A question about increasing revenue came in yesterday from Laura Gale (ironically I was just on her podcast a few weeks back)
Q. I have a question about scaling revenue when you don’t want to hire a big team to delegate to.
My ideas for growing revenue are an online course (which I’ve done a pilot for & will repeat), writing multiple books of my own & collecting royalties (not very lucrative), coaching, and just charging more for each project.
Do you see any other options I haven’t thought about?
A. Great question. In my experience you can stay small (i.e. one person with some freelancers and an assistant) and still make $1-$2 million a year.
This is what I do.
I think anything over that requires staff.
The big thing you want to stay away from is done-for-you work that doesn’t scale.
I know Laura gets paid a pretty penny to ghostwrite people’s books right now. And this is probably a bulk of her income.
Only problem is it’s not scalable.
So if she wants to scale to let’s say a million bucks a year, I would suggest she starts teaching what she knows to other people.
Cause here’s a little secret most people never realize…
There’s more money in teaching people how to do something than their is in actually doing it yourself.
If Sam Ovens was so successful as a consultant, why did he stop doing that and start teaching people how to be a consultant?
Simple, there’s a lot more money in teaching people to be consultants than there is in being a consultant.
So if I were Laura, I would absolutely put my focus on teaching people how to write a book with a course.
With the right hook…
And a good VSL/webinar…
This could easily take her to 7 figures.
And it would also set her up for all kinds of backend opportunities with these customers…
But my suggestion would be to solely focus on her course to start.
Get it done, and get it out there.
She wouldn’t need a big team for this.
Maybe a few freelancers to help.
When you’re a “one man band” and looking to make more money, the key is shifting your focus away from “easy money” and more towards “what’s scalable”.
Cause there’s always someone who will pay you big bucks to do something for you.
But you want to focus on “what can I build that’s scalable”.
Make sense?
Hope so.
Cause that’s all I got for today.
Enjoy your Thursday.
– Justin
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