If you want to improve your income to record levels and attract more preferred clients, you must determine if your current business model is working for you. I recommend reviewing your business model each year to see what is working and what is missing.
Many new clients decide to work with me because they are busy but not as profitable as they could be despite working really hard. They are often stuck because they have only one revenue stream. The problem often stems from setting up a traditional business model where they are trading their hours for dollars, which is common with franchise owners, consultants, speakers, trainers, healthcare practitioners and coaching practices.
They quickly realize that they needlessly spin their wheels with prospects who aren’t ready to buy from them because they have no way to pre-qualify them. Further, they often are missing the critical systems that also gauge their cash flow, consistently market their business, and follow up with prospects.
Most often they are missing out on multiple income streams to complement their practice. You will always hit a ceiling trading your hours for dollars. To jump start your business, I recommend leveraging your business by adding revenue streams.
Depending on your business, you may be able to make small changes that make a big difference in your profitability, like including products or by adding a service if you already have a product. Many chiropractors and other professional services consultants add workshops to their business model, opening up new revenue streams and leveraging their talents so they can serve more people.
You may also create a proprietary system, model, or process that you create and teach. Your proprietary system, model or process not only separates you from other professionals in your area of expertise, but adds another income stream and leverages your time and services.
How can you start to create additional revenue streams this year?
1. Review Your Business Model. Objectively look at your products, services, and delivery model. Make sure it is keeping up with the times. If you have products, examine your sales. Do some of your products need to be updated or retired? What feedback do you have from your customers on what they want?
2. Inquire. A simple, but often forgotten step is to ask your existing clients or customers what additional products and services would better assist them. My clients keep a consistent eye on this through their Lead Generation System. When implemented, a Lead Generation System not only pre-qualifies prospects and grows your community, but allows you to keep in touch with your community, add value and stay tuned to how you can better serve them through products and services.
3. Notice. Actively listen to what your clients are asking or telling you. You may be able to develop an additional program, product or service.
One of my Wake Up Profitable Alumni had a niche product-based business. She was consistently fielding questions from her customers about the different ways to use the product. To continue serving her clients, she developed several packages for them to work with her through a consultancy package. Once they purchased her product, they could also tap into her expertise. The additional package opened up her service line for customers who wanted more guidance, and also generated additional income for her business.
When it comes to your profitability, simple, small adjustments to your business model can make a big difference.
Don’t forget to join us for the live Profitability Lab: Introduction in Michigan OR our online option.