In the growth of each business there comes a time to add new services. Adding services is a big undertaking that requires thoughtful systems, acute marketing, and precise execution of the services. How does one go about adding services? To be honest, there are many ways to add services, but here are a few tips to help on your journey in the form of an anecdote.
1. Return on Investment
Let’s say you run a successful practice that specializes in helping children with learning disorders, and you believe that you can successfully add tutoring to your suite of services. You learn that in your community there are not great tutoring options for your clientele and you think it would add value to the community, your clients, and your business.
How do you analyze whether this is a good idea or not?
- You need to calculate the return on your investment.
- You need to find out what you are going to charge for tutoring, how many clients you think will become tutoring clients, and what it will cost to run this new wing of business.
- After you run the numbers you will be able to find out if this is a worthy investment.
2. Process Flow
Let’s say that you run all the numbers (average sessions your client sees you, average cost for tutoring, total visits a week, monthly expenses, etc.) and find that it will take you 5 weeks to see a return on your investment. So, you decide to go for it. This is where all the real work starts.
At this point you will need to outline all of your business processes
Just to name a few key business processes that you will have to figure accounting, sales/marketing, service provision (how you are doing the tutoring), HR, and physical location. Start by sorting these processes into columns and then outlining how each should be done. You will have to adjust them over time, but generally it is easier to edit your processes than to write them. If this part is particularly scary refer back to this article.
3. Test Run
You now have all of your processes lined-up, you have a place to do tutoring, you have tutors, you have snacks, etc. Now you are ready to see if this idea is going to work. One way to really work out the kinks in the system is to ask a few existing clients if they would like to come on board as beta-clients. They will get to utilize the services for a discounted or free rate so you can see where the holes are and how to fix them.
Evaluate to see after your test run how you can make the experience even better. After you have made those changes, go full force and launch your idea. Don’t look back!
Adding services is challenging, but in the end rewarding to you, your community, and your clients. Be sure to do plenty of homework before making the jump. Have a blast watching your new service blossom!
Jeremy grew up in the Pacific Northwest where he discovered his passion for people. He decided to go to college in Chicago to further develop his skills working with people and pursue a degree in counseling. While in Chicago he worked for a group practice as a practice biller and marketing manager. This initiated his desire to pursue learning about the business of Private Practice, particularly medical billing. Jeremy’s website: https://www.practicesol.com/
He now lives in Michigan with his wife of 3 years. They both are pursuing their passion of helping helpers maintain sustainable and compliant billing practices. In his free time, Jeremy loves reading, fishing, biking, hiking, and camping.