To generate revenue for your business, you don’t need to start altogether. There are many resources available that you already have access to, even more than you might think.
Leverage is a way to find these opportunities. Leverage refers to the ability to optimize what you already have in place.
This ability is an excellent source of revenue, so don’t ignore it!
These are two ways to increase your income using leverage.
1. The Switch
Are you able to offer a service? You may be able to identify a service that you offer. You need to reconsider how you are using your product or service.
One of my clients, for example, provides valuable advice on health. Lindsey listens to their needs and makes recommendations. She helps them take action to improve their health.
One ample opportunity emerged when we began to look at ways to increase Lindsey’s revenue stream. Lindsey was a popular choice for clients who wanted to lose weight. Lindsey guided each client through the same weight loss process.
She created a self-study course that clients could complete on their own to make the switch. Lindsey’s 1-on-1 coaching became a product. To increase income opportunities, she added coaching to the program, both in 1-on-1 and in group settings, as well as retreats.
You can do the same with a product. With all the knowledge you have about nutrition and exercise, a power bar can be transformed into healthy diet advice.
Be creative and come up with ideas. Then choose the one you like best.
2. Scaling
You can increase your reach by scaling up your 1-on-1 service to make it 1-to-many. Is there a way you can give what you do to more people?
Even more significant opportunities for scaling exist online. You can offer your services in a group setting online if you are able to do so.
Is there an online way to answer questions that you frequently hear in group settings? Is it possible to create a subscription with library videos answering FAQs?
You might also consider teaching others what you know and spreading the information and content that you have to offer.
This can be done as a program or course. You can also create a license to your unique method and have your clients and students pay fees or royalties for using it.
Is there a way you can reach more people with your skills? This means that you can expand your knowledge and skills.
Learn to teach, create engaging videos and write. As your business expands, you will need new skills.
Some businesses are more suited to scaling and switching than others. You may have to rethink your business in order to increase your income. You will need to create new products. You may have to revise your business model. You can then add or redefine ideal clients.
While you have fun brainstorming income-generating ideas for your business, one thing is essential. It’s one thing creating new products. Selling them is another.
You must offer something of value to your clients and prospects.
To determine if they value the services you offer, you can use the information you already know about prospects and clients. If you aren’t sure, do some research. Ask great questions.
Increase your income by making it as simple as possible. You can increase your revenue by switching to scaling or scaling what you already do.
