How to Turn Your Service Into a Product for Ongoing Income
Here are four ways you can turn what you know into a product to create a recurring stream of income.
1) Online Course Could you turn your expertise into an online course? If you can turn your expertise into an online course, you can teach your course online instead of spending time commuting to your clients' place to deliver your service.
Some of the services which can lend itself into an online course include online tutoring, personal training and consulting.
There are some teachers who have taken this route to online tutoring with much success.
They save time on commuting and gain a higher level of satisfaction working fewer hours but being able to teach a larger audience.
2) Membership Program If you can create membership program around the service you have provided, you can turn what you do into a stream of passive income.
Consulting services is one area which can lend itself to this type of membership programs.
An example of this that was done successfully is by a successful marketer Joe Polish; who started a membership service to entrepreneurs teaching them how to market their cleaning services.
He was so successful that at one time, he was charging in the regions of $20,000 an hour for his marketing consulting services.
He later started the Genius Network Mastermind Group, a group teaching info-marketers how to market their info products.
Polish charges his clients $25,000 a year to be a member of his group.
The group meets two days, three times a year.
Members of his group report that they gain as much from other entrepreneurs as from Polish himself.
3) Licensing Could you license what you know? Brad Sugars is successful entrepreneur who license his program to business consultants who want to coach entrepreneurs on how to start and manage a business more successfully.
So if you have a similar service which can also be licensed to others, you can create an extra stream of income without having to trade time for money.
4) Train the trainer program Do you have a special talent that you could license your expertise? Wong Li-lin is a talented actress and fitness trainer who is able to license her l'oopz bands' course which teaches people how to keep fit while on the move.
She has a train-the-trainer program which allows other trainers licensed by her to teach the course.
Thus in addition to selling her loopz bands, she has created an extra stream of income from her train-the-trainer programs.
Trading time for dollars can sometimes be a soul sucking way to make a living.
You can run into a struggle of trading time for more money or doing what you love.
When time is your inventory, there is a limit to the growth of your practice and business.
There are only so many hours in a day.
Thus the best way to get out of selling time is to create products that your customers can find useful without your continual time involvement.
1) Online Course Could you turn your expertise into an online course? If you can turn your expertise into an online course, you can teach your course online instead of spending time commuting to your clients' place to deliver your service.
Some of the services which can lend itself into an online course include online tutoring, personal training and consulting.
There are some teachers who have taken this route to online tutoring with much success.
They save time on commuting and gain a higher level of satisfaction working fewer hours but being able to teach a larger audience.
2) Membership Program If you can create membership program around the service you have provided, you can turn what you do into a stream of passive income.
Consulting services is one area which can lend itself to this type of membership programs.
An example of this that was done successfully is by a successful marketer Joe Polish; who started a membership service to entrepreneurs teaching them how to market their cleaning services.
He was so successful that at one time, he was charging in the regions of $20,000 an hour for his marketing consulting services.
He later started the Genius Network Mastermind Group, a group teaching info-marketers how to market their info products.
Polish charges his clients $25,000 a year to be a member of his group.
The group meets two days, three times a year.
Members of his group report that they gain as much from other entrepreneurs as from Polish himself.
3) Licensing Could you license what you know? Brad Sugars is successful entrepreneur who license his program to business consultants who want to coach entrepreneurs on how to start and manage a business more successfully.
So if you have a similar service which can also be licensed to others, you can create an extra stream of income without having to trade time for money.
4) Train the trainer program Do you have a special talent that you could license your expertise? Wong Li-lin is a talented actress and fitness trainer who is able to license her l'oopz bands' course which teaches people how to keep fit while on the move.
She has a train-the-trainer program which allows other trainers licensed by her to teach the course.
Thus in addition to selling her loopz bands, she has created an extra stream of income from her train-the-trainer programs.
Trading time for dollars can sometimes be a soul sucking way to make a living.
You can run into a struggle of trading time for more money or doing what you love.
When time is your inventory, there is a limit to the growth of your practice and business.
There are only so many hours in a day.
Thus the best way to get out of selling time is to create products that your customers can find useful without your continual time involvement.
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