Being an entrepreneur is very normal these days. Over the last two years, there has been a growing number of individuals who have quit their jobs and are leaning solely on their skillset to generate income.
One of the biggest challenges that most solopreneurs face is scaling their business. What does it mean to scale a business? It is setting the stage in your business with growth strategies that increase your gains exceeding your losses.
In this article, I will share with you four ways you can scale your business in a competitive environment.
1. Add More Customers
Adding more customers will allow you to increase your bottom line. When you can increase your bottom line it gives you more money to invest in hiring a VA or additional support for your business.
2. Increasing Fees
If your prices are still the same as they were 2-3 years ago, it is time to raise your cost. We have to look at what is happening in the world at this current time. We are dealing with inflation.
Here is an example: you own a candle business. The cost of jars has increased due to inflation, this means that you need to increase your cost to meet the demand as well. I see this so often.
Solopreneurs do not raise their prices because they are afraid to lose clients or customers. Let me just tell you that you are working every dollar of your increase! If you are investing in personal development, you need to increase your prices. So my challenge to you is to decide today to increase your prices, no matter the amount. Just do it!
3. Adding More Products
Are you noticing a demand for products that you are not offering but will be an excellent addition to your business? Add it! This may entail researching your competitors or sending a survey out to your clients or customers to gain clarity on what it is that they need.
Adding new products will ensure that your current clients, will become members and not just one-time customers.
4. Cutting Costs
Is there any of your product or service that isn’t in high demand? Or is there a task that you are doing in your business that is obsolete? Ditch it! It may be cutting into dollars that you could be using for marketing.
I recommend you do a weekly or monthly assessment/ audit of your business, to see what missing or what needs to be eliminated. This will potentially save money now and in the future.
More About tequila Cousar
Tequila Cousar is a Personal Branding Coach, Certified Life Coach and 2 x #1 International Best Selling Author, based in Columbus, Ohio. She is the CEO of Intoxicating Brands, LLC. With over 20 years of business experience and insight, working with Tequila, coaches, consults, service providers and experts, will identify their unique message and build their expert brand. Her superpower is clarity. She loves chipotle and her favorite drink is coffee!