Why Hours Are Not Your Friend

We have been taught to trade our time for money, but there comes the point where we are allowing a disservice to ourselves by operating this way. The more of an expert we become in our field, the less time it takes us to reach a result, and that result is usually of higher quality than what others with less experience can provide. By continuing to trade our time for money, we will need to put in more and more of our time to reach our desired income.

In this episode, Mike encourages you to trade your expertise and value for money instead of the time it takes you to provide a service or result. People typically don’t ask you how long it took you to reach expert status in your industry, they usually ask how long it will take you to complete the task, but we need to provide a reframe for this way of thinking. Mike walks you through how to convey your value and expertise, and justify premium pricing for the experience that you have, instead of the time it takes you to get a result.

Quote from the episode:

“Don't charge for your time, charge for your result.”

Key Highlights:

To make a fortune, trading hours for money will take a great deal of your time
The more expert you become, the less time it takes you to do something
If we charge by the hour as an experienced person, we lose money
We need to take a lesson from Picasso’s rules: value your expertise on your outcome and the result and not the number of hours
Mike explains how to get past your client's thought processing of paying by the hour

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