Recently, one of my clients was expressing her concern over how she earns money. She realized she has limited how much money and business income limitation she can make by relying solely on one-on-one clients and small groups. Until now, she has preferred to work with one person at a time or even small groups to keep the activity hands on with lots of personal attention. That does limit her income because there are only so many hours in a day where she trades hours for dollars. To earn more, she’ll need to reach more people at the same time.
Business Income Limitation
This requires a bit of a mindset shift to think about how she can better leverage her offerings. Opening up to ideas that produce more income business income limitation in the same amount of time will be the key to reaching the next level of earning.
Here are two simple options that I suggested to help her step up to the next level. One method produces leveraged income and the other generates passive income.
1. Leverage Income
Let go of only offering the hands-on approach and get comfortable with the idea of larger workshops, reaching 10 -20 or more people. At the time, I charged something like $1,000 for a 10 week program and had 20 members enrolled. That added $20,000 of income to my earnings every time I ran the program and I often did this several times a year. This way my fee per hour was $2,000 versus $150 or $200, so you can see how the income grows exponentially.
Another leveraged business income limitation idea is to offer a monthly Q&A call, so clients can ask her questions directly. This program has given me the ability to help people that would not necessarily become one-on-one clients. This also gives potential clients a way to get a taste of working with you and help them make the decision to work with you privately later.
2. Passive Income
Another way to raise your earnings is to sell passive income products. Offer a monthly, low-cost program so many people can have access to tips and suggestions. Deliver a monthly podcast interview on CD or as a downloadable MP3. Even if you only sell a few CD’s a month, it’s still passive income and you’re helping a broad audience.
In addition, you can develop a home study program which will work for you like one of those infomercials for the Bullet food processor – you set it up and forget it, but it keeps selling. I wrote my home study program several years ago, but it is still helping people today and I sell several every week.
Your Client Attraction Assignment
After reading about these two ways to increase your income, what ideas come to mind? Which would be the easiest way to go for you? Leveraged or passive income? Choose the option that will work best for you right now and get it ready to market and don’t miss my recent video tip about creating passive income. The sooner you start selling this new offering, the faster you will build your income and get past the limitation of trading hours for dollars.