Once you have successfully started a business and donned the role of a startup, you cannot move ahead with the same nametag for longer durations. You need to test the bigger waters and this requires you to understand how your business can scale-up. According to a survey, not many startups can make it to the establishing business, 90% of the startups fail and in this 90% three to four companies fail because of either early scaling up or faster scaling, either of it is not healthy. A steady scaling of the business and affirming your place in the market requires a lot of research and evaluation. It is important to understand how the business is scaling and what can keep the business thriving. With the help of experts, here are a few points that help in scaling up of any business.
1. The fundamentals
Scaling up your business might be the first worry after founding a startup, but before you worry about this part of the business, you need to ensure the basics are strong. According to the analysis made by StartupGenom’s of nearly 3200 startups, 74% of high growth startups failed because of premature scaling. To avoid this situation you need to follow these:
i) The release of the product should fall in the “market fit” parameters, and gradually you can make better versions of the product based on the feedback and user surveys.
ii) Examine who are the largest users of the product
iii) Check out for the marketing channels that have the highest ROI and invest your small budgets to analyze their scaling potential.
iv) Ensure that you have enough resources to scale your business. Scaling of the business in the initial stage determines how well you can go ahead and sustain in the market. Thinking about profitability during this phase is a wrong estimate.
2. It is all automated
A start-up or an established business has to adapt to the ongoing technology trends to make work easier and smarter. Recruitment, payroll, training, marketing, storage, and organizing of all your tasks can be now automated, which eases your work to a larger extent and allowing you to concentrate on the other factors of the business scaling.
Every product has its uniqueness but it can garner the public eye and bring in business only if marketed properly. The scalability follows when you focus on the marketing of the product. People tend to confuse “marketing” as direct marketing or word-of-mouth marketing. Either of it does not scale your business, what scales is Content marketing. Content marketing is an evergreen format and is one of the best ways for scalable growth.
Scalability is all about surviving in the market, more than the growth of the business. Along with the above pointers, you have to look into factors like being cautious about your online presence, hiring the right resource for your organization, shouldering the responsibility with others, and many more. Paying close attention to these key points increase in better scaling of the organization.