Leverage is a big buzz word these days. Everywhere you go these days: on the internet, on teleseminars, coaching calls and seminars, everyone is talking about leverage. Leveraging time, leveraging money, leveraging people. And they talk about it with good reason. I have to admit: leverage is one of my favorite words. But what is leverage exactly?
The Business Dictionary defines leverage as the ability to influence a system, or an environment, in a way that multiplies the outcome of one’s efforts without a corresponding increase in the consumption of resources. In other words, leverage is an advantageous-condition of having a relatively small amount of cost yield a relatively high level of returns. Thus, “doing a lot with a little.”
Wow. Doing a lot with a little. I like that. I am a big fan of getting big results with less work. Mind you, I did not say little work. Unfortunately, no matter how you slice it, in order to be successful there is hard work involved. However, if you focus on the right work and the right tools, you will get to be successful not only faster; success will come to you easier.
My favorite way to apply leverage is through workshops. A ½ or 1 day workshop is a lead generator, a profit multiplier and info product creator all in one. Talk about leverage! Here are 3 ways in which you can apply leverage through your workshops
Let’s say you plan an inexpensive ½ day workshop for $47 and fill the room with 30 prospects. After your expenses, you probably do not have a lot of money left over. However, when you educate your prospects about a topic you are an expert in, showcase your services and present an irresistible offer, you pretty much have an enrollment conversation with all 30 prospects at the same time. This is a good example of leveraging yourself, since you are doing more with less. If you had the same conversation with everyone individually, it would take you much longer to achieve the same results. So you are leveraging your time, and your marketing message.
Leveraging your services
If you work with clients one on one, there is a limit to how many new clients you can take on. That severely limits your ability to go beyond a certain income level. The solution is to create multiple streams of income and leverage yourself by working with more people at the same time. A workshop fits beautifully into that strategy. Offering a 1-day or 2-day workshop to clients gives them an opportunity to consume more of your services. If you put together a 2-day intensive workshop for $1,000 and attract 10 clients, that is $10,000 you didn’t have before. Let’s deduct $3,000 for expenses such as marketing and logistics and you still have $7,000 left over. Repeat that on a monthly basis and that is an income stream of $84,000 in one year.
Leveraging your teachings
Now perhaps there are some people who won’t be able to make it to your 2-day intensive workshop. Maybe they can’t spend the $1,000 or can’t take 2 days away from the office. When you record your workshop and create a self study course with audio CD’s, DVD’s and a binder, you can easily sell that for $500. Let’s say there are another 10 people per month interested in the self study course, that creates another income stream of $60,000 per year. And remember, that is income you do not have to spend any more time on. It has been created and you should outsource the fulfillment of it. (Applying leverage again!)
Now you see why leverage is such a popular word. How does it fit in with what you are doing? Are you applying leverage in the right places? Would you like to create your own workshop to start applying leverage in your business? If so, I would like to help. Let me put a workshop strategy together for you, so that you can start reaping the benefits of leverage.
Daphne Bousquet, CMP uses her 20+ years of event planning experience to create profitable event strategies and implementation to coaches, entrepreneurs, speakers and self employed professionals that want to quickly establish themselves as the “go to” expert. Go to www.eventstrategysolutions.com for more tips and information on attracting clients and profits with your own live event.