At some point, every entrepreneur has to make a big decision. Is it time to scale up? Perhaps you’ve been running your company from the spare room. But, is it time to take the next big step? Should you invest in your first office space? Scaling up is a terrifying prospect, and it requires a leap of faith. However, if you follow the advice here in this blog, you’ll scale up without risk. The trick is making sure the groundwork is in place. In other words, is there enough demand to keep your business going? If the answer is yes, keep reading.
Dream big
The first piece of advice is all about your mindset. Quite simply, without big, audacious goals and dreams, you’ll never take that big leap. We always tell entrepreneurs to scale up in their mind first, then scale up operations. Ask yourself how you will compete with the biggest players in the game. What is your unique proposition, and how will you exploit the market gaps? It’s all about making a viable game plan in your head first. When you think like the biggest companies on the market, you’re ready to compete with them.
Bring on experienced team members
Before you make any big decisions, invest in people. Look to hire experienced team members who have been through the scale-up process before. With them on board, they can guide you through the process. They’ll point out any potential pitfalls, and you’ll learn from their mistakes. One of the biggest mistakes fledgling entrepreneurs make is going it alone. Learn to delegate to the wise and experienced people around you. Hire the best, and let them scale up the right way.
Scale up your marketing
If you’re planning on growing your business, you need a bigger marketing campaign. It’s time to reach out to more people, and secure more leads. Inevitably, this means digging into your budget, and coming up with a bigger marketing spend. You can spread this across multiple channels, and get even more specific with your target audience. Use digital marketing such as social media, advertising and SEO. At this point, it’s also worth considering traditional techniques like magazine adverts and sponsorship to boost brand awareness.
Scale up your logistics
Naturally, if you boost your marketing, you’re going to get a flood of new customers. That means ensuring your business logistics are strong enough to handle the influx. Most e commerce businesses, for example, start off small with the founder packaging and delivering from home. Sound familiar? Well, perhaps it’s time to upgrade to a warehouse, and bring a logistics team on board. Look at SSI Schaefer warehouse systems for more information on this.
Shift your responsibility
The last thing to note is your role in the business. When you’re starting out, you’re a jack-of-all-trades. Every entrepreneur wears all the hats in the early days. Now it’s time to distance yourself. Hire new team members to take on specific tasks. Meanwhile, it’s your job to steer the ship. You focus is now exclusively on growth and opportunity.
We’d love to hear from any experienced entrepreneurs who have been through this process. Let us know your thoughts in the comments section!
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