I Coach Entrepreneurs for 3khour Here’s my Best Advice

Summary

  • I charge $3,000 an hour for consulting because I understand my Effective Hourly Rate (EHR). Knowing your EHR helps you make smarter money decisions by focusing on high-value tasks and outsourcing low-value ones.

  • Focus on tasks that pay more than your EHR. If your EHR is $50, seek out gigs that pay $100 per hour and delegate tasks that cost less than your EHR to increase your income.

  • Time is precious, and tracking how it is spent is crucial. Log how long tasks take to make informed decisions about your time and to calculate your EHR accurately.

  • As a CEO, prioritize hiring and managing or innovating and steering. Hire your direct reports to take full responsibility and read up on proper hiring techniques like "Who: The A Method for Hiring."

  • Delegate responsibilities, not tasks. Empower employees to take ownership of their work, which improves their performance and job satisfaction.

  • Any task you do can usually be done better by someone specialized in it. Sharing your know-how elevates both your team and your overall success.

  • Identify if you're a Visionary or an Integrator. Visionaries create and inspire, while Integrators execute and manage. Complementary partnerships between the two create successful businesses.

  • An unbeatable strategy in SEO is similar to playing a game with a 75% win rate. Prioritize high-impact projects and persist despite challenges, as success is just one update away.

  • If you run an agency, the top priority is ensuring excellent Customer Lifetime Value. Your reputation for integrity is critical for customer retention and attracting new business.

  • Integrity forms the backbone of company culture; maintaining it ensures trustworthy relationships with clients and a committed team. Employees who falter in this area should be reevaluated.

Video

How To Take Action

I would suggest figuring out your Effective Hourly Rate (EHR) first. Just divide how much you make by how many hours you work. This way, you can focus on tasks that pay more than your EHR and outsource the ones that pay less. It's like a game that helps you use your time better and make more money!

Another great way is tracking how you spend your time. Write down when you start and finish tasks for a week. This will show you exactly how you use your time and help you get a clear picture of your EHR.

Delegating is super important too. Don't just tell someone what task to do, but give them the responsibility. Tell them the results you want, and let them figure it out. This helps people feel more involved and excited about their work.

Also, try to find out if you're a Visionary or an Integrator. Visionaries are great at dreaming big and inspiring others, while Integrators are awesome at managing and executing plans. Knowing which one you are can help you find the right partner who complements your skills.

Finally, make integrity a big deal in your business. Always do what you promise, and make sure your team does the same. This will help you keep and attract customers, showing everyone that they can trust you.

These steps are simple but super effective, and they'll help grow your business or personal skills without costing a lot of time or money.

Quotes by Author

"If you don't know your effective hourly rate EHR you'll take 3 to 5x's long to hit your financial goals"

"The game works like this if you want to get Rich faster do things that are higher than your effective hourly rate"

"Audit your time the only research you can never get back in life"

"You're either a Visionary or integrator find out who you are ASAP"

"SEO is like roulette with a 75% win rate"

Full Transcript

I get paid $3,000 an hour to consult entrepreneurs on how to 10ex their businesses in this video I'm going to share the most non-obvious advice that I give yet seems to come up every single time by the time you finish this video you're going to walk away with seven knowledge bombs that I promise will change the way you look at business but first let me address the elephant in the room the question you're probably already asking how does this mother charge $3,000 an hour here's the landing page for my consulting services and down here sure enough here's the pricing at $2,997 per hour and if for whatever reason you're unhappy then there's 100% money back guarantee so how do I come up with $33,000 per hour I calculated this price tag based on my effective hourly rate EHR which is essentially how much you make divided by how much you work for me it's a bit less than $3,000 an hour this brings us to our first concept if you don't know your effective hourly rate EHR you'll take 3 to 5x's long to hit your financial goals knowing your EHR unlocks a decision-making framework that's so good it'll make you want to slap your mama the game works like this if you want to get Rich faster do things that are higher than your effective hourly rate because you'll increase your EHR and don't do things that are lower than your effective hourly rate because they'll lower your EHR wow if your effective hourly rate is $50 but you found a job or side hustle that can get you $100 per hour you need to do more with that it boosts your average also if there's a task that you can Outsource for less than $50 per hour like data collection or mower your lawn you need to hire someone to do that now you also see the price of wasting time yeah yes you could drive to run that errand and save money but if driving takes an hour you actually just wasted $50 of your time or you could get that thing delivered for $10 allowing you to focus on work and thus coming out $40 ahead you can also set a goal to raise your EHR if your EHR is $50 now then by next year it should be higher also you have protection from shiny object syndrome should I start crypto trading well look at how much you made from crypto and divide by how much time you spent doing it now real quick before I get to my next knowledge bomb I want to let you know that my SEO agency the search initiative has a $1,000 off discount going on till the end of the month to get a free audit head on over to the search initiative.com and put your details into the form and we'll let you know what we can do for you now back to the video the next nugget is to audit your time the only research you can never get back in life your time is split up between three different categories work family and pleasure these two over here family and pleasure these are the ones that recharge you they're the categories that ultimately life is worth living for work is important too it gives you purpose and meaning but most importantly it Prov provides the actual resources cash that it takes to enjoy the things you do but you don't really want to spend all your time working you want to be efficient so the time you spend working makes you the most money possible while you're doing it besides in order to calculate your effective hourly rate how much you make divided by how much you work you need to know exactly how much you work if you think that you work $100 hours per month but you actually work 50 then your EHR is going to be 2x off and you're going to be royally fing up all the decisions you make on Monday the second you start doing a task you're going to write down what time you started and what time you finished so as you can see here the first thing I did that morning was optimize my Facebook ads for 6 minutes continue doing this throughout the day you only want to be charting the time that you're actually working don't count time you spend on Instagram don't even count when you go to the bathroom do the same thing each of the other days in the week don't assume that you work just as hard on Friday as you do on Monday now that you know how much time you work in a week you can figure out how much you work in a month since there's roughly 4.25 weeks in the average month just multiply your hours in a week by 4.25 now you have all the pieces to the puzzle to calculate your true EHR if you want to dive deeper into this stuff after you finish this video watch my full EHR explainer video called the millionaire trick no one knows about here's your next nugget at the highest level of business when you're the boss the CEO the gigachad your time is going to be split up between either a hiring and managing or B innovating and steering the the better you are at doing a the more time you'll have for B which is what actually makes you money but mad if I'm a CEO won't I have an HR department that does a hiring for me here's the thing you along with everyone else should always hire their own direct reports otherwise you'll never fully take responsibility for these people oh Nancy and HR hired this jackass for me it's ny's fault that they suck on the other hand if you hir that person you're forced to make it work by investing into that person now I'll be the first to admit that I'm not a natural when it comes to hiring but I read this book who the a method for hiring and now you bet your buns I'm good at it I'm surrounded by by a players at work the management part of the equation boils down to knowing what to delegate and knowing how to delegate it you already know what task to delegate everything that you can hire for less than your effective hourly rate if your EHR is $500 an hour then you're insane if you're writing content building backlinks and designing web pages unless you love doing it which I guarantee you won't anym after 6 more months doing it when it comes to delegation learn to assign responsibilities and not tasks a task would be something like go to the spreadsheet and remove all the lines that have less dr20 and tf10 that's not exciting and your employee is going to be like my boss thinks I have an IQ of a cheesecake assigning responsibility is more like deliver a clean list of 500 Outreach targets every Monday morning with whatever method you see fit your employee is going to feel empowered by the ownership you've given him or her of this responsibility and guess what they'll do a much better job because they have pride in the ownership of that work by the way here's a quick word from the sponsor of this video search intelligence this campaign got us big links in websites such as Life Hacker Wells Online daily record and about 20 other news websites let me show you how we've done it we knew that people will be flying a lot this summer and we knew that journalists will be writing about this topic a lot so on behalf of our client we put together a nice guide about how to fall asleep on the plane then we use mrack to find journalists who write about travel then we put our advice in an nice email and send the tips to the journalists within just a few days the links started Landing securing our client natural placements in really big websites just like this this and this this is a great example about how you can leverage seasonal Trends to earn links to a website anticipate what journalists want to write about at all times and give them the stories that they need they will reward you with some great juicy links I hope this is helpful now back to the video next up everything you do there's going to be someone you can hire who can do it better but mad I'm the best keyword researcher on the planet no one can do it better than me hello ego bear with me for a second imagine if someone's only job were to do that one thing all they do is keyword research don't you think that eventually they'll be better than you at it especially if they had you the best keyword researcher on the planet to teach them how to do it and avoid the learning curve I don't do anything anymore except hire manage and innovate all these SEO tasks that I used to think I was the Michael Jordan of they're all replaced by people who now do it better give your ego a break so you can delegate next up you're either a Visionary or integrator find out who you are ASAP and partner with the other half Visionaries are masters of marketing and finding product Market fit they're the big picture thinkers the innovators and problem solvers and relationship builders that attract talent to the cause think Richard Branson Walt Disney Bill Gates Bezos musk and the great Steve Jobs but for every Steve Jobs you need a Steve wnac to actually carry out that dream they're the integrators The Operators they're execution oriented great managers and process Builders they make the idea into reality now not so known fact Visionaries are common AF it's the sexier of the rules and everyone in their mama has a vision but integrators are the true golden geese true story I was at a conference Workshop called find your co-founder when the facilitator asked who's a Visionary in the room 90% of the room raise your hands there were only six integrators in the whole Workshop if you're a Visionary your success relies upon defining the vision of course but more importantly identifying and attracting a player integrators get out of operations you suck at it if you're integrator your job is to Market yourself which will take practice because it isn't natural for you you want to showcase your skills in front of the best Visionaries with a track record of wins this next one is for the SEO nerds SEO is like roulette with a 75% win rate 75% win rate why the hell wouldn't you focus on something that's more of a sure thing I'll tell you why imagine if there was one game in the casino that had a 75% win rate what would you do you'd sit at that table and play it all damn day long and the best way to make the most money in a game like this is to play as many high bet games as possible possible you'd bet your house because eventually you're going to hit a jackpot if you're building websites don't make one project in a semi lucrative industry make 10 and shoot for the stars if you're doing SEO for another business never give up that 75% chance could come through at the next Google algorithm update next up if you're running an agency your number one kpi is customer lifetime Insurance your number two kpi is your reputation of Integrity always doing what you say when you say you'll do it at the highest level of quality Integrity is often slept on now obviously your customers need to know your word is gold if you expect them to stick around but if this reputation exceeds you prospective clients are going to be lining up at the door to work with you not only that but your internal culture needs a center around integrity and employees that can't keep their word need to GTFO thanks for watching make sure to subscribe for more videos just like this one

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