Why You Should Consider Scaling Your TC BusinessFirst off, what does scaling a business mean? When you scale your business, you’re creating a baseline that will allow for your business to grow and support itself. This may sound like a big, time-consuming task. But really, it’s not. If you’re overwhelmed with clients or trying to make the transition from the 9-5 life to your TC work, scaling is for YOU! Let’s look back at that definition. Scaling your business is all about growth and support. Creating a business that can run on its own will take a lot of time off your plate. You won’t have to deal with daily worries because you’ve already sorted it out! Scaling your business will help you shed some of the stress of being cramped for time or feeling stuck in your work. It’s all about expansion.
How To Know You’re Ready To Scale Your BusinessIt’s important to know whether or not you’re in the right place to scale your business. While it can help remove a lot of stress, it can’t be done if you aren’t ready. Scaling your business should come naturally if you're making consistent income as a TC. How do you know if you’re ready? #1: If your ambition outweighs your desire to work a 9-5 job, you’re ready to scale. Being serious about switching to full-time transaction coordinator work is key for a successful scale. #2: You are ready to start delegating your work to other people. If you are experiencing work burnout, it’s time to consider scaling your business. #3: Lastly, you struggle with finding time to expand your business. If you work with too many clients or have too much work, you can actually be hindering your business. You may not have the time to work with new clients or make more money. That’s why you need to start scaling!
What To Do To Prepare Before You Scale Your BusinessWhile you don’t need to stress out even more about scaling, it is important to prepare. Being ready to scale your business is important. The more organized you are in the process, the smoother it will run.
Raise Your Rates and PricesYou’ll want to be really specific about your rates and prices as a transaction coordinator. When you scale your business, that means you’re taking on more employees. With more employees, your payroll needs to be ready to expand too. Remember, you still want to be making a profit. It’s important to make sure your prices are fair enough for your business. Some TC’s may charge a price that still allows them to pay their subcontractors 30% of their rate. This allows both parties to acquire a fair price.
Make Sure You Create SOPsBecause you’re going to be focusing on expanding your staff, you’re going to want to create standard operating procedures, SOPs. These SOPs are going to help with the everyday duties that you’ll be delegating. Having SOPs for your staff to follow is very important. It keeps you, and your transaction coordinator business, organized. You don’t want to give someone else control of a project that they have no idea how to run. You will save yourself time by keeping you and your team organized. Everyone will know what procedures they’re supposed to follow. To create SOPs, you can start making different categories for tasks that you do. Then, write out a list of tasks that fall under each category. Websites like Trello or ClickUp can help you organize all of your information. If your tasks focus on visual explanation, a program like Loom may be a great fit for you. On Loom, you can walk your team through the process by showing them the process through video.
How To Successfully Scale Your Business As A Real Estate Transaction CoordinatorNow that you know what to do to prepare, let’s get into how you can start to scale your business. Here are five steps that you can take to scale your business as a real estate transaction coordinator.
Automate and Systemize Your Services Wherever PossibleAfter prepping to scale your business, the first step is to systemize your services. A systemized process is a process that is organized to the point where you don’t have to invest as much time into it. If the services you offer require your full attention all the time, you don’t have a developed process. Creating a systemized process helps you make your business more scalable. With an organized process, many aspects of your offers could run themselves. This first step is very important. The more coordinated your system is, the stronger your business will be.
Focus On Boosting Your VisibilityOnce you have a systemized process set in place, it is time to focus on branding your business. You need to be careful at this step. Oftentimes people make the mistake of becoming too visible to potential clients. As a result, they have a large number of new clients that they can’t support. That’s why being organized is so important. When you feel at your most organized, you will be ready to take on boosting your visibility. How can you increase potential client visibility? Social media platforms are great for connecting. LinkedIn is one of the best for attracting visibility because of its uniquely tailored search qualities and messaging system. You have an opportunity to find niche clients. There are lots of benefits of LinkedIn and its messaging system—learn more in my previous blog post here!
Consider Whether It’s Time To Hire A TeamA big decision in the process of scaling your business is considering whether or not you need a team. You may be scaling your TC business because you have too much work on your plate. You work hard, but you can’t conquer it all by yourself. And you don’t have to! Hiring members of a team can help take stress and tasks off of your plate. This allows you to redirect your attention to other tasks you’ve been wanting to expand on. A great part about putting together a team is that you can establish a team culture with them. Building bonds and connections with your team members helps workflow efficiently. If you’re interested in taking on a team, you need to come up with your ideal team. Keeping that idea of team culture in mind will help you hire people that fit your vision. Don’t hire someone just to hire. Find the people who are going to work well with your created processes and want to grow with your business.
Focus On Knowing Your Numbers Inside and Out As You Scale Your BusinessI’ve mentioned how being organized is key for scaling your transaction coordinator business...but this idea also applies to your finances. When you scale your business, you’re putting effort toward growing your profits. With a greater income, you’ll need to know where to put your money. You should be focusing on:
- Putting aside money for reinvesting in your TC business
- Paying additional tax amounts
- Setting goals on your own payroll as CEO
- Creating a separate bank account for your TC business
- Organizing records of revenue and business expenses
Invest In EducationTake your time during this process. Whether you’re new to scaling a business or not, it never hurts to devote time to education. Learning more about how to run a transaction coordinator business can help you prepare more for the steps to come. I offer a TC Bootcamp course for a wide variety of audiences. It doesn’t matter if you are new to the world of real estate or you’re experienced, this course will walk you through how to start your TC business from home. Register for the waitlist here!
It’s time to start expanding. Taking the time to scale your business will help you grow as a TC business owner. The process will help you save more time and money — allowing you to focus on expanding your TC business vision.