6 Tips to Get Your Service-Based Business off to a Great Start
No matter what kind of service you offer, it’s important to get off on the right foot. You’ve spent months building up your skillset and researching niche markets so that when you finally did decide to start your own business, you could be sure that it would be a success. Now that you’re ready to take the leap into entrepreneurship, here are 6 tips for getting your service-based business off to a great start.
Tip #1: Understand What Your Service is Worth
When you’re first starting a business, it can be difficult to understand what your service is worth. Many new entrepreneurs tend to undercharge for their services because they want as many clients as possible and think that charging too much will turn people away from the business. However, if you charge an amount so low that it barely covers overhead costs such as your phone bill or your website hosting, then you’re not going to be able to make enough money from the business.
Take some time before the opening day of your new service-based business and do some research on what other businesses are charging for a similar service so that you can set an initial price point for yourself that will allow you to cover overhead costs. Not only will this help you to set appropriate prices for your products and services, but it will also give you a good idea of how much profit you can expect to make from each sale. You can use a variety of resources to help you determine your service’s worth, including online calculators and comparisons tools, as well as personal consultations with industry professionals.
Similarly, get a sense of how much it will cost to run your business. This will give you a benchmark on how much you must charge to turn a profit.
Tip #2: Focus on Customer Service
One of the most important aspects of any business, service or otherwise, is customer service. As a new business owner, it’s essential that you make your clients feel valued and appreciated from the very beginning. This means responding to inquiries in a timely manner, keeping appointments, and providing quality workmanship on every job. This holds true for service-based businesses as well. Make sure that you put a lot of effort into ensuring that your customers are satisfied with their purchases. For example, if you’re offering an online service, make sure to reply to all client questions as soon as possible and provide them with guides or tutorials for any problems they may be experiencing.
If you can manage to exceed your clients’ expectations, they are likely to refer you to their friends and family members, which can help to grow your business without having to do any additional marketing. A majority of consumers will recommend a business after having a positive experience with it, so focus on providing great customer service.
Tip #3: Do Self Promotions
As a new business owner, you’re going to have to do some self-promotion in order to get the word out about your company. This doesn’t mean spamming people on social media or sending out unsolicited emails; rather, it means finding creative ways to market your business without being too pushy.
One way to do this is by promoting yourself. Make sure that you have a strong online presence, including a well-designed website, an active blog, and plenty of social media profiles. In addition, don’t be afraid to reach out to potential clients directly and offer them your services.
Tip #4: Create a Business Plan
Before you start your service-based business, it’s a good idea to create a comprehensive business plan. This will help you stay organized and on track throughout the entire process of getting started.
Writing up a basic draft of this document can be done fairly quickly using online templates or guides, but if you decide that you want something more complex with more in-depth financial analysis, you may want to consider hiring a business consultant.
Tip #5: Consider Different Payment Options
One of the things that can make or break a service-based business is how easily customers can pay for your services. Make sure that you offer a variety of payment options.
Finding the right payment options, including online payments through PayPal or credit cards via Stripe API, or through more traditional payment options like cheques or cash, will ensure you satisfy every customer. To learn more about payment methods click here.
Tip #6: Continue Learning and Growing
No matter how successful you become, remember that the only way to stay ahead of the competition is to continue learning and growing. Make sure that you dedicate a portion of your time each week to continuing your education in your field, and keep an open mind towards new ideas and technologies. Using a variety of resources will help you stay ahead of the curve and provide the best possible service to your clients.