When you start a business newly as an Entrepreneur, you are eager to see your businesses grow and succeed, perhaps you did a little research and found out that there are people in your area that actually need the service you provide. I don't know how that has turned out for you but today, I'm going to share with you two truths and a lie about building a service business. See if you can guess which two are true and which one is a lie. Here they are;
- A Service business is the easiest place to start.
- A service business can generate revenue from day 1
- A service business will automatically grow in a sustainable way, without requiring extra running around from your team.
If you run a service business (A business where you provide the service yourself by directly investing your time. E.g. Consulting, Designing, Event Management, Recruiting, Counselling, Computer Repairs, Pet Care, Cleaning, Interior Decor - the list is endless, you would know instantly which of them is a lie and that's number 3. Yes, a service business is the easiest place to start when you are looking to build a business. In fact, it is the recommended starting point for most industries except you have the capital upfront and you can invest in buying your raw materials for production, actual products for sale, or have a very eager network to pre-order your product. Long story short, when you want to start a business, it's easier to start by providing it as a service, using skills you already have. Also, just as number 2 suggests, in a service business, you can begin generating money from day 1 (If your service based business is not generating money yet absolutely book a call with me here). You can ask that people pay before or after the service is delivered, you do your job and move along, no stories told, no hearts broken. The Lie here number 3 is where many Entrepreneurs struggle. They struggle because they completely provide the service by themselves. Here is how it works.
When you run a service business (especially in Africa – with all our issues), after a while, it may begin to feel like things are beginning to stagnate. You can only serve a certain number of clients at the time, you begin to feel overwhelmed if your business is thriving, you keep late nights and early mornings because you need to meet up with client deadlines and before you know it, the business you thought would be a liberating adventure for you, becomes a pain in the flesh, a chore and something you do only to keep 'body inside cloth' (Nigerian way of saying 'keep body and soul together'). Certainly, you know you should do something different about your business, you've proven that your service is quality that's why you have more clients than you can keep up with. You are just not sure how to go about scaling and moving your business to that next level you are dreaming of. The long hours for you, is not the problem it's the results which right now is not commensurate to your effort. I was at this same place exactly 1 year ago. I was running a service business that I had started in the heat of excitement. I was ready to take over the world with it, I set my prices low, also because I was going to price everyone else out of the market or so I thought at the time. Now I look back at my then younger self and laugh. Not only did I burn out quickly, I realised that the money I made couldn't keep me committed to the business long term, coupled with the fact that I didn't think this was what I was meant to be doing. I braced up and pushed for a few more months, before finally selling it to two friends of mine who were eager to run the business. I realised much later that there were certain things I could have done to salvage the business and scale. The situation bothered me, because being in my field I knew there were numerous other people just like me, who wanted to grow their service businesses to the point where they could have a dependable stream of income or even take time off without losing money or clients.
Speaking of losing money, have you wondered how your business would actually help meet your income goals at the current level you operate? Also do you have health goals for the year? Working 24/7 with no opportunity to take time off work because you scared of not meeting your client deadlines is not a great way to remain healthy throughout the year, Service businesses are most prone to this style of working, where the owner can literally not have a life or business without working in their business 247 which is why you need help.
If you are the same place as I was, you've tried everything you think is feasible, you feel burnt and overwhelmed with trying to figure out how to grow this business of yours and you really have big dreams for how far you want your business to go, then now is the time for you to book a call so that together we can map out the strategy to your big break.
I’m not going to lie and tell you that it’s easy, because on this journey I’ve had to come face to face with my fears and deal with intense self doubt at defining moments, but what’s beautiful about it is, if you are willing to look at yourself frankly, you can overcome it.
I also had to deal with feeling like I had to do everything in my business, it took a serious mindset shift to really become the CEO of my business and to convince myself that making money didn’t always need to be hard work.
All these experiences have served to shape me and turn my business around. The question is what would you do? Are you hungry enough to realize your goals? Do you really want to see things turn around and specifically begin to experience liberation in your business? Then download the free guide to achieve your goals even faster with technology, click here .