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What is the Biggest Liability In Your Business?
If you're a speaker, trainer, coach or consultant, you probably recognise
that the biggest asset in your business is you. Unfortunately, the flip
side of the coin is that the biggest liability is also ... YOU!
In fact, you don't really have a business; you have a practice (just like
a medical practice or accounting practice, which relies heavily on its
owner).
How much is this holding you back?
Being the sole income earner in your practice has its drawbacks.
For instance, when you take a holiday, money stops coming in. And if you
get sick, the same thing happens.
In fact, any long breaks could seriously cripple your business. Not only
do you lose your income stream, you also risk losing your clients to
competitors.
You also limit your income to the number of hours you put in to the business.
After all, you can only keep increasing your fees by a certain amount before
clients start complaining. After that, the only way to make more money is to
work longer hours. And - unfortunately - that is what many people do.
But the biggest problem of all is that you're operating on the "money for time"
model. That model might make sense for an assembly line worker, but not for
an information expert. Clients judge you on your value, not on the amount of
hours you spend with them.
Break the "Money For Time" model.
What would it be like to change this model in your business?
Imagine if you could create half of your income - or more - from activities other than physically
being in front of clients. What difference would that make to your
business profits?
From a personal lifestyle viewpoint, would this also mean that you would
work less and spend more time with family and friends?
When you grasp the concept of multiple income streams, you'll understand
just how quickly your business can grow, while continuing to generate a
healthy profit and giving you a healthy lifestyle.
Create other income streams.
Of course, this might not be news to you. In fact,
when we talk to speakers, trainers, coaches and consultants about what they
would like to do to grow their business, one answer stands out above all the
others: Create more passive income.
Many information experts start on this path by writing a book. That's OK,
and it certainly adds credibility, but it doesn't necessarily create a
large income stream.
It's easier for you - and more profitable - to create other information
products, such as e-books, membership Web sites, on-line courses, surveys,
self-assessment quizzes and other information products. Although these
don't have the glamour of a published book, they can easily bring much
bigger profits in a much shorter time.
For example, a typical book sells for $25-30, regardless of the value of
the information in it. However, an e-book with the same information can
be sold purely on the promise of its value, so it can easily sell for
$50-100 or more.
Use our Fast Forward package.
Our Fast Forward Web site package includes many of the
facilities for creating information products, including:
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