January 16, 2013
3 Ways to Turn Your Idea into an Income Stream in 2013
With my brand coaching clients, I have noticed a pattern of thinking that most would-be consultants generally fall into. Â They don’t believe that they can do it, they don’t know how to package their services, and they don’t know how to charge.
If this sounds like you, this year I want you to step into the marketplace with a fresh frame of mind. If you have always wanted to offer your expertise to people, or you always find yourself giving away great advice for free, resolve to put these three tips into action this year.
Embrace your Expertise. Chances are, you are an expert at something. That something is the thing that people most frequently ask your opinion on or most frequently thank you for. Accept that this is true, and that what you do/have/give is good enough to charge for. Don’t worry about whether or not people pay. Â People will always pay for something they want and something that they perceive will add value. That is the first step.
Identify Your Process to Package Your Services. Depending on the service that you provide, one reason that you are not making money off of it right now is because you don’t know how to put a price tag on it. But if you are really good at helping people for example identify business partnerships or get more out of in person networking events, you can potentially create a package around that skill. You’ll want to do a deep dive into your process: figure out what steps you always take when you go about offering this service. Do you first evaluate where they are currently? Â Do you then research the market and come up with recommendations and finally present those recommendations? If you can jot down (in order) the steps that you always take in your delivery, you have identified your process. Identifying a process is the first step in packaging your consulting services.
Put a Number on It. After you have a package or a process that you have consistently used to get the same good results, you simply need to decide what you think it is worth. It may sound deceptively simple, Â but it’s a mixture of factoring in how much one, two or three hours of your time is worth; how much your years and variety of experience are worth; and how much money you want to make from the venture. Â It really is that simple.
You may want to have tiered levels of service, or you may want to have a standard package price i.e. your day rate, your training rate, or your consulting package fee. Having one number simplifies the process for everyone, because your customers won’t have so many choices that they get confused. Plus, invoicing for one price makes it hassle-free for you.
Think about the last time that you gave your valuable expertise away, and how foolish you felt after having given so much away for free. Now think what number would’ve made you feel fairly compensated. That is your starting point for identifying your price point.
If you want to work one on one with me for 90 minutes to uncover your hidden income stream, sign up forÂ my Brand Brainstorm. It’s 90 minutes of pure branding bliss – you’ll walk away with your bankable idea and Â action items to turn it into a real stream of income. What are you waiting for?Â http://bit.ly/IdeatoIncome