Does scaling mean you have to create online courses? Not necessarily.
In today’s episode, I share how you can scale your business in a way that feels in alignment for you, because I don’t believe in growing for the sake of growing, it needs to be done in a way that makes you feel happy along the way.
In this Episode:
01.20: What is scaling and how can it help your business
02.16: Increasing your prices
05.32: Creating a digital or scalable offering
06.50: Hiring others to do your service for you
I have become an expert at helping service-based businesses to scale towards seven figures. But often when I use that term scale, I can see people almost recoil and think, what exactly does that mean? What do I have to do? Does this mean I have to create online courses? Not necessarily. Today, I want to chat to you about how you can scale your business in a way that feels in alignment for you. Because I don’t believe in growing for the sake of growing, we need to do it in a way that makes you feel happy along the way.
Hello and welcome to the Clare Wood Podcast, where myself and incredible guests share about money mindset, financial successes, and how to manage your money in a fun and practical way to create wealth and abundance in both your business and your life. I’m your host, Clare Wood. I’m a business coach and a money mentor. I strongly believe that money has the power to positively change the world. I can’t wait to help you transform your mindset around money, create a love of numbers and build the business of your dreams so you can live a life of financial freedom, giving and global impact.
What is scaling and how can it help your business
So, I think it’s really important before we get started on today’s episode to really think about what that term scale means and why it’s important. Scaling means that your business can continue to grow without any further input from you. And yet, often when people think about scaling, the first thing they think is that when my business makes more money, I’m going to have to work harder. And today I want to bust that myth straight away. In fact, from my experience and what I’ve seen with clients of mine, actually, the more money you make, the less you should have to work. So I would like to share some of these strategies with you today, and you can explore which strategy for growing your business feels good for you.
Increasing your prices
The first way that you can scale your business without doing any more work is to charge a higher price for your services.
And straight away, when I say that, some things might come up for you. Perhaps you think, I can’t charge any more in my particular industry. Or perhaps you think, I don’t want to rip people off. Or maybe you think, no one will pay me more than I am currently charging. That’s okay. And maybe, just maybe, what comes up for you is a money story rather than a truth around what people will pay. A lot of the time when I dive into pricing with clients of mine, we find out that actually they’re not priced at the top of their industry, or maybe they are, but that doesn’t mean that there’s not any room for further growth. I spoke about it in an early episode around pricing, which I’ll link in the show notes for today’s episode. But all that price is, is a price that you’re willing to sell something at and someone else is willing to pay for that service offering.
That’s all it is, an energetic exchange. And if you would like to increase the prices that you’re charging, you need to be able to demonstrate the increased value that you can offer to your audience. And a great way that you can do that is showing them the transformation that is possible through working with you and showing people that the way that you deliver your service is really different to how other people in the market offer it. This is why positioning yourself in a unique way through your marketing is so imperative, particularly if you do want to be increasing your prices. I know I talk a lot about increasing prices on the podcast, and I would just like to make a little disclaimer here. I do not think that everyone has to increase their prices to scale, it is just one strategy that I encourage people to explore.
If it doesn’t feel in alignment for you or if you’re concerned that at a higher price point you will no longer be able to serve the clients that you love to serve, then you don’t have to do it. It’s just one of many ways that you can scale your service offering and that’s why I’m sharing it. I am a huge believer that you need to scale or grow your business in a way that works for you. Life is too short not to love what you do. So yes, while I do encourage people to get a little bit uncomfortable through their growth, I also don’t want people to be creating a business that doesn’t light them up. I know that you can make good money in your business in a way that feels good for you.
Creating a digital or scalable offering
The next way you can scale your business in a way that feels in alignment for you is to create a digital or scalable product offering.
This might look like a course, an ebook, a group coaching program. There are so many different ways that you can create something where no more of your time is required, but you can continue to make more revenue for the same amount of work. What this looks like will be different for every business. And again, in the vein of finding a way that works in alignment for your business, it really is about that sweet spot of what you enjoy doing and creating and what your clients are willing to pay you for. And once you’ve created the said digital product or offering, it’s about working out a way that you can launch and re-launch this product in a way that feels good for you. A lot of time, this is just trial and error, but there are ways that you can fast-track your digital marketing success. And usually, it’s through working with an expert who’s been there and done that.
Hiring others to do your service for you
If neither of these scaling strategies so far feels good to you, don’t stress, I’ve got another one. Another great way that you can scale your business is to hire people to offer your service for you. Perhaps straight away you think, there’s no one else who can do what I do as well as I do. And straight away I would say, I think that is a big block. That is definitely a story that you have created. It might’ve been created through an experience or a bunch of experiences throughout the time that you’ve been in business. Maybe you’ve unsuccessfully hired people in the past, but that doesn’t mean it’s not possible to find amazing employees who can do what you do as well as you do or, dare I say it, even better. Building a team is a fantastic way for you to make money without putting any of your time into your business.
You can outsource many, many roles in your business, including setting up someone to lead the team, if that’s not something that you enjoy. When you’re making money off the back of people who are working for you for a lower hourly rate, you are making money from contributing no additional time of your own. This can be another really great way to scale your business. Today, I’ve shared just a few of the ways that you can grow your business towards the million dollar mark. There are of course other ways and there are of course other tools that I use with my clients along their journey of scaling. But I did want to give you some examples of how you can build a business that you love while making more money along the way. Like I shared earlier, I’m a huge believer that you can create the business and life of your dreams. And even better, that you can do it in a way that feels really good for you. You just need to know how.
If you want the support of me and a community to help you scale your business to the next level, doors to the Mind to Money Mastermind are opening very soon. So make sure you keep an eye on my social media and on your inbox so that you don’t miss out when the mastermind doors open again. I would love to support you to scale your business and to do it in a way that feels in alignment for you. My mastermind community is a minimum six-figure turnover. But if you aren’t quite there yet, don’t stress, I do offer other product offerings to help you scale towards your first $100,000 in your business. So feel free to reach out to me if you would like to learn more about what those other product offerings I have look like. To sum up today, there are many strategies that you can use to scale your business towards the seven-figure mark.
A few of these strategies are, one, continue to offer your service offering, but at a higher price point. I.e, making more money for no additional time that you’re contributing. Number two, create a scalable or digital product offering. Again, this is meaning that you can be making money potentially without contributing any time. Again, this is another great way that you can make more money without having to work harder in your business. And strategy three that I shared today is that you can scale your business by hiring a team to sit underneath you and to earn money without any additional time from yourself. The first step in believing that you can build a million dollar business is believing that it’s possible. And I’m here to tell you that I know you can do it if you can dream it. Thank you for tuning in and look forward to chatting to you next week.
Thanks so much for listening. If you loved this episode, please share it with your audience. And don’t forget to tag me on Instagram @clare_wood_coach, and also make sure you hit subscribe so you never miss an episode. Have an abundant week, and I look forward to talking to you again next week.