Do You Want to Grow Your Service-Based Business? Do These 5 Things First
There’s a reason why service-based businesses are expanding at such a rapid pace in today’s world. Modern technology has made it easier than ever to create a website or app and connect with people who need your service, whether it’s writing, marketing, web design, accounting, or even house painting. Service businesses also tend to have lower overhead costs, making it easier
You may believe that once you’ve mastered your local market, it’s time to scale up and broaden your target customer base. This is a fantastic goal, but you’ll need the right strategy to achieve it. If you’re looking to expand your service-based business, consider the advice of 12 Young Entrepreneur Council members.
1 Learn about the local laws in your target market.
This is a critical step in any service-based business that has sadly gone unnoticed for far too long. Although services such as Uber and Airbnb have seen exponential business growth due to their disruptive natures, they have faced significant legal opposition when attempting to scale up their services beyond the local level. This phenomenon is now being observed with service apps such as Lime and Bird. The best way to avoid costly legal battles is to ensure that your company operates within established legal parameters from the start. If you reach the level of Uber, you might be able to shake things up and bend the law to your liking. However, this is an extremely long
2 Create a strategy for content marketing.
It’s critical to have a content marketing strategy that consistently drives traffic to your site if you want to keep your user acquisition costs low. When looking for blog topic ideas, check out Quora and Answer The Public to see what your target market is asking. Then, create content that addresses their concerns. Once your target market arrives at your website, you’ll need a strategy to convert them into customers. You can accomplish this by first obtaining their email address and then developing an email strategy to convert them into paying customers.
3 Develop a comprehensive scale-up
Expand every aspect of your company’s success right now. Your operations team, quality assurance team, legal team, management, and so on must all expand to meet the increased demands that come with expansion. Don’t let even one department stagnate. Your new customers will expect the same level of service that you provide to your existing customers. A team that falls short of your expectations due to increased workload may turn off your clients, affecting your brand and, thus, your profit. Whether you’re specializing, adding a new line of business, or entering a new market, the rest of your company needs to support your new direction.
All other things being equal, you will succeed when you have sufficiently positioned your business for a larger scale operation.
4 As your company grows, prioritize hiring the right people to represent your brand.
It’s critical to remember that your “product” is the people who provide the service. Individuals who represent your company and, by extension, you should be given special consideration. For example, when people take an Uber or Lyft, they aren’t necessarily concerned with the company’s philosophy at the time. They are concerned with that particular driver’s performance and the way that person represents themselves. A service-based business is truly a people-based business, and better people lead to better results and growth.
5 Examine the numbers to determine market
Scaling your business should begin when it is the natural next step. Many businesses are so eager to expand that they overextend or spread themselves too thin. You’ll know when it’s time to scale if you recognize the signs. Focusing on your data is an important aspect of this. Examine your own sales, the competition, the entire industry, and the overall economy. You want to make sure there is enough demand to support another branch,
Consider what the numbers are telling you, rather than what you want them to reveal. Before you start expanding, it’s sometimes better to focus on making improvements, such as increasing efficiency or fine-tuning your marketing.