You may be in a stage of your business where you’re looking to scale up and grow, but don’t know where to begin when your services are your time and money in turn.
Generating a revenue stream for your business is possible without directly trading your time. If you’ve previously spent most of your days on client work, you’ll be able to scale that down and replace those hours with other tasks you’d like to complete. If you’re ready to grow your business, start with some of the tips below.
When you’re looking to scale up, determine whether you’d like to do so by acquiring more clients or increasing your rates. If you opt for the latter option, you will lose a significant pool of clients that aren’t willing to pay a higher premium. However, the flip-side is that you will only be working with clients that are driving your goals forward.
2. Hire up
Advertising legend David Oglivy was once famously quoted saying: “if you ever find a man who is better than you are — hire him. If necessary, pay him more than you pay yourself.” This will ensure that the best quality work is being completed on account of hiring someone with specialized skills.
3. Cut costs
Although you’re looking to scale up, you do not need to invest extra funds to accomplish your goals. Look into various areas of your business to determine where you stand to save extra money. Two questions to ask yourself include:
- Can my business do without this and still function?
- Can I spend less on this and get the same end result?