By Yvonne Bynoe
As a coach or solo-entrepreneurs one of the biggest challenges that you have is that your income is directly tied to the number of customers that you can serve in a given day, week or month. For some of you, you’d literally have to work around the clock to earn a decent living. Rather than burn out, why not expand the ways that you can generate revenue.
There are three things that coaches and solo-entrepreneurs can do to “clone” themselves as a way to increase their incomes, without personally working with more clients.
1. Consider Hiring “Understudies”:
In the theater understudies perform when the lead actress is ill. It’s a concept that’s perfect for many businesses. For instance, in many upscale hair salons, the owner only personally services a handful of clients—the ones who are willing to pay a premium price for her time. In this business model the majority of clients are delegated to understudies; these stylists and colorists are trained and supervised by the salon owner. Coaches and solo-entrepreneurs can easily use this model by hiring and training other people to use their signature systems with clients (people the owner brings into her business).
The main benefits of this arrangement are:
1) the owner can still work with directly with clients; and
2) there is more income generated because there are more service providers.
The only caveat is that the business owner has to ensure that her understudies provide the same quality of service as she would. An array of businesses owners could use this or a similar model including: consultants, web designers, photographers, personal trainers, day spa owners, personal shoppers, aestheticians, virtual assistants, etc.
2. Create Service Packages:
Stop offering single sessions and instead create bundles of services or ”packages” geared toward particular outcomes. You and I know that single sessions rarely solve your clients’ problems. It usually takes several sessions to accomplish most goals. By offering a package you are actually providing more value to your clients by giving them a clear pathway to reach their goals. This strategy also allows you to ethically raise your rates; meaning that you receive more money per client. Your package’s rate reflects the transformation that the client receives not your “hourly” rate. Lastly, by offering packages you can request payment in advance; this alone could increase your monthly revenue by thousands of dollars.
To create packages think of 1-3 main goals or outcomes that your clients routinely seek. Then create specific multi-session packages that achieve those results. Be sure that the packages’ names clearly spells out the aim of the package. Some ideas: ”End Your Sugar Cravings in 30 days” ; ”Attract Your Soulmate in 90 days”; ”21 Days to a More Productive Home Office”.
3. Home study courses:
One of the things that entrepreneurs overlook is that many people want to learn in the privacy and convenience of their own homes. What this means for you as an entrepreneur is that there is a big opportunity for you to provide your guidance and expertise, without actually meeting your clients.
I tend you use the term “homestudy” loosely. A make-up artist can create a video (or video series) to teach women how to properly apply their cosmetics. Ditto for yoga, pilates instructors and personal trainers. There are “how to” books and ebooks on nearly every imaginable subject. If you’re not a fan of video or writing, then do a series of audio recordings could be just as effective.
Virtual classes and retreats are also a possibilities to work 1-to-many. You have the ability to work with a group of people around a particular subject for any length of time from a few hours to a few weeks.
Homestudy courses are a gateway to establishing a long-term relationship with your clients. Clients have the opportunity to test-drive your business—your methods and your results. If the client is satisfied, then she or he will want you work with you personally or will buy the next product that you make available for sale.
Yvonne Bynoe is an expert in holistic business and wealth development. She is the founder of the Business Alchemy System(TM). the proven, step-by-step program that shows you how to create a more profitable business…quickly.Click here to download her F.R.E.E. report “15 Secrets To Help You Charge What You’re Worth and Get It!” and to receive her weekly marketing and success mindset articles on attracting high-paying clients and catapulting your income.
- Residual Income Formula To Build The Life of Your Dreams (deanrblack.com)
- Are You Doing Business By Design? (kevinwmccarthy.com)
- Dear Entrepreneur: It’s All Up to You (lifehack.org)