New Blog Post: Multiple Streams of Agency Income

Multiple Streams of Agency Income

Diversify Your Sources of Revenue and Create Stability for Your Agency

A mentor of mine, Andrea J. Lee, wrote a classic called "Multiple Streams of Coaching Income", which inspired me to explore how my agency Visify and other agencies have diversified our income streams. 

If you are like most agency owners, you spend a lot of time creating proposals, responding to RFPs, attending pitch meetings… you know the drill.

What I’m going to share with you today is not the way to end all of that (see my other post on this), but it is a way to diversify your business away from total reliance on what I call “done for you” services. Done for you services are where when you sell stuff, you have to do stuff - like graphic or web design, marketing, SEO, copywriting, etc.

The most successful agencies have more than just “done for you” services in their offerings. There are a few reasons for that.

First, diversification in your income is always a good thing. I’m not talking about serving everyone (that goes against the principle of niching which I firmly believe in). But rather offering the same group of clients the same services in a variety of different ways, depending on their budget, and their level of commitment.

Second, the only way to grow a purely “done for you” business is by adding team. And adding team not only comes with huge added expense, it also requires you to hire in advance of your needs, so you are always either over or under-capacity. When you add other non-done-for-you income streams to your business, they can likely be handled with the same team, or using the owner’s time, rather than by staff augmentation.

Finally, who doesn’t like making money while you sleep? Some of the ways of structuring your income streams I’m about to show you will set you up for doing just that.

Here are five way you can add new streams of revenue to your business with varying degrees of effort.

Affiliate Commissions

This is the easiest way to get a little extra cash in your pocket for software and tools you would recommend or use anyway. At Visify, we have affiliate accounts for every tool we use for our clients and adds up to several thousand dollars every year. It’s very easy to set up and will pay you every month that your client stays a client of the particular piece of software (such as ClickFunnels, Infusionsoft, WebinarJam and Flywheel), even after you have finished your engagement with the client. If you aren’t set up to get paid by the vendors you recommend or use anyway, you can do that literally today and start earning some additional revenue from your next client.

Time: Little
Difficulty: Easy
Revenue Potential: Small

Templates

At a certain point in every business, you will have templates for things you do all the time for your clients. They might be as simple as checklists or as complex as full campaigns. Either way, they have value to your clients and can be sold separately if you like. We have taken our most successful campaigns at Visify and sell them through the Infusionsoft and ClickFunnels marketplaces. We also sell complete “funnel in a box” as a downsell to clients who are not ready or not able/willing to invest at higher price points.

Time: Minimal (assuming you already have something systematized)
Difficulty: Easy
Revenue Potential: Small

Workshops

In-person implementation workshops are a great way to offer the same promise as done-for-you work, but in a shorter time frame and a smaller budget. You can have an implementation workshop to craft a talk, to build a funnel, to set up Facebook ads, to develop a brand, to create a website…. Anything you can think of that you would “do” for a client, you can also do in a group workshop format. It will take a little bit of time to put together the right structure to ensure that participants are able to complete the work in the time allotted, but you can lean on the way you do the work with them already for most of that. Workshops are also a great way to upsell into done-for-you services - an agency owner I know sells people into a paid two-day Facebook ad workshop for and then upsells about 30% of them into a monthly retainer at $3k+/mo. This will require time (though it could be your team’s time) and is limited in group size.

Time: Medium
Difficulty: Medium
Revenue Potential: Medium

Training

Everything that you currently do for clients could also be packaged into a course and sold. The training could be delivered in person (and that might be best to start) or online - live or virtual. Eventually, you will want to have your training recorded and available any time for students. If you have enough training you can bundle it into a membership based platform and instead of charging for each course, you can charge a fee to access the training for as long at they are a member. Training is another great opportunity to upsell either to consulting/mentorship (below) or your done-for-you services. One social media agency owner I know has shifted from exclusively DFY services to making 75% of his revenue from training - allowing him to break out of the rut of low six figures to 7-figures in less than a year.

Time: Medium
Difficulty: Medium
Revenue Potential: Medium-Large

Consulting/Mentorship

When people aren’t ready for the investment to work with you as a full service client, consulting or mentorship might be just what they need. We have used this approach at Visify to successfully close clients who would otherwise have declined to work with us. A good mentoring relationship should be structured according to the client’s needs but still follow the same core processes for getting your clients results used in your done-for-you work. Three calls a month might make all the difference between a new business owner taking off or failing in their marketing, branding or other pursuits. Another way to approach mentorship is at the high-end. You could also set up a mastermind for business owners in your space to guide them in growing their business. I’ve seen these in every space from marketing to designers to architects.

Time: Medium
Difficulty: Easy
Revenue Potential: X-Large

So there you have it. There are so many other ways you could add new income streams to your business, like live events, paid webinars, books, paid speaking… the list goes on and on. But these are some of the most common I’ve seen work and generate great results for myself and other agency owners and service providers I know.


If you have any thoughts on this post or would like to share your ideas for adding other streams of income to your agency, I would love to hear about them.

If you are looking for some support in adding other income streams to your agency or other expert service business, let’s have a chat. We can talk about where you are, where you would like to be, and how I might be able to help get you there. And if we are a fit, we can talk about what that would look like to have me as your advisor. Either way, the call is free and no obligation, and I promise you’ll walk away with at least one very powerful action step you can take right now.

Go ahead and request your free consultation now.

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