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Ursula Jorch

Ursula Jorch, MSc, MEd, mentors entrepreneurs starting their businesses and seasoned entrepreneurs in transition to create the business of their dreams. Her coaching programs provide knowledge, support, clarity, inspiration, and a community of like-minded entrepreneurs to empower you to reach your g...

Category of Expertise:

Business & Finance

User Type:

Expert

Published:

02/11/2017 10:36pm
Increase Your Income: Use Switch and Scale to Leverage What You Already Have

You don’t have to start from scratch to create revenue in your business. You already have a great deal available to you, more than you may think.
To find those opportunities, use leverage. Leverage is the ability to optimize what you have already in place.
Don’t overlook or underutilize this ability – it’s a great source of revenue!
Here are 2 ways you can increase your income with leverage:
1. The Switch
Do you offer a service? You can often readily identify a product that you can offer too. Switching products to services or vice versa requires you to rethink how your service or product is being used.
For example, one of my clients provides valuable health advice. Lindsey discerns their needs, and makes recommendations. She supports them in taking action to improve their health.
When we looked at ways to expand Lindsey’s revenue stream, one big opportunity was apparent. Many of Lindsey’s clients wanted to lose weight, and Lindsey took each client through a similar weight loss process.
To create the switch, she designed a self-study program that her clients could do on their own. Lindsey’s 1-on-1 process became a product. She supplemented the program with coaching, both 1-on-1 and in groups, and retreats, to create even more opportunities for income.
The same can be done with a product. A power bar for fitness folk can become healthy diet advice, with all you’ve learned about exercise and nutrition.
Let yourself be creative in coming up with options, and then choose one to start.
2. Scaling
To increase the number of people you reach, consider ways you can scale your 1-on-1 service so that it becomes 1-to-many. Are there ways you can offer what you do to more than one person at a time?
Even bigger opportunities for scaling exist online. If you can provide your service in a group setting, chances are you can do so online, not just in person.
If you do in-person consultations or treatments, is there a way to answer the questions you hear frequently in a group setting with in-person or online workshops? Can you create a subscription service with a library of videos that answer FAQs?
Another opportunity is to consider whether you could teach others what you do, and spread the message and content you offer.
You can do that as a one-time course or program. Or you can create a license for your unique method, and your students and clients pay you fees or royalties each time they do or teach what you have taught them.
Are there ways you can reach more people? That means you growing your knowledge and capacity with new skills.
You can learn to teach, to create compelling videos, or to write. New skills will be required as your business shifts into these new streams.
Some businesses lend themselves better than others to switching and scaling as revenue expansion options. To increase your income, you may need to rethink your business to some extent. Certainly you’ll have to come up with new offerings. Your business model may need to be revised. New ideal client groups then can be added or redefined.
Keep in mind one important thing while you’re having fun brainstorming new income ideas for your business. It’s one thing to create new offerings. It’s another to sell them.
To do that, you must create something of value in the eyes of your prospects and clients.
Use the knowledge you already have about your prospects and clients to discern whether they will value what you are offering. Do some research if you’re not sure. Ask good questions.
Make increasing your income as easy as possible for yourself. Switching and scaling are new avenues for income that leverage what you are already doing.

Keywords

Ursula Jorch, MSc, MEd, mentors entrepreneurs starting their businesses and seasoned entrepreneurs in transition to create the business of their dreams. Her coaching programs provide knowledge, support, clarity, inspiration, and a community of like-minded entrepreneurs to empower you to reach your goals. Start with a free guide and other valuable info at www.WorkAlchemy.com. This article was originally published at http://www.workalchemy.com/increase-business-income-leverage and has been syndicated with permission.  , create, new, income, clients, lindsey, business, person, scaling, product, leverage, offer, teach, opportunities, increase, program, switching
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