How to increase your profits

Many people are looking for different ways on how to increase your profits and income. One way to do this is by simply re-purposing your content. Presenting it to your target audience in different formats and ways to consume it. Whether it is writing an eBook, creating online courses or any of a number of other different ways. As a business coach, clients often ask me how to increase their turnover and profits.

When I coach other coaches on increasing their income, there is often a disconnect between what they want to charge, hours they want to work and the income they want to make. Example a coach that wants to earn £5000 per month. They might want to work 20 hours a week and only charge £50 per hour. That is only around £4300 per month. However, it also means they have to consistently get new one to one clients. Not including the time and effort it takes to generate those clients. This is very draining on you as the coach.

Let’s look at a number of different ways to monetize your content and grow your business. I will use a coaching business as an example to help explain the concepts. However, these ideas work for many types of businesses. From hairdressers, therapists, consultants to accountants and many in between.

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Different ways to increase your profits

It all starts with is your content. This is what you are delivering as a product or service to your clients. What can you do to target different sectors, or make your products available to a larger audience? Think of it like fishing. To catch different types of fish, you might use different bait. Some clients will look for different ways to consume the same content or services that you provide.

Live courses

I appreciate that not every business may be offering live training to their clients. That does not mean they can’t. Accountants and hairdresser as an example probably do not offer live training to their clients. Many businesses are missing a huge opportunity here.

Live training is a great way to generate income. Depending on what your offering is, the length and costs may vary. You need to decide on how many people you need to have in your groups to make it profitable. An example of a live training is our 7 day NLP practitioner training.

Not all of your clients might be able to afford to attend a live training. Others might not be able to make it due to the fact that it is in a different country etc. However, there are many clients that buy a product or service from a business but would like more hand holding in the implementation. There is also things like continued personal development etc. This is where live courses come in.

Online Courses

Some clients just can’t attend live courses whether due to budget or some other logistics. Online courses is another way to increase your income and profits. This is an easy way to reach more clients from all around the world. It is also a great way to generate money whilst you sleep. Create your online course and let it sell on autopilot month after month.
Example, I have created a number of online courses in various personal development niches. Many of the clients that buy the online courses, for various reasons, are not able to make it to the live training. This makes it a lot more affordable for people. It is also a great way to learn at their own pace and own homes.

As a beautician you can create online courses. My daughter is quite interested in beautician work. She is doing some online research and courses to learn how to use certain things, which things to stay away from, etc. She is already planning her business and she is only 12 years old. I share this with you to illustrate that there are people from all walks of life, ages, countries, etc that may potentially be interested in your product or service. Just not in the format you are currently delivering it.

The accountant might have some online courses on how to do your books and what to look for in a great accountant. What programs to use to keep track of invoices etc. This then potentially leads on to clients that want to work with them one to one as well.

So again, this works well for many different niches.

One To One

Most coaching, therapy and consulting type businesses work with clients on a one to one basis. Many clients also prefer this approach. It is important to consider why you are working with your clients. Is it necessary for you to work one to one or even face to face? Are you doing it to make money or give back to the community? You can do both. Consider your income goals and the time and effort required. Consider logistics, regulations, etc.

Example, instead of working with 20 clients per week at £50 per hour, I would rather work with 5 clients at £200 per hour. I only have to work 5 hours and it is easier to find 5 clients than 20. I still make the same £1000 per week in that case.

Group Coaching

You may want to serve and help more people, but cost may be a factor for them. It might also be that you just don’t have actual time to work with more people. So how can you serve more clients in the same time period? This is where group coaching comes in.

Instead of charging £200 pounds for the hour, you might only charge £50 for the hour. However, instead of working one to one, you might have 10 people in the group. So suddenly it’s become a lot more affordable for your clients. Plus, instead of making £200 pounds, you are making £500 for the same hour.

A hairdresser could offer group coaching to several other hairdressers and coach them how to grow their businesses.

You can also possibly record these group coaching sessions and use that content in both your online course platform and membership sites.

Workshops

You could potentially chunk your content down into smaller snippets and create live or online workshops. Example, in the NLP training we have specific sections to deal with anxiety, motivation, procrastination, goal setting etc. All of these can be delivered in shorter workshops that might be from a couple of hours to a full day.

There are different reasons for doing workshops and what you might charge for it. E.g. you might only charge £47 to £297 just to cover costs, or even free as a loss leader. Example, I have a free online introduction to NLP and coaching course. I could also deliver it as a free 1-day live workshop. Whilst it might cost money upfront, the aim is to get clients on the back end. E.g. clients signing up for the live training, one to one coaching, group coaching or the mastermind groups.

This can work very well for all sorts of a businesses. Think of a hairdresser, beautician, accountant, etc. I’m obviously not a hairdresser so excuse my ignorance, but one could potentially do workshops for all sorts of things. This is how you do highlight effectively, how to make sure your hair stays straight, how to properly use curlers without damaging your hair etc.

Consider how many clients you need to sign up to make the free workshop profitable. The workshops are a great way to lead potential clients into purchasing your other products. Albeit the group, one to one, live training etc.

Masterminds

The mastermind group is a great way to increase income with very little time and effort in comparison to one to one coaching or live training. Masterminds are NOT group coaching sessions.
In group coaching you might be working with a particular type of client or niche. Example, maybe you are coaching people that are going through divorce on how to do it amicably. Or coaching people how to create more passion in their relationship, etc. Everyone that is in the group, is essentially there for the same thing and you are the one coaching them.

In a mastermind group, there might be people from different industry sectors. Example, an accountant, law firm, financial advisor etc. You might charge £1000 per seat and you meet once per month over 6 months. So, if you have 10 business owners in your mastermind, you make £10,000 for 6 meetings. Typically, about 3 hours per month. Do that twice a year and you have £20,000.

You might think that £1000 is expensive, however it is not. One good idea can save or make a business thousands of pounds. It comes down to your audience and what type of clientele you are serving.

You may have guessed; you could record the meetings and make it available in a membership site that is only available to other mastermind clients. (Provided you have everyone’s permission of course.)

Membership Site

A membership site essentially allows your clients to access your products and services by paying a monthly membership fee. This can work in various ways. You can make all the content available or drip feed it over a period of time.

The beauty with the membership site is that you can take all of that content that you have already delivered, whether it’s a recording of the one to one, recording of the group coaching, live training or the workshops. You can create more and more content over the years and add it to your membership site to keep your audience engaged.

People can either pay $97 to purchase each of my online courses, or they can pay $27 per month and then they have access to all of the online content as long as they are a member.
So if I’ve got a hundred people on my membership site paying me $27 a month, there’s an extra $2,700 per month. Simply re-purposing content from the live training, recorded coaching sessions, etc.

Costs involved

As any other ways to increase you profit, there are various costs to consider. Working face to face vs online can have a huge impact on costs.

The online mastermind, group, one to one and online courses have very little overheads. E.g. if you use Zoom, the annual membership is around £10 per month. You can host all your masterminds, online group and one to one coaching sessions. Depending on where you host your online courses, will depend on the costs involved. I actually created an online course about creating online courses, in which we discuss some different platforms.

The live training and live workshops typically have the highest overheads. You have to pay for the venue, refreshments etc. If you have live masterminds, then they obviously fall into this bracket as well.

Other costs might include marketing on LinkedIn, or using YouTube advertising etc. to drive traffic to your products.

It is important to decide what works for you and your potential clients.

Conclusion

You can take your content and deliver it in various ways to service your clients in the way that works for them.
It all starts with becoming very, very clear about your content. Write your manual, create your presentation and practice delivering it. Record yourself delivering your content. This can be at a live training, or screen recording etc.
Then you can use the recordings on your membership site or online courses.

I hope you found this information useful.
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If you would like to find out more or need help to get started, contact us today for a quick exploratory zoom call.