I hope you had a great Father’s Day weekend!
We celebrated at home with our five year old daughter and baby on the way. It was great just to relax with family, cook out and think about the future of our little familia.
Like many of you, I’ve been hustling a bit harder than usual lately. For me, it’s all about getting ready for our second child…and that’s made me think a lot about a few things.
Specifically, how can I increase my earning potential without taking on more hours? It’s something we all think about. We all want, and need, more time. Pretty soon, I’ll be needing a lot more!
There are a number of ways that you can increase your income without sacrificing time with family.
Here are a few ideas that I’ve put into action recently, that you can likely apply in your own business:
1. Raise your rates: It might feel greedy, but there is absolutely nothing wrong with raising your rates. In fact, most of the women I work with set their rates far too low to even “make ends meet”. Think about this – the less you have to hustle for income, the more time you have to give personal attention to each of your clients.
There was a time when I had virtually no time to give that “special attention”. I was charging a quarter of what I should have been, and that had to stop. Once I started charging full-rate, I was able to focus more of my attention on each project, which makes for happier clients and much less work-related stress.
Takeaway: Don’t forget to put yourself first once in awhile and always remember to ask for what you need.
2. Sell a product: Creating a virtual product (like an ebook or video series) might seem like a lot of work, but in reality, this is a task you’ll be able to create just once, and reap the benefits of for years to come. Think about something you can offer that meets a need and get’s to the heart of the issues that your client’s or audience may be facing daily.
Do they need help creating a quality resume? Maybe a series of resume templates would be a good fit. Are they asking you for help to design their website? Consider a DIY Web Design ebook.
Again, think about what your clients have already asked for and aim to meet those needs. If you can solve a problem for them, it’ll be a winning product.
3. Create a program: If you’re a coach, consultant or educator of any sort, you’ve probably already thought about offering some kind of ecourse or program. This could be a DIY program or a group program where you give special attention to each participant + access to a group of their peers.
The latter of the two is the type of program that I’m currently working on. Since I love to coach and engage socially, my group program will include a three pillar system of coaching, DIY labs and peer mentoring. You can read more about that here.
A program is a great way to bring in extra income without committing to an overwhelming work schedule, especially if you can make at least half of that program a “do it yourself” experience.
So, as you set out to upgrade your business model and produce less intensive forms of income, remember – a little extra time and work at the beginning, means a lot more opportunities to relax in the end.