How do I expand and grow my business?
Often I see business owners want to bring in additional revenue or grow their business. They want to continue doing the work and serving the clientele that they've worked so hard to build, or to leverage that work, but simply put, they need more money, and they are unsure where to even start.
It seems like there are so many potential pathways
that it's hard to know which one to take to
start investing your time and money.
As I see it, there are three different ways that you can grow or develop your business:
- Book more clients
Ya, this seems pretty simple and straightforward. Getting a bigger portion of the pie will bring in more revenue and allow you to strategically lean your costs so that you can optimize your margins. If you're already maxed your bookings, or you've capped your segment of your current target market, it may not always be possible to "just book more clients". After all, you have limited time and resources.
- Start offering more services/products to the same clientele
Another option for growing your business is to offer more services. You can start offering products or expand your service by time or scope. The key to this option is that your target market doesn't change. What they are buy just broadens.
- Offer the same service to a different clientele/market
This is the option that I see many creatives jump onto quickly. They think that because they offer wedding photography, they can also transfer that skillset to commercial photography. It's seemingly the same service, but your offering it to two different groups. Another way that I have seen this option used to grow a business is by elevating the client base to one that can spend more money for the service. For examples, instead of offering your service for a cheaper price, you increase the deliverable and market to a more elite, higher budget segment.
Regardless of which approach is used, the idea is the same; you use your acquired skillset and offer it to a different market. The challenge with this option is that it may require a new brand, a new marketing strategy, and a new cost per service. In some cases it's like creating a second business. It's a lot of work.
And why do you need to identify
the three different options for
growing you business?
Identifying your next pathway for growth provides direction and focus. Understanding which option is going to be the most beneficial allows you be be intentional with your actions. Growing a business takes time and increased investment. You need to be intentional with your growth so that you can get the most out of your time and money and waste as little as possible. Nobody's got extra time (or money) to waste, right?