Today, I'm going to shed some light on what I think is the absolute number one business strategy you need to succeed. I'm also going to walk you through a quick process of how to get it done. Ok, let's cut through the bullshit, running a service business is both incredibly rewarding and incredibly hard. The most important thing you'll ever do for your business is to automate lead generation for the lowest cost possible.
Automated lead generation is so valuable because it empowers you to maximize your margins. Think about: if you're winning business on every quote you send, and you are working 40 hours a week, then it stands to reason that you could begin raising your rates. You'll win a lower percentage, but you'll still be working 40 hours a week. Check out the table below for an example:
While these numbers are fictional, the principle is clear. Quote more, win less but at a higher margin. At the end of the day, you'll have more money in your pocket, and you'll work less.
Now, if you were spending too much time generating leads and quoting work, it might not be worth it, but that's why automating you're lead generation is crucial. You need consistent leads coming in!
Here's the cool part.
Before going out on your own, you're going to need to join LinkedIn and step outside your comfort zone by introducing yourself to as many potential target customers as possible. We have a separate article on a great introduction process that will help you build your network. LinkedIn is all about building your brand. When you post industry-related content every day that customers appreciate, over time, people will start looking to you for advice and help. Your LinkedIn presence will not only build your professional network, but it will help establish a trustworthy, reliable reputation for your brand.
Not that you need these, but they will speed up your networking process:
1. LinkedIn Professional Subscription - $29.99/month
2. Linkedprospect - $49.99/month
We are in no way affiliated to these companies. I choose to use them because they make my life easier. Without those tools, you'll be limited to about 8-10 connection requests per day, but with them, you'll be able to send 75 requests a day responsibly. You should be able to expect a 10-20% acceptance rate, which would grow your network by 225 to 450 people a month. If you were to do this for six months before starting your business, you'd have a potential network of up to 2700 people… that's a pretty solid start!
I hope you enjoyed this article. Please feel free to reach out if you have any questions. Follow us on social media, or sign up for our newsletter, if you want to be the first to know about effective business strategies.