Introduction: The Power of Starting a Service Business from Home
Today, we're diving deep into starting a service business right from the comfort of your home. If you have a skill, knowledge, or a service you want to offer, this guide is your roadmap to generating leads and closing sales.
The Philosophy Behind Starting a Service Business
Today is exciting as we discuss how to start a service business. I've read and listened to "Think and Grow Rich" multiple times. One of the key takeaways from this book is the immense value of offering services to people as a way to generate wealth.
Types of Services You Can Offer
When you're starting a service business, the possibilities are endless. From financial planning and legal services to sales strategy and even travel planning—there's a service for every skill set. We've built sales funnels for various industries, including lending, credit repair, and franchising, to name a few.
The Basic Framework of a Service Business
The essence of a service business lies in solving a problem. Prospects usually find you through a Google search or a targeted ad on social media platforms like Facebook. Once they land on your website, the goal is to convert them into a lead.
Sales Funnels: The Backbone of Starting a Service Business
When you're starting a service business, having a sales funnel is crucial. Typically, after a prospect downloads your lead magnet, you can direct them to a bridge page that addresses common questions and leads them to your sales pitch.
The Importance of Personal Branding in a Service Business
One fundamental aspect to understand when starting a service business is that you're essentially selling yourself. Your brand becomes a significant part of the business, and balancing brand aesthetics and conversion rates is crucial.
Striking the Balance: Branding vs. Conversions in Starting a Service Business
When starting a service business, your brand is a critical asset. There are generally two schools of thought: those who prioritize branding elements like logos and colors and those who focus solely on conversions. The sweet spot lies in the middle—valuing brand equity and conversion rates. For instance, if an orange button boosts conversions by 12%, then an orange button it is!
Crafting the Perfect Sales Funnel for Your Service Business
Understanding that you're building a personal brand is crucial when starting a service business. The right website and sales funnel can make or break your business. Prospects will reach out to you online or over the phone, and you'll need to tailor your services to their needs. This is especially important in the current pandemic landscape, where client needs rapidly evolve.
Adapting to Market Needs: The Legal Services Example
Take legal services as an example. Many lawyers have pivoted to offering PPP funding services due to the high demand in recent months. This underscores the importance of flexibility and adaptability when starting a service business.
Productizing Your Offer: The First Step in Starting a Service Business
Service-based business sales funnel leads to a qualified sales call because services are inherently complex. The key is to productize your initial offer. This means packaging it neatly, making it easier for the client to understand what they're getting.
Standard Packages: The Optimal Sales Strategy for Starting a Service Business
When you start a service business, offering standard packages is the most effective online sales strategy. The "good, better, best" pricing model, popularized by Marcus Lemonis on MSNBC's "The Profit," works exceptionally well in service-based businesses. These packages serve as your foot-in-the-door strategy, enticing clients to explore your more customized and complex—and often more expensive—offerings.
SEO: The Unsung Hero of Starting a Service Business
In the early days of local marketing, many businesses would offer Google Maps optimization as an initial service. This foot-in-the-door strategy would open doors for more comprehensive services like SEO and PPC campaigns. Similarly, when starting a service business today, SEO remains vital for driving organic traffic and improving your online visibility.
Customization: The Final Touch in Starting a Service Business
Even with productized service packages, clients will still seek customization. It's essential to offer flexibility in your boxes to meet each client's unique needs, making your services more appealing and worth their investment.
Expanding Your Reach: Geographic Targeting in Starting a Service Business
When you're in the initial stages of starting a service business, it's crucial to aim for the largest geographic area your business model allows. With the power of digital advertising platforms like Facebook and Google Ads, you can easily target specific demographics across vast regions. For instance, removing interest-based targeting from your Facebook Ads can significantly reduce your cost per acquisition, as algorithms have become incredibly efficient.
The Power of Algorithmic Targeting
By setting broad parameters like age groups and gender, the algorithm can do the heavy lifting. This approach can result in a 30% drop in lead costs and a 45% reduction in acquisition costs. The takeaway? When starting a service business, go as big as your geographic limitations allow.
Virtual Client Interaction: The New Norm
Given the current remote work environment, there's no reason to limit your service business to a local community. Use phone calls and Zoom meetings to interact with clients, expanding your reach and credibility through case studies and testimonials.
Local vs. Global: A Case Study from Erie, Pennsylvania
Even if you're based in a small town like Erie, Pennsylvania, digital advertising can quickly expand your reach nationally. Unless your business is tied to a specific location, such as real estate, aim to target as large a geographic area as possible when starting a service business.
Time Management: The Crux of Starting a Service Business
Every service business has a limit on the number of clients it can handle without sacrificing quality. You'll eventually hit a ceiling, whether it's 10, 20, or 50 clients. This is where you need to decide whether to expand your team or diversify your offerings.
Leveraging Your Time and Skills
If your client list and waitlist are growing, but want to maintain a work-life balance, consider hiring additional staff or offering digital products. This allows you to focus on what you do best: content creation, speaking engagements, or other high-level tasks.
Referral Campaigns: The Hidden Gem in Starting a Service Business
Don't underestimate the power of a well-executed referral campaign. Your existing clients are your warm traffic, and their recommendations can bring in new business. This is an essential strategy for anyone looking to start a service business successfully.
Final Thoughts: The Scalability Challenge
Starting a service business comes with its own set of challenges, including scalability. You'll need to decide whether to grow your team, diversify your product line, or both. The key is to be aware of your limitations and make strategic decisions accordingly.
By understanding these various facets, you'll be better equipped to navigate the complexities of starting a service business in today's digital age.
The Blueprint for High Ticket Service Businesses: The Fully Qualified Lead Funnel
When starting a service business, one of the most effective tools at your disposal is a Fully Qualified Lead (FQL) Funnel. This funnel is designed to generate leads and ensure that those leads are well-suited for your services.
What is an FQL VSL Funnel?
FQL stands for Fully Qualified Lead, and VSL stands for Video Sales Letter. This funnel begins with various traffic sources like Facebook, email lists, retargeting, and Google Ads. These sources direct potential clients to a landing page or an advertorial, often a blog post or case study detailing your services.
Traffic Sources: Where Do Your Leads Come From?
The funnel can accommodate multiple traffic sources, including Facebook, Google, and retargeting campaigns. The key is to choose platforms that align with your service offering. For instance, Google traffic is particularly effective for legal and financial services.
The Role of Advertorials and Landing Pages
Once the traffic is directed to your site, it lands on an advertorial or a landing page. An advertorial is a case study showcasing your expertise and success in solving specific client problems. This case study includes a link that directs the reader to a Video Sales Letter (VSL) promo page.
The VSL Promo Page: Your Sales Pitch in Video Form
The VSL promo page features a video that aims to persuade the viewer to take action, usually by clicking a button or filling out an application form below the video. This application gathers essential data that prepares you for a more meaningful conversation with the potential client.
Scheduling and Reminders: The Final Steps Before the Sales Call
After filling out the application, the prospect is directed to a scheduling page where they can book a time for a call. Automated reminders are sent out to ensure that the chance remembers to attend the scheduled call.
The Sales Call: Where Leads Become Clients
The marketing process is considered complete once the lead is generated and the call is scheduled. The next step is the sales call, which could be a strategy session. This is where you discuss the client's needs in detail, walk them through your offer, and, ideally, close the deal.
What Happens if They Don't Schedule a Call?
If a prospect doesn't schedule a call, the funnel usually triggers a nurturing sequence or presents them with additional offers. This ensures that you're not losing out on potential clients.
Looking Ahead: Consultative Sales Calls
Next week, we'll delve deeper into the art of consultative sales calls, particularly for service-based businesses and coaches. This will include guest insights and focus on effectively selling your services over the phone.
By understanding and implementing a Fully Qualified Lead Funnel, you're setting up your high-ticket service business for success. It's not just about generating leads; it's about developing the right leaders and converting them into loyal clients.
