If you want to get bigger and better results without working harder, then you need to find ways to create more leverage in your business. Building a business is hard work, but that doesn’t mean you have to work non-stop. You want to spend quality time with your family and friends and you can do that when you find and implement strategies that create leverage.
Here are 6 great ways to create more leverage in your business:
1. Collaborate with Others
Although you’re a solo professional, you don’t have to build your business all by yourself. Joint ventures are the fastest and easiest way to build your list and earn more income. Joint ventures can take a number of forms, such as interviewing a special guest, having affiliate partners promote your program, doing a telesummit, or creating a product with someone else.
You see joint ventures happening all the time, but you might not be sure how to create one yourself. Here are some guidelines to help you.
- Find someone who serves the same target market as you but with a complementary solution
- Be clear as to what each party wants to get out of the joint venture
- Be clear about what each party will contribute in terms of time, resources, promotion, etc.
- Create a confidentiality agreement to protect proprietary information
- Craft a written agreement outlining each person’s responsibilities and how income will be shared
2. Build Your Team
You’ve heard a million times how you need to outsource if you want to grow your business. But it’s more than having a graphic artist, web designer or virtual assistant. You really want to build a team of people who are committed to helping you build you’re business.
Find the time to interview and choose the right candidates. Test them out on a small project to make sure it’s a good fit. Then take the time to train them on how you do your business and how they should collaborate not just with you, but with other members of the team. There is nothing worse than thinking that Adam is doing something while Adam thinks that Jane is doing it, and nothing gets done!
Show appreciation for your team members and encourage them to contribute their own ideas on projects and on your overall business.
3. Create An Affiliate Program
When someone refers your programs to someone else, you can reward them by paying them an affiliate commission. A great way to do this is to set it up in your shopping cart system.
The best way to set up your system is to “cookie” your paid programs to your giveaway. Huh? Here’s what this means. Say Amy refers Bob to your website and Bob opts in to your free giveaway. Now Bob reads your free report and thinks you rock. He then buys one of your programs – either right away or even up to a year later. Well, Amy is going to get paid an affiliate commission for referring Bob to your website.
When you “cookie” your giveaway to your affiliate partners, it gives them the greatest rewards which incentivizes them even more to share your work with others.
4. Ask for Referrals
Referrals can be the easiest and least expensive way to grow your business, and yet few solopreneurs ask for referrals on a consistent basis. Many don’t think of it, are afraid that they are imposing on people, or are afraid of rejection. It’s time to get over these thoughts, because in reality, you’re doing your friend or colleague a favor by asking them for a referral. Why? Because they are going to share your fantastic services and programs with people who really need your help. It’s a win-win.
Make asking for referrals an ongoing part of your marketing strategy. And show appreciation for those who give you referrals by sending them a percentage of the fee you earn. Think of it as your marketing expense and if you like, build it in to your pricing.
5. Repurpose and Repackage Your Content
Every article you write, speech you give, and program you create should be repackaged and repurposed to create more leverage in your business. If you’ve written an article, then submit it to various article marketing sites. If you gave a speech or interview, have it recorded. You can package it, along with a transcript and some other resource (such as a worksheet), and sell it on your website.
If you’ve created a program, in what other formats can you make the content available to appeal to different needs and learning styles? For instance, if you have a 3 month coaching program, take a portion of the content and repackage it as a home study program. In fact, you can create several home study programs from one bigger coaching program.
6. Create a Group Program or Bootcamp
Working one-on-one with clients can be very rewarding for both you and the client. But there is a lot to be said for the power of working with a group of people. First, it creates more leverage because you are helping more people (and earning more income) for the same investment of your time. Second, the synergy of the group creates greater accountability, learning and support.
You can run a live group program with training, Q&A calls, homework and accountability forms. You can also create a Bootcamp experience which is an intensive program to bring specific results. In addition to training, you can include other valuable additions such as Q&A calls, laser coaching, Action Guides, Resource Guides, a Member Forum and a private Facebook Group.