One of the things that most business owners look for are ways to add value to their businesses.
The usual thoughts are to add more products to the mix of things sold thereby increasing the profit potential.
They reason, “More to sell = more sales!”
If you sell other people’s products and if you have a source of additional offerings, this strategy may make sense for your business.
But what if you create your own products and can’t readily add new offerings?
What if you sell a single item and your business revolves around just that product?
Here is one alternative that some have chosen to exploit in order to draw additional profit out of the products they already sell.
Have you ever considered turning your information product or your software into a marketable service?
Think about the implications of that concept to your own business niche.
Here are a few examples of how you might use this strategy in your solo online business:
Let’s say you have written an ebook on the subject of “Successful strategies for investing in precious metals.”
You have great knowledge of the precious metals industry and you understand what to look for in growing and expanding mining and refining companies.
You know why some companies are great investments and others are very poor or risky investments.
What I’m suggesting is not to abandon your ebook, but to expand the potential for profit in this niche by providing a service that goes hand-in-hand with your existing product (the ebook.)
So, in this case, you might think about adding an online subscription based service that reviews and rates each metals company and lets members know why it is or is not a good company to invest in.
Your ebook could talk about the industry in general, the trends which are important, why some companies are risky investments, how to tell a good company from a not-so good-to-invest-in company, etc.
The service you offer might be based on your screening criteria and methodology that is applied to the public companies in the metals market.
Once a day, or once a week you run each company through the criteria you’ve identified (lots of software products will do this automatically for you with just the push of a button) to come up with a ratings service that suggests metals company stocks that are undervalued, primed for excellent growth, or ready to release important news.
With this strategy, you not only add value to your ebook, but you generate a source of continuing revenue that is based on work you’ve already accomplished (in the book.)
How many of the book’s readers would want to have someone give them the results of this stock screening on a regular basis so they could check their investments or watch for new opportunities?
People will pay to have you perform a service for them if it means less work for them or they don’t have to be bothered with learning how to do the research. Many people value their time greatly and even though they could do this same research and analysis, they would much prefer to pay someone else a reasonable fee so they don’t have to do it themselves!
Either way, you’re adding value to your customer’s experience in your business.
Here’s another example: Suppose you produce a newsletter in your travel business that talks about the “must see” sights and visitor destinations along the northern California coastline.
You charge a fee for this first-hand information filled guide but are looking for ways to draw more income into your business.
Why not become a travel agent (of sorts) and line up tour packages for your customers that want to experience in person the places you highlight in your newsletter? (I know nothing about the travel industry, but I have heard that it’s not difficult to become a travel agent if you need that credential.)
Besides the fee for setting up the complete package, you could draw referral income into your business by staying at places that pay a commission to booking agents, eating at similar restaurants, booking particular bus services, etc.
The idea is to expand your products into valuable services that you understand and can package because you have existing expertise in the field and your customers understand that your knowledge is worth paying for.
Inventory what you are currently doing in your business to see if there is a way to add a valuable service and then use your authority status to sell that service as an “add on” to your current products.
To your online business success,