Scale Your Business to Never-Before Heights!
Now that your business
is up and running; and the revenue stream is steadily covering costs and even
bringing in some profits, the next step is a given- scaling up. As an
entrepreneur, at this point you might be worried about the potential risks,
especially if you have a large team working for you. Expanding the business
does come with its fair share of risks, but if rightly done, it can be equally
rewarding. So how do you actually decide whether to go for it? If you find
yourself lost in this confusion, this article is for you.
Introspect: Before pumping in
even more capital, take a good look at your own interests and where you stand
regarding the business. An independent venture consumes all of an
entrepreneur’s time and energy, and a larger scale will require it even more.
It is important that you are passionate about your product. Your business can
not be something you do only for money. At the end of the day, it should be a
part of who you are. If you enjoy the journey more than the reward at the end
of it, we say go all in and scale up, it will eventually be worth it.
The right attitude: As the captain of the
ship, it is very important that you maintain a positive outlook in general, and
about crisis situations. Be prepared to make mistakes and accept responsibility
for them. Believe in yourself that you will be able to overcome all your
hurdles by giving your best. The right attitude and the right amount of humour
will create a positive impact on your team and take you places.
Know your customer: To make any product or
service work, it is important to understand who buys it and why. Now that you
are considering investing more into that product, this becomes all the more
crucial. Go beyond the normal demographic and locational profiling. Understand
the lifestyle of your customers, the kind pf content they consume online, their
needs and exactly how your product is going to address those needs.
Opportunity cost: Before pumping in
further capital into growth, consider the alternative opportunities into which
this money could have been channelized, and the risks and returns associated
with them. Only then can you be sure of whether scaling up is indeed the best
option.
Clarity: Having clarity of vision is of
utmost importance for an entrepreneur. You need to have a clear goal which you
want to achieve, and an idea of your strengths and weaknesses. Be bold and do
not be afraid to ask for help where needed. Be prepared to delegate the right
jobs to the right people.
These are some of the
factors you must keep in mind while deciding whether to scale up your business.
Believe in yourself, and you will be reaching great heights real soon!
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