Raising costs is likely the easiest method to expand your income. As a rule, you can develop your cost point and watch your income increase. This is because evaluating is what financial specialists call flexible. That implies that multiplying your costs will not result in losing many of your clients. You will most likely lose not precisely half, expanding your income in this way. Moreover, if you cut your costs down the middle, you may not need your absolute clients.
A sale can be one of the best methods to get clients to make a move now; lastly, get around to attempting your item. Clients who are going back and forth occasionally need a delicate push, and a rebate can be a simple method to give that poke.
Do you have a company that sells services? If so, this post may interest you because you may be interested in converting services into products. Selling a service is, in many cases, more complex than selling a product. The customer cannot see something tangible, touch it, or know what quality it is, what decorations or special packaging it has, or what guarantees it has.
To overcome all of this, the first step I recommend you take within your sales funnel is to gain your audience’s and potential client’s trust. It is not the subject of the article, but, for example, to build that trust, you can:
- Offer one hour of free counseling or consulting (whether you are a physiotherapist or have a law firm).
- Make a free initial report.
- Provide valuable content for the client through the blog, social networks, or newsletter subscription.
- Have recommendations for your services or testimonials that guarantee your offer’s quality and commitment.
But let’s continue with the subject. Your company can obtain many advantages, one of them increasing your income by converting services into products. I must mention that this process requires changing, innovating, or modifying, in a way, your business model.
Indeed, service conditions are usually determined by the specific specifications and characteristics of the client in question. However, you can increase your profitability and growth by marketing “standardized products” derived from your services.
If you sell a product, you may also be interested in performing the process in reverse. That is, convert your products into services, but I will talk about it in future publications.
When you offer services, what you sell is your time or your workers’ time. And time, hours, is something finite. Every time you want to increase your income or have more customers, you will have to make more hours, time, and employees available to them. So, your business has a limitation: the open hours.
Next, I want to show you how you can improve the scalability and profitability of this model through passive income.
Convert Services into Products or How to Generate Passive Income
What does passive income mean? Obtain a series of residual income without necessarily selling your time or hours. Passive income allows you to enter money without being on top of what you offer and selling directly. The case of rents, a property you make available to another person and generating a monthly income without requiring active participation, is an example of such an occurrence.
Converting services into products is necessary to generate passive income. The latter does not require your presence or direct involvement, and you can automate it to create benefits without needing 100% of your attention.
So, not only do I want to talk to you about converting services into products, but they require minimal vigilance on your part.
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