Archive for September, 2009
What do you think your time is worth per day, per week, per month? I call this your financial set point.
If your concept of work is like most traditional viewpoints, you've learned how to earn by going out, working long hours, maybe struggling and sacrificing a bit. But, in the end, if you do everything right, you'll have some money left over. And then you can use that money to create wealth.
Earning money is one thing. But creating wealth, that's something different. It requires changing your financial set point.
Determine where in your business you can make significant steps to break free of this trap. If you're offering individualized consultation to clients, is there some way that you can package that expertise and offer it to a wider range of customers?
I did this when I started promoting my own seminars and training courses. Instead of just selling my time to a client and delivering training for that client, I scheduled an event and sold individual places at the event.
Of course these things still require an investment of your time. You have to plan, promote, show up and deliver whatever it is that you promised. But, it will still be a big turning point, for you because packaging your expertise in this way will expand your perception of what is possible.
Let's say, for example that you are selling your time and your services for £500 a day. Whether you realize it or not, you have a mental limit on your price.
But if you were able to offer your same services as a group program or seminar, your gross profit would be significantly higher than that £500. Even after factoring in marketing costs and covering all the expenses of the event, because you are servicing multiple clients with basically the same time investment for that day, your financial set point just skyrocketed.
This can make such an important change for you. When you start to realize that you can sell a day of your own and earn even more. Imagine if you do this 10 days a month instead of just one!
It all starts with stretching your beliefs about what is possible, and challenging yourself to try different methods.
Mentally raising your financial set point is the first crucial step you must take in order to create the wealth you are striving to achieve.Tweet
What is it that makes one person wildly successful in business and an equally talented person fail? Five important traits set the truly successful person apart. If success has been eluding you, take the time to study these traits and begin to cultivate them in yourself.
1. Be Optimistic – It's easy to chime in with the doom and gloom going on around you. If you hope to exceed your goals, though, you must keep the energy pumping. Remaining optimistic in negative circumstances is a key characteristic in people who reach the top.
2. See Obstacles as Opportunities – Obstacles appear in everyone's road to success. The trick is in being able to reframe those obstacles into something that will completely transform your business. Donald Trump, for example, has an amazing ability to perceive opportunity where everyone else sees a roadblock. The paths he has pursued seemed at first to be foolish to others. By refusing to be trapped by what could be seen as failure, he has reached a height of success that most can only dream of.
3. Be Open to New Information – In order to perceive those opportunities, you must first be willing to challenge old beliefs. This ability comes by constantly studying and learning what you need in order to move forward. New information changes your perceptions and leads to better decisions. Being able to see the truth and act on it is a shortcut to success.
4. Practice Awareness Transfer – There's an exciting way to learn quickly what you need to make decisions. It is "awareness transfer" and it means soaking up large blocks of new information from other people. If you're open to new information and understand the benefit of someone else's experience, the stage is set for awareness transfer to take place . Watch for opportunities as they arise; perhaps the person next to you on a plane has just the information you need to make your next decision. By being open and aware of the chance to learn what others offer, you'll move more quickly toward your goals.
5. Serve with Integrity – The most successful people you know have probably learned to serve their customers with integrity. Recognize that there are people in the world waiting for what you have to offer. Once you find them, offer what you have with integrity. It will benefit not only your own life, but also the lives of your customers and the people around you.
Anyone can learn to practice these five traits found in truly successful people. Make it your goal to pursue them; they can transform every area of your life.Tweet
If you find yourself caught in the time-for-money trap, there is one thing that will not help you to break free. And that thing is time.
Suppose your calendar is filled with appointments for months in advance. While that might sound wonderful, you now need to find a way to satisfy all those clients.
The very thing you think is the solution – time – is the very thing that you no longer have. Time is a finite resource – you can't get any more of it. The more successful you are, the less time you have – yet you still try to sell it for a fixed price. That's the nature of the time-for-money trap.
So now you've got to put in place systems that allow you to duplicate or leverage yourself, so that while you're busy serving clients, you are simultaneously making passive income elsewhere in your business.
But by the time you reach that point, you're so busy trying to keep the wheels turning on your time-selling business that the idea of having just one more thing to do is unbearable.
So you think that what you need is more time. But it's not. It's a little bit like an alcoholic thinking that the way to solve their alcoholic problem is by having another drink.
This is not a situation you want to get into, because it means you are fully caught in the time-for-money trap. And the very thing you think you need in order to escape the time trap, time, is the very thing that you no longer have. That's how the time-for-money trap works. That's the catch-22.
This happens because we tend to link the money we earn to our time and effort. And the change needs to starts with recognizing that we do this to ourselves. Change starts when we say, "Actually, the ultimate responsibility for this lies with me."
And the good news is that the power to do something about it lies within you too.
There is one very clear direction I can give you on your way to mapping out a workable, customized plan that will get you from that time-for-money situation to an information empire, where the revenue is coming in but you don't have to physically serve clients day after day.
You must acknowledge that more time will not help you break this connection. Your decisions will. Your decisions to create passive income for your business may involve hiring and training people, finding freelancers or virtual assistants, or creating products that can be sold online and bring in income all on their own.
Whatever your decisions are, the first one must be to embrace the mindset that time is a finite resource that you cannot control. But your creativity and capabilities? These are infinite. These are all things that you can control. These are your keys to breaking the time-for-money trap.Tweet