Oct 16, 2019
What do you think it means to scale your business? In today’s episode, we’re going to talk about the most important elements in your business to determine whether you’re ready or not, and break down what it actually means to scale your business.
In order to scale, you have to have three core areas in place:
- You need to be able to attract qualified leads to your business. This doesn’t just mean marketing your services to the general public, but communicating the problem you solve to qualified leads who would benefit from what you’re offering.
- You need to be able to convert your qualified leads into clients. You have to close the sale. I’ve found the best way to do this, by far, is through sales calls. It’s a tried and tested method that’s been proven time and time again.
- You need to be able to deliver your service consistently, utilizing a proven and documented methodology. Because customizing and having to change the way you do things with each client isn’t efficient.
In my signature program, Services That Sell, I help my clients to get these three areas mastered. Without having these foundations in place, there’s no point in trying to scale.
Key Highlights of the Episode
This episode was extremely actionable and insightful. Here are a few key highlights:
- Making more money vs scaling - A lot of people mistake scaling with making more money. They’re not the same thing. Most of us are at a point where we’re ready to make more money, but not where we’re ready to scale. In fact, making more money is a by-product of successful scaling.
- Start with 1 on 1 - In the early days, working with clients in a 1 on 1 format is the best way forward. It allows you to charge a premium price while you’re developing your process and refining your methodology. Going through this process will eventually put you in an excellent place to scale your business.
- Always focus on the next step - If you don’t have a documented methodology, then focus on getting one. If you have plenty of qualified leads but no sales, then you need to learn how to close the sale. Always ask yourself: what’s the most important “next step” to move forward in my business? Don’t waste time on things like PR if you’re not yet achieving the results that warrant getting this kind of exposure.
- How much capital? - You shouldn’t need to raise any capital if you’re selling a service. If you were to develop a physical product then that’s another story. If you’re selling a service you should be able to fund your business yourself. Profit margins are usually ridiculously high in service businesses. This means that scaling can be achieved by reinvesting your profits and avoiding external financing.
- And lots more! Tune in now.
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