Is Time Really Easier to Sell than Products? Generate Extra Revenue by Packaging Up What You Know

Over the years I've worked with very many coaches and consultants who make their money by selling blocks of time.

This is great but anyone who's done it - also knows that when they stop working (and selling time) the money soon dries up too. This predicament is not only potentially dangerous, especially for smaller firms, but can leave you feeling trapped by your own success. There's often never any rest without that guilty, sinking, feeling that while you're not working you're not earning.

So, on top of selling time, I encourage people to turn their knowledge into an information product so they can earn additional money even while they're sleeping or having a well-earned rest, enjoying a hobby or reading a book.

Strangely though, many of these people who are so good at selling time come completely unstuck when it comes to doing the same with products. In fact, one high-earning coach I spoke to recently said, "I think you will find that selling products takes a lot more time and effort than selling services."

Well does he have a point?

If you're interested in turning what you know into a book, e-book, e-course or audio programme to add kudos to your main business and to bring in a bit more money each month then today's article will come in handy.

Selling products doesn't necessarily take a lot more time and effort than selling services - though the rules are very different...

If you have an appropriate plan (and a good target) it's very likely they'll be just as difficult/easy as each other - though making a lot of money quickly from products is very often harder than people think.

Making lots of money out of products does take a bit longer and it's unlikely that a handful of CDs and books will make you into an overnight millionaire as many of these "turn your knowledge into a million quid" internet marketing "gurus" would have you believe.

An Example... We sell information products for £15 each on average (though we've successfully sold some for £100+) whereas I can sell time for £650-£1000 a day (excluding speaking engagements where this rate can be hourly). Therefore the 'quantity-quality' ratio is very different between the two. You need much bigger numbers to make products pay off.

With products of a comparatively low price you have to play a big numbers game (where the quality of the relationship is basically transactional). So it's the high quantity of people you need to reach that can make selling products seem harder.

Now with high value services, you may only need to sell a handful of days (where the quality of the relationship is way beyond a mere transaction) a month, to earn a decent income - which makes selling time seem easier.

Now, if you didn't already know, I stopped selling time (and taking on new clients) early in 2004 to focus on producing and selling information products instead.

So, why did I choose to stop selling time to focus 100% on products if I can make plenty of money selling time?

Because you can only effectively maintain a set number of high-quality (high-time-demand) clients without having to take on more people. This sets a limit (based on hours you're willing to work) on your own personal earning potential. Transactional clients (people who buy a product) don't need the same time/resource (ie personal attention, accountability - beyond a product guarantee or high skill level) which vastly increases your overall earning potential from products. You can even earn money while you're playing ping-pong, flying a kite, or anything else you like to do with your spare time.

But the key distinction here is "earning potential". Intellectually, selling products seems a nice and easy way to earn income - but realising the "potential" is flippin' difficult as I've found out.

After focusing on products for a few years now we're finally earning as much selling products as we were when we were just selling time - but now there are only 2 full time people to share the money with rather than 11!

So anyone thinking that giving up your consulting or coaching business and just doing products is an easy way to get rich - it isn't - but when you've got the revenue coming in from almost passive sources then the ceiling on your overall earning potential can increase beyond the number of hours you are willing to exchange for cash.

And for me, time (and the freedom to spend it however you wish) is far more important than overall income.

If you're keen to write the next business bestseller - here are a few resources that might come in handy...

* Get Yourself Published - Suzan St Maur

* Release The Book Within - Jo Parfitt

* Lean Marketing Press - Our 50-50 Publishing Deal

'Dangerous' Debbie Jenkins
debs@debbiejenkins.com

(c) Copyright 2005 www.BookShaker.com

SUMMER CAN BE SLOW FOR BUSINESS
But don't let that get in the way of your success.
This is the ideal time to work on your business
rather than in it. Get 2 F'REE eBooks and prepare
for more success with less effort here...
http://www.leanmarketing.co.uk

I'm wondering if... You Know Other People who should be reading this too? So do us all a favour (they get 2 free books - we get a new subscriber - you get to look good) when you Pass On This link... http://www.leanmarketing.co.uk

More Resources

Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting

More Coaching Information:

Related Articles

What The Buddha Says About Coaches
There is a Buddhist saying that goes like this: "If you meet the Buddha on the road, kill it." This means to kill any concept of the Buddha as something apart from oneself.
Attention! Thought Crossing! - Or, The Secret of What's Between Your Ears
What are you thinking - right now? 'I'm reading your article!' you say. Well, take a little bit of a closer look.
Great Advice
It never ceases to amaze me that every time I give a speech, do a seminar, or talk with people one-on-one, I get inundated with questions seeking the almighty answers to all that ails them. However, when I press them to come up with an answer to their own situation, they usually respond by offering their own solution right back to me.
Three Great Ways to Deal with Negative People
1. Do not believe everything you hear!With close friends and family it is not unusual to think that you ought to take onboard everything you hear.
Executive Coaching and the American President
Perhaps no one better than a former U.S.
What Is A Personal Trainer
Imagine stepping into the gym for the first time in your life. There are so many machines and gadgets.
The Value of Coaching to Support Your Business and Your Life
In our daily lives as well as in our businesses, we typically operate from the perspective of doing the best we know how to do in dealing with life's challenges and opportunities. If we knew what it would take to be more effective in our relationships, more productive in our activities or more successful in reaching our goals, we would surely alter our behavior to correspond with these insights.
Tame The Financial Beast
Are holiday bills surprising you? Are you hoping that if you ignore your finances long enough, maybe they will fix themselves?Let's liken our finances to a garden. If we neglect the garden, weeds will grow and take over.
The Right Coach
Who is the Best Coach For Achieving Your Goals?A friend of mine was recently at a Mark Victor Hansen and Robert Allen workshop. They were promoting their Enlightened Millionaire Program.
If I Only Had a Heart
I know you probably have heard of the movie, "The Wizard of Oz" right? Well, for those of you, who have somehow managed to miss this movie, let me give you a brief description of it.A young lady named Dorothy is upset with her home life and decides to run away.
Coaching Employees - The Chronic Excuser
Most of us find coaching employees to be an effective, even enjoyable, approach to leadership and management. Coaching provides a way to help team members grow and develop, while achieving business objectives.
Are YOU a Dreamer?
This morning I watched a news article about a young woman who had just set a world record for sailing across the English Channel. What was special about this Channel crossing? The sailor, Hilary Lister, is a quadriplegic who steered the boat by blowing through two straws.
Seeing Your Energy At Work
Our bodies are made of pure energy. With Quantum physicswe learn that the cells of our body are made of molecules, which are made of atoms, which are made of sub-atomic particles.
Is Time Really Easier to Sell than Products? Generate Extra Revenue by Packaging Up What You Know
Over the years I've worked with very many coaches and consultants who make their money by selling blocks of time.This is great but anyone who's done it - also knows that when they stop working (and selling time) the money soon dries up too.
Handling Disappointment
Disappointment is an inevitable part of home-based business. Clients won't pay, bids fall through, or business associates don't come through on their promises or act unethically.
W Edwards Deming
Immediately post second world war W Edwards Deming went to Japan to create order from the crisis that was the Japanese economy.In Japan he found fertile ground for a set of ideas that had been around since the twenties.
Business Coaching - Ten Ways of Dealing with Mistakes You Made
You can either choose to dwell on what happened and get stuck in the past or you can choose to start using your energy to build your future. Either choice is okay.
Make a Decision and Take Action!
How are you progressing with the goals you set yourself this year?Have you made a start? Or are you still thinking about it or caught the very popular "I'm too busy" epidemic?Mary's StoryMary runs her own publishing company employing 5 people. She is married with two teenagers.
Lessons from Donald Trump and The Apprentice: A Career Coachs Perspective
What can we learn about careers from watching Donald Trump and The Apprentice?1. Recognize that job tests don't always correspond to job realities.
Potential
One of the most often mis-understood aspects of self-development is the concept of potential. We are often told that we can achieve our full potential, however, what does this really mean? When the focus is building self-esteem and motivating individuals to do better, there is often the implication that potential is a destination or an end-point that can be reached, and if we just strive for "it", we will reach "it".