The first thing you need to figure out when you are working on your business structure is what you will be offering to your potential customers and clients. After you figure out what you want to offer, where you’ll offer it, and to whom, then it’s time to dive into the details of your offer. Get very specific, as much as you can!
If you’re a service-based business defining the scope of a project is huge! And super important because you don’t want scope creep (which is when additional tasks are added onto what was originally agreed).
Scope creep may seem small at first, but once you allow that first task to be added on, the client thinks it’s okay to add more and more, then next thinking you know you’re doing hours of extra work for free!
Scope creep also eats into your resources, money, and most importantly, your time. This is why it’s so important to clearly define and document the scope, right from the start, when you’re creating your business structure. Some things that you’ll want to cover besides the specific project itself are the number of calls, length of calls, frequency of calls, and the amount of support you offer.
Make sure that you have a clear idea of what the expectations are for you from the client. Then make sure you’ve included all the ways that you’re going to meet their expectations and how to track that you have.
For product-based businesses, you want to make sure you’re clear on the price (which we’ll get into right after this), the materials, how the products are made, and any extras or bonuses that come with the product.
Clearly identifying the details of your deliverables helps manage your business structure and the customer’s expectations. Your customer’s experiences are based on their expectations and yours as well, which is why it’s so important to be clear to ensure that your customer isn’t left disappointed or frustrated.
We have a bunch of great info in our Rebel Office Resource Library that goes over the client experience and how to make it great for them.
Pricing is its own section because we often get tons of questions on how to price your services and products. The hardest part of answering this is that there are so many factors that come into play here.
When you’re figuring out how to structure your business, pricing is always one of the hardest parts to figure out.
Some questions that you need to ask yourself are:
- Who are you trying to attract?
- Do you want your product to be accessible to everyone?
- How do you want your brand to be viewed?
It’s also important to make sure that you’re being properly compensated for your work. Will your prices be able to support your life and lifestyle? If you set your price too low, you may grow to resent doing the work and end up not putting in the energy required.
And don’t stress too much because you can always adjust your prices! If something isn’t working after months, make the necessary adjustments: whether it’s lowering or raising your prices. It’s your business, so make sure it works for you!
You have to think about who you want your ideal client to be. If you want to be very niche and exclusive, then you might choose to pick a higher price point. However, if you want to apply to everyone and be easily accessible, then it’s best to choose a more affordable price point that is realistic for your ideal market.
If you have absolutely no idea what your ideal price point should be or who you’re trying to appeal to. Then I suggest you do some market research. Do polls in Facebook groups or on Instagram, ask questions, and find out how valuable your service or product is perceived to be. Another great way to research is to find other successful brands you like and align with and charge prices similar to theirs.
Don’t forget that you can apply to multiple types of people by offering products at different price points that cater to different markets. You can also offer payment plans.
I know we’ve given you lots to think about and some questions to answer about how you’ll be creating your business structure, so if you feel like you need more guidance or resources, head over to the Rebel Office Resources Library for more support.
Looking to dive deeper into your product suite and actually see your business in a 360 view? Sign up now for a Work Party and let’s get your business under the microscope and set a strong strategy together. Get all the info here.