July 20, 2007

Only Charge for Your Expertise

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Like everyone, I know how to do many things. I can use a computer, I can draw a little picture, I can drive a car, and I can put a band-aid on my kids' fingers when they hurt themselves. But I don't know how to do any of those things well enough to charge a client for showing them how to perform those tasks.

Unfortunately, many consultants who are hungry to take in dollars don't recognize that they should only charge for those things in which they possess expertise.

For example, if I'm at a client's location and they have a problem with a computer, or a friend of mine has a problem with a computer, there might be a few things I can do to help them, but I'm not good enough with computers to charge anyone for that help.

Each of us knows how to do many things - though not well enough to charge for them. Still, I've seen more instances than I can count in which people write an invoice for something that they're very mediocre at doing. I've always said that you need to be an expert in some area - in some small, focused niche. Otherwise, you will find yourself disappointing your clients. It's hard to out-perform your clients' expectations when you are operating in an area in which you lack true expertise. In order to achieve success, you need to focus your business on areas in which you are an expert.

So, as you are working hard every day to build your company, or as you're building your career and you want to put the growth of your business into overdrive, get to be known for something in which you are an expert and focus on that. I'm not saying that you shouldn't help people if you have some skills in the areas in question, but I never charge anybody for anything that I'm not an expert in.

About Joel G. Block

Often dubbed a "Growth Architect" by his clients, Joel Block advises companies on explosive growth strategies by driving revenue and sales. Well known in the capital markets, Joel is a successful entrepreneur, speaker and advisor. Would you like to get a private phone consultation with Joel? Visit www.joelblock.com/capital for details.

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