Step 1: Get over self-doubt
You only need to look at anyone who provides a service to understand that information and skills are valuable. And as long as you’ve ever been paid for any work done, then you qualify as a provider of a service.
So how valuable is your service? More appropriately how valuable is the skill behind a service?
Like always the answer is complex, but when it comes to converting a skill into a high ticket price education the real opportunity is in the field of ‘unregulated skills’ and health & lifestyle coaching, sales training, personal and professional development, financial development and digital marketing are some of the top fields just to name a few.
So how much are they worth?
$1 Million per year is a real possibility, so let’s see how.
Related: Why Money for time is a poor trade
Education is an investment and has time value
Compared to any sort of physical sale an education does not see a physical transaction.
Unlike a service, an education does not come with a dollar per service, or dollar per hour rate, and dollars per lesson don’t even make remote sense.
Education of a skill is something that once delivered and learnt by the client can never be given back. Further to this, education is something that the client can make use of for the rest of their lives and this makes any sort of high value skill, particularly one that delivers a return on the initial investment priceless.
And here lies the big question. How much is a high value skill worth?
The short answer is this. The better part of $10,000 per student. And there are numerous reasons for this – too many to list here.
For perspective, some educators will charge in the order of $4,000 per day!
Get over your self-doubt
99.999% of people who dream of change will struggle see their skill as being worth $10,000 per student. The majority of service providers of high value skills will actually struggle to get past a cost per service or hourly rate let alone see their skill as being worth $1 million per year.
To that end, the same service providers will subsequently lock themselves into trading money for time which caps the financial value of their high value skill, all while trying to add more and more clients to their calendar for future commercial security.
Related: The mindset shift to being your own boss
So how exactly is your skill worth $1 million per year?
Simply speaking a valuable skill is something that takes time to learn and that means by the time your knowledge is packaged into a deliverable training format it will take about a week (not 1 morning at the office) to achieve independent competency within the student being taught.
When you take that week and couple the long term return potential for the student $10,000 is not an unfair ask, particularly when factoring in longer term support.
Now that you have a $10,000 education the numbers are simple. All you need is 100 clients to reach 7 figures. By its nature however the sales process will reduce the price … let’s say $7,000.
With the same 100 clients the immediate potential is $700,000 annual revenue (Not profits – there will be expenses)
Your education will get your clients to the level of ‘competent’ not ‘proficient’ and this means that part of the process will be the continued development of your client towards proficiency until they leave your businesses value chain.
As the subject matter expert by your nature you are unique and exclusive. You become the final part of the value chain and this is where time becomes the last thing you sell.
It’s not uncommon to see coaching rates in the order of $500 per hour/session. If you provide 12 hours of service per week, this becomes $6,000 per week.
Not bad for 12 hours!
Extend this across the year, and your time brings in $312,000 revenue.
Add this to the $700,000 you made in sales and …
Voila … your skill can generate $1,012,000 per year.
Summary
On paper the numbers add up quick and the argument for taking the plunge is simple. When it comes to cash flow your skill has the ability to generate the most for the least amount of time than any other vehicle available. And cash flow means options!
The reality is always different and full of obstacles. Besides if things were easy then everyone would be doing it.
However when it comes to your future and future security the argument is no brainer.
If you choose to do nothing with your skill because there is a fear of failure then nothing will happen and you will remain exactly where you are.
If you choose to act, and give up then you won’t go backwards. You’ll end up exactly where you started but with more experience. (Even trying is an net ‘Win’)
If you act and start to make progress, you’ll learn just how addictive success is and discover its true potential.