There are a number of well established and straightforward but under-used methods for making more of what a business can do and for making more out of it. Here are some suggested ways to make a real breakthrough by monetising**, productising** and generally extending the reach of your business.
The basic idea
If you are a consultant, coach or other professional or specialist and you sell your services by the hour or by the day then you are up against the “time barrier” because there is a limit to home many hours a day you can work and how many days each each year you can work. On top of that there is a limit to what clients can or will pay for your services regardless of how good you are.
However, if you turn your expertise or services into a products the sky is the limit. Let’s take a simple example.
Suppose for the sake of simplicity that you charge £100 per hour for doing specialist coaching and training and that you normally do 7 paid hours per day. That means you collect £700 for a full day’s work.
Now let’s suppose you fully document your training materials together with a trainer’s guide so that other suitably qualified but possibly less experience specialists can take you material and deliver the training instead of you. Under a licence to protect you, you might permit these other specialist to deliver your training for a fee of let’s say £70 per day. They might charge the client £700 and after paying you for the privilege of using your materials get £630.