Today, I'd like to share with you how to productize your service business such as your coaching business or your financial consulting business so you can work less and earn more.
Whenever you're planning on delivering a product or service, it's best to build everything as though it's a product so that you're building assets along the way.
When you approach a business with a product mindset, you will find yourself in a better position to have built a business that does not necessarily require you to be present in order for it to operate.
Therefore, you've built an asset instead of another job in disguise.
An example of how to productize a service is if you offer the services of massage, you better get your massage procedures to a fully systemised process.
When massaging toes, you first start on the little toe, wiggle it, then pop it. Then onto the next toe, wiggle it and pop it. And just do the exact same process for all your clients.
Never change it. That's because if you can deliver your service identically every single time, I got some good news for you. You have an asset now.
That asset can be taught to any other masseuse to get the exact same result.
However, if you don't systemise your massage process, where for this client you start on the little toe, and for another client, you start on the big toe, and for this client, you start on the index toe, then I've got some bad news for you.
You are going to have a job for the rest of your life and you will never be able to take a break.
So whether you want to have a service-based or a product-based business, everything must be built as a product. You'll want to have a system for producing goods and services.
For all the coaches as well as the aspiring coaches out there, my advice is every time you coach a client, have the exact same coaching framework with every single client so that you productize your service and build assets.
That's because every time you say, "Oh look, for this client, I'm going to skip the goal setting. For this client, we're not going to worry about the value stuff.", you are making yourself irreplaceable in your business. You are doing some dynamic thing that only you can do.
And if only you can do it, you don't have a business. You have a job in disguise.
However, if anybody can do it because you systemised it, you've got a business. You've got an asset.
Productizing Our Services
See back when I was coaching clients, I could go away on holidays, and Cham Tang, my business partner, could pick up exactly where I left off. That's because we follow a system and we don't break it.
So when I tell Cham that I'm going away on holiday for four weeks, he'll go, "Great, what's the next step up to?"
I go, "Step four."
He goes, "Excellent. Step four, done.", and just follows the process.
That means that instead of getting 100% success with all of our clients, only 80% of them get success.
That 20% can go to some other business and I stick to my 80% that get results following our system.
And any time someone wants to change the system, I'd say go to another business, thank you because I don't want to be stuck 20 years from now having to coach people because I have to, not because I want to.
So the earlier you can systemise everything you do, the quicker you create an asset. This is one of the best lessons I got in the business, and I learned it the hard way because, after about five years in coaching, I still could not take a holiday.
I thought I was an entrepreneur. I was not. I couldn't do anything. Then I started to go, "Wait a minute Ben. You know it's probably time to just systemise this." So I evaluated my coaching services, and I broke it down step by step, and then I didn't break that process with any client.
Doing so allowed me to bring on four coaches to do all my coaching for me because they just followed the exact steps. Any time a client wanted to deviate, the coach said, "I'm really sorry. We all got to stick to the process because we know the result. If we never change the system, we can guarantee the percentage of result you get. But if we change it for every client, we can never guarantee anything. We know exactly the result because we don't change the process."
We still do tweak things to reinforce and iterate the system, but we don't intuitively make transformational shifts with our processes.
"I Don't Believe In Systems"
When I track and watch our most intuitive students and clients, they also follow systems. They're just not aware of it. An example is when I met this person that said, "Oh Ben, you know I've got no system for meditating. I don't like systems at all. I don't believe in them. When I meditate, I just meditate. I let the universe tell me how to do it.
I go, "Great. So when you meditate, do you normally do it in a specific place in your house?"
They said, "Oh yeah. I've got a meditation room."
"Okay. Do you sit anywhere specific in the room?"
"Oh yeah, yeah. On my meditation cushion - east corner."
"Okay. Before you sit down and meditate, is there anything you do?"
"Oh yeah, I light candles."
"Any amount of candles?"
"Yeah. Three. Always three."
Definitely no system here!
I next ask, "When you sit down and meditate on the east corner in your cushion after lighting your three candles, is there anything else you do?"
"Oh yeah, yeah. I stretch my hands up like this, and then I stretch them back down like this. I ball them out and I bring them against my heart. I do it every single time I meditate."
"Every single time?"
"Every single time Ben. See, I told you there's no system."
In Conclusion - Productize Your Service
People have a desire to believe they're irreplaceable, and it's the reason they become irreplaceable. And the worst thing you can do in entrepreneurship is to be irreplaceable.
I want to be completely replaceable!
If I ever fell over of a heart attack during one of our events, one of our staff will send an instant message to Cham, Cham pulls my body behind the curtain and just goes, "Okay, page 49, The Product Pump." And away we go!
Nothing changes. Of course, he'll tell different stories. He'll have a different sense of humour. He'll look different. But the content is going to be exactly the same because we systemised it.
We hope you've enjoyed this post, "Productize Your Service - The Product POP". If you would like to learn more about how to successfully build a thriving coaching business, check out How To Become A Highly Successful Coach here.
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