Scale your startup to a 7 figure business
Scaling a startup means setting the stage to enable and support growth. It requires a lot of planning, funding, and the right systems, staff, processes, technology, and partners.
How to successfully scale your startup?
Set a value for yourself when creating a timeline
- You can start this scaling process by setting a numerical figure that would be the outcome of your business in mind. Write it on paper and put it somewhere visible. You can consider giving yourself a timeline as to how many years you would be able to create a 7-figure business. This could help you stay determined on your goal to scale your startup.
- However, do not burden yourself with difficult and unattainable goals. Instead, set smaller goals and you would be able to achieve them and feel strongly motivated to scale your business even in uncertain times.
To do or not to do
- We must ensure to learn from our past failures; sometimes, it also helps to learn from the failures of others. Here, we are referring to your competitors. When creating and scaling a startup, research your competitors and even your own shortcomings and work towards creating a plan to overcome and learn from these.
- Involve all major contributors of your startup in these decisions and plan well and systematically. This will help become a major workable factor when scaling a startup.
Watch and learn
- As it is important to learn from the mistakes of your competitors, it is equally important to see what they do right. Research your competitors and see what avenues are working well for them.
- Although it is said that imitation is the most sincere form of flattery, you should ensure to never copy any elements as this would greatly decrease your credibility as a startup.
- However, it is a process that would take some time. Do not give up and keep growing!
Follow a regular business routine
- The routine we follow sets us apart from the others. Following a regular routine can help you motivate your employees to follow the same in leading your business to success.
- You should also motivate your employees to grow and be better every day. Involve them in your decisions and ensure to maintain a positive company culture among your employees. This will help them relate to your startup’s goals and work collectively towards the path to success.
Focus more on your customers and future expansions
- In a startup, you would have to always think of the bigger picture and most importantly, your customers. Take into account every feedback and comment you receive from your customers and see how you can work towards improving your business continuously.
- You would also have to ensure to maintain exceptional customer service and market your services well in order to build credibility among your audience.
Collaborate and connect with people
- People who are already part of a 7 figure business can help you scale your startup as well. Networking can help you create opportunities and build your reputation. Collaborate with them for similar products or events and you will be able to increase your reach as well.
- You can also connect with local influencers to promote your product and service and also offer discounts to your audiences to be more relatable to them.
- Especially after the start of the pandemic, many businesses have gone digital. Online applications can help ease the burden on human efforts. Everything from customer service and resolving issues to productivity management can be done online!
- You can reach a variety of audiences throughout the world through online mediums.
- Nowadays, almost every company has switched to a digital way of marketing. Digital marketing can help you create brand value in an efficient way.
- Work towards making your posts SEO-friendly as you would be able to achieve better rankings on search engines. The money you invest in marketing digitally can be quite worth it as it will ensure stability and increase your business’ reach by helping you reach more audiences and, in turn, scale your startup.
Scalability is a mindset. You would have to have the systems in place to help your startup grow as seamlessly as possible.
Looking to start a freelance startup business in Dubai, UAE? Freedom2Work is your one-stop-shop for all things freelancing. Get in touch with us to apply for a freelance license and a residence visa.
Address: 213, Vakson Commercial Building, Umm Al Sheif, Sheikh Zayed Road, Dubai, UAE
Phone number: 800-FREEDOM (373 3366)
Frequently asked questions
1. How long does it take to scale a startup?
- It could take at least 4 years to get pointed towards a real business, and around 7 to 10 years to make a startup a true success.
2. When should you scale up a business?
- When you are surpassing previous goals, having a strong cash flow, repeatable sales, and an atmosphere of minimal risk, you can consider scaling up your startup.
3. What is the most thriving business?
- Bookkeeping and accounting have a net profit margin of around 19.8%. Payroll services are another thriving business that could be considered.
4. How can a startup succeed?
- By starting with a solid plan, beginning to network more, surrounding yourself with the right kind of people, and maintaining a balance between work and life can help a startup succeed.
5. How do you scale up a brand?
- Make it easy for your customers to buy your product or service and keep tracking every conversion metric. Moreover, you can also seek the help of social media to scale up your brand.