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How Latina Consultants and Coaches Can Prepare to Grow Their Business

If you have landed your service-based business in the market but are struggling to grow it, it's probably because you don’t know what to deal with next. Growing a business is an evolving process.

Landing your services in the market is not enough, you must know how to take the next step which in any business is- to solidify services, invest in systems, document your process, and adapt to client changes. Only then, you ready to grow and scale your business.

Wait... Growth and scale? Are these two different? Yes. Scroll down to learn how each term is different because if you confuse the two, you will invest in the wrong tools.

The Difference Between Scale And Growth

Growth in a business simply means to grow its revenue. In the process of growing revenue, a business spends, invests, outsources, and hires to achieve its goals. To grow, a business increases its principal costs and then touches on the desired revenue.

In contrast,  scaling means to grow revenue with existing sources. If a business is scaling, it means, it is not spending, not losing anything but still growing its revenue. A scaling business reduces its principal costs.  Let us understand with an example-

Suppose you have a content writing agency of 2 people and have around 10 clients per month. If your agency can grow its revenue only with these 2 people, no matter the amount of work, you don’t outsource work or hire new people to increase revenue, then it is scaling.  Only profit!

But if you hire new people other than these 2, and invest in new resources to achieve revenue, then it is growing. It means you lose some amount to gain something. Profit with little loss! Simple.

Scaling is a milestone that comes after consistent growth. Well-established businesses are fine examples of scaling while new startups and intermediate are epitomes of growth.

Understanding Business Models

1. Subscription-based

A subscription-based model charges customers monthly or yearly. Amazon Prime, Netflix, and We All Grow are the epitomes of this business model. This model applies to long-term businesses with a vision to stabilize recurring revenue.

2. Freemium

The freemium model embraces no-cost services. They provide basic services/benefits free of cost to their consumers but also offer premium/paid benefits if a consumer wants.  Spotify, Canva, and LinkedIn are some common examples of operating this business model.

3. Fee for service

Fee-for-service is a service-based business model that involves- charging separately for different services. Freelancing and consulting in any industry is a perfect example of this model. Charges vary depending on the time, quality, and number of services offered.

It is constructive to provide services tailored to the needs of customers (customization). Businesses operating under this model are quite scalable. They can add services, enhance quality, change prices, and upscale their revenue according to them, at any time.

4. Franchise

Franchising refers to expanding an already existing business. In this model, an individual does not create anything new but rather opts to buy a proprietary/ownership stake or a franchise of a successful business at a new location.

This model helps the franchisor (the one who sells a franchise to another person) to benefit from cost reduction over new location setups and generate more revenue plus customers.

5. Direct Sales

Direct sales involves salespersons, and sales consultants to grow a business. Services or products in direct sales don’t go through retailers, stores, wholesalers but directly to the consumer through a selling agent.

Some fine names operating this business model are Mary Kay, Tupperware and Avon.

6. SaaS

SaaS or Software As A Service, is a business model where a software or app delivers a service to a customer via the Internet, with no download required to your computer. The company not only delivers an easy-to-use system to its clients but leverages Cloud services from other companies to store information.

You probably work with SaaS companies to run your business, like some of our favorites: Wix, Honeybook, Flodesk, Notion, and Adobe.

Ways To Grow Your Service-Based Business

Now that you know the difference between growth and scale, let’s learn how you can grow your consulting or coaching business effectively given that service-based businesses are more about client satisfaction than just about adding more and more services.

1. Understand your Target audience

The foremost step in any business is targeting a customer base, or what we call at Unstoppable Latina, your f*ck yeah clients. Once you have launched your business you must ask yourself these three questions-

Is my service solving a genuine problem? Is this service providing value to people? And if this is beneficial in the long term?  As soon as you get clear answers to these questions, you understand your target market. You understand their pain points, needs, etc.

2. Approach to New Clients

Initially, your business should walk an extra mile for existing clients because they can bring a good future client base. Yes, referrals!!! One simple thing is to provide a bit more than what they expect. Let them sink in and settle down, then approach them professionally to help you expand your business by referring/suggesting it to people in their network.

Moreover, provide them referral bonuses and coupons to direct your service to other people, this technique is already undertaken by many businesses because it works. Additionally, leverage cold mailing and networking at events where your clients hang out.

3. Delegate Non-CEO Tasks to Creatives

Delegating refers to passing work responsibilities to other people. It can be a team within your company or a group of freelancers as well. Delegating is very important in business growth because it does not only divide the work and offload your shoulders but its very application lies in the combination of creativities, it brings into your business.

When you involve other creative people in the business, you invite ideas, innovation, and growth opportunities. Isn’t it? So, consider delegating while you are in the initial stages or intermediate.

4. Build Your Team

Hiring new individuals in your team directly introduces skillsets. When business owners hire, it is done on specific roles, right? You just can’t get a general industry person.

Hire people into your team who are specialized in different areas of your business. It makes sure that every single corner of the business is polished. More importantly, timely hiring does not put burdens on existing employees. A sufficient workforce in your service-based business will let your team outperform what they are already good at.

5. Diversify Your Service Offerings

The time you realize that you are good going in an existing service, it's high time to add and introduce new ones. After all, this is what any business seeks- Expansion.

Experiment with other services and just follow the same procedure you did initially to construct a new customer base. Adding new services to the menu often creates an impression of your market knowledge and stability.

Wrapping Up

In conclusion, the journey to growing a service-based business might be challenging, but with the right strategies and approach, it can lead to significant growth and success. Understanding your target audience, diversifying your services, and ensuring you have the right team in place are fundamental steps in this process. Remember, every successful business started somewhere, so keep pushing, learning, and growing. Your hard work will eventually pay off!

If you are feeling stuck about what to prioritize next, discover your brand's true potential with your free business growth roadmap here.

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