8 Ways to Increase Revenue in 2024

Whether you sell private coaching or consulting, workshops or mastermind groups, you must make changes now to reap the rewards over the next six months.

Now is the time to re-think your revenue model. Here are 8 ways to increase your income:

1. Sell 10% more quantity of your existing offers. You already have products and services you sell, why not leverage that asset? You can aim low: a 10% increase in the sales quantity yields big revenue gains with little effort. If you typically have 50 people in a workshop, aim for getting 55 in the next one. If you currently work with 10 private clients, add one more to your roster, if your time permits. (If you don’t have the time to take on more private clients, see #5 below.) Naturally, going beyond the 10% increase is desirable, but focus on the low-hanging fruit first.
2. Increase the price of your existing offers. Without changing your offer, increase your fees. If you’re still charging the same fees as you did five years ago, it’s time to look at your pricing model.
3. Increase the price and increase the value. Change your offer to be more complete and compelling, and increase your fees. Make sure that you haven’t increased the value by adding more of your personal time (otherwise, the offer isn’t scalable). For instance, if you previously offered a 6-session consulting package and now you’re making it an 8-session package at a higher fee, you’ve just used up two extra hours of your time. Even if you charge more for it, are you actually making more income from it? Instead, consider adding something that is valuable to your clients and doesn’t require you to expend massively more resources to deliver. Think checklists, worksheets, templates, etc. Do the math to be sure that the cost doesn’t outweigh the income.
4. Decrease your existing offer without reducing the price. You see this all the time in the supermarket aisles – a 12-ounce box of cookies magically becomes a 10-ounce box of cookies, but the price stays the same. In that example, the value doesn’t stay the same. If you want to continue to offer high value to your clients, then remove something they don’t value. For instance, we used to record our one-hour Jam Session meetings. However, we found that members and students never watched those recordings. We saved hours of staff time and money but did not reduce the price of our program; we kept the Jam Session meetings but removed the recordings. This is one of the easiest changes to make.
5. Create new offers that leverage your time and resources. If you’ve maxed out on offering private, one-on-one consulting hours with clients, can you offer a group program instead? A mastermind group, group coaching program, live workshop, or online self-study program maximizes your time by working with groups of clients rather than individuals. You can get a group coaching program or mastermind group off the ground relatively quickly; it takes more time to design a training program.
6. Upsell existing clients to the next level of your offering. Your clients love you and they want to work more with you. Are they asking for a specific service or resource that you can provide? When my existing consulting clients wanted a systematic way to manage their projects, tasks, and time, I wrote my One Action Now book and created a workshop to help them. When my mastermind group members needed advanced training in marketing, I created lessons for them and created an Advanced-Level Marketing offer. How can you serve your existing customers better and provide what they’re asking for?
7. Go to the “master level” – teach others how to do your work. For instance, after 20 years as a small business consultant, I now teach people how to become small business consultants and run an efficient, thriving consulting business of their own. Can you teach others who are new to the same career path you’ve navigated for years? What do you know that you can teach them so they can make progress quickly and avoid costly mistakes? As a seasoned website designer, you can teach new website designers. If you’re an experienced professional speaker, you can teach new speakers your tips and tricks. If you’ve owned restaurants, you can work with new restaurant owners.
8. Hire others to do some of the client-facing work for you. I don’t mean hiring a virtual admin to do your office work. I’m talking about the work you bill clients for. If you typically bill out at $200/hour, can you hire others at $100/hour to do the client work, and you keep the difference. This is especially helpful when you have limited time and too many clients to handle personally, or if you want to create an “agency” model or “license” model for your business.