As an Online Business Manager (OBM), you are a valuable asset to any business, because you help streamline business operations and increase productivity. If you're looking to increase your own income, there are several strategies you can use to achieve your goals.
1. Understand the value you bring to your clients. By showing your clients the tangible benefits that you bring to their business, you can justify charging higher rates for your services.
2. Offer additional services to your clients or future potential clients. For example, you could offer a VIP day to set up a new system, or specialist training for employees on specific software, or on time management, project management, or other business-related topics. So this not only allows you to charge more for your services, but it also positions you as a trusted expert in your field.
3. Expand your client base. By working with more clients, you can increase your overall revenue, plus you are also increasing your experience in different areas, in different scenarios, different industries. To do this, you can network with other business owners or coaches and offer your services to them, or to their clients. You can also create a website and use certain engine optimization, SEO, techniques to attract potential clients to your site. If you struggle with time, hire your own virtual assistant for the simpler tasks to get that time off your plate and use it for higher income-generating tasks in your or your client's business.
4. Increase your rates over time. As you gain more experience and expertise in your field, you can justify charging higher rates to your clients. (As well as inflation.) Just be sure to communicate any rate increases to your clients in advance, and provide them with the value you're offering to justify the increase.
5. Create a referral program. Offer incentives to your current clients or other service providers you work with to refer new clients to you. This can help you expand your client base without having to do as much marketing and outreach on your own.
6. Consider offering a retainer-based model. Instead of charging hourly rates, offer your services on a set retainer basis. This allows you to have a predictable income and also positions you as a long-term partner to your clients. I have a cheaper retainer rate when a client can pay me upfront for a set number of hours. Otherwise, I track my hours for a project after I've signed a contract, and charge a higher hourly rate and invoice them at the end of the month, or at the end of the project. This is typically a higher rate than my retainer rate.
7. Leverage your network. If you have connections in other industries or with other business owners, see if you can offer your services to them as well. This can help you expand your client base, increase your industry experience, and increase your income. Don't forget to let other service providers who also work with your clients know you are open to more work. Maybe you work with other copywriters on the team, Facebook ads managers, or website developers, etc. They will also have other clients who may need similar services.
8. Offer individual or group training sessions or workshops. Consider offering group sessions or workshops to help you leverage your time. This not only allows you to serve more clients at once, but it also allows you to charge higher rates for your services.
9. Use social media to showcase your expertise and make offers. By sharing your knowledge and expertise on social media, you can attract potential clients and position yourself as a trusted authority in your field.
10. Invest in yourself. It's important to continuously improve your skills and knowledge. For example, become a COO! By investing in yourself and your education, you can increase your confidence and value to your clients and justify charging higher rates for your services.
So in conclusion, there are several strategies you can use to increase your income as an OBM without adding more hours to your workday. By understanding the value you bring to your clients, offering additional services, increasing your rates, creating a referral program, offering a retainer-based model, and leveraging your network, you can increase your income without sacrificing your work-life balance.
If you like this advice and would like personalized mentoring from yours truly, I am available for one-on-one coaching, or my small group program Digital COO Accelerator might be the container just for you to increase your confidence, grow your skills, and become indispensable to your team.
Have a productive day!