You had a business idea which had great potential, you initially worked on it, made it successful, your ship is sailing steadily .So what’s next?
This is what a lot of young entrepreneurs think about after launching their product/services into the market and getting them accustomed to the online business world .Have you ever wondered what could be your next move? The move that might just end up making you a millionaire .From rags to rovers, the article is about how to scale your business higher without much investment .Yes friends, with minimum investments .I come across a lot of daring ambitious entrepreneurs who recklessly invest their entire saving to take their business to the next level .But if the idea doesn’t work, they revert back to square one.
Now as a business analyst, this is what I don’t want people to do. You have a bank balance , let it be that way .You are a smart shrewd businessman when you are investing smartly , slowly and steadily .It is essential that you take a leap at the right time , with the right amount of investment value and with the right choice .
Moreover, if I am saying this, it doesn’t mean you get all comfortable and cozy after reaching your business worth at 500 to 10000 dollars. It’s certainly an achievement, it’s a comparatively comfortable place to stay, but it’s not the end of the journey and you can climb a lot higher.
Making a micro business turnover to a million dollar business is not a one day’s task. But there are surely ways to reach towards your goals.Here are some tips –
- Create a vivid value preposition – Your business has some net worth (say x), Looking at the market conditions, the popularity of your product and all other factors together, You feel the net worth could go to a higher value (say x+100).This is what clear value proposition is there any scope of improvement in the business from your side? Is there space in the market and do people want more of what you want to sell them? There are a number of factors you need to take into account before evaluating your business potential. This will help you to understand the shortcomings or loopholes ( if any ) of your business model and the changes that would be required to be made in the near future with the changing market norms and values.For example – The website visitors save money by using our vouchers and offers. The retailers make more money because we send them customers and the business makes money because the retailers pay us a commission on sales generated. This vicious cycle will go on for a year.But what after that?
- Experimenting with different styles of marketing – ark Pearson used experimentation to perfect his marketing strategy while transforming his business: “I tested just about every marketing channel, but once I had data I could focus my growth strategy for the maximum return on investment. Hit and trial are the common ways of marketing when the entrepreneur feels, he should do something different. However, you can go with the marketing strategies in vogue and implement them nicely to get best results.Statistical analysis, help a lot to implement the various promotional techniques, when you know your product is for smart phone users, you provide them an app for their convenience.Similarly, there are services which give you at home price payment.These are all ways to gather a stronger market base.
- Invest in process management – As a small business owner, you probably have direct lines of communication to all of your employees. But as your business develops you must turn your attention to strategic questions and leave the day-to-day operations of your business to others. As the expands, your role as the owner is to look into other important aspects of your business rather than fussing about petting things.Moreover, for good working of the business, you need to have a strong work culture and management cult.
- Outsource as much as possible – From the recent researches, it was discovered that daily administrative tasks were taking up too much of their time, at the expense of activities that encourage growth strategically. The survey found that nearly seven in 10 business owners described running their operations as “a constant challenge” and a quarter admitted they spent less than an hour each day on “proactive business growth. To avoid this and focus on more important tasks, There is an internet, and most recently the Cloud, which has given rise to a multitude of cheap services run by third parties in accounting, marketing and PR, customer relationship management and plenty more besides.
- Looking for investors – To expand your business and arrange investors, it is absolutely important that you make your business model very impressive.Your ideas may sound cool to your bunch of buddies, but when it comes to gathering business investors, make your business idea scalable and present it professionally.
- Building a business model, that is attractive to investors –I come across a lot of business plans that look very consumer friendly, but the more important aspect is whether these business ideas are implementable or not. It’s hard to build and scale a business on free high-support products. So it is your duty to make sure to what scale or level you want your idea to go.
- Start automation- A startup that is labor intensive and staff intensive is not scalable easily. Start early looking at production automation, proven process technologies, and minimum staff approaches, before you begin scaling. Document processes and build online training videos so new people can come online quickly and consistently.
- Consider all scopes of franchising and licensing – You may come across a lot of markets who are major players.Your job is to figure out which market player you will be needing to partner up and outsmart them later . In other areas, once you have a documented and proven model, franchising will let you scale much faster than managing every location.
- Getting better every single day –Try developing a business ideology which is open-ended and ever expanding with time. Developing a business, calling yourself an entrepreneur and reaching a stagnant income generation level is easy, it is what most of the people do online.But working towards the never ending peak is what makes a business man make an empire worth billions.Your goal should be to progress continuously. Don’t try to solve every customer problem at the same time, but build a strategy and plan that shows continuous innovation, leading to follow-on complementary solutions well into the future.
- Stay active and agile – Related to the last point is the need for growing businesses to stay agile. Being quick and streamlined in approach.The very advantage of starting with a small scale is to throw away the natural benefits as you grow.
In conclusion, I would say that the online world is ever expanding and changing every single day .There is a scope of earning millions from it, if you have the right idea, right approach, and the right marketing strategy.It’s completely up to you, the business man who can decide at what time and till which extent his business has the potential to grow.