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HOW TO BUILD A BUSINESS THAT PAYS YOU MORE WITHOUT YOU WORKING MORE HOURS
Analyse Your Current Offer Suite
Your offer suite is the backbone of the business. What you sell has a direct impact on the amount of hours you have to work and the money you can make. Therefore, the first thing you should do is analyse your current offer suite. For each offer you’ll want to consider a number of different things including:
- How much time it takes for you to deliver the offer
- What other resources are involved
- The profit margin
- The scalability of the offer
- Who the ideal client is
- How much you enjoy delivering this offer
After you’ve looked at every offer separately you’ll also want to analyse all of the offers across your whole offer suite. Is there a natural progression between offers so you are able to maximise lifetime value? Do you have offers that are complimentary or competing?
Short-term Option: Increase Your Prices
As a short-term option, one way to be paid more without working more hours is to increase your prices. By increasing your prices on services you’ll usually be paid more for working the same amount of hours. However, this is a short-term option because you there will always be a limit to how much you can increase your prices and continue to get clients or customers. What is possible will depending on your positioning, branding and marketing, but if you are serioud about building a business that pays you more without working more you’ll need to think further than increasing your prices.
| WANT A BUSINESS THAT PAYS YOU MORE WITHOUT YOU WORKING MORE HOURS?
A Strategy Day will help you to do just that! I have a tried-and-tested planning process that I’ve used for years that ensures that in just one day I can help business owners to create a plan to achieve any business growth goal over the 12 months ahead. All you have to do is fill in a questionnaire beforehand and then turn up on the day. I’ll then lead you through the whole process and write everything down – making it super easy for you! |
Step 1: Streamline or Remove Low-Profit Offers
At this point you should have analysed your current offer suite. One of the reasons you need to do this is because the first thing you should be doing is working out from your current offers whether you need to streamline or remove any offers.
A bigger offer suite isn’t always better. In fact, an offer suite can easily be too big. More offers means more complication. You have more things to focus on marketing and delivering.
So go back through your offer suite analysis and identiy which offer has the highest profit margin, which take the least time to deliver and which has the most scalability opportunity. These are the offers you should be keeping.
Then look for the opposite. Which offers have a low profit margin? Which offers take the longest time to offer? Which have the least scalability? These are offers which should you should seriously consider removing.
Step 2: Create, or Scale Further, Scalable Offers
As mentioned earlier one of the reasons why service-based business owners can have their earning capped, unless they work more, is because there is a direct tie between hours they work and the money they can make. In order to break this tie you’ll need to look at scalable offers. There are two main types of scalable offers: capped scalable offers and uncapped scalable offers.
Capped Scalable Offers
Capped scalable offers are where you sell something that can be bought by a number of people, but there is still a limit. For example, I have a mastermind, LUMINARY, where I have purposefully set a cap so that I can ensure the group isn’t too big that I don’t know every business owner inside. Events are another example of capped scalable offers as you’ll be limited by the number of seats in a venue or maximum people allowed in a space due to health and saftery.
Uncapped Scalable Offers
Uncapped scalable offers are where you can sell something and there is no upper limit. A great example of an uncapped scalable offer is a digital course product. If you have an online course as long as your software doesn’t have any limitations you can sell to as many people who want to buy.
When looking at the two options many business owners will automatically assumed that uncapped scalable offers are the way to go as that means unlimited potential income. However, don’t dismiss capped scalable offers straight away. Choosing the right scalable offer will depending on the other offers in your offer suite, your ideal client and your ultimate goals for the business.
You can find out more about how to choose the right scalable offer for your business here.
| WHEN YOU BOOK A STRATEGY DAY YOU’LL HAVE COMPLETE CONFIDENCE IN YOUR OFFER SUITE, PRICING AND MARKETING STRATEGY TO ENSURE YOU HIT YOUR FINANCIAL GOALS WITHOUT WORKING MORE.
Refining your offer suite and setting your prices so you can achieve your lifestyle and financial goals is all part of the Strategy Day planning process. But on top of that you’ll then have the marketing and sales strategy so you can sell everything in your revised offer suite so those profit goals become a reality. |
Step 3: Reduce Time Committed to Sales and Marketing
It’s easy when thinking about not wanting to work more to focus on the hours dedicated to delivering your offers, but in my experience of working with micro business owners there working hours aren’t limited to delivery. In fact, for most micro business owners a significant amount of time will be spent on marketing and sales.
For your marketing and sales there are a number of things you can do so that you spend less time but still get great results. Firstly, you can focus on optimising your marketing. Optimising will mean you get better results from the same amount of marketing. Secondly, you can focus on creating sales-generating rather than lead-generating content. This will mean you save time as not having to do sales via DM conversations or sales calls. Thirdly, you can look into using more automation where you create something once but then it will continue to run for months or even years.
Also this is where having a streamlined offer suite is powerful. It will help both with delivery and marketing. A streamlined offer suite means less different offers to market, which will make optimising your marketing for each offer easier.
That’s it. You now know how to build a business that pays you more without your working more hours.
There is no need in today’s world to be stuck directly trading time for money in one-to-one services forever. Your skille and expertise can be repackaged and delivered so you can still provide great value, but in a way that means you can be paid more without working more.
Hopefully by reading this blog post you’ve got some ideas about tha changes you can make in your business so that it pays your more without you working more hours.
Let me know in the comments what your biggest takeaway has been.
If you are serious about being paid more without working more hours then I’ll love to help you.
Strategy Day is perfect if you are looking for a fast-track review of your business and new strategy.
Or if you’d prefer the strategy and then ongoing support check out my 1:1 Business and Marketing Mentoring.
