Many business people are baffled about how they can increase their revenue, especially when the economy is not at its best. There are actually five specific ways to do this, each of which can be done with a little creativity.
1. Add more clients - A little can mean a lot over time. Let's say that you charge $200.00 per hour and are able to find one new client. The average number of sessions for therapy clients in Alberta is six so one new client would mean that you have just increased your revenue by $1200.00. The best way to find new clients is through word of mouth. You might be able to add that client by asking the ones you are now seeing "Who do you know who would benefit from seeing me like you have?" A good marketing plan will help you to develop strategies for attracting new clients.
2. Add more revenue streams - Are there things that you could develop to help your clients? Perhaps writing a book, making a CD series or becoming an affiliate for other agencies or organizations will bring you additional revenue. The products that you have for sale, however, need to be ones that will benefit your clients and it is therefore important that you choose wisely when you decide how to add to or expand your business.
3. Have clients attend more often - I once heard a motivational speaker state that the purpose of having a meeting is to book another meeting. That isn't the case with therapy, but, it is much easier to schedule the next appointment before your client leaves your office. It saves having to make another connection and holds the client accountable. Most people do not necessarily book appointments with professionals unless they are in trouble. If they have the appointment booked in advance, however, they can avoid problems.
4. Increase your fees - It is very seldom that prices go down and even though people do not like fee increases, they accept them as part of life! You do not need to make a huge increase in your hourly rate to have a significant increase in your monthly revenue. Say, for example, that you increase your fee by $5.00 per hour. That would be $200 extra a week or $800 per month.
5. Increase the number of billable hours that you are working - If we use the same example of $200.00 per hour, and you decide to work one additional hour a week, you would have $800.00 in increased revenue.
I remember hearing a story about John Lennon. He apparently would say "I think I will write me a swimming pool". What he meant was that if he wrote a song that was a hit, he would have enough money to get a swimming pool. When we work - we earn!
There are times that you might want to do a little in every one of the five areas listed. You need to be careful, however, that you do not become too tired or risk burn out because, as a solo professional, you are the business!
Dr. Linda Hancock, the author of “Life is An Adventure…every step of the way” and “Open for Business Success” is a Registered Psychologist who has a private practice in Medicine Hat. She can be reached at 403-529-6877 or through email email@example.com