How can you increase your income without taking up more time? What do you do when you have income goals to hit, but you’ve got no more time to commit to your work during the week? Are you exhausted or feeling burnt out in your business in any way?
Maybe you’re a service provider, coach, or consultant, and you love the work you do. But there is a problem: you’re out of time. You can’t take on any more clients without burning the candle at both ends, and you’re really ready for more free time, not less. But you also want to grow your income. Perhaps you have some goals you’d like to hit in 2023. Maybe you want to take your family on vacation, or pay off some debt, or cover college for your kids.
In episode 105 of the podcast, I want to give you a few ideas and options for how to increase your income by leveraging your expertise and help you avoid burning out.
In Episode 83, I discussed two strategies about how to uplevel your income without taking on more clients, so go check out that episode for specifics on that!
In this episode, I’ll share 2 specific strategies for you to add income to your business when you are a service provider or coach without burning out.
1. Move Into an Agency Model For Your Business
In this strategy, you would be growing a team to provide the services you currently offer, and it would allow you to take on more clients. Eventually, in an agency model, you would not be the one providing the services potentially at all, you might just be overseeing the whole process.
In an agency model, you need solid systems and processes so that you can train your team to provide the service at the same level that you do.
You might think if you’re a coach that this wouldn’t work, but it can work even in coaching. That is when you you have a process and a framework that you do your coaching with, and you have a style that can be trained and can be duplicated by someone else, and then they follow that same framework.
2. Add a New Income Stream Through a Group Coaching Program
Specifically I want to showcase adding a new income stream through a group coaching program as this is something I’ve seen success with over the last few years.
With this strategy, you can leverage your expertise by adding this new income stream into your business, and it allows you to serve more clients and reach more people. You get to teach something in your area of expertise to several people instead of just providing that service or coaching to one person at a time.
If you choose to go this route, I recommend starting with a live group program before you move into creating a course. When you start with a group program as an additional income stream, you don’t have to have a lot of bells and whistles.
The key to a successful group program is helping your clients take action and get results. It’s often much less about all of the added bonuses and the added things that you can get access to. It’s really about what they’re going to learn, what they’re going to experience, and the results they’re going to get as they go through this group program.
Before You Implement
One thing you need to know before pursuing either one of these strategies is what your ideal life and business looks like. You don’t want to dive into something that isn’t going to serve you or fill you up in a way that is best for you.
Check out Episode 7 and Episode 8 of the podcast to learn more about designing your ideal life and business first before making any big decisions about where to go next in your business model. Grab the free download that goes along with these episodes.
I believe that before you attempt to implement either one of these strategies, you should get really clear on what makes you different, and how you set yourself apart from other service providers, or coaches or consultants who are doing the same thing as you.
I am offering a workshop, The Results Code Workshop, and I’m going to help you get the foundational piece you need to have in place before you transition out of one-on-one work, or before you start moving into an agency model.
In this workshop, you’ll uncover your own unique results code, and we’ll craft it into a strong piece of marketing that will make it easier to sell and teach others.
Head here to grab your spot or catch the replay!
Quotes to Note:
“You need to develop systems and processes that will allow you to duplicate yourself and offer the same quality service to your clients without you having to do all of it yourself.”
“A group program is a much easier first step to create and offer than a course.”
“The offers we create in our business should be based on how God has wired us on our goals and on the people we are called to serve.”
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