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Is Time Really Easier to Sell than Products? Generate Extra Revenue by Packaging Up What You Know
Over the years I've worked with very many coaches and consultants who make their money by selling blocks of time. This is great but anyone who's done it - also knows that when they stop working (and selling time) the money soon dries up too. This predicament is not only potentially dangerous, especially for smaller firms, but can leave you feeling trapped by your own success. There's often never any rest without that guilty, sinking, feeling that while you are not working you are not earning. So, on top of selling time, I encourage people to turn their knowledge into an information product so they can earn additional money even while they're sleeping or having a well-earned rest, enjoying a hobby or reading a book. Strangely though, many of these people who are so good at selling time come completely unstuck when it comes to doing the same with products. In fact, one high-earning coach I spoke to recently said, "I think you will find that selling products takes a lot more time and effort than selling services." Well does he have a point? If you are interested in turning what you know into a book, e-book, e-course or audio programme to add kudos to your main business and to bring in a bit more money each month then today's article will come in handy. Selling products doesn't necessarily take a lot more time and effort than selling services - though the rules are very different... If you have an appropriate plan (and a good target) it's very likely they'll be just as difficult/easy as each other - though making a lot of money quickly from products is very often harder than people think. Making lots of money out of products does take a bit longer and it's unlikely that a handful of CDs and books will make you into an overnight millionaire as many of these "turn your knowledge into a million quid" internet marketing "gurus" would have you believe. An Example... We sell information products for £15 each on average (though we've successfully sold some for £100+) whereas I can sell time for £650-£1000 a day (excluding speaking engagements where this rate can be hourly). Therefore the 'quantity-quality' ratio is very different between the two. You need much bigger numbers to make products pay off. With products of a comparatively low price you have to play a big numbers game (where the quality of the relationship is basically transactional). So it's the high quantity of people you need to reach that can make selling products seem harder. Now with high value services, you may only need to sell a handful of days (where the quality of the relationship is way beyond a mere transaction) a month, to earn a decent income - which makes selling time seem easier. Now, if you did not already know, I stopped selling time (and taking on new clients) early in 2004 to focus on producing and selling information products instead. So, why did I choose to stop selling time to focus 100% on products if I can make plenty of money selling time? Because you can only effectively maintain a set number of high-quality (high-time-demand) clients without having to take on more people. This sets a limit (based on hours you are willing to work) on your own personal earning potential. Transactional clients (people who buy a product) don't need the same time/resource (ie personal attention, accountability - beyond a product guarantee or high skill level) which vastly increases your overall earning potential from products. You can even earn money while you are playing ping-pong, flying a kite, or anything else you like to do with your spare time. But the key distinction here is "earning potential". Intellectually, selling products seems a nice and easy way to earn income - but realising the "potential" is flippin' difficult as I've found out. After focusing on products for a few years now we're finally earning as much selling products as we were when we were just selling time - but now there are only 2 full time people to share the money with rather than 11! So anyone thinking that giving up your consulting or coaching business and just doing products is an easy way to get rich - it isn't - but when you've got the revenue coming in from almost passive sources then the ceiling on your overall earning potential can increase beyond the number of hours you are willing to exchange for cash. And for me, time (and the freedom to spend it however you wish) is far more important than overall income. If you are keen to write the next business bestseller - here are a few resources that might come in handy... * Get Yourself Published - Suzan St Maur * Release The Book Within - Jo Parfitt * Lean Marketing Press - Our 50-50 Publishing Deal 'Dangerous' Debbie Jenkins (c) Copyright 2005 www.BookShaker.com SUMMER CAN BE SLOW FOR BUSINESS I'm wondering if... You Know Other People who should be reading this too? So do us all a favour (they get 2 free books - we get a new subscriber - you get to look good) when you Pass On This link... http://www.leanmarketing.co.uk
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Business Management 3 Secrets to Developing Superior People Skills 1. If What You Are Doing Is Not Working Change Your Approach Take a Chance, Win a Prize I think that we're all probably familiar with the fairground rant 'take a chance, win a prize'. Whenever I hear this call to action, I immediately break out into a cold sweat. Whether the test is to knock down 6 cans in pyramid formation or to throw a dart at a balloon, I'm there, almost hypnotically, pulling coins out of my pocket. And it doesn't really matter what prizes are on offer either. It could be stuffed panda bears, bubble makers or even Velcro wallets. What's important to me is rising to the challenge and having a go. Communicating Anger Compassionately Whether it is irritability or unmitigated rage, anger is an emotion everyone knows about. Unfortunately, few people have been taught how to mange this feeling in an assertive and compassionate way. If we resort to raising our voice, yelling, or lashing out when we are angry; that is an aggressive expression of anger. Approximately 70% of people have a tendency to suppress anger. In other words, they bottle it up and lash out later. Bottling up feelings often leads to 'anger attacks'-those bursts of rage that leave you feeling guilty afterwards. The Adventure Attitude Of the 60,000 people who lived to be over 100 in the United States in 2002, the single most important characteristic they had in common was their ability to be positive in the face of change. They were able to look at things objectively, put them in perspective and move on. They did not try to control the uncontrollable. Surviving, thriving and living a long happy healthy life may just depend on your ability to develop the Adventure Attitude. 5 Minute Morning Balance Ritual "3 Questions, 5 Minutes a Day: Make leaps towards greater balance in one single week with the Shicka Boom 5 Minute Morning Balance Ritual" By Laura Lallone, Certified Life Coach Be The One With Something Interesting To Say How Do You Learn Something New? Are You Addicted to Anger? Michael was raised in a home where anger was used to control. His parents used their anger to attempt to control each other as well as their children. Sometimes the anger erupted into violence and Michael and his siblings would get physically hurt. Michael never knew when one of his parents would suddenly become enraged, so the threat was always there. Change the Words and Change the World Excerpt From The Relationship Handbook: How to Understand and Improve Every Relationship in Your Life by Kevin B. Burk 7 Effective Ways To Boost Your Self Esteem 1. Get a life purpose statement. The Magic of Hearing I'm working on a coach training certification, and one of the "proficiencies" I'm expected to have mastered is "engages in provocative conversations." Now, that really got me thinking. What's a provocative conversation? What I Would Include In A Coaching Book A coach is an essential figure in providing direction and leadership to his/her team. In sports, coaches are sometimes evaluated on the number of wins they can produce. In a business setting, coaches are evaluated on how efficient they are in providing a healthy work environment for employees. Business Coaching Legacy: Reflections on What You Want to Leave Behind? Updating my will has been on my mind for quite some time now. Life circumstances change, kids grow-up, financial situations changes. I procrastinated for a very long time about this will. Now that it is, I feel very satisfied and pleased. There is peace in that corner of my mind that nagged and nagged about it for so long. You don't have to be a rocket scientist to realize that people, myself included, avoid making out wills because they don't want to confront their own mortality or have to face up to making difficult decisions. Who Are You Mixing It With? I talk and write a lot about Life Design creating and sculpting a life that is fulfilling for you. It is about shaping your personal landscape and environment. Listen To Me Lad Says Jack Once upon a time, a very long time ago, when I was first starting out as an apprentice engineer, I was told to sit next to Jack. Coaching: The Art of Putting Yourself In Somone Elses Shoes COACHING STEPS: The following are five (5) steps a coach can take to change behavior and performance. The goal of this process is to create the context for the person being coached towards one in which excellence becomes the norm. 1. Observe the action/behavior you want to change. 2. Describe the situation/action you saw. 3. Ask the employees what they saw, their perspective/point of view. 4. Tell the person how you saw the behavior, then 5. Describe what needs to happen instead and why - if appropriate. Take Responsibility for Reshaping Your Life We say we want to eat better, feel better, and look better. But in order to make our goals materialize, we have to take responsibility for what we want by taking the appropriate actions. Here are three simple steps to help you turn your healthy goals into concrete accomplishments: How to Optimize the Awesome Power of Thoughts and Imagination Have you encountered a time when you were in a traffic jam and was running late for an important meeting? Did you stay calm and focused? Or did your mind wander into the dark side of the impending consequences that may occur? Moment of Magic Laughter may or may not be a shock, relieved, but its' therapeutic effects are recognised in most cultures. It allows a positive distractive moment or moments. When things are tough, rough, overbearing or endless, a quick laugh can help to transcend an obsessive reality. An Example of Allowing a Desire to Arrive on Its Own I don't know why, but it seems we trip over the "allowing" part of the Deliberate Attraction formula more often than the other two parts. The Deliberate Attraction formula gives us a simple description of how to leverage the Law of Attraction so we can attract more of what we DO want and enjoy. The three steps are simply: Embracing Excellence Joey rises before dawn to pack his lunch, eager for morning to arrive so he can board the city bus that transports him to his job at a souvenir production facility. From 8:00 a.m. until 5:00 p.m., Joey applies decals to souvenir collector spoons. Much like an artist applying brush to canvas, Joey peels a self-sticking decal from its wrapper, painstakingly centers it over the base of the spoon and slowly presses it on the metal. If the decal is not perfectly centered, he peels it off and starts over. Joey glows with pride over the racks of completed spoons, ready to be packaged for shipping to retail stores.
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