Time - Improve Speed & Sell To The Rich

There’s a phrase in business, “half the time, twice the price”.

The concept being if you can make something a lot quicker (or easier) for someone, you can charge them twice as much.

I couldn’t agree more with this statement so I wanted to give some examples and take it a step further.

On a micro scale.

Saving someone half the time of a journey means you can charge twice as much.

This was part of my rant in the optimise your life for what you want post.

In short, if you value money at X/Hr and this decision solves that and costs less than X = take this decision.

For example, flying vs getting a coach.

In the US or even through parts of Europe, you can get a train/coach for incredibly long journeys (12+ HRs).

For example, coaches from London to Rome take around 35 hours and cost around 100 Euros.

That’s pretty cheap, but almost no one would ever consider that simply because of the amount of time that takes.

Flying takes 2.5 hours (call it 6 hours total travel time) which is close to 6x less and only costs twice as much, or even less if you are flexible in your locations and times.

Easy decision.

So what’s the business concept?

The idea is simply to create a business where you sell a similar service, but you save someone more time.

For example, a construction company that charges twice as much but takes half as long to build something will still be considered for a project simply because the amount of money saved on the back-end (opening earlier for example) is incredibly high.

Another example could be on a micro scale; dentists/barbers/food.

You’d likely pay more to save 30-60 minutes.

This could also be the case in health and fitness.

Spending money to save time.

It’s also something rich people tend to do.

And rich people make better customers.