If all you offer is custom work and you don’t offer something leveraged and scalable, you will hit a revenue/income ceiling.
If you want to scale a coaching or consulting business, you most likely have expertise that can be packaged and sold repeatedly.
By using a three-tier approach to adding three different streams of revenue/income allows you to scale without limits, burnout, or exhaustion.
This is rinse and repeat and typically the front end of a longer commitment working with you (but can also be sold on its own). This is a fast results-based or outcome-based offer that can bring you more clients and consistent and predictable cash flow. It can be sold repeatedly and should be at premium fees to give you nice shots of immediate cash ($5k-$25k) depending on what you are offering. The higher the perceived value, the higher the fees.
Do your clients stay and pay month after month? Recurring revenue builds sustainability and security into your income. It gets you off the feast or famine roller coaster of up one month and down the next.
This can be done with private clients in multiple ways, but you can also use this with a second-tier offer that leverages your time and resources (a mastermind, group, or access to you, offer).
Adding a joint venture partner where recurring revenue can be added is a great way to leverage your time and still have clients paying you money.
You can add a membership program, but these are usually lower-ticket. I prefer and teach my clients to keep prices premium and let others fight and compete over the masses.
This is something that requires almost none of your time (like a course or product).
I teach my clients that this should be done when the other two revenue streams make the money they want. This income stream can be automated with paid ads or a team. Then, it is sold over and over again.
One of the biggest mistakes coaches and consultants make is that they often start with #3 and run out of funds or energy.
Passive income is the most complex as well, and it is offered at lower fees. However, it requires large amounts of traffic, and you need many other skills to make it work, such as excellent copywriting skills, funnels skills, ad skills, and enough money to throw at ads until you get them to work.
This is why adding a passive revenue stream after the other two are working makes the most sense. They can help you fund this stream until you get it working while still making an income.
When a business is built in this sequence, you have consistency and predictability, and there are no limits to the amount of money you can make.
Do you have all three streams of revenue in your business? If not, you are missing an opportunity.
If you want help scaling your business into multiple six or seven figures and this newsletter resonates with you, book a call with me at A.carden.com. I want to wish you all the best through the holidays.
If you would like more education and training on growing your professional consulting, coaching, or client service business, here are some ways to get more!
- You can subscribe to my EXPERT IN YOU PODCAST & SHOW. Choose the platform you like!
- You can subscribe to my YouTube channel.
- You can attend my upcoming Expert In You Business Accelerator & Marketing Luxury Retreat!
- You can book a call if you want my help to grow and scale an Ultra-High-End Coaching or Consulting business!
Did you find this blog valuable? I would love to hear your feedback and thoughts.
To your success,