It's no secret that we all have money blocks and mindsets that we need to continue to work through and overcome. And the most common block is the "selling your time by the hour" mindset. This is not only the most common but also one of the hardest shifts to make. The reason is that we are taught and trained that money is tied to our work and that work is done by the hour, and that hour has a price point. The reason we are taught and trained to think this way is because schools teach us to think in terms of getting a "job" versus understanding our purpose and using it to make a living.
Here are the reasons you need to shift from thinking, working, and charging by the hour:
1. NOT SCALABLE:
I don't care if you are an early riser or a night owl, there are only so many viable hours in a day. What that means is you will eventually stunt your growth because you have a business model that cannot scale to the next level. If you cannot scale (meaning selling more without losing quality) then you have just created a job for yourself, not a business.
2. NOT SUSTAINABLE:
Chances are that if you are struggling to scale, then you will struggle to sustain as well. Sustainability is the process of being able to exist constantly. This means days to weeks, weeks to months, and months to years without losing your momentum. If you are charging by the hour this means your ability to take time off when and if you need it… is limited.
3. PEOPLE PAY FOR THE RESULT:
People pay for results. People don't care about the hours it takes, they care if you can produce results. The majority of people who are willing to invest in themselves by paying a premium rate, don't give a crap about how the sausage is made, they just want the sausage delivered on the expected date with excellent customer service.
So then what is the solution to STOP selling your time by the hour?
That's easy: set fees and packages.
I don't care what industry you are in, you can set a fee for your service, and/or you can package your outcomes and put a price tag on it. This is not complicated, it is a mind shift. This is not difficult, it is a new way of doing it. This is not hard, it is different.
Trust me….you have to STOP selling your time by the hour because it's dangerous. It is dangerous to lock yourself into an hourly rate and then realize the project will require double the time and now you cannot go back and quote a different price. Hourly rates leave room for negotiations. The prospect might ask you if you can do it in less time or what if you eliminate a specific task so that they can save money.
I'll close with this…hourly rates are the quickest path to frustration and burnout because you never feel like you are being paid your worth. Hourly rates steal your time, devalue your experience, and create a feeling of bondage because you are locked in. This is why attorneys require a retainer and then and only then begin charging a crazy hourly rate. They get their money upfront and then the rest is gravy, I encourage you to apply this strategy.
Stuck, struggling, need help to figure out how/what to package and price? No worries, I can help with that.
Feel free to schedule a FREE Creative Conversation with me, just click the link: https://calendly.com/thecreativearchitect/creative-conversation
WHO AM I?
I’m Kandis Troutman, The Creative Architect. I'm a mother, teacher, and spiritual seeker focused on purpose walking and serving others. I help women activate their God-given power so they can transform their purpose into a prosperous business.
Thanks for reading my post. I try to publish new posts weekly, but I believe in leaving room for God, which means there are no guarantees. But check in often and let me know what content awakens your spirit and I’ll be more than happy to share my experiences.
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