Why DFY Services Are Limiting Your Grow and How To Break Free
Summary
TLDRThis video script discusses the challenges of time-for-dollar trading in service-based businesses and offers a solution: productizing services. The speaker shares their experience with one-to-one coaching, agency work, and the limitations they faced due to time constraints. They explain how transitioning from service delivery to creating digital products like online courses, group coaching, and membership programs can help scale the business, increase profits, and break free from the hamster wheel of trading time for money. The speaker also provides a free course on their website to guide viewers on how to productize their services.
Takeaways
- đ The primary issue with service-based businesses is the inability to scale due to the time-for-dollars model.
- đ To break free from this model, one must transition from providing services to creating products that can be sold repeatedly.
- đ ïž Productizing services involves identifying mastery patterns in the work done for clients and turning these into teachable skills.
- đŒ Done-for-you services, one-on-one coaching, and agency work can lead to burnout and limit income due to their dependency on the service provider's time.
- đ Scaling a business is challenging with service-based models as adding more clients exponentially increases complexity and management overhead.
- đĄ The speaker's personal experience with an agency and one-on-one coaching illustrates the limitations of service-based income.
- đ Transitioning to an online education business by selling courses, group coaching, and membership programs allows for scalability and recurring revenue.
- đ° Productizing a service can lead to higher profit margins as the same product can be sold multiple times without additional time investment.
- đ The key to success in productizing services is to decouple the business from the constraint of time, thereby allowing for unlimited income potential.
- đ The speaker offers a free course at www.makeonce.com to guide individuals on how to productize their services and escape the time-for-dollars trap.
Q & A
What is the main issue with trading time for dollars in service-based businesses?
-The main issue is that services don't scale well, leading to a time-for-dollars trap where the business owner is limited by the number of clients they can serve and the amount of time they have, which can result in burnout and reduced profit margins.
Why does the complexity increase when trying to scale a service-based business?
-As the business grows, the need to manage existing clients, acquire new ones, and train additional staff increases exponentially, leading to higher complexity and often a decrease in the quality of service and customer satisfaction.
What is the concept of 'productizing your services' mentioned in the script?
-Productizing your services involves taking the skills and expertise used in providing services and turning them into a digital product, such as online courses, group coaching, or membership programs, which can be sold repeatedly without further time investment.
How does productizing services help in breaking free from the time-for-dollars model?
-By creating a digital product out of services, the business owner can sell the same product multiple times without additional time investment, thus decoupling income from the amount of time spent and allowing for scalability and passive income.
What is the significance of finding 'Mastery patterns' in your service?
-Mastery patterns are the recurring and effective methods or processes that a service provider uses in their work. Identifying these patterns allows the service provider to create a structured product or course that teaches others to replicate these successful methods.
Why might clients prefer to learn how to do a service themselves rather than paying for it to be done for them?
-Clients may prefer to learn the service themselves to gain control over the process, reduce ongoing costs, and apply the knowledge to their specific needs more effectively, especially if the return on investment is clear and the learning process is well-structured.
How does the speaker's experience with an agency and one-to-one coaching illustrate the limitations of service-based models?
-The speaker's experience shows that despite the freedom from traditional employment, the service-based model still involves trading time for money, leading to a cap on income and potential burnout, which are significant limitations for growth and scalability.
What is the role of digital products in scaling a business beyond service limitations?
-Digital products, such as online courses and membership programs, allow business owners to reach a larger audience, provide value at scale, and generate recurring revenue, thus overcoming the limitations of one-to-one service models.
How does the speaker suggest transitioning from a service-based business to a product-based one?
-The speaker suggests identifying Mastery patterns in the services provided, creating digital products based on these patterns, and offering them to clients as an alternative to traditional services, allowing for scalability and higher profit margins.
What resources does the speaker offer to help others productize their services?
-The speaker offers a free course and funnel through his website, www.makeonce.com, to guide individuals on how to productize their services and scale their businesses beyond the service-based model.
Outlines
đ Escaping the Time-for-Dollars Trap
The speaker begins by addressing the common issue of being stuck in a time-for-dollars cycle, where individuals are limited by the amount of time they have to offer services such as one-on-one coaching, agency work, or done-for-you services. They emphasize the struggle of scaling a business while maintaining the quality of service and avoiding burnout. The speaker shares their personal experience of running an agency and coaching business, highlighting the limitations of service-based businesses due to the one-to-one nature of the work. They explain the concept of 'productizing' services, which involves identifying patterns in the work done for clients and then teaching those patterns to others, allowing for scalability and breaking free from the time-for-dollars model.
đ Scaling Business Through Productization
In the second paragraph, the speaker elaborates on their transition from providing services to creating digital products. They discuss how they were able to create a course that taught martial arts business owners how to market online, which was more profitable and scalable than doing the work for them. The speaker emphasizes the importance of turning services into digital products such as online courses, group coaching, and membership programs, which can be sold repeatedly without the need for constant one-to-one interaction. They also mention the benefits of decoupling business income from time, allowing for unlimited income potential. The speaker concludes by inviting the audience to a free course on their website, www.makeonce.com, where they can learn how to productize their services using the funnel and strategies the speaker has successfully implemented.
Mindmap
Keywords
đĄTime for dollars
đĄDone for you services
đĄScaling business
đĄBurnout
đĄProductizing services
đĄMastery patterns
đĄDigital product
đĄGroup coaching
đĄMembership programs
đĄReccurring revenue
Highlights
The challenge of trading time for dollars and the struggle to scale businesses while maintaining profitability.
The limitations of 'done for you' services and how they restrict business growth.
The author's personal experience with agency work, one-to-one coaching, and the realization of being on a 'hamster wheel'.
The concept of services not scaling due to the one-to-one relationship with human time.
The burnout and complexity issues that arise from trying to manage more clients and employees.
The vicious cycle of losing clients, decreasing confidence, and vanishing profit margins.
The solution to productize services by identifying mastery patterns and teaching others.
The shift from service-based to product-based business model for scalability.
How productizing services allows for the creation of online courses, group coaching, and membership programs.
The benefits of decoupling business from time and increasing income potential.
The author's transition from a marketing agency to teaching martial arts business owners how to market online.
The strategy of creating a funnel, email follow-up system, and content marketing for martial arts businesses.
The financial advantage of selling a productized service over traditional agency work.
The importance of teaching clients how to perform services themselves to increase their ROI.
The potential for businesses to do marketing themselves instead of paying for agency services.
The author's offer of a free course on how to productize services at www.makeonce.com.
Transcripts
hey are you stuck trading your time for
dollars maybe you're doing done for you
services or you're doing onetoone
coaching maybe you're doing agency work
and you're just you're on this hamster
wheel and you can't figure out how do I
get more profitable without losing more
time in this video I'm going to share
with you the secret of Breaking Free and
actually being able to scale your
business make more money and not have to
spend so much time you're going to learn
how to make it once and then just sell
it over and over again so here is why
done for you services are limiting your
growth and how you can break free so
here's the problem Services don't scale
when you're doing Services done for you
Services I had an agency once and I also
did the onetoone coaching and I did done
for you Services people would call me
I'd help them build their funnels I
would help them do their marketing I
would help them create content I would
do the video I would go do the video
Bring It Back edit it post to their
account that whole thing and although it
was great it got me out of having to
have a job and I had a business that was
essentially working from the internet
but I was still trading my time for
dollars because if I wasn't doing the
services if I wasn't getting the stuff
and making it and putting it everywhere
I I wasn't going to get paid but the
problem is I don't have that much time
right you only have so much time and you
can have only so many clients and what
happens is you start getting burnt out
out because you're trying to do good
you're trying to do the best you can but
you're running around in circles and I
totally get that because what we're
dealing with is we have a onetoone
relationship with human time onetoone
coaching you can only coach so many
clients in a day so you can only make so
much money right and then you think well
I'll just get more people and I will
then be able to get more clients and
then what happens is the complexity
increases exponentially so now not only
do you got to worry about the existing
clients and what you were doing for them
what you have to do but now guess what
you're also having to manage your
employees you're also having to manage
getting the new clients and making sure
that that whole relationship's working
and then you're going to have to train
somebody else to be like you and
although all of these things are great
what I wanted was I wanted the ability
now to take my skills my ability that
I've been learning and crafting and and
and sharpening and making better because
I was doing it for people I was actually
coaching them I was had the agency going
but now I wanted to take that and I
wanted to teach people how they could do
that I wanted to create an online
education business and sell courses do
group coaching and create membership
programs and so what happens now when
you start going at this trying to grow
the business because at one point I had
44 active clients in my agency and it
was me and I had a little bit of help
from somebody else but th this was like
I there was many sleepless nights and
you start letting the clients down then
the clients are like hey you said you
were going to get this done but it
didn't get done and then you start
losing clients which then starts working
on you and making your confidence go
down and it's a pretty vicious cycle and
then the profit margins just disappear
as you start to hire people because you
go oh I need help then you hire people
the profits go down and it's like a
snake eating its own tail so what's the
solution how do you fix this well what
you want to do is you want to productize
your services so essentially you're
going to take what you do as a service
and you're going to find the Mastery
patterns in your service so you've been
doing this thing over and over and over
again for people you've been coaching
people you've got the agency work stuff
happening you do done for you services
and if you look at what you're doing if
you were to let's say you know record
yourself working all day long you would
find these patterns that you keep doing
you always start this way you always do
it in this order and then you do this
and when you find those Mastery patterns
like that what you can do is you can
teach people how to do that themselves
so when I first SC started doing this I
was doing marketing for all these
businesses but it was pretty much the
same thing it just the business type
would change well when I shifted and
productized my services I started
helping martial arts business owners to
get more students because they wanted to
get more students but they wanted to use
the internet because the other way they
get them is through like birthday
parties and they have to go to like
fairs and clipboards walking around
parking lots and like it's just very
manual time Ford dooll thing so what I
taught them was how to create a funnel
how to create an email follow-up system
and then how to actually do content
Market online and get leads and get
sales this gave them their time back so
what I did was instead of doing it for
them they didn't want to pay the price
that I was going to charge to do it for
them so they wanted me to teach them how
to do it well I was able to sell that
service that product for
$5,800 and that's way more money than I
was getting even as an agency it made
sense to them because they had to get
you know six new students that stayed
for the average time and they would make
their money back the point here though
was I made that course one time and I
was able to sell that same program over
and over and over again because I
productized my services and I just took
what I did and I taught them how to do
it themselves which allowed me to scale
my Mastery in product form so you just
turn what it is that you're doing into a
digital product product you can do you
know online courses which is what we do
we also do group coaching so it's like
one to many instead of one to one and
then you can do membership programs and
you also get recurring Revenue out of
that which is really nice and then you
decouple your business from time and now
you're not in this time for dollars trap
your income isn't limited and that's the
key there are people out there that
would just love to know how to do what
you would do for them and they'd like to
pay less cost on that you know when I
was doing my marketing agency companies
would pay me 1,000 to $2,000 a month
sometimes $10,000 a month depending on
our client and you know over a course of
time that's quite a nice chunk of change
now obviously it makes sense for them if
they're getting the result that we
promised them which was more sales
basically using the internet but they
also a lot of them had an inside team
and they could have just done it for
themselves and it would have made a lot
more sense for them and this is probably
what can happen for you if you go on and
take this same type of uh approach where
you're you're going from basically
services to products you're productizing
your service now you're probably
wondering well that's great Mike I'm it
sounds good I love that but how do I do
that well lucky for you if you go to
www.make once.com
I have a free course and I give you the
funnel that I use and I show you how we
productize our services so go down in
the description and grab that or just go
to the website here and I'll see you
inside of that training
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