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Learning how to scale up your business is the secret to your business succeeding. However, if done the incorrect way, scaling up your business can end up costing you a fortune, and will gain you nothing. So, once  your business is up and running how do you go from little to no customers, to a self-sustaining business that continues to draw in revenue month after month? That's what we are going to learn today. Let's dive in!

Hone In On Audience/Target Market

Being able to hone in on your target market is essential prior to being able to successfully scale up your business. And let's be clear, good marketing is not about convincing anyone of anything. Good marketing is about finding those that already agree with you, and showing them how you are able to help them.

To successfully hone in on your target audience/market you first need to be very clear on what the problem is that your business is attempting to solve. Define the problem. Once you are crystal clear on the problem, you can go ahead and define the characteristics of the individual that would benefit from your solution. Think of people that would struggle with this problem; this is your audience.

Once you get a good idea of your audience, take it a step further. Within the bounds of your audience, create a primary audience. This is the people that would benefit most from what you have to offer. Furthermore, this is the people that are also able to pay for what you have to offer. Unfortunately, there is not such thing as a free lunch. Money keeps your business alive, and also allows it to grow and help even more people. If you have a physical business (not just an online business) this primary audience might be the people that live in close proximity to your business. If you run a coffee shop in downtown Denver, your primary audience isn't going to be coffee lovers over in east Asia.

Lastly, as you develop relationships with your customer base, take the time to study them and get to the bottom of why they might be having this problem. This will allow you to locate other people that have the same problem that you might never have thought of. Once we are honed in on the audience our business can impact, we can move into the next step to scale up your business.

Optimize While You Are Small

The next step prior to actually scaling up your business is optimizing what you currently have while it's still small. Like previously mentioned, if done the wrong way, scaling your business can end up costing you a fortune in personal losses and can actually drive your business under. This is because if your business is not optimized while it's small, when you scale you are essentially gambling on the fate of your business.

There are steps that should be taken to optimize your business while it's small. Essentially the goal of optimization is make the cost of running your business as cheap as possible. Look for areas where you can cut costs without effecting the quality of what you have to offer. To optimize well, take the analytical approach. To do this you must already be on top of your accounting game. This is so because it allows you to see exactly where you are spending money, and will begin to give you ideas how to lessen this spending.

Experiment with different ads and marketing approaches. The trick to a successful ad begins with honing in on your audience. Experiment with who you are advertising to (age groups, interests) to a fine degree to see what has the greatest impact. This alone can allow you to drastically decrease the cost it takes to get results from advertising.

Lastly, invest in technological tools that will help you automate your business. Before going to scale up your business, get well acquainted with the tools out there that will take a lot of the burden of the work off your shoulders. Below is a list of great tools for automation:

Once your optimized when you are small, you can have confidence that scaling your business will only be beneficial for you.

Steps To Scale Up Your Business

Start As Small As Possible

Contrary to what we all typically think, when starting out the best plan of attack is to start as small as possible. This is the starting place to scale up your business. Find a group that would benefit from what you have to offer, and dominate the market for that group. Spend time really getting to understand that small group, their needs and wants, and use that info to develop your business. Once you have dominated that tiny share of the market look for next smallest group you can dominate and dominate that.

For instance, if you look at how Facebook started Zuckerberg started by getting his Harvard classmates in on the idea. Once his class was in on it, he expanded.

Reinvest

To scale up your business reinvest the profits. Once your business is optimized, reinvesting the profits will lead to compound growth. This is so because certain things require no extra effort to produce more results. Think of the things you have already automated. It takes no more effort to send 1000 emails as it does to send 10000 emails. Does it take more effort to advertise to 100 people as it does to 1000 people. It might take more money, yes, but time no. When you pour more money into the machine, more results happen.

Consider Taking Out a Grant

This is the most risky step on this list. Even though grants don't have to be paid back, there are limitations on how the money can be spent. At this point you have a purpose-driven business. A purpose-driven business has potential for great community impact. Luckily, this is exactly what the government is looking for when they hand out grants. There's a nice article about how to get a grant here.

Conclusion

At the end of the day, scaling your business is a tactical process, much of which involves outsourcing as much work as possible. When done right, to scale up your business is to grow your business into a self-sustaining thing that you've created.

Catch you on the flip,

-Noah

P.S. If you are wanting to, or have ever wanted to start a business, but are lost on where to start, click here and check this out