Tuesday

How To Scale Your Online Business

Firstly, congratulations. The fact you’re reading this shows that you already run your own online business. It’s not an easy process, and you can already be incredibly proud of your journey and what you’ve achieved so far

But in a way, the most difficult stages are still ahead of you.

Getting things up and running is tough, but taking things to the next level can be even tougher.

How To Scale Your Online Business: eAskme
How To Scale Your Online Business: eAskme

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Before you learn HOW to scale your business, it’s important to learn WHY.

Scaling isn’t for everyone and, sometimes, running a six-figure company can make you happier than running a seven-figure company.

It comes down to your motivation.

If you’re looking to make an impact on the world, reach more people or invest in new tech, scaling could be incredibly beneficial to your business.

But if you’re looking to make more money to travel or scaling for the sake of scaling, it could do more harm than good.

Once you know where you’re at - and once you’ve decided to scale is the best approach for you and your business - you can start to explore how to move things forward.

Decide Your Niche

When you start a business, especially an agency, it can be tempting to offer everything. Video. Design. Copy. The lot. Sounds good, right? Not when it comes to growth. This approach makes scaling almost impossible.

The more specific you get with your service, the more natural the growth becomes.

You can create very specific processes to drive success, train staff, deep-dive into your prospects’ pain points to boost sales.

Niching down eliminates fuzzy thinking and makes scaling much more achievable.

It also ensures your message comes across as impactful as it possibly can because you are speaking to a particular target audience.

Create Your Processes

Whether it’s internally or externally, you need to nail down your processes to scale your business.

You need to deliver the same experience to each stakeholder every single time.

For staff, training processes need to be identical.

People are very different, but they need to deliver consistent results without fail when it comes to your business.

For clients, onboarding processes need to be perfected. Every single client who works with your company needs to experience the same process.

For now, make a note of everything you’ve done in your business more than three times and begin putting it together.

Consider the people that communicate with your company and the things that need to be done with said person.

You’ll need a process to scale your business.

Raise Your Prices

Revenue is the biggest lever you can pull when it comes to grow your business rapidly

Think about how you can increase prices to make scaling a more straightforward process for your company.

Someone running a Facebook Ads agency can feel comfortable charging $1,000 for a campaign set-up for one client each week.

But if they wanted to grow their business to six figures, they’d need to triple that figure.

But don’t forget to time it out!

The best time to raise your prices is when your customers are thrilled with your product or service.

They won’t be upset by the price change because they already know the product and its true worth. But it’s not all about revenue.

Profit Margin is an incredibly important barometer when it comes to scaling success.

Monitor Your Margins

If your company has a turnover of $1,000,000 each year, but only nets $10,000, you’re unlikely to benefit from scaling at this stage in your process.

Growing a company means more staff, higher costs, more significant risk.

If you haven’t got an appropriate room for error, you’ll risk making a loss.

Take a business that makes $500,000 in revenue each year and nets $100,000. It’s in a MUCH stronger position to scale than the £1m company, purely based on its profit margin.

Why?

Because it already has the processes in place to grow effectively and efficiently.

Prepare Your Staff

You’ve evaluated that your business is in a position to scale.

Your margins are healthy, and the rewards outweigh the risks at this stage.

The next step is to analyze your human resources.

This is a project in an of itself, it’s crucial.

As you grow your business, you need people.

Whether it’s for lead generation, sales, or delivery, people have a massive impact on the success of your company.

So you need to have these resources in place BEFORE you scale.

If you try to grow without staff in place, you’ll experience massive delays.

You won’t have the human resources to take on increased work.  It’s about lead flow versus fulfillment.

Even if your funnel is working, you won’t operate efficiently without the staff to deliver your requirements.

The best way to gain a sufficient amount of staff is by looking in many different places.

An extended interview process may sound tedious at first, but it will ensure you find the right people for each position.

Master Your Mindset

Even with every other element in place, your business WILL NOT scale without you. Your mindset is crucial to success, and without the right approach, you will fall short very quickly.

You need to start thinking about the long-term.

You always have to look at the bigger picture.

And that includes looking at things independently. Don’t just take the market as gospel.

An excellent way to go about it is always to think three steps ahead.

Instead of asking yourself what’s happening now, don’t forget to also think about what your current decisions will bring for the future of your company.

If you want to scale, you need to do things differently from your competition.

That’s where your results come from. Ultimately, you need commitment.

You need a stable life structure. Your mind has to work at its maximum with minimal distractions.

If it can’t, you will not succeed in scaling your business.

Conclusion:

Again, we commend you for having the guts to start an online business.

Not everyone is brave enough to venture into this world, so congratulations! We hope you follow these tips as they are meant to help you have a successful business online.

If you still have any question, do share via comments.

If you find this article interesting, don’t forget to share it with your friends and family.

Why?

Because, Sharing is Caring!

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