Whether you sell private coaching or consulting, classes or mastermind groups, you must make changes now to reap the rewards by the end of the year.
When planning for the year, remember that there are 8 ways to increase your income:
- Sell more quantity of your existing offers. If you typically have 25 people in a workshop, aim for getting 30 or 40 in your next workshop. If you work one-on-one with clients, add more private clients to your roster.
- 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.
- 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 resources (otherwise, the offer isn’t scalable). For instance, if you previously offered a six-session consulting package and now you’re making it an eight-session package, 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 valuable to your clients that doesn’t require you to spend massively more money, time or resources to deliver. Do the math to be sure that the cost doesn’t outweigh the income.
- Decrease the size/quantity of your existing offers without reducing the price. You see this all the time in the supermarket – a 12-ounce box of cookies now becomes a 10-ounce box of cookies, but the price stays the same. Where can you cut back and still deliver value? Which parts of your offer are not used by your clients? For instance, we used to record our one-hour Jam Sessions, which are open office hour Q+A meetings. But we found that members and students never went to watch those recordings. So by not editing and transcribing those recordings, we saved staff time.
- Create new offers that leverage your time and resources. If you’ve maxed out of offering private, one-on-one consulting hours with clients, can you offer a mastermind group or workshop? These group-type offers maximize your time by working with groups of clients rather than individuals. Or could you create an online self-study program?
- Upsell existing customers to the next level of your offering. Your clients love you and they want to work more closely with you, or they’re asking for a specific resource that you can provide. When my existing consulting clients wanted a systematic way to manage their projects, tasks, and time, I wrote a book and created a class to help them. How can you serve your existing customers better and provide what they’re asking for?
- 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. What do you know, that you can teach others who are starting on your same career path? If you are a seasoned website designer, can you teach new website designers what you know? If you’re an experienced professional speaker, can you teach new speakers your tips and tricks?
- Hire others to do some of the work for you. If you typically bill out at $200/hour, can you hire others at $150/hour to do the client work, and you keep the extra $50/hour as your commission for bringing in the clients? This is especially helpful when you have limited time and too many clients or members to handle personally, or if you want to create an “agency” model for your business.