Simon Jenner
Thursday, 25 March 2021
Is Your Startup Ready for Exponential Growth?
Posted in:
Startups
No matter how early you are in your founder’s journey, even if you’re just getting started on building an MVP for your startup, you should be thinking about how you will scale your business.
An established scalable business model will establish your growth potential, make you more attractive to investors, and ultimately, set your startup on the path to success. But what exactly is a scalable business, and how do you build one?
A scalable business is one that is prepared to support extreme growth. If your startup is scalable, you will face no hindrances from your available resources or business structure during times of increased production.
Essentially, you’ll be able to gather an idea of whether or not your Big Idea can be converted into a scalable business model prior to building an MVP for your startup.
Here are 5 ways to build a scalable business.
1. Strategic Hiring Strategy
When hiring for your startup’s team, hire with what you envision the startup becoming in mind - not what it is right now. Establish your core business goals and hire a team that will enable you to achieve them. Think of this team as your second strand of leaders, beyond yourself.
2. Establish Trusted Partnerships
Your competition isn’t necessarily your enemy. In fact, creating tactical partnerships with key players in your market can have incredible benefits for your brand exposure. Consider the possibilities of co-hosting events or partnering up for podcasts.
3. Outsource to Optimise Leverage
Although your core competencies are best kept in-house, the ability to recognise the opportunity for outsourcing on tasks that would be expensive to complete in-house is crucial to a scalable business model. There are many third-party companies prepared to serve you the best possible results for growth so that you can focus on your startup’s MVP development.
4. Invest in Marketing
Your scaling will only be successful if your startup’s messaging reaches as much of your target audience as possible - and the best way to do so is through your marketing strategy. Focus efforts on digital marketing early on and network as much as possible.
5. Recognise the Importance of Technology
Successful scalability requires many moving parts, and your technology is a significant factor here. For example, simple spreadsheets of your customer base can become incredibly difficult to navigate once you’ve begun to scale in your chosen market. Adopt intelligent systems into your business processes to ensure you can grow seamlessly.
Any growth that your startup sees is incredibly exciting. However, your startup must devise a scalable business model in order to thrive throughout this growth, ensuring you can meet higher purchase volumes and increased customer expectations. By following these 5 steps, you’ll have established a scalable business model in no time.
If you’re interested in a bit of assistance along the way, we’re here to help. Our Startup Bootcamp is designed for founders just like you who are trying to build their MVPs for their startups while establishing a scalable business. Our next cohort launches soon, so be sure to grab your spot.
An established scalable business model will establish your growth potential, make you more attractive to investors, and ultimately, set your startup on the path to success. But what exactly is a scalable business, and how do you build one?
A scalable business is one that is prepared to support extreme growth. If your startup is scalable, you will face no hindrances from your available resources or business structure during times of increased production.
Essentially, you’ll be able to gather an idea of whether or not your Big Idea can be converted into a scalable business model prior to building an MVP for your startup.
Here are 5 ways to build a scalable business.
1. Strategic Hiring Strategy
When hiring for your startup’s team, hire with what you envision the startup becoming in mind - not what it is right now. Establish your core business goals and hire a team that will enable you to achieve them. Think of this team as your second strand of leaders, beyond yourself.
2. Establish Trusted Partnerships
Your competition isn’t necessarily your enemy. In fact, creating tactical partnerships with key players in your market can have incredible benefits for your brand exposure. Consider the possibilities of co-hosting events or partnering up for podcasts.
3. Outsource to Optimise Leverage
Although your core competencies are best kept in-house, the ability to recognise the opportunity for outsourcing on tasks that would be expensive to complete in-house is crucial to a scalable business model. There are many third-party companies prepared to serve you the best possible results for growth so that you can focus on your startup’s MVP development.
4. Invest in Marketing
Your scaling will only be successful if your startup’s messaging reaches as much of your target audience as possible - and the best way to do so is through your marketing strategy. Focus efforts on digital marketing early on and network as much as possible.
5. Recognise the Importance of Technology
Successful scalability requires many moving parts, and your technology is a significant factor here. For example, simple spreadsheets of your customer base can become incredibly difficult to navigate once you’ve begun to scale in your chosen market. Adopt intelligent systems into your business processes to ensure you can grow seamlessly.
Any growth that your startup sees is incredibly exciting. However, your startup must devise a scalable business model in order to thrive throughout this growth, ensuring you can meet higher purchase volumes and increased customer expectations. By following these 5 steps, you’ll have established a scalable business model in no time.
If you’re interested in a bit of assistance along the way, we’re here to help. Our Startup Bootcamp is designed for founders just like you who are trying to build their MVPs for their startups while establishing a scalable business. Our next cohort launches soon, so be sure to grab your spot.
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