It’s no secret that almost every business owner dreams of owning a bigger business. But getting there can be as challenging as it is exciting. There are many factors to consider when deciding if you’re ready to scale and then how to grow bigger with as few hiccups as possible. To help you out, we’ve put together some tips on how to scale up your business.
Dress for the job you want
The first step to scaling up your business is to think like you’re already there. What challenges do you face as a big business? What systems need to be automated? What size staff do you need? Doing this will help you figure out what you need to allow for the growth you want, and it always helps to keep your endgame in mind, so you know what you’re striving for.
Get the help you need
Every founder reaches a point where they can’t grow a business on their own anymore and need outside help. Whether that be in the form of money or knowledge, there are three primary stages for growth. The first is called bootstrapping, and it’s done when you’re first starting, building up capital through crowdfunding. The second step is when you need to hire outside advisors for help- or it can be more informal, like getting into contact with an entrepreneur or business leader you admire and asking them for advice. The third stage is when you need to raise large amounts of money through venture capital or merging with another company.
No matter what stage of development you are in, you need to know where you are to see where you are headed.
Hire the right people
Running a bigger business means you’re going to need a more extensive staff, and it’s best to start your hiring process before you need the people, not after. Look at benchmarks for how many customer service team members you need, as well as how many people are required to carry out the manufacturing of your product or delivering your services. Also, make sure you hire a good management team because you can’t oversee all these people yourself. Determine what you should and shouldn’t be doing within the company as you grow.