One person that comes to mind when it comes to this topic is my friend Chioma.
Omo, Chioma is really good at this thing. Chai, have you seen what Chioma did with accounting?
Something that I didn’t really think of or imagined, all the accountants I knew before Chioma were either working in a bank or an organisation.
They were all doing the nine to five thing, and even if they had their own businesses as self employed, it was purely services that were dependent on clients.
But Chioma came onboard and broke that jink. From the best of my knowledge, I think she’s the most popular accountant on social media, especially on Facebook.
How did she do it?
Wait for it!
See ehh, if you want to be rich and scale your business faster as a service based business, you would need to do this one thing.
If you don’t do it, your business would be dependent on projects to projects just to bring in cash flow.
And if you’re not well structured, you would always go round in circles and not really achieve anything.
Your attention would always be needed just to get things working, yes you might have admins and managers that work for you.
But…., How about the “EGO”?
Have you also noticed that there’s always a limit to what you can handle per time or per period.
And if you’re not careful, you would be seeing plenty of money going through your accounts, but your profits would not be loud.
So to cash out with your service based business, here’s the one thing you need to do.
You need to PRODUCTIZE your services!!!
Omo, you don’t know the peace and joy you will have when you productize.
Your business would scale faster when you finally productize. If you were handling just 10 to 15 clients per month and making 5 Million.
You can make far more, when you productize.
Let’s see the numbers;
Selling your accounting service for 200k per client and you have 15 clients per month that’s 3million.
N200,000 X 15 = N3,000,000
Let’s look at what you will make when you PRODUCTIZE.
Say you’re selling one of your offers for 30k, and you can sell it to just 500 people only per month.
See the maths!
N30,000 X 500 = N15,000,000
Did you see that? Cool money!!!
You’re leaving so much money on the table by not productizing your services.
Folake, you need to wake up!
Let’s use Website design as a case study.
1. Pick one area of your service. This could be the front end dev or wordpress.
2. Record a course on it and make it available in digital formats.
3. Create your offer. This entails what we would be getting when we buy.
4. Show us the deliverables and the outcome.
5. Then put a fair price on it. If your normal service was 200k per client, you can price it at 30k or 50k.
6. Then go mad with the marketing and sell like crazy!!!