The Next Phase of Your Business
Today, I want to speak to entrepreneurs who have a successful business and who are ready for an evolution of sorts. You know your clients and their needs, and you’ve managed to build a successful business around a particular niche or core set of offerings.
Now you’re ready to grow your business, innovate, and help in bigger and better ways… but maybe you don’t know which way to go. In a world of possibilities, how do you decide which path to take?
This is something I’ve been contemplating myself lately. The approach that makes the most sense to me is to focus on my existing client-base and their needs and how else I can best serve them (as opposed to just thinking about what else I want to create). I discussed this concept in the last post when I talked about defining your business based on who you serve versus what you do.
(Side Note: Niching down and getting well-known for a particular skill is the key to taking off when you’re new to business, but that does NOT eliminate the possibility of expanding your offerings down the road.)
How to Expand Your Offerings
If you’re looking to expand your services, where do you look? Here are some options to consider….
1. Address additional needs and tasks that the customer is trying to accomplish.
Thought Starter: When Apple was developing the iPhone, they didn’t just make a better phone – it’s the internet in our pocket, music at our fingertips, GPS, and so much more. They addressed more needs in their customers’ lives.
2. Identify even more “important” customer needs you can address in addition to what you already focus on.
Check out my example of the FB Ads Incubator below. I was already doing coaching and training on Facebook ads, and then I realized that clients were missing other important pieces of the puzzle.
At the end of the day, there was an even more important problem to solve (leads not converting to sales). In addition to my Facebook ads focus, it was a natural way to expand my scope of services.
3. Go beyond functional jobs and meet social/emotional needs.
This could be deeper emotional work, or it could be about a statement of identity.
Thought starter: Notice how quickly you can answer these questions… Coke or Pepsi? Mac or PC? Android or iPhone?
4. Serve more people by offering some affordable options in addition to high-end programs.
Thought starter: Think digital classes and group programs where you can scale your impact and generally offer lower prices than your 1:1 work costs.
Entrepreneurship isn’t about YOU; it’s about effectively serving others. -Carl James
I started to expand my own services last year when I added on the FB Ads Incubator, after seeing a clear need for help with developing better opt-in offers and email follow-up that actually converts leads to sales.
I kept getting 1:1 Facebook ad coaching clients that thought they just had a traffic problem, but after creating high-converting ads to grow their list, they weren’t always seeing the ROI in terms of sales.
Once I identified the disconnect that was happening with these entrepreneurs, I knew what I needed to offer to solve the issue. The Incubator evolved out of the work I was already doing and was based on clients’ needs. Now I can help craft the perfect opt-in offer, make sure it’s congruent with the first paid offering, and help them create a sequence to move clients along the funnel.
The FB Ads Incubator was basically my first step in expanding the ways in which I work with entrepreneurs, while also increasing my capacity to serve, since it’s a group program. Further expansion in my business will include more help with customer journey development and helping to shape business models that truly serve both the entrepreneur and the customer.
While I develop these programs, I don’t start by thinking “what could I teach in a 3-day workshop and charge $997 for?” That mindset for offer-creation would not create the best results for anyone involved!
Instead, I think about the value I want to create with the customer (what are we trying to accomplish together), and then I think about the format that will best deliver those results. It might be a 3-day workshop, or it might be a 6-month coaching package, but I start with the value proposition and not the format or pricing.
Which phase are you at when it comes to offer creation? Are you creating your first offer or looking to expand your business?