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Five Ways
to Make More Money in Your
Service-Based Business
When you opened your service-based business,
chances are you did so with the intention of helping
people. After all, isn’t that what a service-based
business is founded upon? Unfortunately, when
providing a service is the way of your income, you
are limited by the number of hours in the day and
by your own physical energy. Or are you? Here
are 5 other ways to make money in your service-
based business outside of the one-to-one service.
Before I share what those ways are, let’s first make
sure we all understand what I mean by the 1:1. This
is when you, the service provider, provide a direct
service – like coaching or consulting – to your client
or customer. In other words, you are trading hours
for dollars at a 1:1 ratio. The downfall of course is
that you have the same amount of hours in the day
so at some point, you will max out on how many
you can serve.
One easyway toboost your bottom linewithout
breaking out of this 1:1 mold is charge more
per encoun
ter.
Traditionally speaking, service
providers, especially new business owners, don’t
charge enough so this is a great place to start.
But how do you make more money without relying
on this 1:1 model?
One of those ways is to shift from the 1:1
model to the groupmodel.
The groupmodel can
show up in a variety of ways. You can have group
coaching or consulting programs, you can conduct
educational events to a group, or you could even
create a mastermind and not only leverage the
power of the group but the power of the additional
brilliance of others in the group.
The group setting will certainly leverage your time
in a much more efficient manner but you are still
trading time for dollars – albeit much more effec-
tively. The next step beyond is to learn how to
leverage both your time AND your expertise which
brings us to another way to make more money –
actually the final 3 ways.
One way to leverage your time and expertise
is to create passive revenue programs and
info products.
These are on-demand and
downloadable programs that you make once and
can sell over and over without additional effort.
A second way to leverage your time and
expertise is to certifyothers inyour particular
technique or method.
By doing this, you are
duplicating your efforts. Now, you won’t garner
100% of the exchange here but it can be a very
effective passive revenue stream.
Finally, youmay want to consider franchising.
Unlike certification programs where
certified individuals will operate
under their own business
umbrella, a franchise will
truly operate completely
in your way and will
likely run with your
business name. This
By Holly Kile
As a business owner, we’re always looking for ways to increase the bottom line but
as a service provider, coming up with new ways to earn might be a challenge.
10
SOAR TO SUCCESS
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NOV. 2015
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Core Business Strategies