The Secret to Wealth Creation: Value Creation

What is the secret to wealth creation? Many people would say that it's all about creating value for others. The reality is when you create value for others, you create wealth for yourself. This is also a basic principle of economics that holds true in all businesses, big or small. In this blog post, we will discuss how to create value for others and generate wealth in the process!

What does "creating value" actually mean? How does a coach, consultant, speaker or trainer create value?

I learned from Dan Kennedy 20 years ago that coaching/consulting clients get value in 3 different areas:

1. The feeling of community and connection. A place where they belong.

2. The opportunity to celebrate and share their successes.

3. The knowledge/wisdom/processes/systems/tools that they learn from you and their peers on how to achieve their goals and solve problems.

He also shared  6 ways that you can easily and effortlessly help people to get out of their own way and step into the highest version of themselves:

1. Ask really smart questions. (What would you do if you knew that you could not fail? What is stopping you? What’s driving your responses? Etc.)

2. Ask really dumb questions. (Why do you do things in this order? When was the last time you raised/lowered your prices? Why? Etc.)

3. Ask questions that make them look within to find their own answers. (What would you lose that is important to you if you did change?)

4. Provide a unique perspective that allows them to get on track and stay on track.

5. Allow them to whine, bitch and complain. Act as a sounding board. Listen carefully so that you can help them move through the anxiety, fear and discomfort. If you can’t help them, refer them to someone who can.

6. Ask them what they really want to achieve and/or accomplish. You can help them to clean up the emotional, physical and financial clutter. Help them to disrupt bad habits by holding them accountable to the goals they set for themselves.

I strongly encourage you to commit this to practice.  It doesn’t matter what business you’re in. Start creating value for others and soon, you will create wealth for yourself!

Let's Get Started!

If you want to create value, the first step is understanding why people buy and what they are willing to pay for. Don't assume you know what is best for the client, ask them. It can be as simple as interviewing and asking questions about motivations, desires, pain points, etc. Once you know what they want, you can start creating products or services that meet those needs.

Fact 1 - Creating value is not just about making things that people want; it's also about making things that they will actually use. A lot of times, people will create products or services that they think are great, but no one ends up using them because they don't solve a real problem. You don't want to be one of those people who has fallen in love with an idea that no one is willing to invest in.

Fact 2 - Creating value doesn't just mean providing a service or product that people want or need, although that is a large part of it. It also means creating a community and offering support, opportunities for growth, and knowledge that can help people improve their lives. When you commit to creating value for others, you will soon see the financial rewards yourself!

Finally, once you've created something of value, let people know about it! Keep your marketing simple, conversational and relational. Don't be shy or bashful. There are so many ways to position yourself to be seen, heard and understood. You can call people, send an email, send a postcard, write a press release, make a social media post, be interviewed on someone's podcast, write a newspaper article and so on.

The opportunities are endless, but the key is to be clear about what you're offering and why it's valuable. When you can do that, people will be lining up to work with you!

I hope this has given you some insights on how to create value and wealth for yourself. Remember, it all starts with an idea. So get out there and start making things happen!