If you are a service provider charging by the hour for your services, you may be trapped in a cycle of under-earning. Charging an hourly or even monthly rate for your time puts a ceiling on the amount of income you can earn.
Your profits are limited to how much time you have available to actively work with your clients. And that time is restricted because of all the other activities you are doing to run your business: marketing, sales calls, speaking, networking, writing a newsletter. . . the list goes on.
Can you relate?
The secret to breaking the "billable hours" ceiling is to come up with ideas and strategies to create passive income. Most financially successful professionals earning six and seven-figure incomes have products that earn them income while they sleep.
The shift to make is from the role of being just a service provider to being an information provider. You can still deliver your services, but you won't have to wear yourself out always trying to find new clients because you'll have passive sources of income that will cover your basic expenses and more.
Creating a line of information products has many benefits. In addition to earning you more money, it can:
- Position you as a credible expert
- Increase your visibility
- Expand your creativity and creative thinking
- Make you the go-to person in your topic area
- Establish a brand name for your professional identity
- Make your marketing more effortless
Some easy ways to get started building passive income include:
1. Printing a workbook that you can sell to participants at your seminars.
2. Creating an audio CD you can sell at the back of the room when you give a talk.
3. Writing an ebook based on one of your talks or workshops and selling it online along with bonus worksheets, checklists or audio.
4. Recording a teleseminar or series of teleseminars and selling access to the audio files at your website.
5. Creating an e-course you can charge a small fee for. This series of lessons delivered by autoresponder can also serve to generate leads for your business.
6. Licensing your workshops and programs that have a proven track record for others to deliver.
7. Getting referral fees for referring business to others.
8. Earning affiliate income by promoting other people's products that offer you a percentage of sales if your clients buy.
The ideas for creating passive income are endless.
The benefit of creating information products in your business is that it will position you as the leading expert in your field and make you more money with less effort. Clients will call you instead of you having to chase after them. With information products, you can build an extremely profitable business that makes a real impact in the world.
Stop trading your time for money and start creating your first product or other passive income stream. You'll be on your way to breaking the billable hours ceiling and increasing your financial success!
Author Resource:-
Jan Marie Dore publishes the newsletter and blog, Success Secrets for Professional Women. She teaches solo professional women marketing and sales strategies to attract new clients, grow their business, and make more money in less time. Sign up now at http://www.femalepreneurs.com/ezine" target="_blank">http://www.femalepreneurs.com/ezine">http://www.femalepreneurs.com/ezine
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