Last Updated on Dec 20, 2019 by James W
When you own your own business, time is a commodity. This is especially true with service-based businesses because it’s not uncommon to have to work with clients one-on-one, really limiting your ability to grow your business without also increasing the number of hours you put in.
With Gallup reporting that small business owners already typically work 52 hours per week, this can leave you wondering what you need to give up so you can put more time in. If you’re like most, sleep is usually on the short list, as well as time spent with family and friends.
That said, there are a couple things you can do to make more money in your service-based business without having to give up more of your already stretched time.
Offer More Services Online
Depending on the type of business you own, some (if not all) of your services may have to be provided in person. However, if you can do more online, this frees up the time you would normally use on the road, traveling from one client to the next.
For instance, business growth expert Russell Ruffino, the founder and CEO of Clients on Demand, says that his company delivers 100 percent of its coaching and consulting services online. This didn’t hurt their bottom line either as Ruffino reports that Clients on Demand was on track to do $20 million in 2018.
So, what types of services can you offer online, enabling you to grow your business while increasing your revenue at the same time? Like Ruffino, can you meet with clients via video? What about coworkers, team members, and business partners? Can you take those meetings online too?
If not, there are still things you can do online that will save you some time. This includes offering online scheduling or creating automatic email appointment reminders. These may sound minimal, but every little bit helps when it comes to giving you more time to enjoy your life versus working non-stop.
Hire a Virtual Assistant
If your company is small (or maybe it’s just you), it’s likely that you’re wearing multiple hats. In addition to being a service provider, you’re also marketer, bookkeeper, and tax preparer. While this isn’t a bad idea at first because it helps you truly understand the business process, eventually you’ll probably need to outsource some of your tasks in order to give you more time to focus on the things that only you can do.
One option is to hire a virtual assistant. This person can take some of the more mundane tasks off your plate, reducing the likelihood that you’ll burn out. Having a virtual assistant also enables you to no longer have to do the things you don’t enjoy without sacrificing your business because all of your administrative duties are being handled.
Not sure what type of virtual assistant you need? Thinkific explains that a General Virtual Assistant would generally handle repetitive tasks, such as scheduling, data entry, social media management, and more. A Specialized Virtual Assistant, on the other hand, is someone who has a skillset that is necessary for your specific business or industry, like project management or video editing. (The second option is obviously going to be more expensive because they need more skills to do what you need them to do.)
Owing a service-based business doesn’t mean that you have sacrifice your time to make it grow. The more you can do online and the more tasks you can assign to others, the more you can increase your profits without having to increase your time on the clock.