We are talking about the different ways you can earn income in your business.
Leveraged income is an excellent way to increase your revenue … and there are several ways to do it.
By leveraging your time and effort, you can work with more people at the same time, and therefore earn more money.
For instance, if you are social media specialist, and you find that you are teaching many people the same thing over and over, you might consider setting up a virtual or in person workshop. That way many people can sign up and take the training at the same time. This leverages your time and effort, because you will only have to present the content once, to the whole group, instead of teaching them each individually.
Because you are leveraging your time and effort, you typically charge less for this type of service, because it’s not a one-to-one arrangement. And by charging a lower rate, you can entice more people to join, and you can actually earn more for doing the same work.
It makes sense for your clients to work with you in this manner, because they still get contact with you, but they can do it for less than working privately with you.
So let’s take our social media example above and make the active income into leveraged income.
Let’s say you charge a client $500 to help them set up and customize their Facebook business page. Think about how many clients you can work directly with in a week, providing this service. Think about how much time it takes to get the project done, the back and forth with the client for training or implementation, and the scheduling it takes to ‘meet’ with them.
Now think about how you could do it if you provided the training in a group session – either a live session or a virtual (online) one.
You can leverage this revenue in one of two ways:
First, you can include your training session as part of their original package. By doing this, you invite everyone to a live training (recorded if they can’t attend live) and then you walk through the parts that they need to be shown – at a given date & time. So you leverage your time. They still get to take part and ask you direct questions about their work, but you are only doing the training piece one time each week (for instance). That saves you time to work with more clients, and so you can make more money. Then each time you do a new setup for a client, you can schedule them into your group training when it makes sense.
Second, you can do all of your setup as a group workshop – where the client is invited to do the actual setup themselves ‘live’ with you giving instruction. This would be a more hands on type of project, and the client comes away with the training and the experience of having done the work themselves. You would then get paid to provide the teaching to everyone at once (thereby freeing up even more of your time). This would typically be a mid-priced service offering, because although it’s a group setting and you are not doing the actual work for them, you are providing the expertise and training. It would be a great idea for people who want you to do their work, but also want to understand how to do it themselves. An excellent opportunity for leveraged income.
Think about how you can adapt some of the work you do with your clients so that you can turn it into leveraged income.
I’d love to hear your ideas! Leave your comments below!