How to Increase Your Hourly Rate
Develop a Niche
To position yourself to increase your rate, you are going to need a tightly focused niche market. A niche is a specific expertise and target market. The targeted audience should be laser targeted.
Why? Trying to attract a large variety of people will wear you out and weaken your business.
Look for a market that already has a need. This makes you more easily referable, this lessening the time you must spend networking.
Get clear about who your ideal client is.
Use Your Expertise to Create a Program
To increase your rate you want to position yourself as the expert in your industry. To position yourself as an expert, you want to create a workshop or home study course. Take people through the steps to solve a problem. Home study courses and programs are great because not only do they position you as an industry expert, they are passive income. Which means, as long as they are available on your website, you can earn income by selling the course or program with doing anything once you've created it.
Consider changing the way you think about howto work with and service your clients. Begin to think more creatively. How can you spend time with your clients without spending time with them alone? A well crafted home study course or program is a great way to spend time with your clients without spending time with your clients.
To increase your rate, you want to consider creating (or selling other people's) products in various forms (text, audio, video) which will increase your client base. Offer free products first to entice people to opt-in to your mailing list.
Here are some benefits to creating information products:
- Extend your impact and your reach.
- Positively impact the lives of more people.
- Will position you as an expert in your field.
- Expand your creative thinking.
- Can establish a brand name for your corporate identify.
- Markets for you by allowing you to automate your marketing.
- Make more money with less effort.
Start by creating free content that shows your expertise and make sure the content is of value.
Here are two types of passive income to consider:
- Referral fees; refer people to other business owners for a fee.
- Affiliate income by joining affiliate programs.
Other Ways to Create Information Products
If you have written a book or articles, you can create an information product from these items.
Contact people you have established contact with who are experts in something. Interview them and sale as an audio or transcript. If you don’t know anyone, do a search using key words that apply to your business, contact experts in the industry, introduce yourself and ask for an interview. Remember, people love to talk about what they do and experts and seasoned business people recognize the value to them of granting interviews.
Teleseminars or Webinars – offer a free why and what call. These types of calls will lead into your paid programs.
Use the Marketing Funnel
To increase your rate, you want to slowly introduce people to your marketing funnel. Take prospects from something free to something of lower cost and then gradually lead them into a higher cost item.
Free products show potential clients that you understand their problem.
Easy Ways to Get Started
- Print a workbook
- Record teleseminars
- Create Ebooks
Develop a signature product and program. This core product or program should be something you have experienced yourself and overcome. Something you want to become known for.
Carmin Wharton is a life and business coach to women who are stuck and can’t move forward to create the dream life, career or business they deserve. She helps women change their lives one goal at the time!