Why DFY Services Are Limiting Your Grow and How To Break Free

Summary

This 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

• 🔗 The primary issue with service-based businesses is the inability to scale due to the time-for-dollars model.
• 🔄 To break free from this model, one must transition from providing services to creating products that can be sold repeatedly.
• 🛠️ Productizing services involves identifying mastery patterns in the work done for clients and turning these into teachable skills.
• 💼 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.
• 📈 Scaling a business is challenging with service-based models as adding more clients exponentially increases complexity and management overhead.
• 💡 The speaker's personal experience with an agency and one-on-one coaching illustrates the limitations of service-based income.
• 🚀 Transitioning to an online education business by selling courses, group coaching, and membership programs allows for scalability and recurring revenue.
• 💰 Productizing a service can lead to higher profit margins as the same product can be sold multiple times without additional time investment.
• 🔑 The key to success in productizing services is to decouple the business from the constraint of time, thereby allowing for unlimited income potential.
• 🌐 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

00:00

🔄 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.

05:01

🚀 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.

Keywords

💡Time for dollars

The term 'time for dollars' refers to the concept where an individual's income is directly proportional to the time they spend working. In the video, this is used to describe a limiting situation where the speaker was providing services and getting paid only for the time spent, which restricts scalability and profitability. The speaker was 'trading time for dollars' by doing tasks like building funnels, marketing, and creating content for clients, which didn't allow for passive income or growth beyond their working hours.

💡Done for you services

Done for you services are services where a provider does all the work for the client, from start to finish. In the context of the video, the speaker mentions having provided 'done for you services' such as building funnels and creating content for clients. This approach, while beneficial for immediate income, does not scale well because it ties the provider's income directly to the time spent on each task, leading to a potential burnout and limited growth potential.

💡Scaling business

Scaling a business refers to the process of expanding its operations, customer base, or revenue without a proportional increase in resources. The video discusses the challenges of scaling a service-based business and suggests productizing services as a solution. The speaker shares their experience of scaling an agency with '44 active clients' and the difficulties that come with managing such a high volume of service delivery, which led to sleepless nights and client dissatisfaction.

💡Burnout

Burnout is a state of chronic physical and emotional exhaustion caused by long-term stress. In the video, the concept is used to describe the physical and mental strain the speaker experienced while trying to manage a high volume of clients and tasks in their service-based business. The speaker mentions 'burnt out' as a result of the relentless effort to meet client demands, which is a common issue in businesses that rely heavily on personal time and effort.

💡Productizing services

Productizing services involves turning a service into a product that can be sold repeatedly. The video emphasizes this as a solution to the 'time for dollars' trap. The speaker shares their journey of transforming their expertise in marketing into a teachable format, creating a course that martial arts business owners could buy to learn how to market themselves, instead of paying for the speaker's time to do the marketing for them.

💡Mastery patterns

Mastery patterns are the recurring, effective methods or strategies that an expert uses in their field. The video suggests identifying these patterns in one's service offerings and then teaching them to others. The speaker found 'Mastery patterns' in their marketing services and used them to create a course, which allowed them to sell the same content multiple times, breaking free from the limitations of one-to-one service delivery.

💡Digital product

A digital product is a product that is distributed in digital form, such as online courses, software, or digital media. The video encourages the creation of digital products as a means to scale a business beyond the limitations of time. The speaker turned their service of marketing into a digital product by creating an online course, which they could sell repeatedly, thus decoupling their income from the time spent on creating the product.

💡Group coaching

Group coaching is a form of training or instruction where one coach works with multiple individuals at the same time. In the video, the speaker mentions group coaching as a way to scale their business and move away from one-to-one coaching, which is more time-consuming. By offering group coaching, the speaker could reach and teach more people at once, thus increasing their income without a proportional increase in time spent.

💡Membership programs

Membership programs are services where customers pay a recurring fee to access certain benefits or content. The video suggests creating membership programs as a way to generate recurring revenue and scale a business. The speaker implies that by offering a membership program, they could provide ongoing value to clients and receive ongoing payments, which is more sustainable and profitable than one-time service fees.

💡Reccurring revenue

Recurring revenue is income that a business receives on a regular basis, typically from subscriptions or membership fees. The video highlights the importance of recurring revenue as a stable and predictable source of income, which contrasts with the unpredictable nature of service-based fees. By offering membership programs, the speaker was able to create a stream of recurring revenue, which helped to stabilize and grow their business.

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