Independent Financial Advisors do it. Travel agents do it. Millions of websites do it. So who else could do it?
The ‘it’ in question is give their services (or information) away for free – and earn from referral commissions. The answer to the question is ‘more businesses than you might think’.
How to Give Your Services Away and Still Eat
The business model is pretty simple. You advise on a type of service or product – helping your client make the best possible decisions in a confusing marketplace. It’ll require more than just a website, the more personal you can make it the better – custom plans, one-on-one sessions, group workshops could all be used effectively.
Once you’ve decided what the client needs, you pass them on to the expert service provider in question and earn a referral fee for doing so.
The benefit to the client is that they don’t have to pay you for your services. The benefit for the businesses you refer to is that they get new business at a fixed cost (your percentage). The benefit for you is that you get to attract a larger client base because you are, in essence, free.
So what kinds of businesses could apply this model?
- Marketing service providers: You develop the plan and then introduce your clients to the graphic designers, ad agencies, PR firms and media outlets they’ll need to know to implement the plan.
- Interior designers: Design is free and you earn commissions from the painters, decorators and furniture stores.
- Green Concierge Service: Provide free eco-audits and forward your clients on to the relevant suppliers.
- A Wedding Planner or Party Planner: With referral arrangements with venues, florists, dress makers …
- A Property Finder Service: Earning finders fee commissions from estate agents, developers and a raft of home service providers.
Of course, there are a few cons – not least of all that there is no guarantee that your clients will always follow your advice and that you would need to be at pains to remain independent.
But, in a crowded marketplace, offering your services for free might just be the one big idea that really sets you apart.
What other services could be offered in this way? Are you already doing this in an industry that normally charges a fee? Post your comments below or email us and let us know.
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