Today we’re going to answer one of the BIGGEST questions we get asked: “How do I scale my services and make more money?”
Most people think there’s a cap to how much they can earn by selling services, and that to make more money they’re going to have to create a course or group program.
This isn’t true. Not at all.
As a service business owner, there are many, many ways to scale that can help you make more money without a course.
Here are three of our favorite ways to scale your services:
#1. Increase Your Rates
When it comes to services, it’s easy to think you can’t charge any more….but there’s SO much you can do with pricing to help you scale your services.
The first thing you can do is to charge more for your services. Initially, this might sound a little scary, but increasing your rates really is the fastest way to make more money.
Now before you start coming up with twenty different reasons why you can’t raise your rates, know this: this is something I’ve done. I’ve also helped other service business owners do it, and it’s a lot easier than most people realize.
If you’re good at what you do, raising your prices over time should be a fairly easy thing to do. When contracts are up for renewal or you are launching a new service, it’s the perfect time to look at your rates and see where adjustments can be made.
The biggest hurdle to raising your prices is for you to get over all your mental junk that tells you that you “can’t” do it. You need to commit to actually making it happen.
#2. Grow Your Team
Now before you start shaking your head and wondering how having to pay more people will leave you with more money, hear me out on this one.
Growing your team means you have the bandwidth to grow your revenue and add to your bottom line. So adding a member to your team can be a huge revenue booster, as long as that person is billable.
This is the tactic I personally took to exponentially grow my business. It was scary and it went against what most of my colleagues were doing at the time.
The reason this works so well is that at the core, you only have so many hours you can actually do work on any given day or week. And in order to do and bill MORE in the same amount of time, you’ve got to have more time. And the way to do that is to use someone else’s time to help you grow.
At the outset, finding the money is usually the biggest hurdle when it comes to hiring. But what if your hire would always be covered by your work, 100%??
The trick here is to hire out billable work first. Most people tend to hire an internal resource such as a VA to start because they think it will take things off their plate. The problem here is that often times we end up giving a VA work that we wouldn’t have been doing in the first place and work that isn’t directly tied to any revenue.
Hiring can help you scale your business in a big way – but make sure you stick to hiring for billable roles to see the fastest growth.
#3. Create Packages
Packages can make a huge difference when trying to scale your business.
Why? A package – especially a premium signature service – lets you command more money and has people coming to you because you’re the go-to expert for that offering.
If you don’t have a signature service, you need to start thinking about one. It’s a great way to package up what you do best, create a systematized process around it and charge in a way that’s extremely profitable.
When I added a signature service to my business three years ago, my revenue quickly grew. That year my revenue actually grew by 2.5 times and a lot of that was thanks to having a signature service.
Get Into Action
Now, if your head is maybe spinning a bit, that’s actually a good thing! That means you can see the the possibilities of how you can scale your services business.
Now it’s time to put what you’ve learned into action.
Pick one of these three tactics to execute in the next two weeks in your business. If you’re stuck, start with raising your prices as that takes the least amount of time for you see some real lift and scale in your business.