How to Build Your Business by Adding New Streams of Income
February 22, 2009 by
Filed under Entrepreneurialism
Many people growing businesses think that it’s a volume game – build more, sell more, put more hours in – in order to grow their bottom line results.
Ironically, one of the most powerful approaches to growing your entrepreneurial business is to repurpose the information you already have, the services and products you have already developed to create new streams of income.
Here are several keys to take your know how and increase your revenues:
Create Audio Products -You may not realize how often you are saying the same thing. Each time you say it, casually and comfortably in a conversation, you are actually proving yourself to be an expert.
1 – Get yourself a digital recorder and record yourself as you answer other people’s questions in person.
2 – Remember to record by phone. You can schedule teleconferences and tell people you’re available for answering questions and you’re recording the call so people can listen again later.
3 – Bundle the recordings and let people know they are available for a fee as downloaded mp3 files or CDs… and now you’re being paid for your expertise.
Offer Programs – Many professionals think they must sell their efforts by the hour. That means you constantly have to ‘re-sell’ your customers over and over again. These 3 steps will completely smooth out your cash flow:
1 – Think about the work you do most often, and the average number of hours that you’ve used to deliver it. Give those work efforts names based on the results they create for your customers.
2 – Create 3 levels of programs with 3 different prices so you can offer choices. Most buyers will crave your top program, and often select the middle program.
3 – Always speak in programs when people ask you “How do you work with…?”
Bonus Tip – Only offer programs! Even the prospective customer who just wants ‘a couple of hours’ should be told “I have a service I call the quick assessment” or “Let me tell you about my Start Up Program to see if that’s a fit for you.” Once they are in the program mindset you’ll have them signing up over and over and you’ll be using your own time much more efficiently and profitably.