A newsletter for service business owners who want more wealth, freedom, and market domination.
What the One-Armed Workout Can Teach You About Growing Your Home Service Business
Imagine a weightlifter with Schwarzenegger- sized muscles on only the right side of his body. He only works out the one side of his body, so his right arm and right leg are massive while his left arm and left leg remain average. This person wouldn’t seem like an imposing wall of muscle; they’d seem like a cartoon character. We’d laugh at their comical lopsidedness. As silly as this sounds from a weightlifting perspective, this is exactly what’s happening in service businesses everywhere.
Growing Your Business Is Good. But Are You Focused on the Right Things?
So, let’s take a step back to gain a higher- level view of the strategy of growing your business. This approach helps you spot growth opportunities that you may not have been aware of. Although you can probably list many practical actions that could lead to business growth, there are actually only four ways to grow your business. Each of the practical actions you’re thinking of can be filed into these four high-level strategies.
Increasing your direct-mail marketing Building an online presence to attract website visitors Offering a referral incentive for customers who refer their friends Developing a public relations (PR) strategy Creating a social presence
Growing your home service business is smart: You’re able to help more homeowners, employ a bigger team, create a positive impact in your community, and build your personal wealth. The benefits are obvious.
But what’s less obvious is how to do it. How do you grow your business?
This is the most common way to grow your business, but there are other ways to grow your business as well.
You might have some actionable ideas already, such as a need to increase your marketing or to get more referrals. But simply listing out these ideas and trying to implement them can actually be a problem! You could end up growing your business only in the ways that you can think of, while missing out on many other ways that are just beyond your awareness. And surprisingly, this can result in a lopsided business that grows too much in one way and not enough in another way.
Growth Strategy 1: Increase the Number of Customers
Growth Strategy 2: Increase the Average Transaction Value
This is what most service business owners think of when they think of growing their business. With this strategy, you’re marketing to potential new customers or you’re trying to get your customers to refer their friends and family to you. It might include such actions as these:
In this strategy, you make more money on every invoice. It’s not just a matter of raising your prices (that’s one strategy, and maybe the first one you think of, but it’s not the only one).
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