Here's a 5-step magic formula any service business can use to scale by building your own custom software.
Step 1. Have a vision for your software.
Know its purpose and be able to describe it. Having a vision for your software means having a clear idea of what you want it to be and do. You need to know the purpose of your software, which is why you're creating it in the first place. Whatever it is, you should be able to describe what your software will be used for and how it will benefit people.
Step 2. Ensure the first version of the software is useful for your team and existing customers.
When you're developing software, it's important to make sure that the first version you create is actually helpful and practical for your team and the customers you already have. This means that the software should serve a purpose and solve problems for both your internal team and the people who are already using your products or services.
Step 3. Your software is being used by your team and customers, now you've improved and differentiated your business from your competition. Let the world know and grow!
Once your software is being used by your team and customers, it's a big accomplishment because it means you've made significant improvements and set your business apart from your competitors. You've managed to create something unique and valuable that others don't have. Now, it's time to let more people know about your software and expand your reach.
Step 4. Your software is helping you grow, now you've added a multiple to the value of your business.
As your software continues to contribute to the growth of your business, its value increases significantly. Think of it like a multiplier effect. The success of your software has enhanced the worth of your entire company. This increased value can attract potential investors or buyers who see the potential in what you have created.
Step 5. You've proven the value of your software, now begin scaling the software as a product other companies in your industry can use. The real fun begins!
After demonstrating the value and effectiveness of your software within your own company, it's time to take it to the next level. Scaling your software means expanding its availability to other companies in your industry. This step is exciting because it opens up new opportunities for growth and wealth creation. Other companies will see the value in your software and want to use it to improve their own operations. It's a thrilling phase where your software becomes a sought-after product in the industry, bringing even more success and opportunities your way.