If you want to increase your income I suggest you set yourself a bold money goal so you know exactly what you want to achieve. Be specific. Ask yourself this question “How much more do I want to make”?
Whatever that number is, raising your fees is one way to reach your goal but it’s not the only way. I can think of at least 7 additional ways to create more income in your business.
#1. Offer training courses
Think of ways to help your clients improve their skills or learn to do something that will support them to achieve better outcomes. Then create a training course designed to transfer your knowledge and teach them the “how to”.
#2. Run workshops
Workshops are a great format for accomplishing specific outcomes. Unlike training courses which are based on learning how to do something – workshops provide a hands on way to get the job done. Done-with-you, rather than done-for-you workshops can be run as a one off or a series and people are willing to invest in them.
#3. Lead groups
While your one-to-one service can be very lucrative, leading groups offers an opportunity for clients to participate at a lower investment. Collectively this can add up to an overall increase in income to you. An added advantage is you get to serve more people, some of whom will invest further with you down the track.
#4. Offer different packages
One size fits all might be OK in the fashion industry but it means a take it or leave it decision if you’re offering services. So it’s much smarter to offer different packages to provide a choice at various investment levels. This means you will make more sales and increase your income.
Whether you are being paid or not, speaking is the absolute best way to get in front of potential clients to build the know, like and trust factor that is essential to creating relationships and making sales. At the very least you want to leave with their contact details so you can continue to communicate with them and turn your prospects into paying clients.
#6. Create Information Products
Everyone knows information that other people will value and be prepared to pay for. Fact is there is a huge demand for information. Chances are better than good that you are already providing information to someone about something you know about. And chances are you are giving it away free when people would gladly give you money for it.
You can make passive additional income from what you already know while providing your clients with additional, budget-friendly ways to learn from you.
#7. Offer VIP days (one of my top favourites)
VIP stands for ‘very important person’ and offering VIP days as an intensive one-on-one experience is both lucrative for you and highly productive for the client.
With a set agenda focused on accomplishing specific outcomes for an individual a VIP day is a high-end offer with a highly valued payoff so you can charge a higher fee. It’s a fact, many clients just love that level of personal attention and single focus and are willing to pay a higher fee to get it.
If you’re not offering VIP Days yet, it means you’re leaving money on the table that could be added to your bank account.
So when you look at your business as a whole, raising your rates is just one way to make more money and increase your income. I recommend you look from a higher perspective and decide what additional income streams you can create.
Book a free discovery session here if you’d like to explore specific ways and understand the ‘how’ to increase your income that would work in your business.