Business consultants have a powerful means of creating additional revenue streams for their business…. Why? Because their main asset is their knowledge and experience, and they can use their main asset to take advantage of the information age.
Information is in high demand and service professionals and consultants are positioned very powerfully to benefit in this new age. Many of these professionals already have most of the basic foundation set up and it is just a matter of a few tweaks and minor additions to their business processes and online strategies and they can create additional revenue streams.
1) Create webinars for income or lead generation.
The first way of generating revenue is to create attendee funded webinars and replay them. Webinars are easy to create now with the current technology and easy to record. The necessary steps required to create this revenue stream includes developing a landing page to sell webinar seats, collect payments, perform the webinar registration and manage the mailing list signup. This can be done in a one step with a customized script. Once this process has been set up, it is easy enough to reuse it for future webinars.
Once you have recorded your webinar, you can easily use a webinar replay service that allows you to schedule automatic replays of your recorded webinar in a webinar format. This type of revenue and lead generation is best used with somewhat evergreen topics so you don’t have to redo your webinar constantly. Webinar content that is based on the latest news is obviously not a good candidate for this particular strategy. In that case, you would need to plan to give regular live webinars.
2) Sell ebooks and/or DVD courses
Your information can easily be transferred into an ebook, or a dvd course. In either product, you would give the reader enough information to be able to do some things that they would see a noticeable difference in the results, however you would keep your “secret sauce” information for those clients that choose to work directly with you. In a DVD course, you would give more information and perhaps share a strategy within your industry, and include resources on how to achieve the results easier, or faster if they aren’t a part of your “secret sauce” repertoire.
With DVD courses, you can charge a more for them as they have a higher perceived value. With the DVD courses, you can deliver the content physically or electronically. There are advantages and disadvantages to each method however.
3) Create membership sites
The third way of monetizing your expertise is to create a membership site where the members have access to special information related to your field. This information can be a number of different things that include different “how to” topics related to your field as well as resources you use to get your job done, your “rolodex” of contacts, special industry reports and white papers, and content that you create yourself. This membership can even include a regularly scheduled “mastermind call” that is only available to the members. This membership can either be a low end or high end offer. The more your own personal time is involved with the membership, the more high end you should make it.
You can set up your membership to be either a one time or a periodic payment. If you are using a residual income model and are charging every month for your membership, it is imperative that you have new content available for your members every period or they will not feel as if they are getting their value’s worth.
These are some of the more common methods of monetizing your expertise. When you develop a strategy for expanding the way you generate income from your knowledge and experience, you expand the value you give to your clients as well the flexibility of your offerings. These additional revenue streams can be used to add value to your service offers, and your service offers can be used to add value to your product/membership offers. By implementing these strategies, you will set yourself apart from your competition.
