#PracExplosion Income Strategies For Coaches, Consultants and Professional Advisers – 1 of 7
1st April 2010
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16th April 2010
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#PracExplosion Income Strategies For Coaches, Consultants and Professional Advisers – 2 of 7

Last time we discussed getting out of the time-for-dollars trap by setting up a group programme. In this instalment I'd like to discuss another way to get away from charging by the hour.

Last time we discussed getting out of the time-for-dollars trap by setting up a group programme.

In this instalment I'd like to discuss another way to get away from charging by the hour.

A group programme can be a great way to build your business without overextending yourself. However you still have to be "present" (virtually or in the real world) in order to run the sessions and charge.

So in reality, you're still charging for your time, it's just that by getting more people involved you can get a higher rate  for your hours.

It's still money that you're actively working for.

And that means that if you fall ill or get busy it can compromise your ability to earn.

That's why the next strategy I'm going to suggest to you is one which will allow you to work once and earn money in perpetuity from it, even while you sleep.

Too good to be true? Not at all.

The answer is to create products. DVDs, CDs, software applications, flash cards, workbooks – these are just a handful of the dozens of potential products that you can create by packaging your expertise.

Later in 2010 I'll be releasing "Product Power Tactics" – a DVD recording of a workshop session on how to create your own knowledge-based products. My main purpose in mentioning it here, though, is to make a point.

You see, many coaches and consultants balk at the idea of creating products because they think it will involve too much effort.

In reality, it's actually quite easy to create a stunning product with very little additional effort, and "Product Power Tactics" is a case in point.

You see, ever since I set up my company in 2002 I've made sure that everywhere I go I carry at the very least an audio recorder, and if at all practical a video camera.

If I give a talk, I record it. If I run a workshop, I record it. If I run a group coaching session, I record it. I interview successful colleagues and record the interviews. I sit and muse at my desk and record my musings….

Get the picture (or rather the video and audio)?

As a result of this, I have a back-catalogue of products on practice development, personal excellence, performance enhancement, persuasion, wealth creation, business startup, goal achievement, consulting skills, product creation, NLP, hypnosis, stress relief and much more besides, with price point between $30 and $800. Best of all, I was paid for creating most of them, and the rest I was doing anyway.

The only additional effort has been editing and packaging, and I've started outsourcing even that. So the additional effort required has been minimal.

However, very few of those products are available individually – I'll explain why in a future post.

For now, just think about what opportunities you have coming up where you could take a camcorder or MP3 recorder and create a product as a byproduct of something else you're already doing.

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