© 2017 by Monica Hammond and CuriousCustom.com

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How to Get More Money for Your Time

January 19, 2018

I just spent a week in Punta Mita, Mexico with some very successful business people. These people all run their own six and seven (some even eight!) figure businesses, and after learning their strategies for success I see exactly why. 

 

They value their time. 

 

It's that simple. I met people who make upwards of $20,000,000 a year who work for themselves, by themselves. No employees. No boss. Solo.

 

The secret to the success of the super wealthy is to figure out your core competency and then ONLY do that. 

 

What's your core competency? Is it painting, fiber arts, crafts, sewing, sketching, watercolors, graphic design, building, woodworking, or writing? 

 

Here are a few things to think about when coming up with your core competency:

  1. Relevance – Your core competence must influence your client to choose your product or service over your competition. It needs to be something relevant to your buyers, collectors, commissioners. 

  2. Difficulty of imitation – Your core competence should be difficult to imitate. There are tons of painters in the world, but only you have your specific style or focus on your unique subject matter or point of view. 

As an artist, your core competency could be any number of things that makes you unique, but really honing in on the one thing that you do that no one else can could make a huge difference.

 

Once you know your core competency, the next step is to put a value on it. 

 

The super successful set a price on an hour of their time, and anything they do that's NOT their core competency...I’m talking laundry, fixing their faucet, building their website, setting up their essential marketing systems, or whatever...anything they do that is worth less than their hourly rate, they outsource.

 

Think about it. If I spend one hour coaching with a client for $195, and then I spend one hour of my time doing laundry and make $0, then I’m essentially paying $195 to do laundry.

So, if I do one hour of coaching with a client for $195, outsource my laundry so I have time to work with a second client at $195, then my laundry only cost me what...$20? I’ve managed to make $175 on that one hour that I used to spend doing my laundry!

Figure out what you should spend the bulk of your time on, what makes you the most money, and then outsource the rest of it!

If it takes you 20 hours to create one piece of art and that art sells for $5,000, then your time is worth $250/hr. So if you ever feel like there’s no time to work on your art, cut out anything that’s worth less than $250/hr or hire someone else to do it for less!

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