I've spent 100's of hours on coaching calls and talking to people in my group about their biggest struggles with running their service businesses
Here are the top 5 lessons I've found and how you can avoid making the same mistakes
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[THREAD]
Here are the top 5 lessons I've found and how you can avoid making the same mistakes
👇
[THREAD]
1. You need to have a specific ICP
This is probably the most important thing to succeed with your service business
I can't stretch this enough...
You need to target a specific segment of the market
"Marketing agencies" won't cut it
Neither will "e-commerce businesses"
This is probably the most important thing to succeed with your service business
I can't stretch this enough...
You need to target a specific segment of the market
"Marketing agencies" won't cut it
Neither will "e-commerce businesses"
You need to sit down and think:
"What do I have experience in?"
- I have experience in fitness.
Okay, great
So you want to target clients who work in the fitness market
Why?
"What do I have experience in?"
- I have experience in fitness.
Okay, great
So you want to target clients who work in the fitness market
Why?
Because you know the way they speak
You know their pains and struggles
You know what they respond well to
And you can easily get them on the phone and get your clients results
There's one more crucial thing about an ICP...
You know their pains and struggles
You know what they respond well to
And you can easily get them on the phone and get your clients results
There's one more crucial thing about an ICP...
That thing is having clearly defined BOUNDARIES
Example: I work with e-commerce businesses that make $70K+/month
That means that you won't work with anyone who makes
$65K/month
Or $40K/month
Example: I work with e-commerce businesses that make $70K+/month
That means that you won't work with anyone who makes
$65K/month
Or $40K/month
And you need to be absolutely firm on this
On the call, you'd just point blank refuse to work with someone like that
That's it
Stick to your ICP
On the call, you'd just point blank refuse to work with someone like that
That's it
Stick to your ICP
2. You need to think your offer through
Now this sounds obvious but I noticed people forget about it
Let me explain
You need to think about your offer not only in terms of
>> Making it a "no-brainer"
But also
Now this sounds obvious but I noticed people forget about it
Let me explain
You need to think about your offer not only in terms of
>> Making it a "no-brainer"
But also
You need to imagine all the possible scenarios you'll be in on the call
Here's an example:
Your main offer is a $2500/month retainer
But on the call, it turns out the prospect isn't ready for a monthly commitment...
So what do you do?
Do you refuse them?
Here's an example:
Your main offer is a $2500/month retainer
But on the call, it turns out the prospect isn't ready for a monthly commitment...
So what do you do?
Do you refuse them?
Of course not
You present them with an alternative, one-off offer
Why would you waste that opportunity if you had an interested prospect who fits your ICP?
When you can still make money in that situation
See?
You need to make your offer flexible
You present them with an alternative, one-off offer
Why would you waste that opportunity if you had an interested prospect who fits your ICP?
When you can still make money in that situation
See?
You need to make your offer flexible
3. You MUST have systems
They're going to take you from
$5K/month
to $10K/month
and $50K/month
They're going to take you from
$5K/month
to $10K/month
and $50K/month
Systems let you spend less thinking-power on repetitive tasks
So you don't clutter your mind with things that don't make you money directly
So you don't clutter your mind with things that don't make you money directly
Listen
Even if you have all of those processes in your mind
That's not enough
You need to TRANSCRIBE them
Put them on paper
Turn them into actionable tasks
So you can give it to anyone and they can follow it
Why is that important?
Even if you have all of those processes in your mind
That's not enough
You need to TRANSCRIBE them
Put them on paper
Turn them into actionable tasks
So you can give it to anyone and they can follow it
Why is that important?
There are 2 reasons
1. Hire more team members and scale
2. Review your process and automate everything
Example:
You have a VA manually scrape Apollo(dot)io
It takes them hours and costs you money
Then you see I publish scrapeapollo.com
Now...
1. Hire more team members and scale
2. Review your process and automate everything
Example:
You have a VA manually scrape Apollo(dot)io
It takes them hours and costs you money
Then you see I publish scrapeapollo.com
Now...
You can make better use of the VAs time
But you wouldn't know that if you didn't have your process written down
But you wouldn't know that if you didn't have your process written down
4. You can't be doing everything yourself
This comes down to greed
And...
A freelancer mindset
Let me explain
Once you have some money...
Scraping the leads, formatting the lead sheets, setting up the campaigns...
Are not worth your time
This comes down to greed
And...
A freelancer mindset
Let me explain
Once you have some money...
Scraping the leads, formatting the lead sheets, setting up the campaigns...
Are not worth your time
If you're doing all of it yourself...
It's going to be really difficult once you take on a few more clients
It might actually be impossible to get them results
So what should you do instead?
It's going to be really difficult once you take on a few more clients
It might actually be impossible to get them results
So what should you do instead?
Create a hiring forecast
So you know when to hire more people to help you
Here's how it looks like:
In short:
Being busy is not the same as being productive. You need to delegate the low-ROI tasks as soon as possible
So you know when to hire more people to help you
Here's how it looks like:
In short:
Being busy is not the same as being productive. You need to delegate the low-ROI tasks as soon as possible
BONUS
How to be the most productive and only do tasks that are going to move your biz forward?
The night before write down 5 tasks that absolutely MUST get done
You won't go to sleep until those tasks are done
Be as specific as possible and stick to them
How to be the most productive and only do tasks that are going to move your biz forward?
The night before write down 5 tasks that absolutely MUST get done
You won't go to sleep until those tasks are done
Be as specific as possible and stick to them
5. Focus on growth instead of $$
I once coached a guy who was afraid of hiring a team member...
Why?
Because that'd lower his margins
Which is obvious
But the thing is...
I once coached a guy who was afraid of hiring a team member...
Why?
Because that'd lower his margins
Which is obvious
But the thing is...
Hiring that person would free up a lot of his time
He could then focus on revenue-generating tasks
Scale the business, take on more clients and further refine the systems...
And you need to STOP thinking only in terms of gaining monetary value
You're not a freelancer
He could then focus on revenue-generating tasks
Scale the business, take on more clients and further refine the systems...
And you need to STOP thinking only in terms of gaining monetary value
You're not a freelancer
Business means putting a structure and a team in place to help you scale
If you keep hiring more people...
Building that structure...
And ultimately focus on growth...
If you keep hiring more people...
Building that structure...
And ultimately focus on growth...
Your growth will be much more stable...
And you'll grow exponentially quicker
Because focusing on the $$ is a short term play
And it makes you chase money instead of thinking about how the decision is going to affect your business in a few years
And you'll grow exponentially quicker
Because focusing on the $$ is a short term play
And it makes you chase money instead of thinking about how the decision is going to affect your business in a few years
Now
It took me years running service businesses and 100's of hours spent on coaching calls to figure it all out
If you liked the thread and think it's going to help you scale your biz...
Like and RT the first tweet!
It took me years running service businesses and 100's of hours spent on coaching calls to figure it all out
If you liked the thread and think it's going to help you scale your biz...
Like and RT the first tweet!
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