EPISODE 048 | APPLE PODCASTS | SPOTIFY

We are exploring effective ways to balance business growth with personal life, especially if you have a service based business, where you feel like you are trading your time for money, juggling many different roles and all of this alongside demands from outside of your business, the struggle to find balance can be very real.

I recently received an email from a listener where in response to me asking her where her greatest challenge is right now, she replied saying that:

I fully heard her, I have been in that exact position and I know exactly what it feels like. And I know so many others can relate to her thoughts. It can feel pretty overwhelming, constantly being pulled in a million different directions. If you’re feeling this way, know that you're not alone, and there are practical solutions that really can help.

In today's episode, we're going to explore these challenges in depth. We'll look at effective time management, strategies for pricing your services sustainably, ways to scale your business, and tips for balancing parenting and general demands from outside of your business, and personal responsibilities.

So, get comfortable, and let's get started on finding that balance together!

Understanding the Challenges

Let's start by looking at some of the common challenges faced by service based businesses who can often find themselves trading their time for money. It's a scenario many of us know all too well – you're dedicating countless hours to your clients, and while it’s rewarding, it can also feel like there’s never enough time for anything else. The pressure to grow your business while maintaining high-quality service can be intense.

And just to quickly clarify, a service business is one where you provide expertise, skills, or labour to clients, often on an hourly or project basis. This is different from a product-based business, where you sell physical goods. In a service business, your time and knowledge are your primary commodities, which means your income is directly tied to the hours you work. This can make scaling and finding balance particularly challenging. For me, I initially started with a product based business, which then became predominantly a service based business, for the first few years I managed this alone and then I grew it significantly with a team and latterly as we further expanded and diversified, we added products back into our offerings, so I know exactly what it feels like to have both, and at the varying stages when it is just you managing all the roles, through to being supported with a superb team.

A service based business has many positives, including being one of the most straightforward ways to start and grow a business, as you often don't need significant investment, and you are well placed to meet very specific needs of your customers and clients, but as with everything, alongside positives, there are negatives. And the challenges that accompany service based businesses, can have a ripple effect on various aspects of our lives. Business growth can stall because we’re so focused on the day-to-day operations. Personal life often takes a backseat, and overall well-being can suffer as a result. The constant juggling act can lead to burnout, stress, and a feeling of being perpetually overwhelmed.

There are various elements that are also very relevant to product based business, so if that is you, you will also find helpful takeaways within this episode, but if you are service based, I’m sure you’ll be able to relate to almost all. And if you have a product based business, just so you feel the love too, I have an incredible podcast episode coming up just for you, where I interview one of the UKs most experienced retail buyers.

Studies have shown that service providers, especially those in the early stages of their business, are more likely to experience high levels of stress due to the demands on their time and energy. According to a report by the National Institute for Occupational Safety and Health, 40% of workers feel that their job is very or extremely stressful, with business owners ranking high on this list.

Balancing business and personal life isn’t just a luxury; it’s essential for long-term success and well-being. Understanding these challenges is the first step in addressing them effectively. We’ll be looking at practical strategies and solutions to help you manage your time, price your services profitably, and ultimately, to find a sustainable balance that works for you.

Time Management & Prioritisation

Let’s start with the biggest challenge: time management and knowing how best to prioritise. With your income directly tied to the hours you work, managing your time efficiently can make a significant difference in your productivity and overall well-being. I’d love to share a series of practical tips and techniques, the same ones that I have used, to help you prioritise tasks and manage your time more effectively.

As my business grew in the early days, I was initially designing and creating wedding flowers for a handful of weddings and events a year. Alongside this, I had weekly contracts, where I’d deliver flower arrangements to a series of local restaurants and bars. It required hard work, but it was entirely manageable. I had days set aside to create the weekly designs, then to deliver, and I had other days to meet with clients and plan for their weddings and events. I was busy, but it was a healthy balance alongside looking after our young family, as my husband was never home too late from work and I had weekends free. It was a good balance.

Time-blocking is another powerful technique. This involves dedicating specific blocks of time to particular tasks or types of work. For instance, you might set aside a block of time in the morning for client meetings, another block in the afternoon for admin work, including replying to enquiries, and so on. This method is very powerful; it really helps you stay focused and reduces the mental load of constantly switching between different types of tasks.

I talk more about these strategies in episode 046, which is a helpful listen following this one.

tips for effective time management & prioritisation:

Set Clear Goals: Define what you want to achieve each day, week, and month. Clear goals provide direction and motivation.

Limit Distractions: Identify common distractions and find ways to minimise them. This could mean setting boundaries for social media use, creating a dedicated workspace, or using apps that block distracting websites.

Batch Similar Tasks: Group similar tasks together to streamline your workflow. For example, respond to all emails at once rather than throughout the day.

Take Breaks: Regular breaks are essential for maintaining productivity. Schedule short breaks between tasks to rest and recharge.

Pricing Your Services Profitably & Sustainably

Now, let's talk about pricing your services in a way that ensures both profitability and sustainability. Setting the right prices for your services can be one of the most challenging aspects of running a service-based business, but it’s also one of the most crucial.

One effective strategy is value-based pricing, where you price your services based on the value they provide to your clients, rather than simply charging by the hour. This approach takes into account the results and benefits your clients receive from your services. For example, if you run an interiors business and your expertise ensures a seamless finished project within a very tight timescale, the value of that outcome should be reflected in your pricing.

Value-based pricing often allows you to charge more than you would with hourly rates, as it focuses on the overall impact of your work rather than the time spent on tasks.

Assessing your market is another important step in setting competitive prices. Research what others in your industry and area are charging for similar services. This will give you a benchmark and help ensure your prices are in line with the market.

Consider factors such as your level of experience, the quality of your work, and the unique value you bring to your clients. However, tread carefully here. I created a free PDF guide that takes you through the steps to help you price your offerings confidently and effectively, it includes a combination of my own experience and research and one of the most eye opening things I discovered is just how many businesses are just breaking even and a significant number actually losing money, so please be careful when you come to look at how others charge for their services, as it might appear from the outside that they are successful, but if you were to look at their inner workings, you might find a very different story.

So yes, absolutely be aware, but also make sure you work out your prices based on what is effective for you and your clients. And don’t be afraid to position yourself at the higher end of the market if you can clearly demonstrate the superior value of your services. I talk more about this in the free guide.

If you head to our website, you’ll find a link to be able to download it within the Resources section. It’s called Price with Confidence.

3 steps supporting you with effective pricing

1. Know Your Costs: Make sure you understand all the costs associated with delivering your services, including materials, overheads, and your time.

2. Communicate Value: Clearly articulate the benefits and outcomes clients can expect from your services. Use testimonials and case studies to highlight your successes.

3. Be Confident: Don’t undervalue your services. Confidence in your pricing can positively influence clients’ perceptions of your value.

I’d love you to implement these strategies, so you can set prices that reflect the true value of your work, so you can ensure profitability, and sustain your business over the long term.

Scaling Your Business

Scaling a service-based business can be challenging, but it’s entirely possible with the right strategies.

Often, people talk about implementing passive income streams. These are products or services that generate revenue with minimal ongoing effort. For example, online courses, memberships, or digital products that leverage your expertise, and once created, these can be sold repeatedly without significant additional work. The idea is that this not only diversifies your income but also frees up your time for other high-value activities. However, I’m hesitant to suggest that you focus on these until you have first established your service-based business to be running almost entirely without your input. Automated products seem like a dream concept, where the idea of generating revenue and profit by applying an initial amount of work and then letting it run itself is, in reality, a dream that is too good to be true. I hate to put a damper on this concept, but it is a business model that requires ongoing, dedicated work, exactly as your current business requires.

You will most likely find yourself more stretched than before, with the added pressure of working on multiple offerings. It can be a very effective business model, but it comes with a huge amount of work. So, first focus on streamlining and growing your current business, making yourself less needed before you look to add additional offerings.

The most important first step is to build a highly supportive and engaged team, either with part-time or full-time employees or through hiring freelancers to take on some of your workload. As your business grows, it’s important to recognise that you can’t do everything yourself. Start by identifying the tasks that can be delegated, such as admin work, marketing, or certain client services. Bringing in support not only frees up your time for more critical activities but also allows you to focus on areas where you can add the most value.

I realised that someone who was relatively inexperienced but had a great attitude and was looking for work experience could work brilliantly. I wanted to pay this person, but I also knew that because the role was more than a typical work experience role, they would be learning invaluable skills in a really exciting and dynamic business. They would be exposed to all elements and get some incredible, hands-on experience, so it worked brilliantly for both of us.

The first step here is, rather than creating a role with a job description that you think is appropriate, look instead at the tasks that you are doing repeatedly and where you need help.

Often, we feel that when we bring someone in to help us, it needs to be a clearly defined role with specific tasks, but in a small business, a role can include a variety of different tasks across different needs. It doesn’t simply need to be in one area. In fact, this type of role can be really exciting for the right person. Take time to identify all the different tasks where you need support and clearly explain how these contribute to the overall success of your business so this person can really sense their value and worth, and how their role contributes to the overall plan and day-to-day success.

I’ll include future episodes on steps to help you hire and manage larger teams, but just quickly now, before you begin to appoint support for the first time or additional support, there are some important steps that you need to put in place first:

Standardise Processes: Develop clear, repeatable processes for your key services. This ensures consistency and makes it easier to train new team members or freelancers.

Leverage Technology: Use tools and software to automate routine tasks as much as you can. This is such an important step, and you’ll be amazed at how much you can streamline your processes with so many incredible tools that you have access to without a huge spend. If these are in place before you bring a new person in, you will make their role even more efficient, which will add to your overall success.

And just a quick thought to help you ease your marketing workload: place your main focus on client retention over marketing to attract new clients. This applies even if you feel most of your clients are one-off clients. For example, in the first few years of my business, my clients were predominantly couples getting married, which you might think of as one-off clients. However, I remained in contact with these couples after their wedding. By doing so, I stayed front of mind when it came to them recommending me to family and friends. And over time, as I expanded my offerings, I made sure these offerings great products for my original clients, so they came back into my world again.

This is one of the reasons why we eventually added an online flower offering and flower workshops, which were often filled with previous clients who brought family members and friends. It is far more effective and cost-efficient, both in terms of time and money investment, to retain clients than to bring in new ones. This approach supports word-of-mouth marketing and allows you to offer additional services to an already loyal client base.

Balancing Parenting & Personal Life with Business Growth

It often feels like there aren’t enough hours in the day to manage everything effectively. However, with some practical strategies, it is possible to find a balance that works for you, your family and those around you.

Firstly, creating boundaries between work and personal time is so important. This means setting specific work hours and sticking to them as much as possible. Let your clients and team know your availability, and make sure to communicate when you’re off-limits for work-related matters. During your designated work hours, focus solely on business tasks, and during your personal time, be fully present with your family and those around you. I know this sounds obvious, but I see again and again the lines can easily become blurred here, where so often we are trying to juggle both, and usually ineffectively. And I know, because I have absolutely been here. It goes back to the idea of time blocking, where you focus on key aspects at a time. It’s so important that we separate these roles and create healthy boundaries around them.

Running a small business while parenting and/or looking after others can be incredibly demanding, so taking time for yourself is also essential. Schedule regular breaks throughout your day, and make sure you’re getting enough sleep, exercise, and relaxation. And involve family members in your business as much as you can. Although I didn’t have family members nearby to help, and they also had other important focuses, I did have incredible support from my husband. He was such a vital part of my business, and as we grew, he then joined the company, bringing even more support. I know working with your other half is not for everyone. It works incredibly well for us, but even if it’s offering support outside of your business, it’s really important that you have this in place. It will look different for all of us—it might be family members or friends, but a support network is crucial.

To make sure those around you understand how they can best help, share your business goals and challenges so they really understand what you’re working towards and why it’s important to you. Depending on the age and interest of your children, you can also involve them in age-appropriate tasks. This not only helps you with your workload but also gives your children a sense of participation and understanding of your business. I did this a lot with our children, and they have always felt immense pride in what we do and very much part of our business.

steps to help you find more balance

Set Realistic Expectations: Understand that you can’t do everything perfectly. Focus on the phrase that I say again and again—the importance of embracing "fine" and prioritising what’s most important, while being open to being truly flexible with the rest. So often, only a small percentage of what we are working on is truly effective work, so be open to this and really understand why you are doing something. Make sure you are streamlining your work as much as you can.

Create a Family Calendar: Combine your work schedule with your family calendar. This may sound obvious, but it can be very easy to let things slip when you are focusing on multiple things. Keep track of both business and family commitments in one place. This helps prevent scheduling conflicts and ensures you’re available for important family events.

And know that you can’t do it all, and that’s OK. I’d love to go to all our children’s events, but it’s not possible to attend everything. We have always spoken very openly about what’s most important to everyone. For our children, support on the sports field is more important to them than some of the other school events, so these are prioritised first.

I place all our key family events into the diary first. These are non-negotiables. I know I can’t fit all of it in, so these include the events we have decided collectively that are most important, and work then fits around these. When a family or school event comes up that I can’t attend because of work, the expectation is already set. The children and I might be sad that I can’t be there, and we will absolutely talk openly about this, but it’s always done with deep understanding and clearly set expectations, so there is no sadness and it reduces the natural feeling of guilt. Another great aspect of this is the focus on work ethic, the importance of embracing commitments, clear and honest communication, and understanding feelings and compromises. It’s real-life learning in such a healthy way.

Conclusion

And don’t forget the pricing guide, which you can download for free, and next, listen to episode number 046 on strategies to support you with effective time management.

I really would love to hear your thoughts and experiences on this topic. Remembering that this episode came from a conversation I had with one of our listeners, I really do read your emails and I try to reply to each one. I'd love to create episodes that come directly from your questions, so I know that they are helping real-life questions and pressures. That’s very much the point of this podcast, it’s here for you, so please do send me an email with any business related question or current challenge, you can reach me at hello@philippacraddock.com

And if you found this episode helpful, please do leave a quick review on the platform you are listening on, it genuinely helps, perhaps more than you realise.

Thank you so much for joining me today, and as always, with huge love.

Philippa x