Creating a 'less time, more £' product
Coaching, membership platforms, e-books - there are a lot of options
I’m keeping Out Of Office newsletters free, because I think every self-employed woman deserves as much support as possible. Want to say thanks? I bloody love a flat white…
Morning, Colleague!
It was LOVELY to see some of your faces (what excellent faces you have!) over our Friday night drinks last week. I find it can be really helpful to chat to other women who work for themselves - both in terms of company, but also for communal problem-solving. Let me know if you’d like these hang-outs to be a regular thing.
And - in exciting news (I hope) - I’m going to be hosting a virtual event covering today’s meaty subject in more depth. We’ll be exploring how to create a ‘Less Time, More £’ product, to help you make money even when you’re away from your desk. The lovely Joelle Byrne - you’ll hear from her in a minute - will be joining me to offer expert advice. (More info to follow, but if you’re already keen - hurrah - tickets here).
One of the problems with being self-employed is that your income is likely to be feast/famine. If you work in a seasonal industry, or are a bit hand-to-mouth in terms of clients, it can be a big stressor.
Alternatively, if things are going well financially, you’re working flat-out and can’t afford to take time off.
While these problems may seem quite different, they have the same solution: developing a product (or several) that creates a regular income, without having to do any extra work, ie passive income, ie the dream.
But Lizzy - that sounds like madness!
I know, I know. But it isn’t – it’s just a matter of being smart, and creating an additional income stream that doesn’t require your constant attention. (Yes, ‘additional income stream’ sounds like jargon - but it just means money coming in from another source, and is a great way to make your business more resilient. I also like the idea of a ‘stream’ of money - sounds pretty Mariah Carey to me, and it is her season after all.)
“Everyone only has so much time available, which means you tend to hit an ‘income ceiling’ when your time is maxed out,” says Joelle Byrne an award-winning Business Growth Strategist. “There are a couple of problems with this – obviously it means that you have to cap your earnings at some point, and also taking time off becomes a problem.
“Even without the uncertainty of Covid-19, in a normal year you might want to go on holiday or need time off when you’re sick, which means working doubly hard before or afterwards to make up for lost earnings.” Urm yes - for the record, this is 100% me. Possibly why I tend to come down with the plague every time I take a holiday, as I’m so exhausted and stressed out after my pre-holiday push.
With a clever additional revenue stream, there might be a way to make money steadily throughout the month – even when you’re physically away from your desk.
“Opening up a new type of product or service can shut down that ‘time-for-money’ element, so you can charge more and gain a sense of freedom,” says Joelle. “It means if you’re ill you don’t need to worry, and from a growth perspective you can reach more people and build your empire!”
Indeed, a nice thing about branching out is you’ll have a whole host of clients or customers available to you…
Reaching existing customers
If people are already buying your products or services, it’s likely they’ll also be interested in any new developments you have to offer too. Hurrah.
“Primarily, creating a new source of income is about understanding your customers – who they are and what they want,” says Joelle. “It sounds cheesy but if you don’t understand them you can’t develop something that’s aligned with what you’re doing.”
Alignment is crucial, and Joelle says she’s seen businesses take a nosedive when they’ve failed to do this. Basically, it just means staying ‘on brand’ – so if your specialism is working with animals, you’d develop a product using that knowledge, rather than, say, a guide to knitting or nuclear physics. It not only makes your personal brand stronger and clearer, but it just makes sense really – people are much more likely to buy a product from someone who understands the field.
Reaching peripheral customers
As well as existing clients, there are probably people who are aware of your brilliant work (perhaps IRL connections, or via social media, word of mouth, etc) but who can’t (or won’t - the bastards) hire you to work one-to-one.
These ‘peripheral customers’, according to Joelle, tend to fall into three categories:
DIY-ers. “These are the people who want to do things themselves, so would rather you gave them the tools to get started,” says Joelle. “That said, they often come to realise their efforts aren’t very professional, so they may end up hiring you or paying for a more advanced service anyway!”
Those who are logistically incapacitated – in other words, they don’t live near you, or even necessarily in the same country. Obviously this matters more if you, for example, run a physical shop, but it can affect other types of business too, particularly if time zones cause an impact. Creating a product that’s easily accessible anytime, anywhere – such as an online course or book – quickly gets around that problem. This could also apply to people who want to work with you, but your diary is packed out.
Those who can’t afford your services, but would love a cheaper product. For example, if you are a freelance writer and make money by writing copy for companies, there may be smaller companies that would love to hire you but can’t afford the rates for your direct help. But, were you to release an e-book or membership platform, they could afford access to your skills and experience in a different way. Basically, it’s a bit of a win-win: not only will you be making more money for less effort (and enjoying some holidays!) but you’ll also be providing a service that people are currently missing out on because of their own economic situation.
In an ideal world, you’d create a number of different products at different costs to reach all three of these types (which I’ve spoken a bit about before - remember the ‘tote bag equivalent’? That’s the same thing.)
Winning new customers
Finally, your new services could also mean dipping into an entirely new audience if you have a teachable skill.
For example, as a journalist my clients tend to be people working at magazines or newspapers who pay for my articles.
While an editor is unlikely to be interested in an e-book about my writing skills, there are other groups that might – whether trainee writers; people looking to transition into the field; those working in marketing who want an insight into building relationships with the press; or small businesses looking for advice on how to write press releases.
Ask yourself: which groups of people might be interested in my skillset? There might be more than you imagine.
How to find your new moneymaking scheme
As you’ll probably have worked out by now, if you’re looking to make fresh money on a constant basis (um, yes please!) it’s likely to involve creating a digital product. And according to Joelle, there are around 100 different ways that could look. It’s not only low risk in terms of costs, but, as mentioned, it’s an easy way to reach more clients.
“Finding your new stream is about getting creative and coming up with something that’s individual to you,” says Joelle. “For example, I worked with a man whose work focuses on helping small businesses to scale up. He created a paid email that drip-feeds advice to subscribers each week. Basically walking his peripheral customers through the things he would do on a one-to-one basis – such a good idea as it’s an uncapped, scalable monthly income.”
E-books, a PDF, or a video tutorial could be a fantastic way to make money, as you only work on it once. It can just sit on your website forever and generate income whenever someone decides to invest. “I have a client who sells an ebook with advice on her industry for £60 a pop, and they’re flying out of the door – she often sells 10 in a day,” says Joelle, who also advises self-publishing a paperback simultaneously for customers who prefer a physical product.
Alternatively, you could also create a subscription model – releasing chunks of information over time. On-going projects such as paid subscription emails, membership schemes and group coaching require more regular effort, but have the advantage of demanding regular payments, rather than a one-off, for each customer.
You can communicate via pre-recorded videos, email, pay-walled sections of a website, downloads, or even audio – all of which are pretty cheap and accessible types of tech. So it’s time to work out which method your typical customer might like (or perhaps offer a combination for different budgets).
If your current audience (via emails or social media) is humble but keen to engage, affiliate links (where you receive a cut – usually between 3 and 30% - from any sales via your link) can be lucrative – as long as the products make sense for your personal brand. There are sites such as Skimlinks that will do it automatically across certain outlets, or you could perhaps directly contact brands you like and suggest it. Many will agree, as they won’t have to pay you anything until a sale has been made. Meanwhile, if you’re lucky enough to have a decent-sized audience already, you could explore sponsored videos, blog posts or emails.
What’s stopping you?
If you’re reading this and feeling a bit resistant – I get it. Starting something new (even without a pandemic ticking away in the background) can be daunting.
“It’s a mind-set thing,” says Joelle. “Humans don’t really like change and we love routine. Another possible mind-set issue is that people often feel they have to work hard for their money.” But it doesn’t have to be a massive project – think of it as an ‘add-on’ experiment rather than a restructure. “If you already have a successful business, it’s not about changing that – you’re just making it more of an ‘octopus’ by adding a new arm!”
And if you’re in a less fortunate position work-wise, a new string to your bow could make all the difference. “This year in particular a lot of people feel their backs are against the wall, but I just want to say that it’s not too late,” says Joelle. “Sometimes it’s just a matter of having a conversation aloud with someone else, which can help trigger new ideas.”