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How to Build a Successful Service-Based Business

A service-based business is easy to start because it’s a low-cost venture. Developing and selling a physical product takes money, time, and energy. The business also has higher chances of succeeding, considering one out of foursmall businesses don’t make it due to insufficient cash flow.

With a service-based business, you may not need a fancy office or equipment. You simply build it around your customers. However, your service-based business can only be successful if you have a great idea and the right knowledge. Follow these guidelines to build a great service-based business.

1.   Focus on Quality

Offering quality services to your clients should be your priority. Instead of focusing on sales and customer acquisition, give your existing clients top-notch services. Also, ensure your entire team does the same.

When you provide excellent service to your existing clients, you get referrals. Customer referrals are one of the most powerful selling and marketing tools. The quality of customer service you offer will determine whether you get more customers.

2.   Over-Deliver

Free perks and value-added services will help you build strong relationships with clients and help you win their trust. The phrase “Under-promise and overdeliver” should come to mind every time you’re interacting with clients. Always aim to exceed customer expectations at every given opportunity.

Jay Smith, a marketing expert offering car title loans online, said that key to their growth was creating a fast, efficient loan process. They removed the need for any in-person meetings and set up an online-only experience for consumers, a key differentiator in their industry. This created improved customer satisfaction and improved their bottom line.

3.   Be a Good Listener

Service-based businesses are different. Some of your clients don’t just see you as a service provider, they see you as a confidant and a guide. Listen to their concerns keenly and respond to their questions the best way you can.

Listening to your customers can help you improve your business. You can gather important information and use it to offer better services than the competition. Ask for customer feedback to understand how your customers truly feel about the services you deliver.

4.   Create Clear Work Scopes

Even as you over-deliver services, know when to stop. If you don’t, your customers might start having unrealistic expectations. One effective way tomanage clients’ expectations is by defining the scope of work. Use contracts to clearly define who is responsible for what in a particular project.

However, you can perform some tasks outside the scope of work if the client requests you. But be sure to make it clear that the extra services are add-ons and that you’re offering them as a bonus.

5.   Know Your Worth

When you know your worth, you are confident about the decisions you make. You don’t question yourself, so you can act quickly and seize opportunities as they come. When you don’t know your worth, people can take advantage of you. Offer quality services, over-deliver, listen to your customers, be responsive, but be decisive. Don’t let customers and key partners make critical decisions for you.

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