Let's discuss something that is very near and dear to Ben's heart as it's what he wishes he had known when he started his Chiropractic business years ago. It caused him so much grief until he figured it out. Two big things that are super important when you first start out with your agency, LTV and focusing on one industry.
When Ben and Tabitha first started out we did what a majority of people do, we went after anybody and everybody. What we had to offer was great and it could help people so we were looking to close a deal with anyone who would listen. Our product was valuable. So, anyone who would give us a check, we were working with them. We didn't even think about it. Help them now, figure out the rest later. We messed up and focused on the wrong folks and the method we were using was not scalable in any way.
Focus On One Industry
Today, we want to help you make sure you don't do what we did. Anyone who is highly successful that has a multi-million dollar type of work from home agency, has done this at one time or another. Everybody that we know that hates their life running an agency, and is stressed to no end, and is shooting for the weekend just like they were doing when they had their job, is doing that because they are working for everybody and have no focus. But these successful people wised up and changed that chaotic behavior and have focused on one type of industry. They decide to help one type of industry, like dentists. But not just any dentists, they may focus on dentists who are only helping kids, which is a specialty inside of a specialty. That is what we call really niching down. Or they are maybe focused on chiropractors, but not any chiropractors, those who focus on knee pain. You need to do the same thing, go after a very specific niche.
Y0u don't want a bunch of restaurant clients with dental clients and chiropractor clients with real estate and car dealerships because you will constantly have to be switching the way your brain works because each of these clients is vastly different. So niche down.
Now, who exactly do you choose to focus on? Why do you choose the type of business that is extremely hard to deliver for? When you are working from home, you want little hassle as possible. You will want to go after, what we call, high LTV clients. Restaurants, as much as we love to eat, are not High LTV clients. You would have to get a lot of clients through the door for them to pay you and to see a value in you. So, think about this. If you are charging the standard restaurant $2,000, $3,000 or even $4,000 a month for your services, how much do you have to deliver to their front door month in and month out for them to be happy with you? It would need to be a lot.
Now, think about working with a dentist or a chiropractor and you are charging the same $2000-$4000 per month. If you put five to ten people through their front door, because of the LTV (the lifetime value of the customer) your standard dental customer can be worth between $5,000 to $10,000 for the lifetime value of the customer. If you deliver one person to their door, over the lifetime of that practice, you are looking at a lot of cash.
When you are picking that one niche to focus on, ask yourself if you can deliver anywhere from five to ten clients a month, with whatever you are doing, and help them out. So let's think about this. Every new month, if you can bring in five to ten new people in the door, rather than 100 new people, you are going to be a lot less stressed. But more importantly than that is that you are building something at that point that can be scalable. You can go to a different town and do the same thing that you were doing with the other dentists and you can continue to scale up and up and up. If you wake up every day and you do the same thing for different clients in the same industry you are going to get really really good at it.
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