This post is all about how the highest earning businesspeople manage to attract the highest fees.
Some business owners constantly complain that there are never enough hours in the day. Others understand that it’s perfectly okay, because they are not paid for the hour.
No one is paid for the hour: We are all paid for the value we deliver in that hour. If you were paid for the hour, you could send your clock to the office, stay in bed and still get paid.
For example
If Sarah finds herself working too many hours, it’s usually because she is paid too little for the hours she delivers. If she was paid 4 times as much for each hour, she could work 10 hours a week instead of 40 and still earn the same amount. With those extra 30 hours, she may decide to set up some additional income streams and tighten up her time management. However, all the time she thinks the solution is ‘just‘ to manage her time better, she will always place a very low ceiling on her income.
Here’s how you get paid 400% more!
So, how do you increase your fees by 400%? You become 500% more original. You become 600% more in demand. You become 700% more valuable.
It all starts when you discover the difference between normal work, and work that matters.
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Great post Jim. I read your post that matters and that certainly has given me food for thought.
Glad you found it useful, Neil.
This is exactly what’s happening.
You know what the real problem is, Jim? It’s that small biz owners are too scared to be different.
Great post and thanks for the learning, as always.
I agree, Holly. There’s some real fear attached to standing behind your uniqueness. Thanks.
I just love the way you think Jim – this will get people thinking!
Thanks for the kind words, Mark.
Great post, Jim. That gives me something to think about, next time I complain that “there are not enough hours in a day.”
you’re welcome, Bill.
Every time I tell people what I charge, they go nuts. Usually about 12 angry blog posts are written per event. I don’t mind, if they link back to me.
I charge a lot. I do that because:
1.) I’ve got a lot of experience that translates into value for my clients.
2.) I value my time more than I value your money.
When I charge less, I get worse clients, by the way. No lie. EVERY time I’ve worked at a discount in the past before I knew better, the client I that received that discount was FAR LESS QUALITY than the clients who pay what I charge.
Hi Chris. I totally resonate with you here: “EVERY time I’ve worked at a discount in the past before I knew better, the client I that received that discount was FAR LESS QUALITY than the clients who pay what I charge.” My own experience is identical. There is a definite link between what we charge, and the perception of our value.
Thanks for the feedback, my friend.
Thanks Jim. This is so confirms that what I am doing is right. My product too is not cheap, however the value is priceless. It makes me feel good to know that I am on track.
The challenge is to communicate that increased value to the prospects. Though business owners may have increase their value but their inability to communicate that to the prospects kept their prices low.