I discovered how to create both “passive” and “leveraged” income streams. Passive income is money that flows in from the sale of products or programs that have already been created. Leveraged income is large amounts of income created from very little time spent, such as with a membership program.
When I first started my coaching business my goal was to get as many 1-on-1 clients as possible. At first I loved working 1-on-1, but it didn’t take long before I found myself feeling drained and dreading my clients’ calls.
Which is when I started to experiment with re-designing my business and discovered how to create both “passive” and “leveraged” income streams. Passive income is money that flows in from the sale of products or programs that have already been created. Leveraged income is large amounts of income created from very little time spent, such as with a membership program.
It didn’t take me long to see that EVERY business has the opportunity to create both kinds of income. But, creating passive revenue can take some time. Which is why I recommend focusing first on creating leveraged income streams such as membership programs.
Now, maybe you’re thinking, “Sounds great Kendall, but I’m not sure how a membership program fits in with MY business.”
Keep in mind that a membership (or “continuity”) program does not always look like the typical “coaching club.” There are MANY varieties of membership-style programs you can offer to achieve your goal of creating leveraged income.
So let me share an example that will help you see how adding a membership program is totally possible for you, plus I’ll give you THREE quick tips to help you design your own membership offer, okay?
Let’s start first with an example. Initially, my Platinum client, Sandra Martini, didn’t see where she had an opportunity to offer a membership program. Sandy’s business focuses on coaching entrepreneurs on how to get their Internet marketing — tasks such as article submissions, social networking, and sending out an ezine — done.
Instead of trying to create the typical “pay for information” coaching club, we designed a membership model based on Sandy doing the work FOR her clients.
BINGO! Within a few short months she had picked up several new clients for her “done for you” service. Since then, she’s launched two more popular done-for-you services. (You can hear more about how Sandy re-designed her business in a special, exclusive interview series I recently recorded, called “Success Stories: How Did She DO It?” (Click here to access this interview recording.)
Here are three more quick tips you can use to creatively add membership in-come to your business.
Tip #1 Consider “Done For You” Services Instead Of Just Supplying Information
People are so busy these days that they’ll happily pay to have YOU do a task for them. With the right team in place, this can be a powerful source of income for you because your clients quickly become “hooked” and never want to leave you.
Tip #2 Take A Look At Repackaging What You Already Do
Often there’s a way you can take the information you provide your 1-on-1 clients and re-purpose it into a membership program. For example, with a little imagination and creativity you can create ecourses, and teleseminars set up on replay schedules, each delivering information in bite sized pieces.
Tip #3 Create Specialty “Mini” Membership Income Streams
My Platinum client, Sandy, created three different membership-style offers by focusing each one on a specialized topic. For example, one “mini” membership service she offers is her “Social Networking Done For You” which focuses exclusively on providing daily and weekly social networking tasks for her clients, thus saving them tons of time and energy.
Keep It Simple So You Can Implement Your First — Or Your Next — Membership Income Stream Quickly
My advice is to start by offering something that reuses your existing content, or is a natural extension of what you already coach or consult your clients on. Remember, simple means speed, and speed means a quicker path to cash!
Would you like to learn more simple ways entrepreneurs can brand, package and price their services to quickly move away from 'dollars-for-hours work' and create more money, time, and freedom in their businesses? Check out my web site, http://www.KendallSummerHawk.com , for free articles, free resources and to sign up for my free audio mini-seminar "7 Simple Steps to Create Your Multiple Streams of In-come "Money and Soul" Business.