How to Choose the Right Scalable Offer for Your Business

Want to know how to choose the right scalable offer for your business? For many business owners the dream is to scale their business, rather than grow their business. There are multiple ways you can scale a business with one of them being having scalable offers within your business. But with there being numerous options for a sclable offer it can be hard to know which option is best for your business. Keep on reading to find out how to choose the right scalable offer for your business.

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What is a scalable offer?

A scalable offer refers to a product or service where there isn’t a direct correlation between the number of units sold and the time/money a business needs to successfully deliver the order.

For example, most service-based businesses operate where there is a direct correlation between a sale and the time/cost required to deliver that service. There will be a direct relationship between the time required for delivering a service and the money that business can make. That is why people talk about service-based businesses having a limit on the income they can generate. There becomes a point where it is just isn’t physically possible to make more money unless you take on more people to do service delivery. Hence why some people will scale by moving from a freelancer to running an agency.

With a scalable offer the relationship between number of clients, or customers, and revenue a business can generate is different. Instead you’ll have the ability to serve a larger number, or even an unlimited number, of clients or customers without it requiring, significantly, more time or money from the business.

HOW TO CHOOSE THE RIGHT SCALABLE OFFER FOR YOUR BUSINESS

Define your goals

First you need to get clear on your scaling goals. Why do you want to scale your business? Some business owners decide to scale their business because they have reached an income cap and want to be able to make more money. Some business owners decide to scale their business because they want to be able to have a bigger impact and help more people. Some business owners want to be able to work less but not see a reduction in revenue. Some business owners want two or three of the things mentioned. There is no right or wrong answer. Just know why scaling is important to you.

Knowing WHY you want to scale your business will help later when trying to choose the right scalable offer for your business.

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Setting goals and achieving them are two different things. Since 2019 I’ve been running Strategy Days with small business owners to help them do just that. I take their business goals and then create a bespoke business growth and marketing strategy to achieve them.

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Consider the possible scalable offer in relation to your business

Once you are clear on your scaling goals and how that fits within the business goals as a whole it is time to start the choosing process. This will involve assessing the scalable offers from a few different perspectives. The first perspective is the business.

There are many scalable offers you could add to your business. Here are some of the most common scalable offers that are used within service-based businesses that are expanding.

A membership

A mastermind
A group program
A self-study digital course
Digital products (templates, e-books, workbooks etc)
In-person events (workshops, conferences, retreats etc)
Online live trainings (masterclasses, workshops, challenges)

To start to choose the right scalable offer for your business you’ll need to ask yourself questions such as:

Will this scalable offer allow me to work with the number of clients, or customers, I’d like to?
Will this scalable offer allow me to generate the level of revenue I desire for the business?
Does this scalable offer make sense for my business?
Do I have the resources, or am I willing to invest in the resources, to create this scalable offer?

For example, if your business goal was to create a scalable offer so you could impact thousands of people then it wouldn’t make sense to create a mastermind as these are usually limited to a relatively small good, but it might make more sense to choose to go the digital product or membership route, which can easily allow you to work with thousands of people.

Consider the possible scalable offer in relation to your target market

Another thing to consider when trying to choose the right scalable offer for your business is your target market. Think about what they’d find most useful and, most importantly, be willing to buy. Remember just because you can create something that will be useful or helpful doesn’t mean people will buy it. You have to create something people are willing to buy.

It might be that from previous interactions with clients and leads that it is obvious that your target market is interesting in some of the possible scalable offers you could create more than others.

For example, if you’ve been running an online business and people have mentioned the fact they’d love to work with you in real life then you would have reasons to believe a live event could be of interest. If people have mentioned a longing for connection with others than this would give you reason to think a membership, mastermind or group programme would be of value.

Consider the possible scalable offer in relation to you

Once you’ve thought about the business and your target market – think about you! I’m a big advocate for small business owners building businesses on their terms. So maybe something makes sense for the business and the target market, but you need to make sense it works for you.

For example, if you are someone who prefers working in a project style, then you might be drawn to create digital products or courses where you focus on something for a limited period of time, get it done and then can move on. Whereas if you are someone who likes the idea of working with people over an extended period of time you might prefer running a membership or mastermind.

Maybe you would love to be paid to travel so look into running retreats. Or maybe your want to be able to meet people in real life and so decide to go down the live events route. You could decide that having monthly recurring revenue to give you a greater sense of predictability of income is important and then look at doing a membership or mastermind.

Again there is no right or wrong option. It’s about being honest about your preferred way of working and what would, or wouldn’t, bring you joy.

BUILD A BUSINESS THAT WORKS FOR YOU IN 2024!

Building a business and building a business on your terms is 2 very different things. I help business owners build businesses that the love working in and that support them living their dream life outside of running a business.

It starts with being honest about what you want and then mapping out how to get there. And I can help you to do just that when you book a 2024 Strategy Day.

Whether you’ve been in business for a year or 10 years there is no reason why in 2024 you can make your business even better for you.

For more information and to book a 2024 Strategy Day click here.

Last, but not least, look at the rest of your offer suite (services and products)

After you have looked assessed the scalable offers from a business , target market and you perspective. You should hopefully have a smaller list of options. Ideally you’ll have something that fits in the cross section where it works for all threes. But then there is one more thing to consider and that is the how your new scalable offer will work in your offer suite.

If you are adding a scalable offer to an already existing business with services and products then it is important to look at how your new scalable offer would work amongst your existing services and products.

If you are intending on continuing with your one-to-one services and want to add this scalable offer in, without damaging your one-to-one services then you’ll need to think carefully about how your full offer suite works together.

Good offer suites will usually do at least one of the following:

Maximise lifetime customer value / support repeat purchases
Create cross selling opportunities
Suit your target market at different stages
Enable people to the ability to work with your business at a a range of different price points

Here are some examples of how this works.

A business coach runs live events with a low price point (Usually £97 – £297), but then will sell from the stage into their higher priced group programmes and masterminds (£1k+ per month). They then will have 1:1 coaching that is priced higher than their group programmes and mastermind.

A copywriting coach has a low price membership (Usually less than £50 per month) and then has a mixture of services of 1-to-1 one-off or limited period mid-price services and then offers high price done-for-your retainers.

A financial coach used to only offer 1:1 coaching (£2k+) and therefore was constantly having to sign new clients. Now they have created a membership that is exclusively for previous clients, which allows the business to make repeat purchases and have a monthly recurring revenue stream. And they’ve also have a budgeting template (£9) as a low price-point and help lots of people product.

That’s it. You now know how to choose the right scalable offer for your business.

I know there is nothing more frustrating than when someone says “it depends” but there really isn’t one scalable offer that is right for every business. To choose the right scalable offer for your business you need to think about your business goals, your business, your target market, you and everything else you are currently selling. By considering all of those things you should be able to make a well-informed decision about what you should create as your scalable offer.

Let me know in the comments what your biggest takeaway was. And if you know what your scalable offer will be after reading this blog post share that too!

Book a 2024 Strategy Day to map out HOW to achieve your 2024 scaling goals.

Setting your business goals is just the beginning. Once you are clear on WHAT you want to achieve you need to work out HOW to achieve them.

Over the last 5 years I’ve developed a process to allow small business owners to put together their business and marketing strategy together in just one day. So if right now you don’t have a strategy in place for 2024 and you’d like to be guided through reviewing 2023, setting your goals for 2024 and then having the right business growth and marketing strategy in place to get there – book a 2024 Strategy Day.