For some small coaching business owners and solopreneurs, pricing is fairly simple: Customers pay a particular rate for your time. For business owners looking to earn six figures, you’ll need more than one-on-one coaching sessions to reach that threshold. This is where producing products can increase your profit margin and serve as a passive stream of income. Fortunately, developing the right product offerings can be highly profitable, but you need to hone in on the right techniques.
What’s in Demand?
Offering unique products is a great way to stand out from the competition. However, knowing which types of unique products and services are likely to sell also demands to know what customers are buying and what your competitors are selling. A diverse plan is often best if you have the capacity; selling more traditional products can ensure you have sufficient revenue while crafting unique products lets you target your existing customer base and potentially find new, profitable niches. Feel free to ask your clients what they’re interested in on occasion, as many will be pleased to offer free help.
Text is Still Powerful
Sharing information through a blog can be a great way to talk about your products and services. Another text-based alternative to consider, however, is writing an eBook. Selling an eBook shows you have ample expertise while presenting a professional image. If your eBook hits Amazon bestseller status, your credibility just ratcheted up even higher. An eBook also makes it convenient for customers to read your material whether or not they have internet access, and it’s a product you can sell for years to come, perhaps with small modifications. If your book is a success, on-demand printing services can let you charge a premium for a physical copy of your work.
The Power of Video
Not long ago, shooting video, editing video, and distributing a video product was prohibitively expensive for most people. Today, all of these stages are vastly cheaper, and a relatively small budget can get you scripting, recording, and editing quickly. Much like selling an eBook, video products present a professional image, and they can be especially compelling for tutorials and other information that’s aided by visual information.
Furthermore, the video provides a number of revenue-generating opportunities: Charging per video or series can help clients interested in a particular field, while subscription-based video services generate reliable income as long as you can maintain appropriate output. Also, note that live streaming can be a powerful tool. Live question-and-answer sessions are great for interacting with clients, and live streaming interviews with experts on video can also boost your credibility and possibly your per-hour rate.
Choosing Where to Start
Most businesses eventually offer multiple types of products, but you have to start somewhere. If you have a passion for writing, an eBook or subscription service might be the best place to start; if the burgeoning field of the digital video seems intriguing, there are wonderful resources online to get you started quickly. You’re starting a business because you have a passion, and finding a product type you’re also passionate about can help push you to make the best products possible.