Time ≠ Money

  • Category: Running Your Business

You know that expression time is money? Well, we beg to disagree. The ideal authority business allows you to decouple time spent with revenue—you can charge on some other basis (ideally value) which multiplies your earnings.

It can take a little practice to get comfortable charging for something that isn’t strictly linked to your time. Which is why Jonathan and I decided to explore:

Getting over any residual guilt from not charging based on your effort (“I can’t charge them that much—it wouldn’t be fair/right/honorable”).

Why the best clients don’t really care about how much time you spend serving them—and what they do care about instead.

How to begin shifting your sales conversations toward high value outcomes and away from time.

The relationship between the altitude you’re operating at and the time it takes you to provide value.

Quotables

“Through conversation with the people for whom you are making the thing…you can think of it like a gift. It’s like here, I made this for you.”—JS

“That’s a whole mindset shift, that all of a sudden you’re going to be paid for access…it can even feel like highway robbery at first.”—RM

“You should buy the most expensive one (mastermind) you can afford so that you will be slotted in with other people who are at your level. ”—JS

“Price telegraphs value.”—RM

“The reason it’s so difficult for freelancers to value price is because they’ve never had a conversation with their past clients about what value they added.”—JS

“When you understand what your work is going to produce, you can work differently on the project. You can work at a higher level, you can be more effective, you can ask better questions.”—RM

“You can increase your altitude, the level at which you engage with the client…and almost invariably it’s less work.”—JS

“Everything that we’re talking about in this episode is moving you up that ladder so that you’re selling your brains not your hands. “—RM