How to double your income by scaling your business

Want to know how to double your income by scaling your business? As a one-to-one service provider, there comes a point where trying to double your income becomes near impossible or will mean a lot of work. At that point, it is time to seriously consider scaling your business. Scaling will enable you to double your income (and in fact make even more than that) without putting in twice the work. Keep on reading to find out how to double your income by scaling your business.

 

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HOW TO DOUBLE YOUR INCOME BY SCALING YOUR BUSINESS 

 

Why scaling your service business makes doubling your income easy

 

Before going exactly into how to double your income by scaling your business I want to explain WHY scaling makes doubling your income massively more achievable.

 

If right now you are providing one-to-one services then if you were to continue to only sell one-to-one services whilst having the goal of doubling your income you’d be left with the following options:

 

1. Raise your prices
2. Work with more clients
3. Raise your prices and work with more clients

 

Depending on the capacity you are currently working at it may be that taking on more clients is doable and also it might be that you can, and are happy to, raise your prices. But usually there comes a point where you don’t want to take on more clients (and work more hours) and / or you don’t want to raise your prices higher.

 

And this is where switching from growth mode to scaling mode is powerful. Because in scaling mode you focus on creating offers that enable you to work with people on a one-to-many basis rather than a one-to-one basis. You can find out more about moving from one-to-one to one-to-many here.

 

As I will show you it is easy to introduce one scalable offer that enables you to make the equivalent of what you are currently making in your business. This is due to the amount of people you can work with simultaneously. And by adding that scalable offer alongside your one-to-one services you can easily double your income by scaling your business.

 

There are many ways you can scale your business. I’ve worked with a range of coaches, consultants and service providers, and the most common scaling offers include:

 

• Membership
• Mastermind
• Live events
• Group programme
• Digital products (including online courses)

 

I’m going to walk through a few options to show you exactly how to double your income by scaling your business, but know you don’t have to use the scalable offers mentioned below. When choosing your scalable offer you’ll need to also think about your long-term business goals, your personality and preferred working style, your other offerings and your ideal client.

 

 

Scaling option 1: Double your income with a membership

A very common scalable offer to offer as a coach, consultant or service provider is a membership. Nowadays there is a membership for everything and for good reasons. Memberships work great for both the business owner and people inside of them.

 

As a business owner, a membership is great for many reasons outside of just being an additional income stream. A membership will mean your business has a monthly recurring revenue stream. Having a monthly recurring revenue stream is great for increasing confidence around future income, which in turn enables a business owner to make better decisions around investing and growth. A membership also gives the business owner the opportunity to work with people who might not be able to afford their one-to-one services, and usually because membership have a drastically lower price they can have big numbers in the community. This means you have a raving group of fans who you can upsell your other offers to and some will become great advocates and refers for your business.

 

Doubling your income with a membership (5K months to 10K months / 60K year to 120K year)

 

Here is an example of how you can double your income from 5K to 10K with a membership.

 

At the moment you are charging £500 per month to work with you. You’ve been fully booked for a while (based on having 10 clients) and are turning people away. You don’t want to take on any more clients, but can tell there is a demand to work with you and so you decide to open a membership.

 

Current financials:

£500 per month  x 10 clients = £5,000 per month = £60,000 per year

 

To double your income your membership would need to do the following:

 

£20 per month x 250 members = £5,000 per month = £60,000 per year

 

OR

 

£25 per month x 200 members = £5,000 per month = £60,000 per year

 

OR

 

£50 per month x 100 members = £5,000 per month = £60,000 per year

 

OR

 

£100 per month x 50 members = £5,000 per month = £60,000 per year

 

Now you might look at those numbers and think there is no way I can get 250 membership in my membership or there is no way people will pay £100 per month to be in my membership. But it’s been done many times before and will be done many times again in the future. It all comes down to having the right marketing strategy, which is what I help business owners with.

.

FULLY BOOKED AND SCALING Fully Booked and Scaling is a one-to-one mentoring programme for online service providers who want to be fully booked in their one-to-one services and then successfully add a scalable offer to their business. Over 6 months I’ll help you to become fully booked with one-to-one clients, choose and introduce the right scalable offer for your business, and then have a comprehensive sales and marketing strategy so you can continue to successfully sell on both sides of your business. For more information, and to apply, click here.

 

Double your income with a group programme (7.5K months to 15K months / 90K year to 180K year)

 

Another scalable offer you could consider introducing to your business is a group programme. Whereas memberships are ongoing and are upcapped group programmes are usually for a specific period of time and sometimes the group will be capped. This type of container will have a specific promise and people usually will have closer proximity and involvement with the host, which in turn means a higher price point can be charged.

 

Current financials:

You are charging £5,000 to work with you for 4 months. You work with a maximum of 6 clients at a time.

 

£5,000 x 18 clients  = £90,000 per year

 

To double your income your group programme would need to do the following:

 

£1,000 x 90 clients = £90,000

 

OR

 

£1,500 x 60 clients = £90,000

 

OR

 

£2,000 x 45 clients = £9,0000

 

OR

£2,500 x 36 clients = £90,000

 

Now in the examples above I’ve specifically kept the pricing at 50% or less than working with the business owner one-to-one. However, there are definitely examples of where business owners are charging closer to the prices people pay to work with them one-to-one. For that to happen you’ll need a strong brand and a clear programme promise but, it is absolutely possible.

 

And again you might be looking at those numbers and thinking you can’t get 60 people into a group programme, but it is important to remember this is over a year. For an evergreen group programme (which is always open) that means you are only aiming for 5 people to sign up each month.

 

Double your income with a mastermind (10K months to 20K months / 120K year to 240K year)

You might have seen the examples of a membership and mastermind and not been massively excited about having to work with so many people. In that case a great option for you would be a mastermind. A mastermind works really well with small numbers so is perfect for a business owners who loves one-to-one, wants to scale, but still would like to deliver a high-touch service.

 

Current financials:

Currently people only have the option to work with you via VIP days. You charge £2,000 and deliver 5 per month.

 

£2,000 x 5 VIP days = £10,000 per month = £120,000 per year

 

To double your income your mastermind would need to do the following:

£750 per month x 14 people = £10,500 per month = £126,000

OR

£1,000 per month x 10 people = £10,000 per month = £120,000 per year

OR

£1,250 per month x 8 people = £10,000 per month = £120,000 per year

 

As you can see with a mastermind because of the prices you can charge you really don’t have to get many people into your mastermind in order to double your income. And the beauty is it is common for people to join a mastermind for 6 months to a year so you aren’t having to worry about churn in the same way you do with a membership in order to keep those figures.

 

The practicalities of doubling your income by scaling your business

 

Above I’ve broken down 3 different ways to double your income by scaling your business, but as I mentioned there are other scalable offers that might be a better fit for your business. However, regardless of what you choose there is a big difference between potential income and actual income.

 

To successfully scale your service business you are going to need to be strategic around what you choose, how you price it, how you introduce it and how you continue to scale it.

 

That is why I created Fully Booked and Scaling. This programme is specifically designed to ensure one-to-one service providers successfully add in a scalable offer that enables them to make more money, have more time freedom and and help more people. To find out more and apply click here. 

 

 

That’s it! You now know how to double your income by scaling your business. 

There is no denying that as a one-to-one service provider after a certain point the easiest way to double your income is by scaling your business. Hopefully by seeing the three examples you’ve been inspired by the possibility of doubling your income. As I’ve mentioned before what is best for one business might not be the best for you and so working out how to scale is going to be a very important choice. But after that there really is no reason why you can’t double your income through just one scalable offer.

 

I hope reading the blog post has inspired you to see what is possible for your business and you are ready to take action.

 

Let me know in the comments what your biggest takeaway has been.

 

And if you are serious about successfully scaling your business then I’d love to help you and Fully Booked and Scaling would be perfect for you.

 

FULLY BOOKED AND SCALING Fully Booked and Scaling is a one-to-one mentoring programme for online service providers who want to be fully booked in their one-to-one services and then successfully add a scalable offer to their business. Over 6 months I’ll help you to become fully booked with one-to-one clients, choose and introduce the right scalable offer for your business, and then have a comprehensive sales and marketing strategy so you can continue to successfully sell on both sides of your business. For more information, and to apply, click here.