Creating products and programs is an exciting way to leverage your time and talent by diversifying the ways you earn income in your business.
Working one-on-one with clients or even serving customers one at a time can be very rewarding as well as lucrative. However, for solo business owners, it can also be exhausting…and sometimes frustrating as well.
Because often, they are only focused on selling services or products at the highest price point they offer.
The solution to that is to leverage your time and talent by diversifying the ways you earn income in your business. One of the greatest things about running all or part of your business online is how EASY it is to do this. Also, if you are finding prospects saying they can’t afford what you offer, you still don’t want to lose them completely. They’ve shown interest in you already–so wouldn’t it be great to still be able to help them at a price they are willing to pay?
Leveraged income is appealing because it is all about reaching more people–without spending more of your time. A great way to begin creating these leveraged revenue streams is by packaging your knowledge into products, programs and other offerings.
This is not as complicated as you might think. In fact, the formula for a profitable product or program is very simple. It looks like this:
Be clear who your target market is
Example: Executives who are frustrated with their current career path
Be clear on what problem is that they are struggling with
Example: They keep getting passed over for a promotion
(Unsure of what they are struggling with? Just ask them!)
Be clear on what your solution to the problem is
Example: Helping them reposition their strengths and talents and sharpen their interviewing skills so they get a better paying, more exciting job that they love
Your profitable product or program
Examples: An E-book, CD, DVD, MP3, group coaching program, home study course, transcripts, or live webinar
Now, it’s just a matter of plugging in yours:
My target market _______________________________ +
The problem that they are struggling with _______________________________ +
My solution to the problem _______________________________ =
My profitable product or program _______________________________
Your next step? Simply get into action. What leveraged product or program will YOU launch next? “Pull” yourself into your future by setting a date and working backwards from there!