One problem experienced by many service based businesses is that they only have a single revenue stream - fee for service.
That means that the only way they can get paid is if they have clients who are willing to pay for their time.
Is this how your business works too?
As you'll know, this means if you're not at work then you don't get paid. Simple.
You're probably thinking -what other revenue streams can I create given the nature of my business?
Well here are 5 revenue streams that you can implement, and before you write them off as too hard, they are easier than you think.
Since you're in a service based business, what you do likely falls within these categories:
- Services that improve a clients' capability (e.g. training, coaching)
- Services that saves clients time (e.g. cleaners, dog-walkers)
- Services that require specialist expertise (e.g. accountants, lawyers, financial planners, optometrists, architects)
Regardless of which of these categories you fall in, arguably there are at least parts of what you do that a client could learn to do themselves. Or another way of putting it, there are things your clients can do that contribute to the outcome they are seeking when they buy your service.
You could put these things down on paper and create an income stream by sharing your knowledge. Books are also a great tool to let others learn more about you before they commit to working with you.
An example is my book, The Professional Services Sales Bible. You can get it for $27 by clicking here or if you're a Licence to Bill Q member, you can get it for free in the member's portal.
Affiliates are very effective revenue streams. In fact, I know some entrepreneurs who make more money through this revenue stream than their primary service.
The basic structure is that you get a fee for your contribution to the sale and / or delivery of a product or service. That contribution may simply be a referral that results in a sale. Or you could have made the sale yourself. Or it could be the other way around where you get paid for the delivery of your service that someone else has sold for you.
Either way this is a great revenue stream.
It also acts as a great "refresher" for your audience. Instead of always hearing from you about YOU, your audience gets to hear about other services and products they might be interested in.
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