Repositioning for higher earnings

Could you be making more doing something else? It’s a question I encourage entrepreneurs to ask from time to time. While you want to be on target with your goals – business and personal – it sometimes makes sense to examine the ways in which you meet those goals. Sometimes, you can build a new revenue stream or even ramp up your current earnings simply by making a few changes.

Let’s say you’re a math tutor. You make $30 to $50 per hour, although you have to travel to the homes of your students. You’re also stuck working from 3 pm to 9pm, when your students are home from school. Could you make more doing something else? Is there another line of work that will deliver higher consulting fees for doing essentially the same thing?
Well, let’s say you repositioned. You know you’re strong in assessing client needs, planning how to deliver information, coaching and mentoring, and managing the client relationship. You’re also obviously strong with math. What if you repositioned to provide math skills building for the business market? Let’s say you repositioned to create a side business that delivers math education for business leaders. You could:
  • Create a continuing education course called “10 ways to increase business profits with better math skills”
  • Develop a half-morning seminar called “Math smarts for non-techies” and pitched it to marketers, HR professionals, communicators and other non-math professionals
  • Build “scoreboards” to help professionals measure success in marketing, HR and other areas
  • Offer coaching for executives who want to be able to think on their feet in meetings and do math in their heads, so that they can make better business decisions
  • Run your own GMAT prep numeracy courses for people who want to get into MBA programs
All those programs would most likely command far more than $30 to $50 per hour. In fact, with a little planning, you could be billing hundreds of dollars per hour. And you’d pretty much be doing what you already do.
So, could you be making more doing something else? Do you have an inner consultant in another area, just waiting to be unleashed?
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