Two Ways to Make Money: Save People Money or Save People Time
Recently, I came across two powerful business ideas from two successful entrepreneurs.
The first came from Russell Brunson, co-founder of ClickFunnels. He explained that one way to make money is to help wealthy people save money. If you can reduce expenses, increase profits, lower taxes legally, improve efficiency, or prevent costly mistakes, wealthy people will often pay well for that value.
That makes sense.
However, not everyone has access to wealthy clients. And even if you do, they may not need what you’re offering.
The second idea came from Daymond John in his book, The Power of Broke.
In the book, he describes a meeting with high-level executives and innovators who were discussing the future. What stood out was that many of their predictions revolved around one thing: saving time.
One example sounded almost like science fiction. They envisioned a future where knowledge could be consumed instantly—as if you could simply drink a beverage and learn a new language.
We’re not there yet.
But another prediction they discussed was self-driving cars. At the time, that seemed futuristic. Today, companies like Waymo have made autonomous transportation a reality in several cities.
While we may not be downloading knowledge directly into our brains anytime soon, the underlying principle remains true: people place enormous value on saving time.
Think about the progression of social media.
Facebook made it easier to stay connected with friends and family.
Twitter condensed communication into short messages that could be consumed quickly.
Instagram accelerated communication even further through images.
Snapchat shortened the cycle again with temporary content and instant sharing.
Each platform, in its own way, reduced the amount of effort and time required to communicate.
Fast forward to today, and artificial intelligence is doing something similar.
Tasks that once took hours can now be completed in minutes. Research, writing, brainstorming, coding, graphic design, customer service, scheduling, and countless other activities are becoming faster and more efficient.
Why?
Because people value time.
In fact, time may be the most valuable resource we possess. Money can be replaced. Time cannot.
That’s why entrepreneurs should pay close attention to this principle.
If your business helps people save money, you can create value.
If your business helps people save time, you can create value.
And if your business helps wealthy people save time, you may create even more value.
As I look at the future, I believe businesses that consistently save people time will continue to thrive. Whether you’re building software, offering a service, creating content, consulting, teaching, or solving everyday problems, ask yourself one question:
How much time am I saving someone?
The answer may tell you how valuable your business can become.
— jPrimus
