TRL 063: The Stairstep Approach to Building a Location Independent Service Business
In this video and episode of That Remote Life Podcast I discuss how to use Rob Walling’s Stairstep Approach to bootstrapping a product business in order to build a location independent service business.
You can listen to the audio version or check out the full video below. I have also taken out the main points from the discussion and broken them down in text below those.
Let me know what you think about this!
The Stairstep Approach for Location Independent Service Businesses:
Step 1: Discovery
- Transition mindset from employee to freelancer or consultant
- Decide what service you want to offer
- Good place to start – what do you get paid to do at your current job?
- Use Upwork.com to nail down your offer and service
Step 2: Double-Down
- Settle into your service and begin offering only that
- Niche down WHO you are providing that service to in order to reduce variables and improve scalability (more on this later).
- Focus on free acquisition channels for new clients since you likely have a low LTV (lifetime value) of client
- Allow some customization from client to client in order to better understand your niche needs.
- Bring someone on to deliver the service you are being paid for, not for admin work.
Step 3: Productized Service
- Use gathered knowledge about your niche to package service as a product.
- Develop a recurring model if you haven’t done so already.
- Possibly invest in paid acquisition of customers due to higher LTF of the customer (thanks to recurring model and productization).
- Not delivering service yourself, fully remove yourself from product and focus on “designing” business.
Step 4: Product (Rob Walling Overlap)
- Using developed IP (Intelectual Property) in the space create a product to answer a specific pain point for your niche.
- Examples of products derived from your service:
- Membership Training
- Physical products
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