Reusing information, ideas and resources wherever possible can stretch your business further and increase profits.
One of the things we did was upcycle our knowledge in order to create a new product to sell to customers we otherwise would not have been able to cater for. Wedding planning is a lucrative and rewarding career but also takes a lot of time and resources. After all, it is a “once-in-a-lifetime” event for every wedding couple and you want to do your best and fulfill their wishes. But at the same time, you need to take care of your own marketing, business development, public relations, etc. So I thought: “What would my life look like if, instead of being paid for my time to plan and orchestrate an event, I were able to turn my knowledge and experience, my tips (and tricks), everything I already know, into an automatic revenue generator?” The result was to upcycle my expertise to fulfill the various needs of wedding couples. Some marketing experts call this “information products” and I love this term. Information products are a way for you to sell your knowledge for the benefit of others. This book is an information product that you have purchased with the intent of gaining the knowledge I have shared to improve your own understanding of starting and running a business. I only had to write this book once. After it is marketed, it can be sold many times and will continue to earn royalties for as long as it is being bought by readers such as yourself. That is what is called “residual income”, which is what one earns as a result of a product that is created once and can be sold many times over. The beauty of information products is that you can continue to earn royalties for a very long time without putting in too much extra effort. As time goes by, I may update this book and release new versions, but I will not have to rewrite it. The information serves as leverage so that I do not have to put in the same amount of time with every purchase. That is why I recommend information products. If you have helpful information you want to share, write it down. The quality of the information will help you gain a reputation as an expert and could be the starting point of a new business for you.
I feel honored that I was able to establish my status as an expert both as a wedding planner and a businesswoman by going into the industries and sharing relevant information. As a wedding planner, I was also able to increase understanding among clients and suppliers with the book. Clients are able to get an idea of what happens behind the scenes so that they know how much work and preparation goes into planning their big day. Suppliers are supported with the mentioning of their efforts and integrity of service, which creates incentive for them to continue to do business with us. I enjoy my existing lifestyle and on top of working one-on-one with my wedding clients, I am also contributing my expertise, which also gets get me paid. The extra source of income also frees up my time to do other things that matter like spending time with family.
Think about the different things that you can reuse or upcycle. Information is only one of them. Depending on your industry, there may be several ways in which you can upcycle resources. These resources could be tools that you can rent out when you are not using them or using your skills to consult for other companies when not working directly with your own clients.
So what are you waiting for? Upcycle now and get paid for your precious expertise and knowledge to generate a whole new income stream.
