The Best Ways to Scale Up your Online BusinessMar 24, 2022
Have you hit a glass ceiling and are looking for a “surefire formula” for instant business growth? Well, I’m afraid that doesn’t exist. But if you have already launched a business, established a brand, and started growing, I have three practical tips that can skyrocket your business or side hustle to accelerated growth. Let’s look into these options, shall we?
1. Raise your Prices
Raising prices is an effective strategy to boost revenue, as charging more per hour of work will instantly generate more money for you (for the same amount of work). You might lose a few customers, but it’s a tactic that successfully attracts high-quality clients willing to spend more money. Moreover, you’ll be working with clients that really want to work with you. Not to mention that instead of struggling to keep up with many smaller clients, you will be dedicate much higher quality engagement and attention to a few bigger client.
Let's Look at an Example!
However, increasing prices isn’t the answer to quickly scaling business growth. Let’s say you currently charge $20 per hour. Since the average number of working hours in a month is 173.33, you’ll make a monthly income of $3,466 before taxes and expenses. Bump the per hour charge to $40, and you’ll still earn $6,933 a month.
That’s a fair income, no doubt. But it isn’t in the 6-figure range that you possibly dream about. You will eventually resort to working a crazy amount of hours in your quest to make more money. But what if you raise the prices strategically? I suggest you to follow this tactic by determining:
- How to add more value to your products/services?
- How often and how much will you raise the prices?
- How will you introduce the new rates to existing customers?
- How to market your business to new prospects at this price?
Who knew increasing the per hour charges required doing so much thinking and consideration?! Certainly, a solopreneur may work too many hours to make it to the 6-figure club. But, including a few more business growth tactics will never hurt.
2. Sell (More) Passive Income Products
Create some passive income products and start selling them. Voila! Seems so simple, doesn’t it? Well, I wish it was because we all are good at something. People have been making tons of passive income by packaging their knowledge or skill as masterclasses and selling them online. But, this tactic is not as simple to execute as it sounds, it requires time, energy and dedication.
The most critical step with passive income products is to think strategically about what your niche wants and needs and how you can package your product in a sellable offer that you can promote. Online courses, downloadable files such as Canva templates, masterclasses are all exciting options. Once you know what products you want to create and sell, you need to think about the platform you wish to use. For example, I use Kajabi for my passive income products, and I love it. Kajabi is a hosting platform that allows me to record my courses and masterclasses, run my blog and website and list my downloadable templates in my shop.
3. Build and Manage your Team
Let’s switch from the traditional ways of making more money to one that can successfully take an online business to the 5 or 6-figure mark — building a team. Having a team around you comes with the freedom to bring in more work, choose the projects you want to work on, and grow the business quickly.
I realized that a team of professionals would help me scale my business faster than I’d do on my own. After all, there are only so many hours in a day! Building a team allowed me to shift my focus from getting stuff done to getting stuff done effectively. Now, I manage my team and focus on projects that need my unwavering attention. It is a fantastic feeling when you can afford to focus on your core talent instead of trying to do everything as a small business owner.
However, building a team comes with the challenge of hiring, training, and team management. You want to stay consistent with branding and the quality you deliver. You’ll need to develop the right team around you and work on team management skills, which is quite doable but requires time and patience. Moreover, you’ll have the opportunity to delegate and focus on making more money!
Here are my Key Takeaways...
Indeed, these three big ways to scale business growth are quite practical. But, I suggest you couple them with hard work, patience, and dedication. Personally speaking, consistently putting efforts into building a high-quality team helped me turn my growing side hustle into a real, full-fledged business that generates over six figures!
I’m delighted with what I have achieved and super excited for what is to come. After all, these tips not only helped me accelerate my business growth but also gave me opportunities to change the lives of my clients and students. Did you find this post helpful? Don’t forget to check out other informative posts on the blog!