Do you find there are not enough hours in the day to get everything done?
As a new online service provider, you will eventually be faced with the problem of having too many clients and not enough time!
This, on one hand, can seem like a nice problem, and on the other hand can be quite overwhelming.
I’ve found that for my business and my clients, the real successes come not from working harder, but from creating leverage.
Leverage is incredibly valuable.
With leverage comes time to work on your business rather than in it.
From leverage comes time to dedicate to thinking.
You’re able to make smarter decisions.
You have more time to spend with your friends and family.
According to Robert Kiyosaki “In the broad definition, the word leverage simply means the ability to do more with less”.
Have you considered that a business partner can be one of the greatest forms of leverage for your business, especially when done correctly?
This doesn’t mean you take your business and give half of it away to someone who’ll be your partner, and it doesn’t even mean that you’ll start a new venture and split everything 50/50.
An option is, you provide your ideas and some resources and some of your time, but find a business partner to take control of that idea, in return for a fair share of revenue and equity for that person.
This allows you to leverage your ideas, resources, and creative abilities while having someone else do the implementation work.
This allows you to expand services simultaneously and grow your larger brand while also providing other business-minded people with a win-win opportunity.
There are a number of strategies you can use to leverage your time and continue to increase your income while providing a great service to your clients, whether or not you have a business partner.
Here are some tips to help avoid your business from burning out:
- Create a waitlist – you can nurture this waitlist by sending regular emails and when the time comes to take on a new client, you’ll have a list of warm prospects ready to sign up.
- Increase your rates – once you have a full client list and even a waitlist that is clear evidence that your service is in demand, so the next logical thing to do is to increase your rates.
- Create one to many income opportunities – consider which of your services can be delivered to a group as effectively as to an individual. This service could also be of interest to people with a smaller budget that want to work with you.
- Hire personnel – it’s time to hire someone when you are busy doing activities that are not your top 5 value-producing activities. Lack of personnel is one of the biggest reasons that businesses fail to grow.
- Track your numbers – If you want to look at next level growth in your business, keep track of your money and numbers. And start thinking about how you are going to allocate your profit. How much will you keep in the business? How much will flow to your personal account?
- Audit your resources – Take a look at your software subscriptions and other resources in your business… is any of it redundant? Do you have resources that are being paid for but not being used?
- Avoid signing up for too many courses – The best thing about entrepreneurs is their desire to learn and grow. Sometimes, spending too much energy on learning can be an issue. I was recently working with a client who was not only coaching with me but also trying to implement multiple other programs into their business and they were not surprisingly, overwhelmed!
Own Your Goal!
p.s I’d love to hear your take on this topic.
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