If you are a service provider and selling time for money; you’ll most likely come up against a ceiling.
You will eventually be fully booked, out of time, and the only way forward is to raise your rates.
But that still doesn’t solve the problem of working your guts out which will inevitably lead to burnout.
In this post, we are going to discuss ways to leverage your time so you can take advantage of leveraged forms of income sometimes called passive or residual income.
Let’s get to it!
Promote Affiliate Products
One way to create truly passive income is through the promotion of products you get paid a commission on.
Let’s say you have a client who needs an autoresponder to start his email marketing campaign.
You can refer him to the one you are using, a proven winner, and send him your affiliate link.
It’s a win win. Just be sure to disclose that you do get a commission.
Productise your services
Another way to get away from the time for money grind, and avoid burnout, is to productise your services.
The beauty here is that you are no longer being punished for being fast and the client is more focused on the problem solving than the hours it takes you to finish.
To productise a service, you need to set limitations on what’s included so the work has a clear scope.
For example, as opposed to charging your $50 an hour as a social media manager, you could create a package of 10 social media graphics for $250.
One of the best things about productising your services is you create a process and can delegate and outsource this to team members.
Create group coaching sessions
If you are into more of the training and educational services, like a coach or consultant, you may find it more valuable to offer group coaching.
Group sessions allow you to leverage your time and service one to many.
Not only that, but your group gets to know each other and it creates a nice community fashioned by you.
I can’t tell you how much I cherished my members for teaming up on projects all because I was the catalyst.
Create a course
The final way I’d like to mention is by creating a course.
You can take the knowledge you have of the services you’ve been providing and organise them into a how-to curriculum for the DIYers.
I’ve created quite a few courses over the years, and I can comfortably say that some of the DIYers came to me for additional help (coaching) or hired me to just do it for them.
Courses are super powerful for this reason!
Where to start?
You may feel a little overwhelmed by these options. If you are just getting started, perhaps it is too early to consider these.
You’ll want to gain a little experience in your service based field first.
But once you’ve been doing it for a few months, you will start to see patterns and be able to package up your services and productise them.
Then you can comfortably start teaching what you’ve been doing.
And, if you are experienced, whether that be from working online or in a corporate setting, and want to start leveraging your time; I would suggest considering one of these techniques.
In fact, I am currently running a pilot program for up to 7 people to work with me to create their own membership site teaching what they love.
The benefit of having a membership site is it will feed your funnel and open up many opportunities for you to create multiple forms of income.
You can learn more about the pilot here:
If you have any questions or comments on this post, drop us a line in the comments area.