Growing and scaling a business needs a different approach because they are not similar things. Scaling means being able to handle an upsurge in sales, output, or work in a reasonable, cost-effective manner. It means having the means to handle your company’s growth without negatively impacting the other areas.
One misconception most start-ups believe is that scaling starts in the “market,” but entrepreneurs think otherwise— they start with an idea.
Taking a step up to $100k is probably the hardest when you are still starting, and this is because you’re still at the phase where you don’t have an idea of the things you should do. Because you are just starting to figure things out, you have no direction, no confidence, clarity, and skills.
At the beginning of your entrepreneurship journey, it’s likely that you won’t know how to do marketing, generate leads, and make enticing offers. You’ll stand at ground zero, and this is the first milestone every entrepreneur should pass.
The second most challenging part of your entrepreneurship venture is getting your first million dollars.
Everything you have learned on your journey to reach $100k will be ineffective, so you have to let them go and regenerate yourself to get to $1 million. Even if you have already mastered the art of closing deals, you will not be able to reach millions of closing all by yourself. Being the ‘best closer’ can be the stumbling block that will stop you from truly scaling.
Would you believe it when we say that reaching $1 to $10 million is way easier than reaching $100k and $1 million? It is because you have established an effective strategy in the first and second phases. You have established an offer that is already working.
Advancing to $1 million means you have something that the marketplace actually wants, something that they are willing to pay for, and so they are buying from you. This shows that you have a channel, conversion, and an approach that actually works.
Now, once you reach the $1 to $10 million mark, it will just be a matter of repeating the successful action over and over again. It also takes people and infrastructure that can support that action, so it doesn’t fall apart. Then comes the $30 million mark, where things get hard again— this is where everything will seem to break.
Everything that worked in your venture in the previous phases will not work in this last stage. In the earlier steps you take, you will only need a small team, but you will need a corporate structure in the upper phases of scaling. If you aren’t that fond of the corporate-ish vibe team structure, you’ll surely have a hard time scaling.
It is necessary for every entrepreneur to learn how to establish a good team and how to put an effective system in place.
Basically, to scale your business from 6-figures to multi-millions, you need to:
- Find your market
- Establish an effective business model
- Get and convert leads
- Create a corporate team
Now, all we’ve talked about so far were more on the technical side. Let’s go a little deeper into the generic lessons that will lead you to a multi-million business.
Don’t get caught up with every aspect of your business.
Do business without focusing too much on the entrepreneurial, but rather on giving value. Keep in mind to do things slowly as you go— listen to your customers and push changes when needed. It is not necessary to perfectly figure out everything about your business. Well… not unless you are setting yourself up to fail.
Understand what people want, build a business around it, and scale it. You should not hesitate to charge more, especially when you know that the value your customers are getting is at its finest.
Don’t doubt yourself.
Remember that you are worth it, and it is your responsibility to serve people who stand in need of your help. Don’t underestimate and undervalue yourself by charging less than your worth. By doing this, you will be able to attain ultimate success in your business endeavors.
Reason Why You Find It Challenging to Scale Your Business
While reaching multi-millions sounds great, you must have already known that it isn’t that easy. Perhaps, you’re still struggling with famine months, grudging your tax bills, and can’t even bear the thought of growing costs to scale onto the next level.
Here are some of the reasons your business is still hitting the ceiling and tips on what you can do to scale with ease simply by tweaking a few foundational pieces.
-
You have a long list of services.
A confused mind says “no.” Thus, when you overwhelm your leads by flooding them with a long list of services, you are not actually giving them good choices but swamping them on what to choose first.
Although you have a wide variety of products and skills to offer your clients in many ways, you only need to pick one signature offer that will bring them into the world. That one signature offer will be your entry point to the rest of your services.
-
You don’t position your market effectively.
If you are among the entrepreneurs who position their business in the market on what they can do instead of targeting their ideal and target customers and the results they can provide, then there’s a big chance you’re doing your marketing endeavors in the wrong way.
Rather than doing what everyone else does, make sure to describe your business process or framework very clearly. This will guarantee targeted clients that resonate suitably with your message.
-
You are distracted.
No doubts. The opportunities in the virtual space are endless. You can write a blog, create a video series, and even speak on a summit, all while trying to market your services and nurture your very own community. Even though these things can give you personal benefits, they can cause you to lose track of scaling your business.
Instead of distracting yourself with so many agendas, be more intentional about where you spend your time. Utilize proven metrics to track your activities and outsource the activities that positively impact your productivity.
-
You don’t charge high fees
Nowadays, entrepreneurs are battling in the commerce world by price. Hence, they don’t raise the fee, thinking that their target customers would love to avail themselves of something that will not cost them so much money. However, it’s okay to raise your fees if you are offering something that truly gives transformational results.
Showing the tangible value of your offer can make the charge increase a lot more reasonable. You don’t need to find a great number of clients. You only need those who are of quality. Finding clients who pay high ticket fees can drastically lower the time you spend on non-profitable clients, which can help scale your business more smartly.
Once you have aligned a stellar approach that moves your business forward, scaling your business to multi-millions will be much easier. It surely is a complicated thing to do, but it’s ultimately not rocket science.
Consider and apply everything you have learned in this write-up and you will be able to navigate the scaling process much better, helping you build a strong brand.
