“Most people are too focused on money, while the real commodity is time.”
You have worked hard and grown your small service based business, but now you are finding that you’re burnt out on client work and trying to manage everything yourself.
You feel overwhelmed most of the time and your days end with you not feeling like you have done any real work!
You’re working in your business instead of on your business.
There is a limit to the amount of clients you can work with 1:1 and you realize that if you want your business to grow you need to look at ways to scale without taking more of your time.
Scaling your business can take different forms, but in essence it means that you need to increase your revenue without increasing cost (and by cost I mean your time) while still delivering value to your clients.
Here are our top scaling strategies that save you time
Increase your prices
If you are looking to increase your revenue without increasing your time input, the easiest way to do this would be to increase your prices. But I hear you say….”if I increase my prices I will lose customers”! While this may be true, the loss of customers does not necessarily equate with a loss in revenue. Say you have 10 clients paying you $500 a month and you then increase your prices to $1000 but lose 3 customers in the process.
In the first scenario: 10x$500=$5000
In the second scenario: 7X1000=$7000
You see how increasing your prices could bring in more revenue while doing less work?
The other strategy we are going to be discussing today is one-to-many. The success of this strategy is based on delivering consistent results. Do not be fooled by jumping onto the passive income bandwagon! Passive income is a myth! What you put in is what you will get out. If you can continuously deliver on your promise you will ultimately get more sales, BUT continuously delivering on your promise WILL take work.
It all starts with an online course! If time freedom is an important goal, then scaling your business with a course deserves consideration. Course creation is not without time commitment, but once you have created your course, you have an asset that can be sold over and over again in different ways.
If you have a proven process that you use with your clients, consider how you can turn this into a course that you can sell or if you have a specific skill set like graphic design, consider how you can teach others to do the same.
Delivery methods of your course
Once you have your online course in place, you can decide on the delivery methods.
Let’s have a look at some of these, each one with varying degrees of time and money commitment.
- Evergreen course
This type of sales funnel allows people to join at any time as opposed to fixed cart open and closed times. There is a certain degree of automation involved in this type of course delivery. With automation comes tech, so be prepared to outsource your tech if you are tech phobic.
You will also need to think about creating some kind of central place (like a Facebook group) where people can meet and ask questions, otherwise you may find your email inbox overflowing!
2. Create a membership
Creating a membership program provides flexibility in delivery, charge and how long you work with people.
Within a membership, you can educate, coach and have a community. Make sure that you are overdelivering on one of these!
Having an easy to navigate content system is critical and that’s why we LOVE MemberVault for online content delivery.
If a membership is on your horizon, then you need to consider the following key outcomes your members must receive to make the membership valuable:
They must feel that the value exceeds the monthly investment
3. Create a high ticket group coaching program
Think of a group coaching program in terms of an online course with the added focus on coaching and peer-to-peer support. The idea is to have multiple clients enroll in the program to be guided by you through the same experience together.
Scaling with group coaching is a great option if you already have a successful course and want to offer more value and go deeper into concepts covered in your course OR if you want to start your online course journey by creating content as you go based on feedback from the group. You will need to be one week ahead so that you can deliver new content each week, but you can gauge how well the group is digesting & implementing your content and make adjustments accordingly.
This method is likely to get you amazing testimonials.
These are just a few of the many scaling methods out there.
We would love to help you decide which strategy is right for your business book a Scale Your Biz Blueprint right here