What if you could earn $300 million to wear shoes? Today, apart from 9 figure shoe contracts, I want to talk about whether it’s ok to earn lots for doing something you love.
How do we “deserve” to earn lots of money? There’s this unspoken rule in the corporate world that the more painful the job, the more you get paid. Payment is sort of like recompense for hating your life. That’s why the M&A bankers working all nighters typically get paid more than Equity Sales, who are “only” in a 7am and out at 5pm.
It’s not about deserving
Back to those shoes. Kevin Durant, basketball superstar, signed a 10 year deal with Nike to wear their shoes. For that, he earned $300 million. Now, in what universe can you “deserve” to earn $82,000 a day, every day just to wear shoes?
How can a footballer earn more per year to kick a ball around than a nurse or teacher or soldier will make in their entire lifetime? The thing is, it’s not about deserving, it’s about the perceived value your client sees in you. So you see, there’s nothing wrong with loving your career and getting paid for it!
It’s about value
Look at it from the client’s perspective: Nike will earn far more than $300 million over 10 years from every basketball crazy kid wanting to emulate their idol. Similarly, football clubs will earn way more in ticket sales and advertising when they have a popular and well known player playing for them.
You are only paid what the person paying you thinks your services are worth. Now, whether teachers and nurses and soldiers should be paid more is a topic for another day. As the daughter of a teacher and an Air Force officer you can likely guess my opinion!
Drop the idea that anyone has any moral right or barrier to earn a certain income. You don’t “deserve” or “not deserve” anything. Your earning power comes from offering great value.
Think of Living Rosy. I offer paid courses on how to start a Freedom Business. My clients pay anywhere between $500 and $11,000 to work with me in varying degrees of intensity, from 6 week teleclasses to 6 month private mentoring. The value comes from me sharing my knowledge that’s taken me years, and so far $50,000+ of my own money, to learn. Already that’s a good deal!
Secondly, I help my clients to create businesses that can be structured to earn $10k+ per month. That’s $120k in a year - even at the top price you’re still getting a 10x return on investment in one year alone! Considered from that perspective, even though my prices are premium prices, they are great value.
How to be more valuable
So when you start your business, how can you make sure you earn more than your corporate job?
Well first up, rather than having just one “client” (your boss); you’ll have many. You retain more power in the relationship because you can always get another client. You’re no longer dependent on one person or one company for all your income.
You have two options to become more valuable: 1) offer a service that can be leveraged; e.g. create an online programme for $500 and sell it to lots and lots of people. If you sell to 10 per month, you’ll earn $5,000. If you can grow your community so much that you sell 100 per month, you’ll earn $50,000 per month. It’s the same product, it’s not worth more than before; you’ve just scaled up your reach.
Option 2): work out how you can make your service more valuable over time. If you continue to invest in your own education, if you get better at what you do, you can give even more value to your clients. Therefore you can up your prices. As long as you offer more value than you charge, you’ll always have someone interested. A great example is my own coach, who charges around $125,000 per year to coach privately with her. It’s a colossal amount of money, but if her private clients are earning 7 figures by the end of it, it’s well worth it! Tony Robbins, I believe, is over $1million per year. He’s got a multi year waiting list!
So can you love your job and be paid?
If you grow your leverage, or grow your value, you will earn more. Whether you love your job is only relevant in that the more you love it, the better you will become. The more passionate you are, the more people will listen. Therefore, the more you love your job, the more you should earn!
YOUR NEXT STEP
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- What to focus on to ensure profitability
- How to price your services
- Plus 36 REAL Freedom Business examples!
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