4 Myths About Running A Service Based Business (That You Should Be Ignoring)
When I first decided to monetize T.A.N years ago, I honestly thought my only option to make money was through slapping a bunch of ads onto my blogs sidebar. After months of trying to bring in a decent income (which was probably around $100/month), I knew there had to be another way that was more consistent and greater in amount.
During this time I was also spending A LOT of time in my inbox answering reader questions about starting or growing their business. While I felt honored to be able to give them advice, I knew that in order for it to truly be worth the time, I needed to figure out how I could monetize from it. So I took the same concept of buying ad space in exchange for a featured post and decided to offer an hour worth of "business coaching" for $35 (yes I was insane for offering my services for that low amount).
The only problem was a lot of the information I found online about being a business coach was mostly geared towards corporate businesses. So it left a lot of room for assumption and a ton of room for error. Fast forward nearly three years later, whenever I suggest a service to one of my clients as a way to monetize their brand, they immediately have a ton of reservations just based off of things they've heard and read about running a service based business.
If you've been thinking about creating a service or don't think it's possible because of your specific "niche", today I want to tackle a few of those myths and also help you get started!
1 | YOU HAVE TO BE A "COACH"
Yes being a business coach is the route that best fit my brand but if you have no desire to label yourself as a coach, then don't! You can still offer an incredible service to your audience without being in the business coaching industry. Instead of getting wrapped up in a title, focus on your audiences biggest pain points and the skills you have to help them through it! Then you want to focus on whether you want to create a service that does the work for them; like creating logos or someone who offers accounting services. Or if you want to teach them how to do what you do what you do, like someone who can show you how to develop your personal style.
2 | IT'S TOO TIME CONSUMING
While running a service based business can take up more time than creating and launching a passive income product, it doesn't mean that you have to be a slave to your work. See my friend, that's the joy of being an entrepreneur of any kind, you have the power to set your schedule however you please.
If you find that you can only handle 3 clients per month, then take only those clients and charge them a premium price. If you only want to take client calls on Tuesdays and Wednesdays then only open up those days in your schedule. You can have as much freedom that you allow yourself to have. I highly suggest setting your schedule and creating those client expectations before booking new clients! That way you are not pressured to work during a time that you really don't want to.
3 | YOUR ONLY SOURCE OF INCOME ARE THE SERVICES YOU OFFER
This was a myth that I fell into early in my career. Just because you offer a service doesn't mean you're stuck with that one stream of income forever. I'm a firm believer in having multiple streams of income and highly recommend service based businesses to branch out. Along with my coaching services, I currently have a book, a planner and several workbooks and a pre-recorded workshop available for purchase. In the event that you are unable to book another client or decide to take a break like I recently did, having other income coming in will reduce the stress of worrying about how you will pay the bills.
Turning your services into other products is one of the topics I'll be covering in the upcoming Purpose to Service course!
4 | YOU HAVE TO WORK WITH OTHER BUSINESS OWNERS OR BLOGGERS IN ORDER TO BE SUCCESSFUL
This myth also lines up with the myth that you have to consider yourself a "coach". If your target audience isn't another business owner or blogger, don't feel pressured to cater your offerings around that demographic. Let's say you have a love for cooking and want to create a service showing others how to create basic meals. You don't have to gear that towards entrepreneurs in order to be successful. You can easily find a community of newlyweds or busy singles who want to learn the cooking basics.
If you're just getting started, before you create any type of service you need to get extremely clear on exactly WHO you want to work with and the best way to help them. On a completely separate note, knowing your audience and their biggest pain points is really the best way to create and market your services.
Being able to work one on one with a client or even within a small group of clients to help them through their struggles is an extremely rewarding experience. Not to mention that services often call for a higher price which can really help you exceed your income goals! At the end of the day, no matter what industry you're in, you have the option to make your own rules, set your own hours and work with who you please.