Editor’s Note: Although we typically feature content targeted at HR practitioners and leaders, from time to time we also like to highlight guest authors who bring entrepreneurial experience and advice for HR consultants or business owners. Today’s post is by Ruth Hinds, who has previously been a guest writer for Women of HR, and features her advice on that topic.
When you’re running your own HR business, one of the most important skills that you can cultivate is the ability to attract the right clients and grow your operation. Of course, your HR knowledge matters and is vitally important, but if you can’t sell it effectively to the right people, you aren’t going to have a business for very long.
The truth is though, if you’re solely trading your time on a one-to-one consultancy basis, you’re inevitably going to reach the point where further growth just isn’t possible. What exactly do you do once you find that all your billable hours are booked up, you’re already increasing your rates steadily and regularly, and you also have a family life and other responsibilities to juggle? It’s all well and good suggesting that you should ‘lean in’ to the opportunities that are out there, but as a business owner, you sometimes have to engineer your own.
Here, we’ll look at three strategies for leveraging your time, so you can grow your HR business to levels that you never previously thought possible, without burning yourself out.
Package up your knowledge into information products
If you want to expand your reach and help more businesses to get their HR practice in order, you might want to consider adding information products to your offerings. This is quite simply about packaging up your knowledge so buyers can take it away, digest it in their own time, and implement what they’ve learned. It could be in the form of webinars, online courses, workbooks, or podcast sessions.
The beauty of this tactic is that you only have to create the materials once, and you can sell them time and time again. Having options that are lower priced than your one-to-one consultancy services can also ensure that you have something available for those who are interested in what you offer, but don’t want to make a bigger commitment just yet. If you can create information products that are crammed full of value, your buyers will often go on to work with you in greater depth in the future.
Sell adverts to complimentary businesses in your email newsletter
If you don’t already have a database of email subscribers who receive your updates on a regular basis, you should start at the earliest possible opportunity. It’s one of the best and most valuable assets your business can ever have, and it gives you a pool of people who are interested in what you have to offer and have given you permission to market to them.
The benefits of this are crystal clear. Next time you create a new service or want to run a special offer, you have an engaged audience that already knows, likes, and trusts you, and wants to know more about how you can help them. It doesn’t end there though. Many businesses create a lucrative income stream by selling advertising space in their email newsletters. It’s essential that you always put the experience of your readers before anything else, and thoroughly vet any potential advertisers. Get it right though, and it’s a relatively hands-off revenue generation tactic for your business.
Earn a commission from promoting products and services that you already recommend for free
You’re probably already recommending products and services to your clients, just because you’re passionate about those particular solutions. Maybe there’s a people management software that you think no small business should be without, or perhaps there’s a book that you always shout about to clients.
Many businesses offer affiliate programmes for their products and services, so make sure that you find out whether it’s an option for your business. Amazon offers a scheme that you may be interested in if you’re a big book fan, and many software providers will reward you exceptionally well for sending business their way. Be sure to only consider promoting things that you’re confident of the value of, and always be upfront and tell your audience that you’ll earn a commission if they go ahead and make the purchase. Transparency and honesty are key here.
The bottom line is that you deserve to be rewarded for your skills, and the value that you can bring to the table for your clients. If you’re serious about business growth, you need the right tools in your kit, and you need to embrace the opportunity to step away from the traditional service provider business model. Advances in technology mean that there’s never been a better time to grow a savvy business that works for you, rather than drives you to the end of your tether.
How can you make changes going forward, to better leverage your time and reach your full potential?
About the author: Ruth Hinds is a leading expert in client attraction and business growth for HR consultants, and the founder and CEO of HR Consultants Marketing School. A former HR professional herself, she’s worked in senior HR management roles and has an MSc in HRM. She’s recently released her first Kindle book, ‘Skyrocket Your HR Consultancy: The HR Business Owners Guide To Creating Multiple Income Streams’.