There are many ways to scale a business, but one method I find particularly useful and one that I’ve built my own business on is something I like to refer to as The Octopus Model. When you have an idea to start a business, or you currently have a business you’re working in, it starts with a concept, an idea you’ve already put into action.
Let’s use what some might class as a difficult example to scale…a hairdressing business.
You’ve trained, and then you’ve opened your salon. You’ve come a long way from that initial thought and can see tangible results. Not only have you started a service business, but you are physically seeing results through your actions. So, you might ask, how would you expand on a hairdressing business? It serves its purpose.
People book an appointment, they come in, you cut their hair, and they leave until the next time. This is all true, but if you have ambition, you might want to consider the next steps!
If I was working in this profession and had already opened my salon, I’d always be looking to expand on it, so how would I do it using the Octopus Method?
Firstly, I’d look at my business as a whole, and this is just an example of what I’d be asking,
what I’d be answering and what ideas I can implement to move to the next level:
- Who do I serve? My demographic is mainly women between 30 – 45
IDEA: Add a discount / new product / service to attract an additional demographic for older women.
IDEA: Change your branding to a ‘lifestyle look’
- Why do I serve them? To make them feel good about themselves
IDEA: Host a fashion show or VIP Champagne party
IDEA: Ask them to fill in a customer satisfaction form to find out what they might like
- What do I do for them? I transform their appearance and build their confidence.
IDEA: Offer confidence-building products and get feedback
IDEA: Hire a ‘chair’ to a beauty consultant who can do nails within the salon
- Where does it happen? At my salon
IDEA: To attract an older demographic, add a home salon service or a mobile styling service
IDEA: Create an easy online booking service
- When do I do this? Tuesday to Saturday, 9am to 5pm
IDEA: Open later two mornings per week and stay open later on those days
IDEA: Hire someone to work the additional days you would normally stay closed
So many opportunities can be built around any business. If you can’t see them, ask for help from a business mentor, join a Mastermind Group, hire a reputable coach, learn online, read…
Before too long, you will have lots of ‘arms’ to your business from that original concept and idea, which means lots of access to different income streams. This is where my Octopus Method theory comes into its own.
TRY IT…you could be building your empire soon! If you would like further help on any of this, do reach out – we are launching our Success Alliance Mastermind Group on 17th March to help you do just this!
