ICB Consults has been established for a little over two years, but in a short amount of time I have learned a tremendous amount about running a service business. In my humble opinion, launching, maintaining, and scaling a service based company is harder than a product based business. Let me share how you can scale your service business towards success.
Establish Passive Income
This is something I knew I wanted to do from the start. To be honest, I didn’t know it was called passive income. I wanted a product for my company, so that I could reach more customers. It’s all about getting eyes on your products and services. You can’t help a million people in a short period of time if you’re only offering consulting one on one to them. You need a product. I established passive income by creating ebooks, step by step guides, digital launch kits, & business essential kits. Having customers in the United States, plus all over the world in places such as; New Zealand, Paris, and Lagos, to name a few.
These customers are buying my product at any given time. This is why this year, I launched Passive Income: Make Money In Your Sleep ebook + workbook to show others how to do the same thing.
When I first launched there was three different packages I offered clients. This was great in my mind, because it gave them options to choose from. However, several months in I had several indecisive future client emails that needed help with understanding which package was best for them. When you create packages make sure your audience can tell the different between them. They should solve specific problems not the same problem for a higher amount because you’re working more. Solving problems will keep you employed regardless. Showcase the benefits not features.
Flat Rate vs Hourly
No matter what my clients were paying for the different service packages, I was putting in the same amount of hours for their projects. They would be getting hours of research and development in the package they received. Which, is a win for them but a lost for my company’s bottom line. Going to a flat rate retainer was a great thing for my business. This brought in serious clientele and weeded out the clients who were not truly invested in my company but only in helping scale their businesses.
Upsell Your Products
Creating tiered pricing is the best way to establish upsells in your business. Users can receive free content on this site and on social media. Next, they have an option of reading and purchasing the digital products I create. Finally, after being hooked by the amazing and valuable information they can then lastly purchase one on one consultations. There are levels to running a business. You want to reach all of your audience members.
Increase Your Pricing
What are you charging right now for your services? Is it the same as you were charging a year ago or when you started? In that time, I am assuming you have increased your skill level, insight, and gathered a plethora of knowledge in your industry. Your clients need to pay for that. People who have MBA’s, Doctorate’s, and specialities get paid higher than others. Since, you work for yourself your clients are kinda like employers. They need to pay for all the goodies you possess. I tell people to increase pricing by 15%-25%.
How to Increase Pricing
- Don’t do it overnight
- Notify current clients that you will be increasing pricing by “x amount”.
- Give clients 30 days notice
- Use email marketing to notify future clients
- Share on social media
- Be transparent
These are the steps I have taken when increasing prices. My consulting rooster has been completed since then. Keeping the right people, on a consistent basis, working with me.
Most people don’t think you can truly scale your service business without licensing your name, but these ways have proven to scale my business and increase my company’s bottom line.