If you've ever set up a service-based business or are just starting to develop one based on the advice in Part 1 of this article, you probably know this:
=> Offering a service is a lot of work and can take up quite a bit of your time.
After all, there are only 24 hours in a day and 7 days in a week. Not only do you have to spend the time working for your clients, you also do spend a lot of time in your business that you don't get paid for:
- Updating your website
- Gathering new clients
- Consulting with potential clients
- Bookkeeping
- Answering emails from non-clients
....and the list goes on.
Also remember, that if you are sick or can't fulfill your client's needs, you don't get paid. It's as simple as that.
You need to take all this into account when planning the growth of your business. Here are some tips to help you make the most of it:
1. Decide how much you want to earn and how many hours you want to dedicate each week.
Don't make the mistake of thinking that if you want to make $600 per week, you can simply work 40 hours per week at $15 per hour. Again, you have to realize that if you work on client-work for 40 hours per week there will be other maintenance parts of your business that will take you beyond 40 hours per week.
No one should have to work more than full-time hours for full-time pay. Instead, charge a bit more and incorporate your time working on other tasks into the calculations. For example, if you charge $20 per hour, you can have an extra 10 hours to work on non-client tasks and you'll still make $600 per week.
Quality people will pay quality rates for quality work. I promise!
2. Hire subcontractors.
There is no reason why you have to perform all your client's work. You can hire others to work for you to complete projects. Yes, you will have to hire them at a lower rate to ensure profit for your business, but if you pay a fair rate and treat your subcontractors well, you can acquire a loyal team of helpers.
This means you can take on more clients, can focus more of your time in gathering and maintaining clientele by making sure they receive exemplary service.
When you have more clients and potential clients to draw from, your business will likely have fewer fluctuations than if you try to do everything yourself.
3. Outsource other tasks.
Not only can you have subcontractors work on your client's work...you can hire others to complete other business tasks. Remember those website updates, bookkeeping and answering emails? Those are perfect tasks to hand over to an assistant.
Think of yourself as the manager of your company. The manager focuses on making sure things are running well and the business is growing. They don't worry about the small tasks like answering an email. They focus on the big picture. You need to look at the big picture too.
We all have hopes and dreams for ourselves and our families and I'm guessing working forever isn't one of yours. Putting these 3 simple suggestions into place will ensure that you are free to:
- Take a vacation
- Take a day off with your sick child...or just take a day off
PERIOD! :-)
- Retire some day.
Leverage the time and work of others and you’ll have more freedom in your service-based business.
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