PT Profit Podcast How to Know When to Scale Your Business
In today's episode of the PT Profit Podcast, we break down how to know when to scale your business. We talk about the value of having multiple pieces of content around the main piece of content, and hitting record without worrying about looking perfect. I discuss the changes I've made in my thinking and language regarding their business, and how this has affected my decisions on when and how to scale.
I explain how the term 'scaling' is often used in two ways - to simply grow a business, or to create passive income. We also talk about how when making decisions on whether or not to scale a business, it is important to consider what the goal is and what will best help the business to achieve that goal.
The conversation is about how to grow a profitable business by scaling it to generate more revenue without increasing the workload. The key is to leverage resources, including money, time and effort. Investing in skills that will help move the business forward is the most important thing to do.
In 2023, many service providers are still set up to fail, due to trading dollar for hour instead of growing their businesses. It is important to focus on tasks that will actually grow the business, such as content creation, which is a free way to connect with potential customers. If you enjoy this episode, let's connect! DM me @bsimpsonfitness and leave a review on Apple Podcasts.
Timestamps
0:02:04Scaling Your Business: What Does It Mean and When Is the Right Time?0:04:04The Importance of Leverage in Growing a Profitable Business0:09:00The Benefits of Delegating Social Media Tasks0:11:41Scaling Your Business: How to Maximize Your Leverage and Your Offer0:12:49The Benefits of Offering Tangible Outcomes to Clients0:14:32The Importance of Crafting a Profitable Offer0:18:48The Importance of Performance Metrics in Business0:20:19The Math Behind A Six or Seven Figure Business0:23:49The Scary Place of Making Decisions: What to do When You Need to Scale0:25:16How to Know When to Scale Your Business0:28:57The 5 Telltale Signs You're Ready to Scale Your Business0:30:43The Power of Trusting the Process0:32:09The Benefits of Taking on Risk in Your Business0:37:25The Different Ways That Millionaires View Their Business Problems0:39:05The Invisible Markers of Knowing When to Scale Your Business0:40:58The Benefits of Failing
Highlights"This is a huge telltale sign about where you are in your business growth and where you are in the phases. People who are at the scale, it phase and the automated phase that's the fourth phase when they start to work themselves out of the business is that they start to view problems and challenges in their business differently.""Business growth happens in stages, both in the tangible and intangible. And what I mean by intangible is in my mind, in the way I think about my content, think about my business, and think about growth.Is your offer converting? Have you maximize your leverage?. Can you offer stack to increase profitability?. This is when you're going to know whether or not you're ready to scale.""So it's a balance between finding what is that threshold for you, for your market that you feel excited to serve on? Because if you start under charging for your services, you'll start to resent your clients, which is one of the worst things that you can do for your business.""The trouble is, the level of investment is not for me to decide. I can't tell you how many times I do Live Free experiences trainings, and I have hundreds of people register, and then five show up."
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