Running service-based business by yourself can feel like navigating a vast ocean in a tiny boat. But with the right strategies, even a one-person operation can achieve consistent monthly profits of $10K to $20K.
I understand—these figures often represent a dream target for many entrepreneurs starting out; I’ve been there myself! However, with a well-crafted strategy, achieving consistent monthly revenue is within reach, and most importantly, it leads to a profitable bottom line.
I know it’s hard to admit, but one day all businesses get sold, given away or liquidated… Therefore, your ultimate goal should always be to create lasting value. Remember, building a business that consistently delivers value not only ensures profitability but also positions you for a successful exit when the time comes.
Ready to learn 8 actionable steps to build a profitable service-based business?
#1 – Choose the Right Nich
Being a generalist may seem appealing, but it often leads to diluted messaging and lower rates. Specializing allows you to become an expert in a specific area, making it easier to attract clients and command premium prices.
For instance, focusing on branding for eco-friendly startups or tech companies can set you apart in a crowded market.
#2 – Offer Pre-Packaged Solutions
Instead of customizing every proposal, develop a standardized service package that addresses common client needs. This approach streamlines your workflow and makes it easier for clients to understand what they’re getting.
For example, a “Brand Identity Starter Pack” could include logo design, color palette selection, and typography guidelines.
#3 – Eliminate Time-Wasting Practices
Traditional practices like free consultations and endless revisions can drain your time and energy. Implement clear boundaries by offering paid discovery sessions and limiting the number of revisions included in your packages.
This not only saves time but also positions you as a professional who values their work.
4. Develop a Repeatable Process
While each client is unique, your process doesn’t have to be. Create a consistent workflow that you can apply to every project, allowing for customization where necessary. This could involve a set sequence of steps like initial consultation, research, design, and final delivery.
A repeatable process enhances efficiency and ensures quality.
5. Introduce a LOW COST OFFERING TO GET STARTED
A lost cost product or service provides immediate value and introduces clients to you and your business. For example, a $250 brand audit can showcase your expertise and lead to higher-ticket projects (branding or a website design).
This strategy builds trust and reduces the barrier to entry for new clients.
6. Engage with Your Target Audience
Once you’ve identified your niche, immerse yourself in that community. Attend industry events, participate in online forums, and connect with potential clients on social media.
Building relationships within your target audience increases visibility and establishes you as a go-to expert.
7. Maintain Clarity and Consistency
Ensure that your messaging is clear and consistent across all platforms. Potential clients should immediately understand what you offer and how it benefits them.
Use straightforward language and consistent branding to reinforce your value proposition.
8. Set a Clear Financial Goal
To reach $10K per month, you need a strategic plan. This could involve securing four clients at $2,500 each, two at $5,000, or one at $10,000. Focus on offering value-packed services that justify your pricing, and track your progress towards your financial goals.
If you need a budget template to help you get started, here is our Budget + Cashflow budget. 👇
By implementing these eight steps, you can transform your solo branding agency into a profitable venture. Focus on specialization, streamline your processes, and engage actively with your target audience to achieve consistent monthly profits.
I’m curious to discover more about your business and what you have to offer… so let’s chat!
xox
