6 Ways to Expand Your Income Potential

Posted by Heather Villa, CMA, MBA, MSM on July 06, 2010 in: Time Management Strategies

I work with many different kinds of businesses but especially with freelancers and coaches. With some businesses, the income opportunity isn’t limited by anything other than how many customers you can send to your site. But with a lot of freelancers and coaches, the income opportunity is limited by the hours in the day. In an 8 (or 10 or 12 or 14) hour day, you can only coach so many clients or you can only freelance write so much content or freelance develop so many websites.

While this time-constrained income might work at first, there does come a point where you feel like you’re on a treadmill and you need to slow down a bit. Perhaps you want to bump up your income or you want to tone down how much your work is dependent on you. Maybe you want the freedom to go on vacation and not have to tighten your belt for the month after your vacation.

Here are 7 ways you can expand your offering so it becomes less dependent on you. I’ve listed them in order from easiest to most difficult.

Affiliates: Find some businesses that serve the same niche as you and set up an affiliate relationship with them. This is a simple way to expand your income potential although it probably won’t make you rich unless you have a really responsive group of customers.

Outsourcing: Accept a little more work and outsource some of it to another professional who works at a lower rate. Either outsource entire projects or break them up and outsource pieces.

Downloadable: Create a paid downloadable – an e-book, report, podcast, a video, or some other kind of downloadable – and sell it. This one probably seems like the most obvious but it’s underused by freelancers and coaches.

Training: Train others to do what you do. Set up an e-course with a curriculum and make it either a self-study (so it’s more like a downloadable) or make it slightly more interactive (which can be good but takes up some of your time with review and interaction).

Certification: This could be something to add to your business as you start training people or as you build up a reputation online. Offering certifications can provide a certain amount of legitimacy to other sites while adding to your growing reputation. Consider this a step above regular training.

Membership site: A membership site is a huge opportunity to grow a community and earn regular, predictable income. Basically, your membership site should provide some kind of regular benefit that they couldn’t get elsewhere – for example, access to information, to software, or to you.

You’ll note that each of these income extensions do require some level of work from you, but the time you spend on them each month should help to boost your income to a greater degree than if you spent that same amount of time on your time-constrained freelancing or coaching work.

Make a plan to grow your income with some of these ideas!

Heather Recommends:

If you are a coach, freelancer, or entrepreneur who wants to succeed like a pro, I can help.

Product Spotlight

ad

Business Lunch Club