For New Service-Based Business Owners: Best Practices You Can Adopt

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If you are a new owner of a service-based business, you still have so much to learn when running your brand. Your type of business requires a different approach compared to regular, product-based businesses. Even if your services are currently in demand, this won’t guarantee consumer’s patronage.

One reason why service-based businesses are currently in demand is due to their timely offers. For instance, the pandemic made people turn to their insurance providers. Many made death and health claims, while others went buying life insurances.

If you are an insurance company owner and you don’t buy your business the right insurance, then you are already putting your brand at risk. The last thing you need is to pay for a costly lawsuit just because some clients are now happy about their unsuccessful claims. The first thing you need as an insurance agent is to pay for the right E&O insurance costs.

Aside from buying the right insurance for your brand, you can also find yourself a mentor and learn the best business practices. If you haven’t found the right one just yet, you can use the following tips as your guide.

Stress the Value of Your Services

If you are a service provider, it can be tricky to compete with businesses that offer actual products. This is since what they are selling are already hot commodities that can target many audiences. While many customers chase after affordable prices, more are willing to pay for the value.

So, when marketing your business, be sure to focus on the value. Show customers why your offers are a need, and not just a want they can opt to skip. The more educated your target customers are about your offers, the better your chance of continuously selling your offers.

Consumers also consider the price. This is why their first instinct is to choose a business that offers the same service but at a cheaper price. But remember that high-quality clients are willing to pay a premium for premium services.

Sell the value of your services by explaining what your offers are and how it works. List the benefits and how the pros outweigh the cons. Be sure that you know exactly what your clients want and need and it will be easier for you to sell your offers.

Build a Bigger Network and Leverage Existing Connections

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In business, what matters the most is who your connections are. Let’s say you have an ingenious service-based business idea and already managed to launch your brand. Simply acquiring a few clients every now and then won’t be enough to grow your brand.

Two things worth focusing on are continuously widening your network and leveraging existing connections. When you build healthy connections with people in and outside of your industry, you gain new referrals, new business, and learn valuable business lessons. Your new connections could be your next investor, partner, or even new business alliance.

When you nurture your relationship with existing connections, you can build friendships that can turn into future business partnerships. They will advertise your business to their own set of networks and help your brand in ways you never would have imagined. You can use your past connections to offer valuable services you know will benefit both parties.

Build a Portfolio From Real Testimonials

What better ways to entice new clients than by letting your existing customers vouch for you? Even if a startup business, there is nothing wrong with asking customers about giving you reviews and feedback. If you are confident about your service, then there is no reason to be shy about asking them to do you this simple favor.

You can start by asking them to leave feedback and review on your website or on online business listings. Nurture your relationship with them and continue reaching out even after they subscribed to your services. Once you are sure they are satisfied with your service, try offering them an incredible deal.

Reach out and see if they would consider creating a short video testimonial citing their experience with your business. Let them know how you intend to use their video testimonials and where they can see this on your website. As a token of your appreciation, you can offer exciting discounts on future subscriptions, freebies, or even wave their subscription fee for the next month or two.

Even startup services-based businesses have the chance to compete with established brands. With the right strategies, you too can enjoy greater success. All it takes is to take the right risks and opportunities, be willing to learn from your mistakes and the pros, and continuously take good care of your people.

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