How to Shortcut Your Way to a Successful Online Business
Some of my experiences over the last few years have really reemphasized the importance of learning from people who are super successful online. Experts have "been there and done that." If you are facing a business challenge or numerous challenges it might be time to approach an expert in your field or a related field.
Learning From the Best
There are two common paths people travel down to engage experts. You can either build a relationship with an expert or pay for their services outright. Both methods benefit your online endeavors. The people who I've learned the most from and have helped me excel in business are the best of the best. Part of being the best means many experts charge a premium for their time.
Paying $1,000+ an Hour for a Consultant
Most people balk at high priced consultants, "Their rate is ridiculous, I'd never pay that much!" Let's be honest, there are too many consultants in this world that charge a lot of money and don't deliver any results. But, provided you've taken the time to find the best consultant for your field it might be worth considering an investment in consulting. Most high end consultants come with a proven track record. You should always verify a consultant's track record - CAREFULLY CHECK REFERENCES! Ask to speak with some of a consultant's previous and current clients.
When considering the price of a high end consult ask yourself, "What is my time worth per hour?" As an example let's say you calculate your hourly time to be worth $35 an hour. If it's more, replace the $35 dollar rate with your rate. Consider the following examples:
- You can spend 100 hours of your time (at $35 dollars an hour) researching, implementing, and testing your ideas for a particular business challenge.
- Hire a $1,000 an hour consultant for an hour or two and spend the other 99-98 hours of your time implementing their proven suggestions.
I Don't Have $1,000 for a Top End Consultant
Not everyone can afford a high end consultant. The consultants realize this and provide people a way to get around hiring them for a specific project. Many consultants have created a systems or information product that anyone can purchase. The prices for some of the information products might not be as much as a consultant's hourly rate, but they can be expensive. These information products allow you to integrate a consultant's mindset or system into your business. By integrating someone else's expertise you can spend the time focus on your strengths.
Everyone should decide what's best for them. Looking back at my own personal business journey, I would have hired more consultants and purchased more information products earlier in my career instead of spending thousands of hours of my own time to figure out a solution some else had already solved.
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Thanks for expounding on an important topic.
I wish more people would make the investment in good people to bring their own business or company to the next level.
Posted by: Eugene Loj | 11/10/2007 at 11:41
Well said Eugene.
Too many times I have seen people spend precious time and money "doing it cheap" only to come back to the expert to help them do it right.
In the end the project ends up costing much more in both time and money than simply paying the people that know how to do it right from the start.
Often it is even too late for the expert to fix.
Business Brokers are experts at selling businesses in SECRET and they charge a premimium for this know how.
Many business owners hire someone cheaper because of the "I won't pay that much" mentality.
Eventually the "secret" gets out, the business does not sell and key employees and customers leave.
The owners comes to the Business Broker and asks for help. No matter how good that Broker is you can't bring back the time wasted, nor the employees or the customers that fled.
The value of the business is diminished just to "save a buck".
Keep up the good work and good luck with the book!
Posted by: Roman Jakubowycz | 11/09/2007 at 20:57