Kathleen Shannon 0:04
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Caitlin Brehm 0:43
Okay, Emily and Kathleen. Today, let's talk about scaling. So you have a product or service. But maybe you need to make a little more money. So how can you scale it to reach your goals?
Kathleen Shannon 0:59
This is a really good question. And I feel like it's one that we haven't talked about in a while because scaling is something that we're constantly thinking about and that a lot of the creatives that we're hanging out with are thinking about, but I want to take like a 30,000 foot view at scaling your offering and just talk about what this could actually look like. So whenever I first started my design business as a freelance graphic designer, I was not thinking about scaling at all, I was thinking about getting that next project that next client and that next paycheck. So I really think about, you know, scaling your offering, or your product or your service is really going from kind of being that pay to pay paycheck to paycheck boss, to really thinking about being the CEO of your business, to creating something that has some longevity to creating something that can be sustainable, and really help you not even get rich, but be wealthy, right. So and I don't even mean that just in terms of money. I also mean that in terms of your expertise, and how you're spending your time and all of it. So let's dig in, what does scaling look like for service providers. So this is one that I have the most experience with, because I went from being a graphic designer to then having an agency. So in some ways I was scaling my offering by packaging my product, and getting really efficient about what it was that I was offering. So I could take on more clients for less work, if that makes sense. So in some ways, like even just getting your systems and processes are really nailed down, that can be a way to scale your business. But then the the time that I really felt like, Okay, I'm doing something was whenever I went from my one on one offering that I had packaged up for my braid method clients to then developing out the braid method ecourse. And that came from a conversation with my business bestie Emily?
Emily Thompson 2:56
Oh, I remember that day. Right. And so in this phase of scaling was taking something that you were doing a one to one and turning it into a one to many offerings. So going from working just with one person to then taking pretty much the same content, though not quite the same actions, and delivering it to five or 50 or 500 people. And really more or less the same amount of effort, whether it was five or 500 people. And so this is always a really good way and especially with these service people to scale your expertise, it's finding a way to deliver that one on one experience to more people at the same time.
Kathleen Shannon 3:39
And to be clear, like you're not getting the same experience with my one on one. If you're hiring me to do it for you, then I'm doing it for you. I am designing out your logo, we are writing your positioning, we are getting all of your messaging, really super cohesive. Plus, you're getting that outside consultant, you know overview of your business. The course is like the textbook version of what it is that I have to offer. So almost think of it your course like a textbook version of what you have to offer, which also this is another way to scale is you could literally write a book, you can also scale what it is that you offer with your content. So you can start speaking to audiences and getting paid for that you can write a book, you can host a podcast or write a blog. Some of these things are scaling in a free way, like in a one to many kind of way but what you're doing there is you are investing and scaling your expertise and your position within your industry as an expert.
Emily Thompson 4:42
I also like the idea of taking a one to one service offering and service offering and offering it to a group so instead of doing it for just one person so let's say you're a coach, instead of just coaching one person at a time it's coaching three 510 12 people at a time. It's another sort of smaller way to scale your business, but can rate make a really big impact and the impact that you're able to make and the revenue you're able to bring in.
Kathleen Shannon 5:11
I also think another way to scale your offering if you're a service provider is to rethink your dream customer. So for me, scaling recently, in my own branding agency looked like going from just working with creative entrepreneurs, to working with businesses and organizations that have a bigger marketing budget.
Emily Thompson 5:32
Yeah, I also want to bring in this idea of service providers, I feel like, very often, especially creative entrepreneurs will think themselves into a hole where they think that they're the only person that's able to offer the service that it is that their business offers. But I think you can also scale your business by teaching other people to deliver your content or your service. And you can scale them by growing your team so you can service more clients more people, by having more people to service them. That's the hardest one for me. Like, I think that's the hardest one for most, if not everyone, I mean teaching someone else and handing that off. And not only from like a systems and processes perspective, but also just like relinquishing creative control and delivery can be super difficult. But for those who can and do do it, it can be just as rewarding for surely.
Kathleen Shannon 6:21
Alright, so we talked a little bit about services, how do you scale product? So let's say you are a candle maker or a jeweler? Or you're selling crystals, like how do you go? Or maybe you're a painter, how do you go from scaling your your product from like, an Etsy shop to then what's next?
Emily Thompson 6:42
For sure. I mean, one is hiring more people to create more product on that side of things, you can definitely scale a little more easily that way. You can also scale by wholesaling. So instead of doing just selling one thing to one customer sell 12 things to one retailer who will then sell them to each of those customers, that allows you to scale in a way that, you know, you're making less profit per product, but you're less, you're less responsible for that sort of in consumer purchasing process. And you're able to push more product out into the world, you're able to sort of blanket the world with your brand a little more effectively. And then you can also you can also outsource creation, or you can also get really creative with how it is that you do it too, especially if you're still pretty small. One way of doing this could be getting into a corporate gifting. So again, instead of going to that like end consumer Think of this as like the b2b model for services, its b2b model for product as well, where you're then working with large corporations who need you know, just regular corporate gifts, or whatever it may be. Or also one of the things I did really early in my jewelry career that I've always loved that I did it and would probably totally do it again. And maybe this is a super Southern thing, which I'm totally fine with. But I remember one holiday season having a jewelry customer asked me to come and do a party for her. So she invited me to she was a school teacher, she invited me to like hang out in the in the teacher's lounge for the afternoon. And she invited all of her teacher friends to come in and order their Christmas gifts. So I was able to go in and offer my products to them and that way and I made a lot of money if that one party that I did. And so if you want to do parties, why not? Maybe a little cooler than Avon,
Caitlin Brehm 8:42
partner up with all these service based businesses that are hosting like coaching retreats, and person selling little things at their retreat,
Emily Thompson 8:51
for sure I will in along those lines, too. One of the things that I run in quite often whenever I'm coaching product businesses is the idea of doing like holiday markets and the fact that they can only do one at a time. But if you hire people to do your market booths for you, you can hit up 16 holiday markets in a weekend or whatever it may be. There are multiple ways to scaling your product business as well. It's not always quite as easy as scaling service but can be just as effective.
Kathleen Shannon 9:21
One of my favorite ways to sit down and brainstorm how to scale my business and it's something that we do every single quarter is with our very own CEO day kit. So for me the two specific exercises in the CEO day kit that really get me wrapping my head around new ways to make more money and scale. My business is our business model module where we're really looking into what we're sharing and what we're selling and then our revenue and marketing your ahead plan. So Emily, what you were just talking about with this seasonal going in like and wait Wait, what did you call it? Again?
Emily Thompson 10:01
The holiday market?
Kathleen Shannon 10:02
Yeah, your holiday markets, but also like the jewelry like the person that invited you,
Emily Thompson 10:06
oh, the party, the party.
Kathleen Shannon 10:10
The jewelry party, like what is that called? I think that you know, our year ahead and looking at your revenue and marketing for the year can really help you see some seasonal opportunities whenever it comes to scaling your business. So if y'all have not checked out the CEO day kit, be sure to check that out at courses dot being boss club.
Emily Thompson 10:31
Yes. And then I actually have a challenge for anyone who is in CEO day kit, if you have the money Mojo worksheet out and looking at it, and if not go get it, take the number that you have put on that sheet as the amount of money you want to make and multiply it by 10. Just go ahead and add zeros at the end of it and open up your mind to what you would have to do to have a 10 times multiple to your revenue. Because if you want to get into the mindset of scaling your business, it's really thinking about the actions that you would have to take to really drastically grow your revenue it will put you into a whole new mindset of how it is that you can grow your business and what that looks like.
Kathleen Shannon 11:16
All right, go do the work times 10.
Emily Thompson 11:18
Kathleen Shannon 11:23
this minisode was brought to you by twenty20. Check them out at twenty20.com/beingboss that's t w e and t y 20 as in the number.com slash being boss.
Emily Thompson 11:38
Did you like this minisode Be sure to check us out on our website at beingboss.club. There you can find more from being boss including our full episodes minisodes and blog posts. And while you're there, be sure to sign up for our mailing list so that you can get access to behind the scenes and exclusive content from Kathleen and myself to help you be more boss in your work and life. Do the work be boss