Guest Author: Beyond Billable Hours

By C.J. Hayden
Author, Get Clients Now

In any professional services business, you typically begin by serving clients one-to-one. As you improve your skills at marketing yourself and begin filling your practice, eventually you discover there are only so many hours in the day. You want to keep growing your business, but you have no more time available for additional clients.

What can you do? You can raise your rates, although there is an upper limit to what you can realistically charge. You can offer your services to multiple people at once through workshops and group programs. But these ideas are still based on the billable hours model. You must keep providing service in order for the money to keep coming.

An entirely different direction to look is toward generating passive revenue. Including elements of passive revenue in your business does more for you than just increase your income. It also allows you to make more of an impact on your profession and community. When you are locked into a cycle of constantly acquiring and serving clients, it's difficult to find the time to think creatively, experiment, and build a bigger vision. But when you are earning money you don't have to work for directly, you have more capacity to expand -- on all levels.

Passive revenue models give you the ability to impact more people with your ideas, world view, and way of doing things, because they expand your influence beyond what you could ever do by yourself. A product or service you create that doesn't require your constant presence to deliver it extends your reach in the world. This extended reach has a substantial effect on your visibility and credibility as a professional.

When your product or service becomes widely available, people begin to hear of you before they ever interact with you personally. Your products not only earn you income, they also market you. By the time a prospective client speaks with you, they may have already decided to hire you based on their experience with your product, or simply your reputation. Sounds pretty appealing, doesn't it?

Here are 13 ideas for how to start generating passive revenue today.

1. Affiliate programs and referral fees.
This is one of the easiest revenue streams to create, because you don't need to create anything of your own. If there are products and services offered by others that you would recommend anyway, why not earn a commission on your referrals by signing up for the company's affiliate program? If they don't have one, ask. Many companies with no formal affiliate programs will make a referral fee arrangement if you ask them.

2. Sell other people's products.
If you speak, give workshops, or have a web site, you have opportunities to sell products in the course of what you are already doing. Offer your clients and web visitors books, audios, or software that enhance your work. Selling products will compensate you for free speaking engagements and can double your income at paid workshops. If you sell products on the web and don't want the bother of shipping, offer only e-products or arrange for drop-shipping directly from the publisher.

3. Sell other people's services.
If the service you offer is in high demand, consider hiring other professionals to work for you as subcontractors. You bring in the business; they do the work; you earn a percentage of their fee. Or, if there is a service complimentary to your own that your clients often buy from someone else, consider offering that service as part of your own package, then subcontract the work.

4. E-books.
Offering an e-book for sale on your web site is an excellent way to earn income from visitors who may never become clients. You may find it easier than you think to write down some of what you know in a way that will be helpful to your target market. But even if you're not a writer, you can still put together a valuable product this way. Consider compiling a resource guide, collection of quotes, or digest of material contributed by other experts in your field.

5. Audio downloads.
Creating recordings to make available on the web is quick and easy. You can hold a teleclass or workshop on a topic you know well and make a recording at the same time. Convert your recording to Real Audio, upload it to your website, and charge a fee for people to listen to it.

6. E-mail and web-based courses.
Any material you might include in a workshop, e-book, or audio can become an e-course or web course by breaking it into multiple lessons. For an e- course, write a series of lessons as e-mails, and use an autoresponder to send them out automatically. For a web course, combine written material and audio into a syllabus posted on the web or sent as an e-book. You may not have to create any new material to do this, just package what you already have in a different way.

7. Audiotapes and CD's.
You don't have to use a script, sound studio, and editing to produce an audio for sale. You can do all that for a highly-professional product, but it's also possible to record a teleclass, live presentation, or even an interview with someone else, and package it unedited as a tape or CD.

8. Booklets and workbooks.
If you speak in public or work with clients in person, the same information you might put in an e-book can be used for a printed booklet or workbook. Checklists, templates, or worksheets you are already using with clients are excellent candidates for workbook material. You can produce a simple spiral-bound workbook at any quick printer for around $5 and sell it for $10-15 or more, depending on the content.

9. Membership network or web site.
If you find yourself naturally connecting people and helping them find resources, you can turn this into a paying proposition. You can start a membership organization that meets in person, or a virtual group that communicates by telemeetings and on the web. A project like this can take quite a bit of time and effort to launch, but can also result in a substantial ongoing income stream.

10. Full-length book.
Writing a book may seem like a daunting project, but a book can evolve by writing articles or creating any of the products above, and eventually putting all that material together.

11. Software.
Is there a process you use with clients that they could perform themselves if it were automated? Your process could become a unique piece of software. Like a membership site or book, creating it will take time and money, but could lead to significant profits.

12. Licensing programs.
If you have a book, workshop, or unique system, you may be able to create a program to license others in the use of your material. Depending on the complexity of your process, licensing can be as simple as writing a manual and conducting a brief training class, or could become an entire enterprise in its own right, involving training, supervision, and ongoing support. Your licensees can also become your subcontractors as described above.

13. Mentoring programs.
Potential mentees may be the same people that would be your clients, or they may be colleagues who would like to learn from your experience. Mentoring can take place in live groups by telephone or in person, by email, and also by incorporating any of the products mentioned above into a full-service package that includes personal contact with you.

By having products to offer, you can increase the price you charge for your program beyond what your mentees would pay for just your time.

Pick just one of these ideas and get started today, even if you don't yet have a full practice. The sooner you begin generating passive revenue, the sooner you will have more time available to spend however you want -- on your business or not.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Copyright C.J. Hayden.
To subscribe to the "Get Clients Now!" e-newsletter
visit http://www.getclientsnow.com

Five Ways to Find a Job

This is a handout I developed for my clients. You are free to republish it, provided you give a credit line: "Courtesy of Resume Writers' Digest."

There are five basic ways for people to find a job. These are: newspapers, the Internet, recruiters/employment services, networking and what I call “direct contact.”

Here’s a review of each:

Newspapers
Most people look for their next job in the newspaper and, while it’s true that some people do find their dream job listed in the Employment Classifieds, the reality is that only about 20 percent of job seekers are successful using this method.

The newspaper can be a useful tool, however, in identifying job “leads” — companies that hire people to do the kinds of jobs you want. In addition to looking for companies that are in “growth mode” in the classifieds, job seekers should also read the Business section, where promotions and new company announcements are listed.

In addition, business journals can be a great way to find less well-known companies.

The Internet
In addition to a geographic-specific web sites (for a particular city or state, for example), job seekers should also consider the “Big Boards” as well as niche sites.

The so-called “Big Boards” — career web sites like Monster and Hot Jobs aren’t as effective as they used to be.

If you identify an opportunity on a big board, go directly to the employer’s web site and see if the position is listed there as well. By applying through the company’s web site, you’ll not only get a chance to research the company, you might be able to identify a decision maker directly and avoid the 1-2 week delay that Internet applications seem to have built in.

Posting your resume on career web sites usually triggers employment-related spam (get-rich-quick or multi-level marketing offers), so I no longer recommend my clients do this — or, if they do, I have them set up a free e-mail address (through Yahoo or Hotmail) so that they can at least contain the flood of spam and distribution offers.

There are also niche sites, which can help job seekers find more targeted opportunities. In each industry, there are two kinds of web sites that offer employment opportunities. One is sites that are specifically designed to match up employers and employees in an industry. For example, Dice.com does this for the information technology field.

The other kind is trade association or industry newspaper/magazine/newsletter web sites. In addition to providing industry information (articles, research, surveys), these sites sometimes offer online employment classifieds.

One of the best things to use the Internet for is research — use Google to find the company’s web site.

Recruiters/Employment Agencies
For certain kinds of jobs, companies pay third parties (recruiters or employment agencies) to screen and recommend potential employees.

These jobs usually fall into three areas:
• Positions paying under $25,000 per year (usually administrative jobs)
• Specialized positions where a clearly-defined skill set is desired (for example, information technology jobs) or
• Managers and executives making in excess of $70,000. (These jobs are not usually advertised publicly.)

In exchange for finding candidates, screening them and recommending the “best fits,” an employer will pay a fee that is usually equal to one-third of the employee’s base salary for the first year to the recruiter or employment agency, upon a successful hire.

Because the job seeker doesn’t pay for the service, sending a resume to one of these companies is a good idea, but it won’t always result in success — or even a return phone call.

You can find recruiters in the phone book (under “Employment Agencies”) or online. Use Google to search: Recruiter and [city name] and accountant. Or look in the newspaper classifieds for firms advertising for candidates in your skill area. You can also make contact with some recruiters or employment agencies at job fairs.

Networking
The people you know can be the best way for you to find your next job. Think about who is in your network. This can include: friends, relatives, parents of children’s friends, parents of your friends, relatives of your friends, club members, cousins, neighbors, your doctor, financial advisor or attorney, current and previous co-workers and managers, suppliers, professional association contacts, clients, and your community contacts (civic leaders, clergy, etc.)

Job seekers should assemble the contact information for these individuals (a holiday card list can be a good starting point) and get their resume to everyone on the list. Ask for help in one of the following ways: Leads, Information, Advice and/or Referrals.

You can also tap into your network for specific help. For example, if you want to work at a specific company, ask people in your network if they know anyone who currently works for — or used to work for — ‘Company X.’ Then contact that person and ask about the company, culture and hiring practices.

The more people who know you’re looking for a job, the more eyes and ears that will be available to help.

The single biggest mistake most job searchers make is not asking for help from their network. People want to help you — so let them!

Direct Contact
Tap into the so-called “hidden job market” by using direct contact. Remember: Companies hire people to solve their problems. If the job seeker can do one — or more — of these things, you shouldn’t wait for a “help wanted ad” — go directly to the company.

How do you do this? Use the other four methods for ideas:
• Newspaper. Identify companies that are likely candidates through their ads, profiles about them or job listings that indicate a need for your expertise. (For example, a company that is hiring a lot of production workers will likely need additional managers.)

• Internet. Research trends and companies online. Identify key problems from executive speeches, reports or profiles or read their news releases on their web site. A good source of information is Vault.com.

• Recruiters/Employment Services. This is the ultimate direct contact. (“Hey, I don’t know if you currently need someone with my skills, but here is what I have to offer one of your client companies.”)

• Networking. It happens all the time. Someone in your network says, “You know what? You should talk to John Jones at the XYZ Company. They could use someone with your skills.”

How do you make direct contact? Call, use your network for an introduction, send an e-mail or write a targeted cover letter and send it with your resume. But the real key to success is following up. When using direct contact, persistence is the key!

In reality, there are six ways to find a job: the last is the “miscellaneous” category. This includes going through the phone book, using your alma mater’s alumni career services program, tapping into the membership directory of a relevant association to schedule informational interviews, etc.

Photos on Resumes?

A reader submitted the following question:

It used to be (50 years or some such ago) that whenever you sent a resume out, a picture of the applicant was part of that resume. i don't know when that practice was stopped but recently, when I've had a client that I thought a picture would help, I've scanned and pasted in a head and shoulders. It seems the clients like it, and it has helped. what is your opinion??

--H.K., Texas

The easy answer why photos aren't used anymore is that federal employment laws regarding discrimination have changed (in the past 50 years!) and companies can now be sued if they use any information provided by the applicant that might be used discriminately (either for or against an applicant). This can include marital status, age, even beauty. You can see where the "looks" and "age" thing would be given away by a photo.

The only exceptions that I know of are modeling and acting, where it is okay to discriminate based on looks. (After all, you're casting for a certain look.)

Even though your clients may love it -- and it might look fabulous! -- know that most employers (especially larger ones -- say, with more than 20 years) will know that they can be sued for having used the photo, even if they actually didn't.

Therefore -- and this is the bad part -- many of them will throw the resume away if the picture is actually on the resume. If it's attached to the resume, almost all will throw the picture away -- and some will throw away the resume too -- again, because they don't want to be sued for even having seen the picture of the applicant with the resume.

Extreme? Of course. Unfair? Maybe. But I'd hate for your client not to get the chance to interview for his or her dream job because of it.

But to be on the safe side, unless your client is pursuing a modeling or acting job, don't include a photo. If you want to get across that she's drop-dead gorgeous, her "Activities" section can include relevant "honors" -- such as, "Dallas Cowboys Cheerleader, 1999-Present" (if that's true).

Niche Marketing

Recently, I've been corresponding with a résumé writer who is interested in targeting specific niches for clients. While I believe niche marketing can be very profitable, it can also be tricky, particularly if you are targeting more than one niche.

When examining whether a particular niche will be profitable, you have to consider a few things:
1. How will people in this niche be able to find me? (do they congregate in certain places -- web sites, chat rooms, read similar periodicals, etc.)
2. How can I find (and reach) people who are in this niche? (are there existing web sites I can link to? Trade journals to advertise in?)
3. Are there enough people in this niche that I can attract the 2-3% that I need to make it profitable for me to seek out this niche? (If you are trying to market to left-handed, one-armed dentists who were born in September, for example, that's a pretty small market.)
4. Who are my competitors? Are there any? (If there aren't, you might ask yourself 'why' -- is it just an unexplored niche, or has someone tried to target this niche and found it unprofitable?)
5. What do I have to offer this group? (Special expertise, credentials, you're already well-known in this group, etc.)

You have to develop a pretty full-fledged mini-business plan in order to answer these questions. As you answer them, you'll also get an idea of how you will market and promote to your niche.

It is certainly possible to target completely different niches at the same time. You can position yourself as an expert résumé writer for multiple, completely non-related niches simultaneously. For example, a former nurse-turned-résumé-writer might specialize in nursing resumes and also pharmaceutical sales resumes (okay, those are somewhat related). She might also specialize in résumés for head athletic coaches because her husband is a head coach. These are completely separate niches that she would not want to necessarily promote on a single web site. That's the advantage of web sites -- they can be completely customized to focus in on a particular specialty.

When developing a niche web site, however, keep your audience in mind. Every single thing on that web site needs to be focused on that single niche. You can always ALSO have a web site devoted to you (www.YourName.com) or your business (www.YourBusinessName.com) which explains more about you and links to your niche-specific sites. But if you're promoting to a specific niche (such as pharmaceutical sales), the audience that will be visiting that web site doesn't care if you also do resumes for left-handed, one-armed dentists born in September. They just want to know how you can help them get a pharmaceutical sales job (and Remember, they want the benefit -- the job, not the "tool" -- the résumé or the process -- landing the interview for the job.)

Every single thing on your niche web site needs to speak to the audience. If it doesn't speak to the audience, it doesn't belong on the site. What does belong on the site? Articles you've written specifically about that niche, research information, links, a few sample resumes and cover letters (no, don't worry about people "stealing" the information -- they need to see your work for you to be credible), and, of course, information about how they can get the benefit of your services. Your graphics and layout should also be exclusively directed towards the audience. A pharmaceutical sales web site would use neutral, muted colors, a classy yet simple font, and photos or graphics that are health-care oriented.