5 Ways Your Service-Based Business Can Make More Money
Want to make more money in your service-based business? Of course you do!
But what if I told you that the best way to earn more money in a business that provides services to clients isn’t necessarily to get more clients...
Say what now?
Seriously-- if you really want to make more money, it’s time to start thinking about diversifying your income, not doubling down on your client work!
As the owner of a service-based business, I completely understand how unstable working with clients can be-- there are no guarantees, and your income can fluctuate from one month to the next.
That’s why having multiple streams of income is so smart-- because it allows you to continue to create a cash flow even if the service side of things slows down sometimes.
It’s time to stop spending your energy chasing down new clients + start leveraging your skills strategically. Here are 5 ways that your service-based business can make more money…
Bundle Your Services into Higher Priced (High Value) Packages
By raising your current prices or creating higher priced packages that bundle services together, you can take on less client work, while providing a more valuable experience.
Think about it-- if you could offer social media, content marketing + email marketing services, wouldn’t it be easier on both your clients + your sanity if all of those tasks were being handled by the same team-- for consistency of message, branding, etc?
Save your clients the headache, and the time-consuming task of seeking out various freelancers + agencies, by offering packages that meet a variety of their needs!
Of course, you can still offer your services a’ la carte, but with only so many hours in the day, working with fewer clients on higher-priced packages is simply working smarter-- not harder.
Sell Digital Products + Courses
Wanna’ hear something crazy? My service-based business, Small Talk Social, has made $50k over the last two years in passive income alone-- that’s an extra $25k per year selling digital products + online courses, practically on autopilot!
The beauty of creating + selling a digital product is that you can make something once + sell it an infinite number of times. That’s some serious ‘working smarter’, amiright?!
When we provide a service to our clients, we’re trading in our time (which is limited) for money. But when we sell something digital, the possibilities are UNLIMITED. We can sell the same product over + over via an automated process (no shipping required)— allowing us to make money while we run errands, while hanging out with friends… even while we sleep!
By setting up a stream of passive income via the sale of a digital product, you can supplement the work you do for clients. This can create a nice cushion for those terrifying times when the client work might feel a little slim.
Curious about creating passive income within your service-based business?!
Affiliate Income / Partner Programs
Another great way to make passive income is by joining affiliate or partner programs + making recommendations to your clients, friends, and online audience. When you share your affiliate links with your community, you’ll make a commission when anyone you refer makes a purchase!
Since I own a service-based business myself, I regularly use a handful of amazing online tools that allow me to do my job more efficiently. These platforms often have an affiliate program, so I can share my positive experience + make referral commissions.
Simply by sharing the resources that my team + I use on a daily basis with our online community, I’m able to bring in additional passive income from those referrals!
I learned a lot about affiliate programs + how to make more affiliate income by taking this course. (And yes, this is an affiliate link, so if you sign up-- I will make a commission.)
Offer Private Consulting or Coaching
As a service provider, you’re an expert in your industry-- and the knowledge that you’ve acquired through your education, training + working with clients is extremely valuable!
By offering coaching, business mentorship, or private consulting to other entrepreneurs + organizations, you can increase your monthly revenue without having to actually do the “service” part of the work.
I’ve done everything from 1:1 social media trainings to consulting with the marketing teams of multi-million dollar businesses. It really comes down to how you want to spend your working hours.
As Small Talk Social has grown, I’ve passed off more of the ongoing client work to my team, which has enabled me to take on more personal training opportunities. I’ve even created a business mentorship program which allows me to work 1:1 with a limited number of other online business owners at a time. Now I can use my experience + expertise to help them create six figure businesses too!
By leveraging the talents of my dream team, I’m still able to provide a quality service to my clients, while offering my personal time (which is highly valuable + priced accordingly) to a select number of business owners each month!
Host Workshops + Retreats
In addition to working with individuals through 1:1 coaching or consulting, you can also leverage your time + share your expertise with a larger group by hosting workshops or retreats!
In order to do this you’ll need to decide what you’re going to teach, find a location to host your event, determine how many tickets to sell, then share your offer with those who’d be interested!
You can use a platform like Eventbrite to sell tickets, or share it on your own website.
If you haven’t built up a large enough audience just yet-- consider collaborating with someone else in a related field + share the marketing responsibilities. This is a great way to offer even more value to your attendees, as well get in front of a new group of potential clients!
Of course, hosting retreats is near + dear to my heart-- as CEO Yeah! was created as a way for me to share what I know with other business owners. This isn’t just another source of revenue for me, but also a way to meet others who are like me in real life (a rarity when you work online 24/7).
So there you have it—5 ways that you can make more money in your service-based business! As a service provider, you have so much valuable information that can benefit others, so figure out how you’d like to deliver that information, then share it with the world. By diversifying your business’ income streams, you can drastically increase your revenue— plus you’ll be better equipped to adapt to those unfortunate (sometimes sudden) fluctuations in your client roster!
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