I’m a big fan of you finding ways to increase the profitability of your business.
There are several ways to do this:
1 – Develop valuable expertise so that you can work the same 20, 40, 60, or whatever hours per week but charge more.
2 – Start charging to provide advice that is partially or completely de-coupled from implementation, or shift more of your revenue to this type of service.
3 – Increase efficiency so that a fixed price for a fixed scope yields increasing profit over time
That third item is actually an interesting one.
Specialization can yield increased efficiency.
I generally advise specializing in a vertical fashion (focusing on helping a specific type of client benefit from your technology expertise), but there are other ways.
One of those other ways is to specialize how you deliver your services, or to deliver your services in a way that creates a unique experience. I refer to this as “Blue Ocean specialization” because 1) I haven’t come up with a better term for it despite really working to de-jargonize everything I do over the last year and 2) it’s a nod to the book Blue Ocean Strategy, which offers a useful way to think about differentiating your services in a crowded market. How you deliver your services can be one such form of differentiation.
One example I like to point people to is http://knapsackcreative.com/, which builds websites in a single day. This is not the right approach for every potential client, but for some it will be a wildly attractive, well-differentiated way to get their next website.
You’ve probably heard this type of service delivery referred to as productized consulting, and that’s a good way to think of it.
My colleague Jane Portman has been delivering productized services for years now, and she’s written what I think is a very useful manual to help others get started providing these kind of services.
The book is titled Your Productized Consulting Guide, and Jane is offering members of my list a 20% discount on the book this week: https://gumroad.com/a/909816947
Use the offer code PHILIPMORGAN20 on checkout to get 20% off any book package.