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

Curse of Competence: How Being Good gets in the way of Becoming Great
Just before the storms hit last winter, my father-in-law and I replaced 26 feet of fence on my property. I must say, for a couple of non-handyman-sorts like the two of us, it is a very well done fence.
Dont Settle
Settling is about not embracing what is best for you, and accepting what you really don't want. When you settle, you accept less than you deserve.
The Incredible Human Psyche
The intriguing Human psyche - more complex than the metamorphosing cocoon, and more phenomenal than the human brain could ever imagine.Deep within the realm of your subconscious is the centrifuge, or cerebral core of all Human possibilities.
Mentors and Coaches: How to Find a Great Mentor
A career coach or mentor is a person who can guide you with the benefit of their experience. He or she may be someone more senior from within your organisation or someone external to your organisation who has been successful in the field or skills you want to develop.
Floating In Mindfulness: Dealing With Disappointment
Feeling disappointed? It's time to float.The time-honored approach to disappointment generally involves a fair amount of wallowing followed by a concerted effort to move on.
Tips for Writing Great Coaching E-Books
Never understimate the power of a well-written word. Tens of thousands of readers of coaching ebooks have had their lives changed for the better by a well written ebook.
What is the Success Lesson in this Story?
One of my clients gave me permission to tell you his story.Jim called me 9 months ago and asked for help.
Ch-Ch-Chain of Hearts: Cranking Up Compassion
Can you hear your compassion? It's time to crank it up.One of the most difficult challenges we face in our quest to be compassionate is dealing with conflict.
What is Coaching?
Recently, I have received several emails asking me about coaching and what it is exactly. So, I decided to answer some of those questions in this article.
What To Do? Lifes Big Question
We've all experienced the same thing at important crossroads in our life when big changes were underway. Often, we find ourselves feeling panic and frozen in time, possibly with indecision, waiting and wondering: Which way to go?; How will things turn out? Sometimes, you just don't know what to do.
Ten Benefits of Having a Relationship Coach
As a Master Certified Relationship Coach, I work with singles to help them attract a great match and with couples to help put their relationships back on track. I hear great feedback from my clients about the value of coaching.
The Incredible Rightness of Being
An Age-Old QuestionSearching for more meaning in our lives has been an age-old preoccupation for us humans. Why am I here? What am I meant to do? What's the point of it all? And, most importantly in the modern-day world, what is it that will make me happy?Dissatisfaction, or "Gimme More!"It is human nature that when we feel dissatisfied with something - be it our jobs, our homes, our relationships, or even our lives in general - we feel there is something missing.
Throw a No-Heat Party for the Planet
Is it really possible to have loads of fun, and help the planet at the same time? I remember the first No-heat party I went to. It was on the coldest night of winter that year, according to the Farmer's Almanac.
Top 10 Ways to Coach Yourself to Total Success!
Coaching is about being your best. It's about performance, about "staying the course" and, in the end, about creating and living the life you really want.
How to Forgive Another for Past Hurts
No one gets through life without being hurt by another person. We all have experienced the pain of a thoughtless remark, gossip, or lie.
Ten Ways to Make New Years Resolutions That You Can Actually Keep!
Are you one of the millions of people who make big New Year's Resolutions each year, only to watch those resolutions fall by the wayside mere days or weeks later? Would you like to be able to set New Year's Resolutions that you can actually keep? It might be easier than you think!Choose your resolutions carefully. These should be things that you really want and are ready to work on, not just things that you think you should work on.
Enhancing Life for a Lifetime
Do you often feel lonely, anxious, or even depressed? Is a mid-life or quarter-life crisis threatening your confidence, self-esteem and well-being? Do you yearn for practical advice on enhancing, balancing and bringing new joy to your personal and professional life?Tens of millions of Americans answer a resounding "yes" to one or more of those questions. After all, statistics report that more than 19 million of us are diagnosed with depression each year.
Aim For Your Star
"Aim for your star, no matter how far, you must reach high above and touch your life with love, you must never look back, but charge on! Attack! See your goal your star of desire, see it red hot, feel it burning, you must be obsessed with it to make it your true yearning, be ready my friends for when you truly believe it, you will certainly achieve it and by all of God's universal laws you will always receive it!"Bob Smith(American editor, author, founder of Orison Swett Marden Foundation)Are you disappointed, discouraged and discontented with your present level of success? Are you secretly dissatisfied with your present situation? Do you want to become a better and more beautiful person than you are today? Do you want weight loss, or an end to food obsession? How about inner peace?Yes, you can have what you want! Of course you can. But accomplishing your goals while at the same time feeling inner peace means doing things differently than you've done them before.
After July 8, Pay This Amount
You undoubtedly go through this, too. A few times a month you gather up the bills coming due and write checks or pay them online.
Greasing the Path to Success: Finding the Confidence to Step Up to Key Moments
Whether it's making a prospecting call to a promising business contact, giving an informal "elevator speech" to a networking group, or attempting to close a transaction, there are certain key moments when putting your best-dressed foot forward really matters. Some of life's fortunate people seem to be naturally at their best finding confidence under pressure.