Want to add income to the bottom line of your wellness business, while lowering your stress, expanding your creativity, and helping to make your work more sustainable?
Here are 6 ways to begin TODAY to add income to your wellness business:
- Add A Physical Product
Whether or not you already sell retail products, here are two new ideas for using physical products to add income to your wellness business.
Create An On Demand Product
An on demand product means an online service takes the order, and makes and ships it when someone buys, rather than you having to do any of that yourself. You can design just about anything you can dream up, from t-shirts to custom journals to inspirational cards and jewelry. Check out this link of 15 sites, vetted by mashable.com a few years ago. Be sure to do all your research before you choose a site. Think about things like branding and any up front costs and commissions.
Get Commissions on Products You Recommend
Think about that book you think every one of your clients and students should have and do a little promoting of it. People are so bombarded with information, they will welcome your expert recommendations. It’s easy to put books, CDs, and anything else you can find on Amazon on your site through the Amazon Affiliate Program. This is free to sign up for and it means you get a penny or two for each sale. Always disclose that you’re an affiliate.
- Raise Your Rates
Has your rent, taxes, or insurance increased in the last year? You bet! And have you become more knowledgeable and experienced, maybe with more training, in the last year? You bet!
So, when was the last time you raised your rates?
Give your clients some notice (a little sign works) and maybe offer a package deal at your old prices. For example, if you’re raising your session rate $5 in one month, let people buy 6 sessions at once at the old price. This gives you a big chunk up front while softening the blow for them. Choose an appropriate time of year, such as the start of a new season or January 1st, to implement the increase.
- Reduce Your Overhead
Take a look at your expenses to see if you can increase your net income by reducing your overhead. Here are three ideas to consider:
- Reduce the number of locations where you work, to lower commissions, equipment expense, and lost time in travel.
- Open a home office, where you can not only save overhead, but take a deduction.
- If you’re happy renting a room somewhere to see your clients, consider two ways to make more money:
- Consolidate your work days and hours and rent out your room to another practitioner when you’re not there. This could be someone who does a complimentary service or someone you can refer overflow clients to and make a commission on.
- Negotiate a cap on your commission agreement. If you pay a percentage of your client fee to a clinic owner, be sure there’s a maximum amount set per month. Otherwise, once you become busy and successful, you could end up paying way more than the room is worth.
- Teach a Workshop or Class
Sharing your knowledge in a workshop or class builds your business in 3 ways:
- Introduces people to you and your services in a low pressure, social environment, while strengthening your reputation and brand image
- Empowers people with actionable information they can use to help themselves at home
- Brings you added income
Never designed a workshop before or want to polish up your skills? Get my free guide, “9 Essential Design Steps For Powerful Workshops”. To download your free guide, click HERE.
- Create A Joint Venture (JV) Partnership
A JV partnership is an agreement between two entrepreneurs that one will help the other sell something and then receive a commission. So, if we’re affiliates and you help me sell an online program to your email list, you get a commission on anyone from that list who signs up. It’s like a Referral Fee, except that you help the affiliate partner actively promote your product or service, rather than just recommending it if the need arises.
As with referral partners, think about who also serves your market, but is not in competition with you as potential JV partners.
- Add A Passive Income Service Upgrade
I’m waiting for my acupuncturist or bodyworker to offer me the option of napping for a half hour after my session. I would pay for this!
I would pay to sit in an infrared sauna before my treatment, or soak in a detox foot bath, or lie on an amethyst mat, or listen to a guided imagery tape, or sit with my hands dipped in hot paraffin and wrapped in plastic and warm mittens.
From low to high priced investments, these are just a few of the myriad of options you could add to your menu of services. People pay for experiences. Why not survey your customers and find out what they might go for?
I hope these ideas have stirred your imagination and that you’ll plan to add more income to your wellness practice this spring. Need help finding time and focus to work on your business while juggling clients, students, and life?
Sign up for my free, live webinar, 5 Ingredients For A Successful Wellness Business, coming up next week. A replay will be available, but I hope to see you there live, Wednesday, February 15th at Noon.
To join the webinar, click HERE.
All My Best,
Annie