How To Scale Your Business.
When it comes to scaling a business, there’s no hard and fast rule on how to do it in the most sophisticated way. You can scale your business fast or you can scale it slowly as well. It all depends on you and how you want to do it. But you might have a question in your mind about what is the ideal pace for scaling a business and how does one scale his business?
Scaling a Business is the most exciting thing for an Entrepreneur
Well, this is quite a topic in itself and today we will uncover the best methods to scale a business. Starting and running a business is one of the most difficult and exciting things that you’ll ever witness in your life. After starting a business and gaining some traction, it makes perfect sense to scale it to the next level but beware as many entrepreneurs have failed miserably when it comes to scaling up.
While they failed to scale up, their businesses went bankrupt and they lost almost everything that took so much time, effort, and money to build up in the first place. So what should you do in order to scale your business without losing your precious business? Follow the mentioned points to scale smoothly without any major hiccups.
Here are a few points which will help you to scale your business. They are as follows:-
1. Solve your customers’ problems.
Providing real value to your customers is powerful. Its importance cannot be overstated. Offering a solution to a real problem that people care about will make it much easier to run a business.
Canva is proof of this. Within the first month of launching in 2013, we had more than 50,000 people sign up to use the platform. Six years later, we’ve grown to over 15 million active monthly users across 190 countries who have created over 1 billion designs. — Melanie Perkins, co-founder, and CEO of Canva, which is valued at over a billion dollars
The OraclesPatch Baker
2. Become a master at selling to your avatar.
Many people will tell you to hyper-focus on a niche market, like health care or real estate. I disagree. Focus on the process, not the industry. For example, we identified processes for products at different price points, and for one-time services versus monthly services. Figure out a system and a checklist that works. Once you have a process for one industry, you can apply it to others. Then you can scale because your team is doing the same thing repeatedly, so they become experts.
Similarly, learn to sell multiple things to the same person. Get really good at selling to a specific client “avatar”; then you can sell other relevant services to them. — Patch Baker, founder, and CEO of Mobius Media Solutions; former U.S. Marine, with a mission to help people leave the military today and not feel abandoned tomorrow
The OraclesBrandon Dawson
3. Have a Vision.
When it comes to scaling a business you must have a vision and a plan about how you will scale your business. If you have a million-dollar business, then you can make it a 10 million dollar business but if you think big and have a grand vision, then you can also make it a billion-dollar business or even a trillion-dollar business.
When it comes to scaling up, always think big as it takes the same amount of effort to make $50,000 as it takes to make $1 million. How you scale up will depend on your plan and vision. Hence, think big but plan carefully and if possible have a team meeting where you can have a discussion with your employees about how you’re going to achieve this distinction and what are the things that everyone is responsible for.
Scaling up without enough planning can be extremely disastrous and this will result in you falling short of your audacious goals. Hence, decide about how much you want to scale up your business and then break down the goal by reverse-engineering the process. Just because a company showed a 10x growth in 2 years doesn’t mean you have to do the same.
When it comes to scaling, I think it’s better to decide for yourself to which level you want to scale. It’s because if there’s a person who will think the best for you, it’s you. The more you scale your business, the more resources you would require. I think it’s better to scale your business in a sustained manner in the beginning, once you’re comfortable in your approach you can then aim for more and scale rapidly in the future.
4. Learn from the Process.
If you have been successful in scaling up your business, then congratulations. It’s time for round 2 of scaling. On the other hand, if you have been unsuccessful in scaling up your business, then it’s time for you to learn the lesson as quickly as possible and move on.
Life will give you a lot of chances to succeed if you keep learning from them and keep adapting. As of writing this, I can say that I am an aspiring entrepreneur that failed in 3 businesses back to back but with all that failures, I got wise and now I am trying my level best to get it right with my 4th business.
This shows that if you keep on learning then you can possibly do anything, even scale a business successfully. So if you want to succeed, then all the best to you and if you have already succeeded, then more power to you.
Conclusion
Scaling a business is quite a tricky task in itself but if you plan accordingly and you know when is the right time to scale your business, then you can hit the jackpot and scale your business to new heights. I hope that your business may become the next trillion-dollar company if you have read it here.
