One of the biggest dreams of any solopreneur is to take their business, which barely supports them, and scale it up to a point where it is earning them tens or even hundreds of thousands of dollars per month.
Every other business person wants their brand to be at the top of the competition. However, as a startup, you should always take shelter under a bugger company for your own survival and then establish your own brand identity. This process is called scaling a business.
In order to reach these numbers, they will need to change the fundamental structure of their business so that it can handle many more customers than it presently does. Along with the infrastructure, you also need to hire a lot more resources in order to get the work done. All, these are phases which every company needs as business growth plan.
Robert Bassam understood that he couldn’t expect to live the good life by flipping cars at the pace of a few vehicles per month, so he parlayed his business into something bigger and he has gone on to reap the rewards of his labor. If you want to follow in his footsteps, internalize the principles laid out below and you will increase your chances of enhanced business success in the months and years to come.
5 Tips for Scaling a Business Smoothly:
1. Upsize your mindset:
When it comes to scaling a business, the biggest problem that you will have to tackle is the one that resides within your head. Every day in this world, there are people running corporations that are virtual leviathans compared to the mom-and-pop businesses that you can find on any main street around the world.
Do not follow loads of sheep and be creative. Most of the people in the US today are freelancers. It is because they believe in their uniqueness and so they do their own work independently.
Are they born with an advantage that other people don’t have? Hardly. Once you get it through your brain that you are bigger than any problem that stands in your way, you will become unstoppable.
There are very few issues that other people have not faced and conquered before; if they can do it, so can you.
2. Delegate others to worry about the nuts and bolts:
At some point during the scale-up process, you will simply not be able to find enough time in a day to answer all the phone calls, respond to all the emails, or ship all the packages.
When you commit yourself to expansion, you will quickly reach the limits of a business model that depends on you to do everything.
When this happens, it is time to hire employees or contractors to execute these duties in your stead, or if you already have people under you, it’s time to shift around priorities so that you have more time to spend on high-level work.
Delegating is a necessary step if you want to scale business so that it can handle tens of thousands of customers as readily as the several hundred that you were struggling to handle just the other month.
3. Network with people running bigger businesses than you:
If you want to learn how to run a business that is significantly larger than the one you currently operate, the quickest way of doing so is to network with those that currently operate these enterprises. If you got some big sharks in the industry with you.
You can easily build a brand around their reference. Although, it is not easy to influence a person who is a bigger fish in the sea. You got to play at his favor and see that your business can somehow collaborate with them.
So long as you’re willing to bring some value in return (or at least foot the bill for a considerable amount of free lunches), chances are good that they will be willing to answer any questions that you might have concerning the process of scaling up a business.
In case you need to influence the most successful tycoons in the business industry; invite them and keep a separate saving to host them a good party. Once they are pleased with your guests, they will consider you a part of their kind.
4. Find your strength, and double down:
If you want to play in the big kid’s pool, it is important to understand intimately the unique selling proposition that you will be bringing to the table. Find the specific need that you can fill that isn’t being addressed by other players, and focus intensely on this as you begin the process of scaling up your operations.
Plus you will have to be an attendant in every other event they organize. The more you reach out, the more people will come to know about you and your brand. Evaluate your progress periodically, drop what isn’t working, and double down on what is. At some point, you need to play safe and save up some of your money for backup if anything goes wrong at all.
5. Seek out investor funds:
At some point, you may arrive at a crossroads where you’ll be faced with the real possibility of earning considerable profits, but you won’t have the money in the bank to purchase the equipment or hire the employees needed to take advantage of the situation. Business growth strategies can be applied in these situations.
If you find yourself in this spot, you will want to seriously consider courting investment from venture capitalists or other parties that believe in your mission. Doing so may involve surrendering equity or some control of the business, so be sure to not rush into an arrangement before fully understanding the terms of any funding agreement.
You need not scaling a business if your efforts are always analytical and improvised. More importantly, you need a better business growth plan. Which will not only cover up all your investments but will also yield you some profit?
These business strategies come from the best business which is already there. So it is mandatory that you try to learn their methods and grow your relationship with them. Also, do not forget to leave a comment in the comment section below and let us know about your feedback on this article.
Mashum Mollah is a tech entrepreneur by profession and passionate blogger by heart. He is on a mission to help small businesses grow online. He shares his journey, insights and experiences in this blog. If you are an entrepreneur, digital marketing professional, or simply an info-holic, then this blog is for you. Follow him on Instagram, Twitter & LinkedIn