One of the big downfalls about being a freelance health and wellness professional is that when you are not billing someone for your service, you are not getting paid!! Your income is a big fat ZERO!!
The key to earning significant financial rewards is to generate re-occurring revenue all of the time. In other words you are still earning when you are not able to attend to your clients, you are earning during the downtime of your day to day business.
To succeed with this you need to turn your service into a product or in other words you can use your unique health and wellness expertise to package into a product.
Naturally, in tune with this blog I am talking about online products, more specifically information products.
Attending personal one to one sessions with clients can be exhausting and to reach any earnings of significance you have to fill your diary with 6-8 hours of bookings, 5 days a week or convince people why they should be paying a premium for your service.
If you put in place a strategy and also some time to create an information product, providing it sells well you could be making significant money 24/7 and adding to your day to day earnings.
Developing an online product can even enable you to:
- leverage your online reputation to increase your perceived value for you to charge more per hour for your health and wellness service.
- Reduce your hours and the need to service one to one clientele.
- Lift the earning cap that your service business model restricts you to.
In your day to day business you are selling, marketing and sharing your expertise to your client all the time. So, why not lift the barrier that a service business model strangleholds your earnings with and open it up to a global audience who need your expertise to solve their problem right now.
And that is one of the great benefits of information products is that people can get the answers to their needs and problems immediately. There is no wait for delivery and you as the product owner is paid upfront and instantly.
There are so many freelance health and wellness professionals who are slogging away every day in search of being paid by the client. I’m not saying ditch that and change your business solely to an online business because that would not make business sense. I’m also not going to promise that creating information products is easy, effortless and get rich quick scheme. For the product to become a significant revenue stream it takes time, effort and some know how.
What I am advising is that by getting the balance right between your day to day service and online selling you can significantly increase your earning potential and job diversity.
Being in the firing line of day to day service work enables you to gather fantastic ideas and collate great resource that can be the foundation of your information products. Here is a checklist of things that are transferable from your service work to your product:
√ The programmes you write for your clients.
√ The written expertise and advice you provide to your clients.
√ The research you collate.
√ Your backlog of materials and resource.
√ Your clients’ feedback. They will tell you what answers they need and give you clues what people are likely to be searching for on the internet.
Most of you have started your health and wellness business because you are passionate and enjoy the niche you operate in. All you need to do from here is to combine your passion and resource together and you are halfway to creating a product that can provide you with a significant re-occurring revenue stream.