Episode 138
Identifying Key Metrics for Effective Business Scaling
The primary focus of this podcast episode is the critical distinction between merely selling a product and effectively marketing oneself as an individual. We emphasize that successful scaling of a side hustle necessitates strategic planning rather than simply increasing the volume of work. By establishing systems before scaling, identifying specific trigger points for growth, and selecting a definitive path for expansion, we can ensure that our personal brands remain intact and flourish. This episode elucidates the importance of recognizing what aspects of our business should retain our personal touch while delegating or systematizing the rest. Ultimately, we assert that the most profound risk during growth is the dilution of one’s unique value proposition, which must be preserved to maintain authenticity and impact.
The episode delves into the intricacies of transitioning a side hustle into a sustainable primary source of income. The host, Wes Wyatt, articulates the challenges faced by individuals striving to scale their ventures, emphasizing the need for a strategic approach rather than sheer effort. He underscores that while initiating a side hustle may be relatively straightforward, the real test lies in overcoming the plateau that many encounter as they attempt to expand their operations. Wyatt posits that true scaling involves the establishment of systematic processes that can be replicated, thus freeing the entrepreneur from the constraints of time and personal effort.
Central to the discussion are three pivotal strategies for effective scaling: first, the necessity of creating comprehensive systems before embarking on growth; second, the identification of specific trigger points that signal readiness for expansion; and third, the importance of selecting a clear scaling path—whether that entails deepening client relationships, broadening client bases, or developing leveraged products. By adhering to these principles, entrepreneurs can safeguard their unique value and enhance their influence in the marketplace while mitigating the risks of burnout and brand dilution.
Takeaways:
- The primary focus of this podcast is to emphasize the importance of marketing oneself before any product or service.
- We discussed the significant gap between starting a side hustle and successfully scaling it into a primary income source.
- Creating systematic processes is essential before attempting to scale your side hustle effectively and sustainably.
- Identifying specific trigger points for scaling your business can help avoid premature or delayed growth opportunities.
- We outlined three distinct paths for scaling: deepening client relationships, expanding client base, or creating leveraged products.
- Maintaining the unique aspects of your personal brand is crucial while scaling, to prevent dilution of your value.
Links referenced in this episode:
Transcript
This is Market YOU First.
Speaker:Market YOU First.
Speaker:It's time to learn to sell what you bring to the table,
Speaker:not what you're selling.
Speaker:This is Market YOU First.
Speaker:This is your host, Wes Wyatt.
Speaker:Hey everybody, this is Wes Wyatt,
Speaker:and this is the Market YOU First podcast.
Speaker:What if the extra $500 that you're making each month
Speaker:from your side hustle could become $5,000?
Speaker:Or even better, what if the passion project
Speaker:that you squeeze in between your nine to five
Speaker:could actually replace it?
Speaker:According to a recent study,
Speaker:45% of Americans with side hustles
Speaker:want to turn them into their main source of income,
Speaker:but only 12% ever do.
Speaker:And I am here to tell you
Speaker:that I don't even know if that is accurate.
Speaker:I think that might be a little bit high.
Speaker:But today, I'm gonna be breaking down
Speaker:exactly what gap exists and how you can cross it.
Speaker:Okay, so I always ask this,
Speaker:and that is, why does this matter?
Speaker:Well, let's be honest.
Speaker:Starting a side hustle is the easy part.
Speaker:You had an idea, you tested it out,
Speaker:you got some clients or customers,
Speaker:and you're making a little bit of money.
Speaker:But now you're hitting that frustration area
Speaker:where you're on a plateau,
Speaker:you're maxed out on time, energy, resources,
Speaker:and we'll call money an extra thing.
Speaker:It's probably within resources.
Speaker:But this matters because your side hustle
Speaker:isn't just about extra cash,
Speaker:it's about building something that truly represents you.
Speaker:Okay, this is the Market YOU First podcast, after all.
Speaker:So when you scale correctly,
Speaker:you're not just growing a business,
Speaker:you're expanding your personal brand and influence.
Speaker:The mistake that people make
Speaker:is that they try to scale simply by working more hours,
Speaker:which is exactly how side hustles die.
Speaker:True scaling isn't about doing more of the same,
Speaker:it's about strategically changing how you operate.
Speaker:So the good news is that with the right framework,
Speaker:you can actually grow without burning out
Speaker:or losing what makes your side hustle special
Speaker:in the first place.
Speaker:So here are three key takeaways
Speaker:that should be able to help you with that.
Speaker:Number one, I want you to create systems
Speaker:before you scale.
Speaker:Your side hustle probably runs
Speaker:on your personal talent and hustle right now.
Speaker:You're probably the head cook and bottle washer
Speaker:and that's fine to start, but it won't scale.
Speaker:Document every process that you repeat more than once
Speaker:and then create templates and checklists
Speaker:and standard operating procedures.
Speaker:And I want to stop right there
Speaker:because as I'm doing this,
Speaker:that's one of the very first things I thought about
Speaker:was standard operating procedures
Speaker:when you're in a new job.
Speaker:They want to be able to have directions
Speaker:and have procedures that if you were gone,
Speaker:theoretically, somebody could read
Speaker:the way that you're supposed to do your job
Speaker:and follow the instructions to where they could do it.
Speaker:Now, here's the thing,
Speaker:that may not be the case
Speaker:because you may not make the directions well enough
Speaker:or you may choose to do it in print instead of videos
Speaker:that you go through and actually do it over the shoulder
Speaker:and show people what you're doing.
Speaker:But the point of it is,
Speaker:is that if you go through
Speaker:and you create these checklists and templates
Speaker:and SOPs or standard operating procedures,
Speaker:you should be able to have somebody
Speaker:duplicate what you're doing.
Speaker:And when something takes you 30 minutes
Speaker:that used to take you two hours,
Speaker:you're going to know that you're ready
Speaker:to handle more volume.
Speaker:So stop treating your business like a daily improvisation
Speaker:and start building repeatable systems
Speaker:that other people can do as well.
Speaker:Number two,
Speaker:go through and identify your scaling trigger points.
Speaker:Don't just scale because you think you should,
Speaker:set specific trigger points.
Speaker:So you might say,
Speaker:when I reach 80% capacity for three months
Speaker:or when my hourly rate hits X amount of money
Speaker:or when I turn down five clients in a month
Speaker:or whatever the thing that you come up with,
Speaker:these concrete metrics are going to tell you
Speaker:exactly when it's time to level up.
Speaker:So without them,
Speaker:you're going to either scale too early
Speaker:or crash too late and miss opportunities.
Speaker:And last but not least is number three,
Speaker:decide your scaling path early.
Speaker:There are three ways to scale
Speaker:and you need to choose one of them.
Speaker:You either need to go deeper
Speaker:and serve the same clients with more premium services,
Speaker:go wider,
Speaker:which is serving more clients with the same service
Speaker:or go leveraged,
Speaker:which is create products or systems
Speaker:that work without your direct time.
Speaker:And I am here to tell you that number three
Speaker:is always going to be the winner.
Speaker:Okay.
Speaker:Cause you only have so much time.
Speaker:All right.
Speaker:The other thing is,
Speaker:is going through and going wider,
Speaker:but having a team help you in the sense of like,
Speaker:maybe affiliate marketing or network marketing.
Speaker:Okay.
Speaker:Trying to do all three simultaneously
Speaker:will split your focus and stall your growth.
Speaker:So you need to pick one,
Speaker:pick that path and commit to it for at least six months.
Speaker:So how do you go through and Market YOU First
Speaker:and make this personal?
Speaker:Okay.
Speaker:Your side hustle.
Speaker:Isn't just another business.
Speaker:It's an extension of you.
Speaker:Why?
Speaker:Oh you.
Speaker:Okay.
Speaker:When scaling the biggest risk isn't financial.
Speaker:It's diluting your personal brand.
Speaker:So as you grow,
Speaker:you want to deliberately identify the elements
Speaker:that must stay yours that you do
Speaker:versus what could be delegated or created by a system.
Speaker:Okay.
Speaker:So for instance,
Speaker:if you're a graphic designer,
Speaker:maybe your initial client consultation remains
Speaker:your personal touch point.
Speaker:Okay.
Speaker:While you create templates and hire help
Speaker:for actual production work.
Speaker:And then if you are a fitness coach,
Speaker:maybe your workout design stay in your hands
Speaker:while you delegate the scheduling and followups.
Speaker:All right.
Speaker:Remember this scaling is about removing yourself.
Speaker:It's about multiplying your impact
Speaker:while preserving your unique value.
Speaker:So you got to ask yourself,
Speaker:what parts of my business do clients
Speaker:specifically hire me for?
Speaker:Okay.
Speaker:Those elements should remain your focus as your scale
Speaker:while everything else can be systematized,
Speaker:delegated or eliminated.
Speaker:Okay.
Speaker:So here is your call to action.
Speaker:This is going to be where you're kind of
Speaker:going to have the rubber meet the road.
Speaker:I want you to go in and set aside 30 minutes
Speaker:to identify your personal scaling trigger point.
Speaker:What specific metric is going to tell you
Speaker:when it's time to scale,
Speaker:write it down,
Speaker:make it measurable and put a reminder in your calendar
Speaker:to check this number monthly.
Speaker:Okay.
Speaker:Or weekly or daily,
Speaker:for that matter.
Speaker:This single step is going to prevent both premature scaling
Speaker:and missed growth opportunities.
Speaker:Do this today,
Speaker:and you're going to have clarity on exactly
Speaker:when you need to make that big move.
Speaker:All right.
Speaker:And if any of this has helped you,
Speaker:don't forget to like,
Speaker:share,
Speaker:comment and subscribe.
Speaker:When you're done listening to the podcast,
Speaker:go to weswyatt.com,
Speaker:scroll down to where you can put in your email address
Speaker:and your name and subscribe to our email insider group.
Speaker:Okay.
Speaker:I'll provide you with all the tips,
Speaker:tricks and nuggets that I find.
Speaker:If you have questions on that same page,
Speaker:weswyatt.com,
Speaker:just scroll down to the thought bubble on the bottom right.
Speaker:That's my chat feature.
Speaker:I don't monitor that live,
Speaker:but I'll get back to you promptly.
Speaker:And last but certainly not least,
Speaker:please visit weswyatt.com/disclaimer
Speaker:for important context regarding this
Speaker:and all podcasts,
Speaker:posts and info I provide.
Speaker:And I can't thank you enough for tuning in
Speaker:for another episode of the Market YOU First podcast.
Speaker:Until we talk next time,
Speaker:have a DYNAMITE day.
Speaker:You've been listening to the Market YOU First podcast.
Speaker:You are the most important thing you can sell.
Speaker:We hope you've gotten some useful
Speaker:and practical information from the show.
Speaker:Make sure to like rate and review the show
Speaker:and we'll be back soon.
Speaker:But to find the show notes
Speaker:and everything about the Market YOU First podcast,
Speaker:visit marketyoufirst.com.
Speaker:On behalf of your host, Wes Wyatt,
Speaker:and the whole Market YOU First team,
Speaker:have a DYNAMITE day.
