How to Grow Your Business pt 2 – New Services, Packages, & Pricing
When you are thinking about how to grow your business don’t forget to create a new business plan. This is true even if part of your old business plan was to get to where you are now. You’ll want to take note of all the things you’ve done well and all the unexpected and seemingly out-of-the-ordinary opportunities you have taken advantage of along the way. None of us are mind readers and that means to redo your business plan to include all that you have done that you could have never accounted for in the beginning and pivoting your growth to where you now want to be headed.
While your business plan does not have to include new services, packages, or pricing you should know for sure on paper before you rule this out entirely.
Part of growing is scaling. Something you may not have thought about a lot in the beginning. When you are in growth stage the ability to scale isn’t a nice-to-have. It is a must-have. This includes scaling your services, packages, and prices.
If you aren’t scaling to add new services think about which services you could automate now to scale. Don’t forget, you are now going to have to scale your time as well. Will you be scaling back, meaning working less hours while generating the same amount of revenue or more? You are your service as a virtual assistant. However, when you grow you don’t have to be your only service.
Packages are another great part of growth. Who doesn’t like a bundled deal? What many virtual assistants do is package the price down versus look at this as a time to create a done for your package service which, in fact, naturally costs more because it offers more value.
Also, carefully consider the packages you’re offering now that you are thinking about discontinuing. Will you lose these clients? Do you have enough clients waiting for your new services? We’ll discuss this in the next blog in more detail but you want to be careful that as you grow your business you’re not starting all over again in the process. Later in the blog series we’ll also cover hiring your own VAs or subcontractors and how this could allow you to still offer your current packages and while earning revenue to support your new growth.
Pricing is always an important consideration to your growth. Maybe even the most important. Knowing ahead of time how you want to grow is key. Writing it down on paper is critical. Typically, you can grow in size faster by charging less. However, you need fewer clients when you are charging premium prices. Another important factor is infrastructure.
This is the stage where virtual assistants often implode because they take on every client. All the business is everything you ever wanted and more. Business is booming and the money is great! Without the proper infrastructure it only takes one unhappy client to wreak havoc on your business flow which has a ripple effect on your entire business and clientele. It doesn’t have to if you plan first to grow.
As you are thinking of how you grow your business take a very active role. This is your business. Growth can and often does happen when we’re not looking. That type of growth is not sustainable for you personally or professionally.
When you join the Association of Virtual Assistants you have joined an association dedicated and founded to grow with you. You have the support, assistance, and perspective of those who are in this with and many who have already been where you are.