Service based businesses are easiest to start and can be lucrative if you do it right.
Here is how you can win at service based business.
- Get your first client as soon as you can. Better if you get the client even before you start the business.
- Be good at what you do. This also leads to people reaching out to you to work with you. You can be in a job, show up as someone who knows what they are doing and get the attention of your future clients.
- Don’t be the hero. Get help and train people to do what you do. Eventually if you do it all right there will be too much and then you’ll want these people.
- Communication is as important as good service. Don’t ignore talking with clients. Err on the side of over communication. A good model is a monthly planning call. Weekly updates. Daily pings inside slack or your chosen software.
- You’ll retain more retainer clients by offering a strategy and execution combo. Only strategy, and clients won’t see ongoing value to pay you every month. Only execution and you won’t be able to command a premium rate and respect.
- You’ll usually start with offering one service and then sell another service. This is okay when you are beginning but once you have got some stability, specialize – sell only one service and be among the best.
- Always price high. Of course give equivalent value but don’t price low because low-paying clients are a pain in the ass. For those who can’t afford your services yet – offer a DIY option – templates, framework, a video course – whatever works based on the service you offer. When they are ready they can hire you. For justifying premium price, see what you can offer in return. Monetary value works great, but premium white-glove service and speed of execution can also justify premium price.
- Do not ignore visibility. Always be out there with what you do. Keep sharing what you are making. Show your work. Always. If you are between projects and not making something for clients, make something for yourself and show something that aligns with what you sell.
What else will you add to this list?