Could your business model be more profitable?
By Adam
March 25, 2010
Small Business & Entrepreneurship
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By Jan Marie Dore
When I first started providing business coaching services, I followed the time-for-money model that all coaches at that time and most professional service providers were trained to use. I charged a monthly fee for two hours of time spent with me every month.
That worked well while I was in start-up mode. But it stopped working so well when I grew into a full practice. I ran out of the time and energy I needed to add more new clients and additional income. I started to realize there was a cap on my profits.
I could see only three options: either work harder and longer hours to increase my income, or raise my rates, or settle for a less than satisfactory income level.
I chose to raise my rates. I was too timid to go back to my current clients and tell them I wanted more money, so I just increased my fee for new clients. That worked all right for quite a while, and I was content with a decent hourly rate and a full roster of clients.
It wasn't until I started learning about different business models that I realized I had been in my own little world of not knowing there were other options for achieving a much more profitable business.
It wasn't until I implemented a new business model and leveraging strategies that I was able to bring in the kind of income I wanted to make. The knowledge of new business models and ways to leverage my time and energy was the foundation for my being able to even imagine making six figures or more.
I made the shift from professional practitioner to business owner first by branching out into multiple streams of income, such as group coaching programs, workshops, training and speaking, and then creating a line of information products. Over time, I discovered additional leveraging models, such as the membership or association model.
Now I know that there are many ways to structure your business so you can move away from trading all your time for money and enjoy much more income and freedom in your business. If you’re not bringing in the kind of money you want, your business model and service delivery systems are the first places to look at.
The business models and systems ideas are almost endless so you can attract more clients and make more money without working so hard. I teach those newer models to all my clients. I love showing women how to shift away from trading all their time for money and implementing systems to leverage what they know into multiple streams of income.
Is your business model set up so you can bring in more money with less effort? If not, here’s what to do. First, look for ways you could deliver your services to multiple people at one time. Or consider raising your rates by packaging your service delivery in different ways that provide more value without taking more of your time. Or if you have a proven program or signature system, licensing or selling your home-study system might be another option for you to consider to increase your income to the level you want.
Think out of the box with creative, innovative ways to deliver and leverage your existing services, and watch your income start to soar!
Jan Marie Dore, MCC, is the Founder of Femalepreneurs.com, an online learning center for women worldwide who want to create a more profitable business and live a great life. Jan is an authority on small business whose passion is inspiring women to new levels of success and fulfillment through her coaching programs, teleseminars, workshops and retreats. She has made it her mission to teach women simple, effective marketing strategies to attract more customers and grow their profits substantially with much less effort.
When I first started providing business coaching services, I followed the time-for-money model that all coaches at that time and most professional service providers were trained to use. I charged a monthly fee for two hours of time spent with me every month.
That worked well while I was in start-up mode. But it stopped working so well when I grew into a full practice. I ran out of the time and energy I needed to add more new clients and additional income. I started to realize there was a cap on my profits.
I could see only three options: either work harder and longer hours to increase my income, or raise my rates, or settle for a less than satisfactory income level.
I chose to raise my rates. I was too timid to go back to my current clients and tell them I wanted more money, so I just increased my fee for new clients. That worked all right for quite a while, and I was content with a decent hourly rate and a full roster of clients.
It wasn't until I started learning about different business models that I realized I had been in my own little world of not knowing there were other options for achieving a much more profitable business.
It wasn't until I implemented a new business model and leveraging strategies that I was able to bring in the kind of income I wanted to make. The knowledge of new business models and ways to leverage my time and energy was the foundation for my being able to even imagine making six figures or more.
I made the shift from professional practitioner to business owner first by branching out into multiple streams of income, such as group coaching programs, workshops, training and speaking, and then creating a line of information products. Over time, I discovered additional leveraging models, such as the membership or association model.
Now I know that there are many ways to structure your business so you can move away from trading all your time for money and enjoy much more income and freedom in your business. If you’re not bringing in the kind of money you want, your business model and service delivery systems are the first places to look at.
The business models and systems ideas are almost endless so you can attract more clients and make more money without working so hard. I teach those newer models to all my clients. I love showing women how to shift away from trading all their time for money and implementing systems to leverage what they know into multiple streams of income.
Is your business model set up so you can bring in more money with less effort? If not, here’s what to do. First, look for ways you could deliver your services to multiple people at one time. Or consider raising your rates by packaging your service delivery in different ways that provide more value without taking more of your time. Or if you have a proven program or signature system, licensing or selling your home-study system might be another option for you to consider to increase your income to the level you want.
Think out of the box with creative, innovative ways to deliver and leverage your existing services, and watch your income start to soar!
Jan Marie Dore, MCC, is the Founder of Femalepreneurs.com, an online learning center for women worldwide who want to create a more profitable business and live a great life. Jan is an authority on small business whose passion is inspiring women to new levels of success and fulfillment through her coaching programs, teleseminars, workshops and retreats. She has made it her mission to teach women simple, effective marketing strategies to attract more customers and grow their profits substantially with much less effort.