Momentum Podcast: 435
Stop Selling Time
by Alex Charfen
Selling time for money is frustrating, it makes us feel exposed, and it's very difficult to scale. You're on an endless hustle. Selling time for money is frustrating, it makes us feel exposed, and it's very difficult to scale.
You're on an endless hustle. If you want to grow and scale, add value to the world, and create the impact you know you can make, you have to stop selling your time and build a team around you. If you want to move faster than you feel like you can on your own, let us help you. Go to billionairecode.com/apply
Feel the momentum of having support around you.
Full Audio Transcript
Whether you're making $10 an hour or $10,000 an hour, if you're selling time, it's one of the most exposed places to be. I know, I've been there. I've spent parts of my career selling time for money and I can tell you, it's one of the most frustrating ways to live as an entrepreneur, but I know how it can get, where you get stuck, where you're making so much money, you can't understand how to stop selling time.
Well, I want to help you because that is how you will scale your business, your impact and let's get real, your income.
I'm Alex Charfen and this is the Momentum podcast. Made for empire builders, game changers, trail blazers, shot takers, record breakers, world makers and creators of all kinds. Those among us, who can't turn it off and don't know why anyone would want to. We challenge complacency, destroy apathy and we are obsessed with creating momentum, so we can roll over bureaucracy and make our greatest contribution. Sure we pay attention to their rules, but only so that we can bend them, break them, then rewrite them around our own will. We don't accept our
destiny, we define it, we don't understand defeat because you only lose if you stop and we don't know how. While the rest of the world strives for average and clings desperately to the status quo, we are the minority, the few who are willing to hallucinate, there could be a better a future. Instead of just daydreaming of what could be, we endure the vulnerability and exposure it takes to make it real. We are the evolutionary hunters, clearly the most important people in the world because entrepreneurs are the only source of consistent, positive human evolution and we always will be.
Selling time for money is one of the most exposed places you can be as an entrepreneur because when you stop working, the money stops coming in and selling time for money is frustrating, it makes us feel exposed, it means, as soon as we get paid for the time we just spent, we have to now go sell more time for money. And it's very difficult to scale and so, if you're a consultant or a one-on-one coach or somebody who does done for you, I know how it feels when you're selling time for money and I know how difficult it is because when you don't have leverage over your time and you're selling time for money, you get to this place where you ... if you're successful, you can make some really good money, I've made a ton before, I've made seven figures a year, well in excess of seven figures a year, selling time for money.
But the challenge is, you're still selling your time for money and you have to keep ... it's like you're on this endless hustle. So I was at seven figures a year, but I was on an hourly hustle, so I want you to think about that. What it feels like to be on a seven figure a year hourly hustle. You get to this place where ... and even if you're, you know, a couple of hundred thousand dollars a year hourly hustle, you get to this place where you're making enough money, that it starts feeling very difficult to stop selling time. So you keep selling more time and then you make this cycle even more challenging because the more time you sell, the more money you make, the harder it is to stop selling time, the more it feels like you can't.
And then you get to this place where you look around and you say, there's no possible way I could get help with this because ... and there's no possible way I can scale this and there's no possible way I can get somebody to do all the stuff I'm doing because if you're really successful selling time for money, then the reality is that you are really good at something that is giving you the leverage to be able to sell your time in a way that most people can't and what that means is, that you have a specialty, and you have something that you're doing that can be documented and made clear and simplified and so that you can get leverage and build a team around it.
It doesn't matter if you have ... it doesn't matter what you are doing as an entrepreneur, you can get help, here's the challenge. If you're stuck in the building time place, you got to stop trying to do it all at once. You have to get help one step at a time, you're going to have to take baby steps towards getting out of selling your time. And you want to start moving towards getting leverage. If it's delivery, you're going to want to have some type of a delivery team on your product or leverage delivery. That means, if you're a coach or consultant or someone who does done for you, you want to start building a team around what you deliver and what you do for people.
That means, there's either going to be a team who helps you deliver or there's a team who leverages your delivery. So if you're a coach, that means there's a team who does the customer service and the onboarding and everything else, besides just what you do, until you transition even out of doing that. This is something that I'm doing as I'm talking to you about it and it's something that I help and coach our clients to do as well. Here's kind of a roadmap of how you can do this because if you're stuck, if you're feeling like there's no way to do this.
If you look around you and you say, "Hey, there's no one who can do what I do. I don't know how to get help, what I do is too specialized, it's too different or I don't know how to get help because I don't know how anyone could do what I do." Well here, let me give you maybe a roadmap of how I've done it and how we've helped our clients do it and how you do this as a successful consultant or coach or done for you. So first, you have to make sure that you have a specialized avatar, that you are calling on a tight niche of client that you can specialize your delivery for. So you want to specialize first around an avatar, then you want to narrow your deliverables because as you make your deliverables more narrow, you have to train and create processes for less.
So first you specialize the avatar, that is going to specialize your product delivery, so what you're doing as a consultant or a coach or done for you or whatever, you can now become more specialized. There's more predictability in your delivery because if you're delivering to the same type of client, it's going to help scale much faster and your team will get used to dealing with that type of client. Then you improve your client results, after you've narrowed your deliverables because what you do is you look and now you have more of the same types of clients, you have less that you're delivering, so you can make that less that you're delivering, you can put more energy into improving it.
And because you have a more narrow scope of clients, you can put more energy into understanding them better and understanding their needs better and so you can improve your client results. And as you specialize and you narrow your deliverables, you'll improve your client results and then you can start putting a team around you that either gives you leverage or starts getting you or starts helping you deliver to the client. It depends on what you're doing at first, so I've done it both ways. A year and a half ago, before July of 2017, most of what I was doing was trading time for money.
We sold some events and I sold some online products, but the vast majority of what I was doing before I started working with Russell Brunson and Taki Moore, was selling time for money. And I did well, I mean I sold time for money at a rate where seven figures a year was an easy milestone to cross. But selling time for money was incredibly challenging and what I did, was I ... back then, I started working with Russell, I read Expert Secrets, I started really asking myself the question, "What avatar can I have a consistent result on?" I started looking at all the work I had done as a consultant and realized that what I'd done a lot of, was helping people scale and grow multimillion dollar businesses, a ton.
And that's what I've done over and over and over again, it's what I ended up doing in real estate. We took normal real estate agents and helped them scale and grow multimillion dollar businesses. Some of them, some of the biggest businesses in real estate period, were on our systems and I started looking at the fact that what we coach and train and what I was doing done for ... not done for you, what I was doing fee for money, I had a lot of six figure contracts, what I was showing companies how to do, is strategically plan, create communication systems to execute on a yearly, quarterly, monthly, weekly and daily basis.
And showing them how to analyze, consistently analyze their business, so they would hire the right people, put the right projects and processes in place and scale as fast as possible and that's what I had done for a lot of my career. So I specialized and said, "I'm going to do this only with million dollar plus companies that are growing fast, that can show us that they've solved lead generation, that have more opportunity that they can deliver to, with entrepreneurs who can't turn it off and who explicitly identify as EPTs and they have to be one of our avatars for us to work with them."
And so by specializing down and writing directly to that avatar and doing everything for that avatar that's how we created our first product. And that's how our first product got to a million dollars and that's how I stopped trading time for money. Our second product was the exact same thing, it was actually created by specializing and narrowing the deliverables and improving the clients results and then finding even more specialization and realizing that we have this opportunity with businesses that were as low as 300,000, but that our real specialty is showing people how to go from strategic plan to communication to the team, to doing exactly what I just said and that's where people start needing it.
So we specialized our deliverables even more and now it's very clear what we do. I've been able to train a team around me. I've been able to bring in coaches that are helping me deliver the product, we've actually started to sell without me selling, which is incredible. We've done that because we are specialized and we've improved delivery and we've gotten better and better client results. So now, I'm even less selling my time, there's been a few times in the past couple of years where I've sold one day consulting sessions for $25,000. We raised them to 50 because I didn't want to do as many any more.
Every time that I'm selling time for money and I want to get out of it, I just keep raising the price and now, it's like it's not even really a consideration for me any more because I know that time in my business is so much more valuable than time for money. But if you're in the place where you're still trading time for money, I want you to know that I was there in July of 2017. And today we have a business where I'm in delivery, I'm in a leveraged delivery position, where it's growing like crazy, our clients are getting amazing results. I have a team around me that supports me and today, I have no interest in selling time and I don't really know that there's a number where I would be interested because I know we can scale this business to three.
If you can get to three, you can get to 10, if you can get to 10, you can keep going and I want to go far this time. This is the business I want to really see scaled to my maximum capacity. So it will be interesting to see what happens, but this is where I want to go all the way. So selling time right now, when I'm sitting in a room where I've sold my time, I start feeling ... that's, you know, I always tell people, I never feel my age until I sell time. I'm 46 and I feel for the most part, a lot like I felt when I was 18, just with more experience and I'm a lot less reactive and I think a lot more present and aware. But I still feel young and vital, but when I sell time, I look at the clock and I think like, "I don't have time to sell. I need to go make my mark, I need to go do what I want to do. I need to go make the impact I'm here to make and selling time is not going to make it happen because it's so much bigger than this."
So I know how it feels and if you're there, I want you out of it. In fact, this is exactly part of what we help people do because the other part that you have to do to stop selling time and to really get to the place where your life changes, is to build a team around you that supports you, so that you can make the impact that you make, that creates value in the world, so that you can continue to create income and scale that income. But that protects you, so that you don't have to do the things you don't want any more and you only do what excites you and what is something that you really want to do because when you're in that place, your business will grow at a shocking rate.
But in order to get there, you have to make the commitment to stop selling time. If you want to get there faster than you feel like you are right now on your own, let us help you. Go to billionairecode.com/apply, we can do everything that I mentioned in this podcast or our systems, we can't ... I don't even know what means, we can do everything I mentioned in this podcast. Our systems can help you overcome a lot of the challenges that I mentioned in this podcast, in a way where you will build a team around you, that supports you, that understands you, that hears you when you want to get something done and you feel the momentum of having leverage around you, supporting you in making the impact that you're making. If you've never been there or if you've been there and you want to feel it in a more significant way and grow your team faster and make a bigger impact in a shorter period of time, go to billionairecode.com/apply, fill out our short application and speak to a member of my team, billionairecode.com/apply.
Thank You For Listening!
I am truly grateful that you have chosen to spend your time listening to me and my podcast.
Please feel free to reach out if you have a question or feedback via our Contact Us page.
Please leave me a review on iTunes and share my podcast with your friends and family.