When you’re a success, and in demand for the things you love to do in business, your calendar gets booked out. You have clients and travel scheduled in, days earmarked for project delivery, prospecting calls arranged and networking opportunities squeezed into the gaps.
And you love it! A buzzy diary is so you. If you’re not chatting to a new-found contact on a train, or calling a colleague while grabbing a coffee, you’re bored. Days in the office send you stir crazy. And I bet there are a couple of inspirational business books in your workbag right now. Your time is never wasted.
You prioritise billable work, and you’re clever with the marketing support you buy in. You’re paying attention to your business pipeline. It figures; you know what you’re doing. You’re already successful.
But even you will admit that there just aren’t enough hours in the day to generate sufficient profit through billable time. And so your income, and the number of people you can serve through your business, is limited.
So what to do?
‘On-the-beach money’ is the key to unlocking your earning power, and extending your reach. It’s revenue you generate when you’re not working, i.e. on the beach… You might equally be sipping a cappuccino in a Tuscan piazza, careering down a mountain on your bike, or enjoying a glass of wine with the family. You might also simply be asleep at 2am!
I had a client who was looking to grow his profits without running himself completely ragged. His business model was all about billable hours. He wanted to hire someone experienced, to “make it rain” and deliver projects. He sought me out to help him get clear on his growth strategy, but our Clarity Session clarified that what he really needed for his business wasn’t more staff, and it wasn’t more billable time (coupled with bigger overheads), it was passive income: on-the-beach money.
The more we explored the concept, the more he loved the idea of making money while you sleep, make coffee, speak to your accountant, take a train, read a book, eat your lunch… and crucially, while you’re working with another paying client.
Great concept. You get it. So what the heck can you package up?
Chances are you have a vast number of proposals, tenders, ideas, and project plans filed on your computer. You’ve generated quite a back-catalogue of clever thinking and packageable brainwaves over the years. All that intellectual property is worth a MASSIVE amount of money. Your clients are already hungry for what you deliver in person, and they will pay to access your thinking, your ideas, your brain – even when you’re not there in person.
So what’s stopping you generating on-the-beach money? The need for billable hours! Yep, you’re in a vicious circle.
Time for clarity
Are you willing to invest a modest amount of time in unlocking the earning power of your business? Let’s say a fortnight, for arguments’ sake. Because here’s the thing: if you’re planning to keep going with the billable-time model, you need to really own the fact that your profits and your reach will be forever limited.
If you are willing to invest some time, then you need a strategy. Here are 3 strategic tips to get you started:
- Tune in to your clients. Close your eyes, breathe deeply, and tune in right now to the single most frequently mentioned challenge your customers bring to you. What does pretty much everyone you work with need? I’m not talking format (e.g. book, webinar, worksheet, audio class), I mean solution. What do they need your help to solve? Got it? That right there is the beautiful beating heart of your on-the-beach money.
- Create something that echoes the values of your brand. You’re all about quality, successful outcomes, and meaningful impact. So create from there. Whatever you package up for your clients, make sure they feel the same vibe as they would if they were experiencing your service in person. Honour your values. They’ve made you the success you are.
- Have it be easy. If you’ve already put your focused business head on, and are starting to formulate a ‘proper’ passive-income plan with spreadsheets and market research at your computer, stop! I can see your ‘professional face’ from here! Step away from your desk, grab some markers and some paper (the bigger the better), and go scribble. Have some fun with this new era for your business, and be creative with the ideas you’re starting to generate. Your clients will love the buzz that you build in.
So what do you think?
Wondering if your business could generate on-the-beach-money? Got the seed of an idea about what you could sell while you sleep? Leave a comment on Twitter and let us know. We would love to hear from you.
And if you’re thinking that you need a passive-income strategy fast, click here to find out how to start unlocking the massive earning power of your business.
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