The Most Powerful Ways to Scale Your Business and Quadruple Your Revenue
Starting your own business offers the chance to control your destiny and your own success. You get to break the shackles that tie you to the workaday world. You control your income, your work hours, and when you get to take time off. However, quite a few entrepreneurs find that running their own business leads to a significant imbalance.
As small business owners, they lack the funds to build systems that automate processes, which means they need to spend most of their time personally working within the business. They cannot afford the software, hardware, or even the employees they need to take the load off of them. As a result, they wear too many hats.
You could find yourself serving customers, selling products or services, handling warranty issues and returns, and also doing your own books. That does not lend itself well to being able to spend time with family or friends. It can quickly lead to the business taking over all aspects of your life, which can be deeply dissatisfying.
The good news is that there are many ways that you can scale your business and increase your revenue, giving you the money necessary to automate, and/or hire employees so that you can take a step or two back. What should you know?
Lay the Groundwork
Before you can scale your business, you need to make sure that it is properly positioned to do so. Almost ¾ of business failures are due not to lack of demand or lack of funding, but because the owners decided to scale up before the business was really ready for that. If your business isn’t ready to scale, you’ll need to spend more time building it and honing things to get them just right. What do you need to do in terms of groundwork prior to scaling?
First, make sure that whatever your product is, it is an ideal fit for your audience. It needs to solve their needs, and do so at a price point that’s not out of alignment with the market itself, or with the product’s quality.
You also need to identify your ideal buyer. Are you selling to middle aged homeowners? To teens? To busy soccer moms? To professionals with little time for marketing materials? Know who your product is designed to work for so that you can market to them.
Next, make sure that your business can run without you constantly at the helm. If your business cannot operate without you, then you cannot scale it. You will be stuck in the role of entrepreneur, with running the business occupying pretty much all of your time. If that works for you, that’s fine, but for entrepreneurs who want more, you’ll need to take steps.
Finally, you need to ensure that you have the resources needed to scale in the first place. Scaling up costs money, and if you’re lacking in the liquidity department, that can mean big problems. If you don’t have the funding just yet, consider seeking it out through seed funding, or bringing investors or partners aboard.
Know Where You Want to Go
In order to scale effectively, you need to know where you want to go. Do you want to scale to the point that you can step back and actually manage the business, while your employees handle the day-to-day customer-oriented tasks? Do you want to build the business and become a high-payed CEO? Or, do you want to scale up, and then sell the business, so that you can pursue another bright idea? As I explained in my post on how to be successful, you need to know where you’re going in order to get there.
Know where you want to go before you start scaling, as this will affect the strategies that you employ to reach those goals. Without knowing where you want to go, you’re essentially flying blind.
Now that we’ve covered some of the ground work aspects, let’s turn our attention to scaling steps.
Connect with People Who Matter
Yes, there are lots of people who matter. You’ve got customers. You may have an employee or two. You might have investors and other stakeholders. However, the people we’re talking about here are influencers in your industry.
These are thought-leaders with incredibly large audiences. They may not actually be part of your industry – they could be consumer advocates who somehow touch on what you offer. Whatever the case, getting close to these influencers and getting them onboard with championing your product can give you an incredible infusion of attention and profit.
If your business does not have a social media presence yet, you’re doing it an incredible disservice. You’re also missing out on what people are saying about your products or those similar to yours. Get yourself on social media and make your presence know.
Of course, you cannot simply create an account on all social channels and go for broke. That would be far too time consuming. You need to identify where your ideal audience spends the most time and then focus your efforts there. Do they frequent Facebook? Perhaps they stay on Snapchat for the most part. Do they use Twitter? LinkedIn? Instagram? WhatsApp? You get the idea. You need to dig into the situation and find out where your ideal audience lives online. Then, create your accounts and get social.
Go the Commission Route
Do you need help in your business in the way of serving customers and selling products or services? This is one of the first hurdles new entrepreneurs hit as their business grows. You wind up spending so much time involved in the day-to-day grind that other responsibilities begin to fall behind. However, many business owners cannot afford to hire employees, even part-time ones.
You can get around this by going the commission route. Many sales professionals are more than willing to work on a purely commission basis. This ensures that you have no out of pocket costs in terms of employee pay, and reduces the risk involved with bringing additional people into your business. It also incentivizes your sales department to perform better in order to earn their keep.
Target Your Ads
Any small business should have the funding necessary for at least minimal advertising. You’ll need to cover your bases in terms of physical ads, but you also need to advertise online. In this instance, you’ll find that pay-per-click ads are your best options. Google AdWords is an excellent option here, but you can also use Facebook ads to build your audience and reach new potential customers.
Of course, you do need to know how to write effective ad copy that incites curiosity and encourages people to click the link to find out more. Thankfully, this can be outsourced if you’re not a talented copywriter yourself. Or, you can simply sign up to my Six Figure Sunday program and learn effective copywriting skills that's covered in the bonus section.
Think about Setting Up Your Own Affiliate Program
We discussed the value of affiliate programs in my post on how to make money with affiliate marketing, but you can also use it to your advantage as a business owner. How might you do that? Set up your own affiliate program. Let others market your products for you through their blogs and websites. This offers you many benefits.
First, it ensures that you’re getting your products in front of people who are interested in them. Second, it means that you’re getting very low-cost marketing, as your affiliates will only earn a commission if a customer takes a qualifying action. You can build additional versatility in your program by allowing your affiliates to bring in others under them in their downline, effectively creating a multi-tier marketing apparatus that essentially runs itself.
Invest in Good SEO
Search engine optimization, or SEO, has been an integral part of the online experience since the very first search engine debuted. It still plays an absolutely critical role in online visibility and is essential for ecommerce business owners to master. If you’re not 100% positive that your website has excellent SEO, then you need to dig into the situation. My recommendation would be having an SEO audit, and then following the recommendations of the expert you hire. If you know for a fact that your on-page and off-page SEO is lacking, then you can take steps on your own to change the paradigm. Research keywords and phrases that your customers use to find products like yours, and then integrate them skillfully into your on-page content. Build links to related sites, and establish links back from authority sites to your own to show relevance and value to Google. If you want to stand out from the crowd with your websites SEO I'd recommended trying a service like SEOPressor - they're the smartest option if you're looking to increase your website traffic fast.
In the End
These are just a few of the steps that you can take in order to scale your business up and build revenue. There are plenty of others. You can (and should!) invest in content marketing such as blog posting, report and e-book creation and the like. You may want to answer questions on Quora or Yahoo! Answers to build authority. You can create value-laden videos and post them to YouTube. You get the idea. There are plenty of options, and your success rests in your own hands.
Not sure you have what it takes to scale your business? Sign up for my 'Six Figure Sunday' (click here to sign up) course and I will teach you how to earn six figures by working just one day a week.