, talents & expertise into hot products that people want to buy.
This article was first published on www.keypersonofinfluence.com.