Growing & Scaling Your Business
How many years have you been in business? How many events do you book each year? What have you done to scale your business?
Growing and Scaling Defined
Growing: adding resources at the same rate that you’re adding revenue
Example: Get more clients, hire help, get more revenue, have more costs
Scaling: adding revenue at an exponential rate while only adding resources at an incremental rate
Example: Get more revenue, have less costs
Top 5 Mistakes Being Made While Growing + Scaling
Having an undefined brand + client
Lacking financial organization
Underpricing and undervaluing my work
No systems in place
Not hiring a team
Having an Undefined Brand + Client
You must ask yourself a couple of questions.
What is my brand?
External - website, collateral, social media. Having a solid website that matches your brochures, and social media posts will attract a more consistent and reliable client.
Internal - my “why”, mission, core values. Be able to communicate why you do what you do. This allows for connections with others.
Who do I want to serve?
Ideal client – think about the age range, profession, and what is most important to them?
Ideal event – what kinds of events do you design flowers for? Baby showers? Weddings? A combination of private and corporate? Make this clear.
Ideal budget – low budget, mid range, or super high end
How do you communicate this?
Branding, marketing, creative process
Lacking Financial Organization
HoneyBook – a wonderful tool to keep your proposals and payments organized
Reports - having a system in place that allows you to run reports will keep you knowledgeable about your business.
Banking – Get a separate bank account for your business
Know your numbers!
Hire a bookkeeper - you can hire some remote who is an expert in this area.
Use software - Quickbooks
Track expenses per event
Knowing how much money you can work with allows you the freedom to start investing.
Underpricing and undervaluing Your Work
Use software – there are resources out there to help you price properly.
Ask your market – ask other florists for help. You can find a local florist or ask in Facebook groups.
Sell value – You are not just selling centerpieces or bouquets, you are selling your value and your years of experience. Factor this into your prices.
Determine your value - how much are you worth? Have you been in business for a long time or are you new to the game? These factors influence your value.
What does your work mean to you?
What would you pay for your service?
Learn to say NO. There are many events and opportunities that may come up that are not best for you. Practice saying no. Creating Boundaries in Business
No Systems in Place
HoneyBook – gives you a system for proposals, invoices, photos, emails, contracts and more.
Website – capture leads and provide information to clients all in one place. Use a reliable platform like Squarespace or Wordpress.
Email – get an email that is personalized to match your domain name. It is a professional move that gives your credibility in your client’s eyes.
Social Media – begin to use automated apps that can regularly pay for your social media posting.
Business process – create a workflow for yourself that includes all the steps each client has to take.
Boundaries – Set office hours, phone call hours and email hours so that you are not working all day long. Make sure your clients are aware of these boundaries as well.
Work / life balance – Have a separation from when you are working and when you are having personal time.
Not Hiring a Team
Building a team is essential to growing your business
Admin / Virtual assistant
Set up/strike crew – Hiring a remote strike crew allows you to get sleep at a decent time.
You don’t have to do it all yourself. Hire some floral freelancers to help you get ready for your bigger events.
Next Steps to Implement!
Determine business goals
Make a business budget