3 Steps to Scale Your Business

Any entrepreneur knows that starting a business is hard work. It is time consuming, costs you all of your time, energy, and often money. However, the dream of the rewards outweighs the risk, and so entrepreneurs push forward to start a business. Once the business is established though, it needs to be able to scale. Figuring this out is the way to increase your revenue and see the growth that gets you the lifestyle that you want. Here are three steps that will help you scale your business.
  1. Determine the end goal

It sounds cliché, but you need to begin with the end in mind. This is what essentially is going to drive every decision that you make as you begin to grow your business. Think through what the purpose of your business is and what your exit strategy will be. Are you growing this business to continue running it and pass it on to your children decades from now? Or are you growing this business into a profitable business in order to sell it and move along to the next venture? Knowing the end game is going to help you determine what the steps are that you need to take in order to grow in that direction. Once you are clear on your exit strategy, you can begin to put your plan in place.
  1. Explore your options for growth

It is common for entrepreneurs to start looking for an investor when they are ready to scale their business. They don’t have the working capital they need in order to take the next step, so they figure if they find someone to invest, that will solve their problems. However, an investor expects big returns, which means less money going back into the business and your pockets. Investors can also put pressure on you to succeed, which can make running the business hard. Some investors will have unrealistic expectations. Look for alternative options before you dive into getting an investor. Consider bootstrapping options such as crowdfunding. You should also consider working with a strategic advisor. Your advisor will be able to help you see the solutions to push past your growth hurdles. They will help you find the path of least resistance to accomplishing your goals.
  1. Find cash creatively

A little creativity can go a long way when you are looking for funding for your business growth. As mentioned earlier, you can start a crowdfunding campaign. There are many businesses that have had success with Kickstarter campaigns. This provides proof of concept that your business can use and funds to keep you moving. Many businesses that are in the early stages are unable to obtain financing through a traditional bank, but there are alternative business loans available. Some of these options include companies that provide merchant cash advance loans. They basically give you a loan off of your future merchant deposits. You make payments daily based off your transactions for the day. The interest rates are on the high side, but it can be a solution to quick cash for businesses that are looking to grow. A little outside of the box thinking goes a long way when you are trying to grow in a hurry. Whichever path you take, remember to keep a constant focus on your quality and customer service. If everything else falls into place and these don’t, your business will suffer. Strive to balance all areas of your business to find success.
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