3 changes that you should make to grow your business
As entrepreneurs, we all (have or will) reach milestones at different times of owning our businesses where we need to take a step back, get a clear mind, see what is working, what isn’t and what next steps we need to take in order to grow and scale, so that we can keep being successful and around for a long time.
You’ll often hear that what you did 3-5 years ago, or even a year ago, won’t always continue to work and that what got you here today won’t get you there tomorrow. This doesn’t mean that you should abandon tried and true practices and strategies that work for your biz, it just means that you need to keep an open mind and experiment with trial and error, in order to change (and therefore grow) in good ways. I’ve listed tips below that you might not need to implement in your business just yet, especially if you’ve only been officially flying solo for a year or two, but maybe another year from now, it will be time to consider trying them. If you’ve been at this game for anywhere from 3-5 years and you know that it’s time to spread your wings a little more, then try the ones that feel right to you and leave a comment at the end of this post to let me know your thoughts and results!
1. Increase your prices or change your offerings
As stated above, this isn’t something to necessarily do in the beginning stages of business. But, after you’ve been working for a while and you see what services or products that you like to sell or offer, that you sell a lot of and whom you like selling them to, you’ll see what you would like to continue doing in the future. And, don’t fear that the clients won’t come when it comes time to niche down on your specific offers and/or raise the prices a bit. The right clients will always pay and see (and get) the value that you offer. When you offer only a few select services with a more premium price tag attached, you can actually work less, work with only the right clients and obviously, make more money.
2. Build a team to help you
This is a tough one and a crossroad that I’ve actually come to in my business this summer. Growing your team is one of the biggest and most crucial ways that you grow your business. It has to be done eventually. For me, I like being a “one-woman shop” and my clients know that when they’re communicating and working with me, they’re 100% getting me. And, that’s great! I love the close relationship that I have with each client. However, I also know that you have to scale your business if you’re going to take on more clients, do more premium work and make more money. You literally can’t do everything and shouldn’t have to. This can even include just hiring a VA, bookkeeper, social media strategist, designer, or another assistant of some kind. It doesn’t matter if it’s one person or a few. Simply put, outsource the work that you don’t have time for or enjoy, so that you can focus your energy on what you do best, no matter what that is. I know that if I hire an assistant to handle my client onboarding process, social media and blog posting and to update my website, or if I hire a junior designer to help me with some client projects from time to time, I’ll be able to work directly with my clients even more and have more time to design, which is what I enjoy the most. At the end of the day, you’ll also be able to see more clearly, service your clients better and in turn, make more time for yourself to do the work that brings you more money. It’s really a smart investment to make in your biz. And, if you don’t want to be responsible for actual employees, just consider hiring contractors.
3. Niche down on a specific market/client base
Don’t be everything to everyone. Focus on servicing those who you most enjoy working with and who need it the most. The ones who will always pay your prices and get the most value from what you do — and never doubt or question it. In the beginning of your entrepreneurial journey, it’s easy to say “yes!” to everyone and take on any job or client that comes your way. With time, you’ll see that it’s much easier to focus on a specific group to work with — whether that’s a certain demographic, market or just someone who shares the same values as you. For me, I like to work with any small business owner who understands what this journey is like — but especially creative females, because I can relate the most to them. It’s up to you who you want to work with!