CA #8: Five Questions to Ask Yourself to Profitably Scale Your Service-Based Business (Agency, Consulting, Freelancing, etc.)
Read time: 2 minutes.
Answering these 5 questions will give you necessary information and insights into:
- how to simplify your operations
- how to run a business that's profitable
- how to work less on daily operations
Your goal is to run an efficient business that's easy to manage and scale. The simpler it is, the easier it becomes to hire employees to run it for you, allowing you to stop wearing all the hats sooner rather than later.
1) What are the most effective strategies for my clients?
It's common to offer a variety of solutions, but this can lead to overwhelm and delivery challenges. A simpler offering is more scalable. Identify the top strategies and frameworks that benefit your clients, and focus solely on them. Disregard the rest.
2) What is the bare minimum required to achieve results for your clients?
The aim is to improve on what your clients are currently doing. What does the basic structure or approach look like? Keep it simple and avoid overcomplicating. Complexity doesn't scale.
3) What is the average budget each niche can afford? What makes financial sense to them?
This is critical to calculate and project your profitability. Regardless of the results you can provide or how easy to work with your clients are, it won't matter if they can't afford your services.
4) Which niche is best to work with?
Identify the niches or sub-niches that:
- Are easiest to deliver results for
- Are easiest to sell to
- Are enjoyable and straightforward to work with
- Are the most profitable
Create a scorecard: Place the above factors in columns, and the niches or sub-categories in rows. Score each on a scale of 1-5, then add up the scores. The highest scorer is the winner.
5) What would need to happen for your team to take over delivery from you?
Once you've selected the winning niche, figure out how to transition from running the operations to simply overseeing them. It's time to reclaim some of your time and focus on expanding your business.
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