Successfully scaling up a startup is to acquire more customers while improving performance and, most importantly, without losing revenue.
Ok, let’s answer it straightway. Yes, you grow your company into a million-dollar business. However, It isn’t a cakewalk. But yes, it is certainly achievable with the right mindset, skilled people, efficient business processes, and effective marketing.
In this post, we will discuss ten actionable steps for scaling your startup.
Let’s get started!
Scaling Up A Startup Step-By-Step!
Do Your Homework First
One of the major causes of startup failure is premature scaling. Over 70% of startups fail because they start scaling too early. To avoid this, you should get your foundations right before you start scaling your startup.
Here’s some questions you should ask yourself before scaling up your business:
- Does my product/service have the right market fit?
- Who are my potential customers?
- Do I have enough funding for scaling up a startup?
- What do my customers say about my services?
Finding answers to these questions will give you a clear idea as to where your business stands at present. For this, you need to do thorough market research.
Set Your Goals High
Having a great vision is all you need for scaling your startup.
Your business goals should inspire you and your team to work hard. To accomplish this, set your goals high to bring out the best of every team member.
Also, your goals must be actionable. Setting superficial and unachievable targets will only attract unproductivity at the workplace. For this, build a clear business plan with earmarked deadlines for every actionable target.
Long story short, your goals should act as signposts, every time you cross one, you are one step closer to creating a million-dollar business.
Grant Cardone is the founder of Cardone Capital, a $750 million real-estate business. According to him, scaling up a startup is like running in a marathon that involves several sprints
If you do not sprint at the right time, your competitors might win the race. One way to keep an eye on your competition is to find new startups, analyze how they work, what they offer, their strengths, weaknesses, etc.
In short, it’s not only about scaling your startup, it’s about scaling it at the right pace. Say you are in the e-commerce business; if you don’t roll out the feature of fast deliveries before your competitor, your competitor might cut into your customer base. To avoid such circumstances, try to achieve your business goals faster without compromising on quality (don’t release a poor fast delivery service).
Provide Value To Your Customers
Your business will only grow if you provide real value to your customers. If your product/service solves a real problem that people care about, your business is bound to scale.
Take any Fortune 500 company, Apple, Google, Microsoft, or Amazon, these companies managed to reach where they are today as they solved real-world problems and made people’s life much easier. Not only that these companies keep innovating to provide the best services to their customers. This is the key to scaling your startup, making customers’ lives much easier by providing real value, and innovating your products.
Hire Slow, Fire Fast
Scaling up a startup requires the right people on board.
Making bad hiring decisions is the worst thing you would do to your business. Unfortunately, most businesses recruit the wrong people in a hurry to fill positions.
Firstly, when you hire people, make sure they are beneficial for your business operations.
Here’s what you should keep in mind:
- Hire employees for doing work that a machine/software can not do. Do not waste valuable labor for mundane tasks.
- Hire people who can give new dimensions to your business with their innovative ideas.
- As a startup, initially, you cannot hire more people, you want one person to manage 2-3 tasks. So, hire people with a multifaceted skill set.
Secondly, you should not hesitate to ask people to leave if they are not coachable, because you can’t afford to hire people who lack motivation.
Build The Right Culture
The importance of healthy company culture cannot be overstated. Successful businesses are created when employees feel empowered, feel respected for their contributions, and most importantly feel accountable for the work they do.
To create such a work culture, you should encourage innovation at your startup by giving enough room for experimentation. At the same time, guide your team when needed. Plus, reward and respect your employee for the expertise they bring to the table.
If your team wakes up every morning feeling inspired to hit that next business goal rather than their coffee pushing them to work, it is when your business will reach new heights.
Outsource Non-Essentials And Automate Your Workflow
As mentioned before, you should hire people for positions that cannot be filled by a software. Honestly, in this age of technology, you should not hire if you can automate your workflow. There are plenty of affordable SaaS tools to assist you with everything from marketing, payroll management, tax, hiring, etc.
Moreover, unlike big corporations, Startups do not have the luxury to hire in-house employees for every task. For this, you can hire contractors to manage tasks that don’t require daily attention. These include running your affiliate marketing campaign, brand sprints, etc.
The goal behind automation and outsourcing is to allocate your limited resources to your core projects. This way, you will run your operations more efficiently.
Organize Your Processes
Building a workflow is necessary to provide quality services to your customers. Further, it will help you to organize your business processes.
While scaling your startup, you should outline clear steps for everything – employee onboarding, managing delivery, handling customer complaints, etc. This will streamline your business processes while allowing you to adapt to new changes efficiently. Put simply, business workflows act like lego blocks, put everything together, and it will help you achieve the end outcome.
Master The Art of Marketing
Scaling up a startup means expanding your customer base. How can you attract more customers if no one knows about it?
For acquiring new customers, you need to focus on your marketing strategies. You have to focus on different marketing strategies – content marketing, digital marketing, social media marketing, affiliate marketing, etc.
An ideal marketing plan should be able to convert the maximum number of potential customers into customers using an effective sales funnel.
Leverage Social Media
Social media is the biggest customer vessel you need to focus on while scaling your startup. It is no wonder why around 91% companies use social media for marketing.
Keeping this in mind, build a positive and active brand presence on social media. Respond to customer queries as soon as possible and keep your community informed about your products/services. Most importantly don’t indulge in a PR fiasco, as it could cause huge loss to your business. A viral negative tweet about your brand, and your customer base will start decreasing.
Apart from the above mentioned steps, there are other important aspects of scaling your startup. This includes managing your finances, finding mentors, creating a business plan, among others. Read this article to get an in-depth idea of all these aspects and much more.
Scaling Up A Startup With The Right Tools!
As we mentioned, scaling up a startup requires market research, knowing your competition, marketing, and much more.
What if we tell you that can you get all these things at one place?
EZlauncher is a startup aggregator where you can market your startup free of cost. All you need to do is list your startup on EZ launcher. and that’s it.
There are hundreds of startups already listed on EZlauncher. You can easily filter startups from your domain and know your competitors. The best part about EZlauncher is that you receive real-time feedback on your startup so that you can refine and improve if needed.
Moreover, EZlauncher also helps you in marketing and creating a sales pitch that will attract more investors.
Are you still waiting? Contact EZlauncher and take the first step to create a successful business.