To scale a fast-growth service-based business is one of the most challenging things in business, in fact, it can be a sticking point when starting a business or moving from sole trader to a full-fledged business.
Timing is also a big factor, as you want to make sure you have enough consistent income and you are scaling at the right time – but timing isn’t always going to be right and often the leap just needs to be done.
If your goal and desire are to save time, make more money and scale – here are several organic ways you can help support your ability to do just that.
As a precursor to “Raise Your Prices”, bundle up your services into packages and apply pricing that will align with the outcome of the service.
For instance, if you’re a graphic designer and a client wants a logo and they want business cards – instead of saying it takes, say 2 hours for the logo and 1 hour for the business card (I may be undervaluing time but go with me here) at $75 hour – that is only $225.
But, if you bundle it into a “service” – because it is a valuable and in-demand service, then you could say – “well my expertise and service requires me to not only design it but understand my customer and be a real asset to their business in the process”.
This means you could most probably easily charge $1,200 for the logo and business cards.
See where I’m going here?
Raise Your Prices
I’m not necessarily talking about hourly rates, but also your package rates – your package prices.
If your business model is to charge by the hour, then you are not going to have the ability to scale.
In fact, you will be limiting your ability as you’re trading time for money. Ideally, you’ll need to package your services and promote them as such, as others pay for expertise and solutions!
Does your business model have the ability to service one-to-many, not just 1-1?
You know that just like charging an hourly rate, servicing 1-1 clients also has its limitations and may not be the most effective when it comes to the ability to scale.
Consider if there are ways that you can provide a 1-Many service, allowing you to reach more people and increase sales. Think about: masterminds, workshops, VIP days etc.
Hire Contractors > Build a Team
Scaling doesn’t happen if you don’t hire a team, be it purely contractors or a mix of employees and contractors.
Either way, for the effective ability to save time, make more money and scale – then the ability to delegate and/or outsource to others to help you meet your business goals are essential.
Here are some ways you can contract work: Bookkeeper, Graphic Designer, Editor, Virtual Assistant, Virtual Receptionist, Consultant, HR Management, Social Media Marketing etc.
You may not need all the above and may be able to have several aspects taken up by the one person but at the end of the day – as a fast-growth service-based small business owner who is trying to save time, you cannot do it all!
These 4 organic solutions are what you can implement in your business today.
To effectively eliminate inefficiencies, save time, make more money and scale – it takes more than just the above – it’s a complete audit of your business, a process that involves strategies, systems and automation.
If you’re really serious about change and going out and getting your lion’s share of the service-based business spend each year, then you need to take action.
To discover my Systems To Scale: A 7-Step Approach to Eliminate Efficiencies, Save You Time, Make You More Money + Help You Work Less program – contact me to discuss.
I help fast-growth service-based small business owners save time and scale fast by designing, creating and implementing efficient systems and automation solutions.
If you have any tips on ways to organically scale service-based businesses, comment below – I’d love to read them and so would my readers.