Born in London, I currently live and work in Accra, Ghana. I am a writer and creative entrepreneur.
How to scale your business in a year
If you want to start a new business, you might think it takes years to get off the ground. However, if you're willing to put in the effort, you can build a successful business in less than a year.
You'll need to learn how to manage your finances, set goals, and find ways to generate income. In addition, you'll need to develop a plan for marketing and sales.
Here's how to scale your business in less than a full year.
Can you scale your business?
First things first; before you even begin thinking about scaling up, ask yourself whether you have what it takes to do so successfully. If not, then don't bother trying because plenty of other businesses will be more profitable. What this means is, before you invest time or money into growing your company, make sure that you've got enough resources to support growth.
For example, let's say that you decide to open an online store selling clothing. You spend $10,000 on inventory and hire someone to help with customer service. Your goal is to sell one item every day. After 30 days, you realize that you haven't sold anything yet. So, you quit. The problem here isn't necessarily that you didn't try hard enough; instead, it was that you had too much work ahead of you. The same thing could happen when you launch a physical storefront. It may take months to attract customers, but you won't know where to go next once they come in.
So, before you jump headfirst into starting a business, consider: Do I have the skills needed to succeed?
When should you scale up your business?
Scaling means taking your existing business model and expanding it by adding additional products or services. This activity usually involves hiring employees, buying equipment, opening a brick-and-mortar location, or launching a website.
The best way to determine which option makes sense depends on several factors, including your current financial situation, skill level, and experience. You know you're ready to scale when you feel confident that you can handle all aspects of running a more extensive operation. For instance, if you run a small restaurant, you probably aren't prepared to operate a large chain. On the flip side, if you already own multiple restaurants, you may be able to expand without having to worry about learning something completely different.
In general, though, the sooner you start planning for expansion, the better. That said, you shouldn't wait until you have to.
How do you scale up fast?
So how exactly do you scale?
There are two main approaches: organic growth and intentional growth. Let's look at each method separately.
This type of growth occurs as a result of natural market demand. As long as you keep doing what you previously did, people will continue coming back for more. Here are three examples of organic growth:
1. A local bakery starts offering catering services.
2. An eCommerce site sells its wares through Amazon FBA.
3. A mommy blog expands beyond just posting photos of her kids. She now offers parenting advice and tips.
As these companies grow organically, their success often comes down to luck. They might get lucky and find themselves in front of a vast audience who loves them. Or maybe they'll stumble upon a niche product that becomes wildly popular. Either way, it happens naturally.
On the other hand, this kind of growth requires some extra effort from you. To intentionally grow, you need to make changes to your business plan. These include things like increasing marketing efforts, improving sales processes, and developing new products.
Which method works depends on your goals. Are you looking to build an empire with one big hit? Then going after a massive customer base is likely not the right choice. But if you'd instead focus on building a steady income stream over time, then organic growth could work well for you.
Regardless of how you choose to scale, consider hiring outside help. When you hire professional virtual assistants, copywriters, designers, marketers, etc., you free yourself to spend more time growing your business instead of managing everything yourself.
If you don't yet have any plans for scaling up, there's no rush. Just remember that every step counts toward reaching your ultimate goal — whether it's making money online or selling millions of dollars worth of merchandise.
Abby Slutsky from America on August 14, 2021:
Thanks for sharing your thoughts. Growing a business does take a lot of thought.