Yesterday was Think Business Thursday! Ok, so I am a day late, but still relevant info follows:
A recent online coach asked me the following: “I am struggling to keep my head above water every month! I have clients and am always busy thankfully and also have great reviews and receive many recommendations….what am I doing wrong?”
My Response: With satisfied clients, referrals from clients and being booked solid, I say you are doing NOTHING wrong! First and foremost give yourself a pat on the back for achieving what many others would dream to have! Secondly, let’s look at your revenue streams.
You said you are booked solid charging $150 per hour. You are doing very well! The only problem with that is that you are charging for your time, which definitely has a cap on what you can do each day/week/month. Therefore, if you take time off for whatever reason, this translates into less revenue received during that time. That can be very stressful!
Let’s ask ourselves a couple of questions:
What benefits would encourage your clients to pay more for? For example, if there are services your clients have mentioned or could use, consider putting them part of a premium package.
What benefits are customers currently paying for? This was 1:1 time that the coach charged the client, however there were several instances when a client who needs weekend access or specific follow-up or support….these could be packaged into some type of retainer arrangement or bonus package.
Another idea that worked for this coach was to start packaging her tools into something her clients would pay for such as checklists and index card systems.
What are some of your Revenue Stream issues and ideas?