Scaling your service or consulting business is NOT about expanding what you do. It’s about refining what you do.
That’s because when you grow, you amplify EVERYTHING — especially complexity. Think about it. If you have challenges, headaches or complexity in your business NOW, you will have a lot mo’ drama when you 3x it…
Unless you apply deep and disciplined focus. I call this “deep niching.”
A lot of the women we work with already have six or multi six-figure businesses. They have “a niche”, they have a message, they know how to sell. The trouble is, they are maxed out. As one of my clients told me this week, “I have more to give, but I don’t have any space left to add.”
And they often are also experiencing this weird phenomenon of running a six or multi six-figure business…you are making good money, but not enough money to truly build up the size of cash reserves you’d like. Therefore, even though your plate is already full you often feel pressure to take on clients you don’t actually have time to serve.
When these clients come to me and I tell them they need to refine their positioning, they often say, “but I have done that already.”
And they have a point. You can’t really get to six or multi six figures without having some sort of clue about who you serve and what you do.
But with all the respect in the world, you can be a hack and get to a quarter million. By hack I mean — you can be a generalist. You have a general service area and a general target group and you just morph your business into the specific needs of that general group.
You might tell yourself that the “morphing” is “meeting clients where they are at,” but you’re lying to yourself. You just haven’t cultivated the guts to get focused. And running a 7 figure business requires guts and focus.
If you want to scale your revenues, profits AND open time, you need to practice “deep niching.” That means that inside the body of work you have carved out, you need to isolate an even more specific niche that you can occupy. Then you amplify from that point of focus.
It’s not as easy as it sounds. Do you focus on a segment of your audience? A segment of your work? On THIS part, alas there is no pat answer. It totally depends on you, your business and your unique circumstances.
I have witnessed many clients make SIGNIFICANT, multiple six-figure revenue gains — within a 12-24 month period — from practicing deep niching.
To be fair — I have also seen some clients nail their deep niche, lack the ovaries to truly commit to it, and not see anywhere near those gains. But in general, I have learned how to weed out such lily-livered pseudo-deep nichers. (By writing paragraphs like this, for instance.)
Anyhoo — this is the work we do in The Power + Presence + Position Business Accelerator. 67% of our clients recoup their investment before they graduate from the program. We haven’t pulled the specific numbers on this yet, but based on follow-up interviews we conduct anywhere from 2-12 months after graduation, we are seeing that many of our graduates are adding an additional six figures to their annual sales while working less. Over two-thirds see an average 8x return on investment from the program within 3 months of graduating.
And because of the scaling power of deep niching, these gains are the tip of the iceberg. The biggest gains from deep niching amplify over time.
If you relate to what I’ve shared here, I encourage you to apply for the program. We are constitutionally unable to accept money from founders who are not a fit, so if I don’t think you’d benefit from the program I will tell you straight up.
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- Listen to episode 472: The Psychology of Freakishly High Sales Conversion