The “High-Ticket Evolution” Angle

 You can be a phenomenal educator communicator, someone that does transformative things for their market, but that does not by default mean that you are going to be equally skilled as a business owner. If the weakest link in the equation is your ability to operate a business, to manage a team, manage your own personal time, your business results will be throttled to the weakest link. 

What if you could build a business in the modern world as big or as small as you want without having to compromise the things that were the most important to you in the very beginning? This is the Wealthy Consultant Talks Podcast with Taylor Welch and Mike Walker, and they share with you today their learning lessons from stories in their experiences over the past 10 to 15 years and share with you right here, right now. 

Let's get into it. 

What is going on my friends? Mike Walker here. Hey, excited to have you with me on another episode of the wealthy consultant podcast. All right. Now I've got one here for you that I think it's going to hit home. All right. Now I've been working with subject matter experts, uh, whether that be coaches, consultants, educators, Um, speakers, authors, you name it, essentially people that take their intellectual property and monetize out in the marketplace via their skills, their knowledge, et cetera, right?

I've been working with these guys for over two decades now, and there are some common trends, some things that I know that if you even identify at all within that spectrum of knowledge base, those types of people in the marketplace, I am very, very convinced that I have some key takeaways here for you that you will allow you to charge more.

But work less charge more but work less interesting dynamic right people often correlate well if i want to make more in the marketplace i therefore need to work harder work more add more right it's not always like that it's not always like that now i will never be the one to tell you all you don't have to work very hard business is hard otherwise everybody would be a rich entrepreneur and we you but you and i both know that that's not the case right right But there are some elements, there are some paradigms that I know to be true, that if, if you can install these into your own mind and change the way you look at some of these different aspects of the entrepreneurial equation, I'm very, very confident that you will position yourself in the marketplace to again, be able to charge more, work less.

If that's exciting to you, let's go. Awesome. So first concept I want to hit home here is that. Working with these subject matter experts, we'll just dub them SMEs, right? Again, regardless of how you kind of identify in the marketplace. Um, there is often a wake up call that happens, whether it be in month one, year one, or year three or four or five. 

Eventually, it hits home really hard that just because you are gifted, skilled, amazingly impactful at whatever it is you do for your market, right? So, whatever your skill base is, phenomenal, good for you, high five, the world needs you. It's why you're here on the planet in the first place. However However, just because you are skilled in this particular area does not by default mean that you will be equally as gifted in the world of being a business owner.

Okay. A lot of people struggle with this, especially the smartest of ones, because they're like, but Mike, when I get in front of my clients or when I work with my students, I have transformative results and they, they love what I do and I make such a big impact. Hey, I believe it. I'm not even saying that that's wrong.

Hopefully that is the case. But here's the thing. Just because you are phenomenal at that craft, that skill that the acumen that you've developed again does not by default immediately translate to the entrepreneurial founder, the CEO position. These are very different skill sets. And so a lot of people struggle with that because they're like, yeah, but I'm so good.

The value of what I do in the marketplace is so strong. Why doesn't. Why don't people resonate? Like how come I can't get clients very easily or how come my business isn't growing again, you can have the most phenomenal skills in the world, but if you don't know how to convey that properly in the marketplace, if you don't know the fundamentals, the frameworks and the models required to build.

And and sustain a viable business in a very dynamic marketplace and economy. I'm sorry, but you're going to end up be a broke genius. Okay. That's just the sad reality. How many broke geniuses do you know out there? Right? It's kind of like the, the artist who fails in his craft because he can never get on the bigger stages.

And it's not because he's not an amazing artist. It's because he sucks at human interaction, right? And so they need to figure out eventually subject matter experts, which is why a lot of them come to us at the wealthy consultant is they go, you know what? I have got this amazing gift. I've got this amazing passion for this thing that I do for my world, for my clients.

However, that doesn't by default translate into me being able to do that effectively or profitably in the marketplace. So therefore. There's a disconnect. So if you want to be able to charge more and work less, first, you need to become a better business owner. And that means learning the fundamentals.

Just you can, again, I'm going to say it again, because I really want this hit home. You can be a phenomenal educator, uh, you know, communicator, someone that does transformative things for their market. But that does not by default mean that you are going to be equally skilled as a business owner and your results in the marketplace, the efficacy of your efforts and getting your message out there is going to be throttled by the weakest link in the equation.

And if the weakest link in the equation is your ability to operate a business, to manage a team. To manage your own personal time, all the little pieces of the puzzle that go along with effectively running a business, your business results will be throttled to the weakest link of all of those things. 

This is a big one for people because they're like, yeah, but Mike, look at what I do, look what I offer and look what I can. I'm capable of for my client. Phenomenal high five. But the reality is that you will be paid on the weakest link in your business equation.  And that is just the sad reality. And so if it's not by us, Read a book, watch some videos, whatever.

But I'm telling you, you're, you got to solve for the weakest link in your business equation. If you want to charge more and work less. Okay. Step number one, step number two is understanding that  a lot of people are kind of locked in this trading time for money thing. Now, depending on where you're coming from, depending on your exposure to our world in particular.

You're, I'm hoping out of that transactional environment where you are literally, you know, exchanging hours for money, whether it be through products, creation or service or whatever, but if you are, I need you to be very, very cognizant of the fact that you are painting yourself very quickly into a corner where you can only exchange so many hours of your day for money.

Right? Yeah. But Mike, I'm going to be charging more. Well, good for you. But eventually even that will become limited. You have a finite space of time, 24 hours in a day. To charge for those services. So what are you going to do? Well, I've got to leverage. I got to figure out how to make more money per hour.

Right? Even better. There's something even better than that. And that is realizing that what you charge in the marketplace is not correlated to the numbers of hours it takes to do it. It's correlated to the end value of the consumer, of the user, of your ideal  That is what you charge for if it takes you 60 minutes to do something, but it saves somebody else two years of pain, blood, sweat and tears trying to figure out on their own, guess what you are going to charge for two years of their life, not the 60 minutes it took you to come up with that solution.

See what I'm saying? So we need to be very, very clear. Are we charging for the value that it's presented to the end user? Are we charging based on the cost or the time that took us to produce it?  Now, for some of you, that may be a basic concept for others. You might just have had your mind blown a little bit and need to go back to the drawing board on your pricing tables.

But the reality is I need to make sure that you understand you are charging for the end result and the value proposition that that presents to the end user, not for the time, effort or energy or money that it took you to produce it in the first place. Okay, awesome. That's number two. Number three. Ways of charging more and working less is actually kind of counterintuitive.

And that is getting, and this is a big one. A lot of times people confuse volume for value,  volume for value. They think, wow, Mike, I want to do so much for my clients. I want to over deliver. I want to do this and I'm going to give them that a, I get the concept. I get the, the. The heart behind it, which is great, but the reality is you could actually be doing them a disservice by overdoing it by over delivering for them, right?

And the reason why is because people do not lack for information. What they typically lack in is context and implementation.  Too much of a good thing will still kill you, right? You can have the best steak in the world, but if you eat too much of it, guess what? You're sick. So the reality is you as a subject matter expert, the person with the skills need to understand that is not so much about how much you give them.

It's about how quickly they can implement it and get to that end result. That is ultimately what you're optimizing for. Okay, awesome. So do not confuse volume for value. And the last one, the last way that I really want to kind of unlock something for you so that you can charge more and work less in the marketplace is remembering something.

And this is a big one that I've worked with a lot of subject matter experts, whether they've just been the game for a few years or like me, multiple decades in the marketplace, in their worlds, This is a, a key concept that needs to hit home for you today. And that is that a lot of times, especially if you've been in the game for a long time, you forget what it's like not to know what you know,  you forget what it's like to not know what you know.

And so this gets people stuck because they're like, yeah, but like, I don't really know what I should be talking about on stage, or I don't know what to say in my social media or my videos. I don't know what to produce. I don't know what I should be saying to these clients. I don't, I don't know if I'm giving them enough, they start spiraling on all these, I don't know, and what ifs, and that is because they forgot that what seems basic to them is in many cases, still very transformative in value to their market.

And so what happens is people kind of get stuck and they'll, they'll realize that they've got to somehow. Again, going back to that over delivering concept, I've got to give him so much. I got to do all of this stuff. And so therefore that takes them a lot longer to produce an end result or a lot longer to put their message or services out into the marketplace, working a lot more and yet really not really getting more out of that work because what they're doing is they're, they're throttling the creativity, thinking that somehow they have to be mind blowing or they want to give so much to their client.

But like we talked about before, the volume for value. You know, quotient. We also have to understand that there's a lot of elements that what you, the subject matter expert  thinks is basic is not so basic. Or it's like, yeah, but that's just average. Everybody knows that probably they don't. And so don't ever underestimate the power of just getting some things out there into the marketplace faster that to you feel easy.

So let's wrap on that. The concept is this. I want you to be able to make more, charge more, but work less. How do you do that? By being more efficient, by increasing the efficacy of your business skills. And by remembering that you don't necessarily need the volume for your client fulfillment, you need the value, focus on the value, the end result, what they want to feel by the time they are done with your products or services, courses, information, et cetera, optimize for how they feel at the end in that interaction.

Don't overwhelm them with too much stuff. If anything, strip things out and you'll end up finding that you'll get faster results. You'll get better clients working with you because they'll be more attracted to the getting results quicker versus just consuming a lot of things. Okay. I hope this finds you.

Well, guys, join us on another episode of the wealthy consultant podcast. We're always throwing down stuff like this, share it, like it, do whatever you want to do. Spread the word. That's always a good thing. But join us on another episode. And we'll be jamming with you more on topics on developing your business and essentially becoming wealthy through the transfer of knowledge, which is locked in your head between those two beautiful ears of yours.