A few months ago, we looked at ways to take your business from startup to scale up. In that article, we learned that “a startup is the very first step after an entrepreneur has taken his or her idea and decided to run with it. In those early stages, the entrepreneur is still trying to get their product or service into the right hands, according to New Breed, and is likely still looking for funding. A scaleup, on the other hand, already has an established place in the market for their product or idea and is already seeing growth in their business idea.” Establishing a place to fit in the market, securing funding, maintaining a profit stream, and drawing clear lines about who is in charge are all important steps in taking your business from a small startup to a lucrative scale up. Many entrepreneurs may feel that the actual process of starting a business is the hardest part of owning your own company. As Small Business Trends points out, however growing and scaling that business can be even more difficult to some. Not only do you have to get the business to start growing, but you have to make sure that it continues to grow at a steady pace. For the next couple of weeks, we will explore new ways to scale your business.
Build a Foundation First
According to Inc, a structure is only as strong as its weakest point. If you build on a weak foundation, the whole business will be weak. Those entrepreneurs who plan to spend their next few years building a business needs to first make sure that their business is being built on a solid foundation. Your contacts need to be strong…people you can trust, people who can benefit your business. That is why networking is so important. It is not just a matter of being social. Networking is building a contact base that is strong enough to lean on if you need to. Your suppliers must be strong…if they cannot supply you, then you cannot supply your customers. There is not much worse than having to explain to your customers why their product will not be delivered on time or their service will not be finished when they needed it to be. Your employees and contractors need to be strong. If their work is weak, it reflects on your business. You know the old saying, “One bad apple can ruin the whole bunch.” Well, one weak link can topple an empire.
Build Your Brand
One of the most important things that new business owners skimp out on is building a killer brand. Every step of creating your business, from choosing the name to designing a logo, to running its social media is critical in building your brand. Forbes advises that you should build a brand which you can be passionate about. Let it fit your lifestyle, your ideas, your passions. If you can’t be passionate about your own brand, your customers will pick up on this, and be less than enthusiastic as well.
Those are just a few ways to scale your business. Next week we will look at a few more, and see why having a dedicated office is a terrific way to make your business grow. Shared office space to rent in Wellington like that offered by Offix can give startups and small businesses the feel of a large commercial office for much less cost. We will talk more about what Offix offers in next week’s article.