I had an event a few weeks ago where I shared the secrets to making more money as a service based business owner.
This event was different than every event I'd hosted in my business to date but came from a realization I'd had about why business owners were struggling so much to grow their business.
My realization was simple – most business owners are doing activities based on thinking that they're in a more advanced stage of business than they're actually in.
Today I want to do you a favor and save you a lot of time, energy and money as you grow your business. I'm going to tell you exactly what you need to be doing based on your stage of business.
Ready? Here we go…
The start up stage of business is when you're just getting out of the gate with your business. You're finding your niche, choosing your ideal client, finding your voice and marketing message and creating a foundation for your business.
For business strategy in this stage you need to be thinking only about two things – how you're going to get known and how you're going to attract clients.
But most start up businesses are thinking they need to be doing activities that more established business owners are doing – creating more complicated online marketing funnels and all sorts of other things that may require some experience and a team.
If you're in Start Up – focus on getting clear about what you do, who you work with, create a highly desirable program you can offer and start focusing on getting sales conversations and 1:1 clients.
The Emerging business owner is no longer brand new in business, but may still not have enough clients and be no where near the amount of money they want to be making. This business owner type is likely working on dozens of marketing strategies at a time and maybe trying to add multiple income streams to their business.
The focus at this stage is gaining more 1:1 clients through one to many marketing – such as speaking, webinars and small events as well as optimizing one revenue stream until they're not able to take on more clients.
Business owners can move quickly out of this stage when they stop doing too much and focus on less activities and income streams.
The Advanced business is making money – often getting near or at $100k. Their desire is to multiply their income and start scaling. But what often happens at this stage is the business owner thinks they need complicated course launches, hiring a bigger team and spreading themselves thinly across all marketing platforms.
This business owner needs to focus on scaling the marketing platforms they're already using well and implementing systems in their business that they can have their team them with. Revenue generation will occur at a higher rate when this individual doesn't add more revenue streams, but expands the existing streams they have.
The key is this – it all comes down to knowing your stage of business and then making decisions about what you need and what you need to do based on your stage.
If you're in Startup – focus on getting clients as fast as possible. If you're Advanced – focus on growing what works by hiring the right team to help you grow what's already proven to sell.
And most of all – stop overcomplicating things by listening to too much advice. Hire a Business Strategist to help you focus on the right activities based on your stage.
And when you're ready to hire a Business Strategist who's focused on helping service based business owners make more money – you'll find me right here! (Just head over to this page to schedule a chat to learn more about how I may be able to support you).
That's it – tell me where you're getting tripped up in your business growth, what's coming up for you?
Photo Credit: Brittanny Taylor Photography