The Heart of Business Success – A Variety of Service Packages
Once you switch your mindset from hourly rates to service packages, your business will expand. Clients decide which option meets their needs and budget. Instead of one size fits all, you now assist a wider range of clients.
Time is a constraint. Working individually with each client limits your income potential. You’ll eventually hit a glass ceiling when you charge by the hour. On the other hand, packages create multiple streams of income. So let’s optimize your time.
Private Service Packages
Individual clients are the fastest way to grow your income, especially when you’re first starting out. You may think a client is buying your time. However, that’s not true. They hire you to help them achieve a desired result.
Yes, your clients benefit from your individual attention. Instead of offering single sessions, bundle sessions together.
Private packages mean you’ve advanced beyond selling hourly installments. Yes, you still work exclusively with one person at a time. Realize that private sessions limit your earning potential. Basically, you are still trading dollars for hours.You may think a client is buying your time. However, that’s not true. Results are more valuable than time.#getpaidwhatyoureworth Click To Tweet
When clients enroll in a package, they’re making a commitment, financially and energetically. Because of this, they’re more likely to follow through with your recommendations. It’s a win-win. Longer term clients typically achieve better results than short term clients.
Group Service Packages
Most entrepreneurs never consider group service packages. They don’t believe working with several clients at one time applies to their profession. Or they’re not sure how that works. Whether you’re an accountant or a marketer, there are ways to leverage your time.
Types of Group Service Packages:
- Virtual training courses
- Group calls
- Webinar series
The amount you earn for your time increases with this model. Although the rates for group programs are lower than private sessions, you potentially earn more than your hourly rate.
Some clients prefer DIY (do it yourself) packages. They receive the benefits of your expertise and wisdom without any direct impact on your time. So the price point is lower than your other options.
With self study programs, you initially invest time to create the course. Then your clients follow your step by step instructions at their own pace. You set it up once and then automate it.
I tell my clients that this is like creating your own personal ATM machine. As a DIY program, you get paid while sleeping or on vacation.
Creating a DIY program
DIY service packages can be developed in a variety of ways. Maybe you hosted an event and now you offer the recordings. Consider turning your group package into a home-study program. Or, you can create a private series of videos that follow the steps to your system.
Clients rarely receive much, if any, support with pre-recorded packages. On the other hand, this is a low risk way to introduce them to your services. Since people learn in a variety of ways, consider including worksheets and guides for best results.
Be clear that this is a do-it-yourself package to introduce clients to your system, practices, and insights. Before the DIY package ends, invite participants to join one of your higher level packages.Create a self-study program and then place it on autopilot. This creates an automatic revenue stream for your business with minimal time from you. #smallbusinesssuccess Click To Tweet
Placed on autopilot, this package creates an automatic revenue stream for your business with minimal time from you. Once in place, this option delivers an ongoing revenue stream.
Don’t overlook your highly engaged clients. Select parts of your various services and mix them together. Include recorded presentations, group sessions, and a select number of private sessions.
For example, my Business Coaching Mastermind clients participate in mastermind group coaching sessions, private coaching sessions, and have access to my Conversations that Sell online program.
There’s a lot of value in this type of package. I’ve noticed that my clients receive the best results when they combine the mastermind group with private coaching sessions.
The High-End Workshop
Retreats are an option for clients to interact with you in an intensive in-person setting. Not all entrepreneurs are comfortable with this type of training service. An event or retreat, however, builds enthusiasm about your service while delivering great content. The experience offers fantastic results for you and your clients.
Considerations for your retreat:
- Investment. Either retreats are included in the package or you charge an additional fee for them.
- Attendees. Decide whether this is a private clients-only event or if enrollment is open to all people.
- Travel expenses.
- Out of pocket. Participants pay for their travel and hotel expenses.
- Inclusive. Hotel expenses are included in the registration fees.
- All expenses paid. Your business picks up all the travel expenses.
Because retreats are an immersion experience, you develop a following of highly dedicated clients. Ideal clients who love what you do will spread the word about your business.
Ingenuity and Preparation are Keys to Packaged Business Services
Packaging your services is a highly effective part of your business model.
This business model allows you to share your expertise with a greater number of clients. Watch as it boosts your bottom line, creates raving fans, and builds your self-worth.
The entrepreneurs in my Business Coaching Mastermind design the bold steps that lead to their business success. Experience a mixed package for yourself and then reap the benefits for your business.
Follow these recommendations for a business to be successful, and grow while keeping your passion alive. Are you tired of doing work for free because you don’t know how to charge for it? Discover how to get paid what you are worth and attract clients who understand your value. Right NOW claim your FREE RESOURCE and discover how to create value based pricing.