Today we're going to be talking about the Law of Compensation and your brand. The Law of Compensation was actually something I heard from Bob Proctor for the first time when I was studying with him. As I go back and study all the things that he has taught me, I was looking at the book the Science of Getting Rich by Wallace D. Wattles. It took me back to the Law of Compensation with Bob, and it really hit me in a whole other way of how tied the Science of Getting Rich and the Law of Compensation are to your brand.
We live in a time where earning money is a necessity. We have to be able to pay for things. If you’ve been following me for a while, you know how much I love the dictionary and thesaurus, so I looked up the word “earn” in the dictionary, and it means “to receive as return for effort and especially for work done or services rendered.”
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You must understand what kind of service you are meant to bring to the world. We all have something different, something unique. It's personally why I love the Gene Keys. I can look at your Gene Keys profile and we can actually see the breadcrumbs. We can see the map of what your unique services might be. That's powerful because we can't often see what our unique services and talents are where we could help others. All of our paradigms and conditioning can block what that may be.
The Law of Compensation & The Formula to Make Money
The Law of Compensation states that the amount of money we receive will always be in the direct ratio to the demand for what we do, our ability to do it, and the difficulty to replace us. So, Bob Proctor would often say that that’s a formula to make money. It consists of three things:
- The demand for what you do
- Your ability to do it
- The difficulty to replace you
In breaking this formula down, people have to want what you offer. There has to be a demand. For example, if I was going to start a coaching business that was going to help people start newspapers, I don’t think there would be a huge demand for that. Why? Newspapers are practically on their way out, or only available online for the most part, so there’s not a huge demand for that.
You also have to work on mastering your craft and your ability to do your job. Think of any consultant or coach. The better they are, the more they can charge. But, you get better by consistently taking action and mastering your craft.
The difficulty to replace you means how easy is it for someone to find an alternative for what you do? What Bob used to say is that when you master your ability to do it, and you keep getting better and better at what you do, that actually puts an end to the last one. You become a category of one when your ability to do it goes through the roof.
I want to share with you how we can take this formula and tie it into your brand so that your brand literally becomes the key to compensation. Your brand becomes the formula for making money.
The Demand for What You Do — Clarity
What problem do you solve for whom and why? If you don't have that nailed down, it's going to be very, very loosey goosey on what the demand is for what you do. Your dream client has to know that you’re the one that can help them!
Your Ability to Do It — Mastery
If you're a coach, you want to get better and better and better at coaching. If you are a consultant, you wanna get better and better and better at whatever your industry is. You want to be a master of your craft, and you become a master of your craft in two ways. One is time. The more and more and more that you do something, the better and better you’re going to get at it. The other way is education specifically for your craft, not just more education across the board. Otherwise you can run the risk of spreading yourself too thin.
The Difficulty to Replace You — Being Authentically YOU
No one can replace you when you are authentically being yourself. However, we tend to talk like other people, or we don’t have our own voice. We try to emulate what other people are doing out in the market because they are having success, and that can be detrimental to your business. You have to be YOU.
Build Your Brand Summit
If you’re now wondering how you get more clarity on your brand, and how you show up more authentically in your messaging and in your niche, I invite you to the Build Your Brand Summit that I’m hosting on September 13th.
It’s a free event where I will share the building blocks of your brand, and how important having the pieces of your brand very clearly articulated and available to you is going to change the game for you when it comes to marketing. Whether you're marketing on social media, in person, as a guest on podcasts, or even starting your own podcasts. It really doesn't matter. All of those things are just strategies. You need to have the foundation of your brand solidly built in order to be successful at executing these strategies.
Register today so that you can get started on the prep work that I’m going to be sending out and make the most of the summit for you!
If you want to work directly with me on your brand, or perhaps you want to explore the Gene Keys and your unique profile, you can find that information at www.igniteherbrand.com.