Every entrepreneur whishes that his company can go global and reach a large portion of both national and international markets. For this to happen the businesses must be built to be scalable.
Achieving scalability means that the business can grow by increasing sales and profits without increasing business costs in the same proportion.
But how is this possible? After all, isnn't growth linked to the investment made? In some cases yes, in others no. In a scalable business definitely not.
Of course, not all businesses are in this group. Usually startups are part of it, but that is not only valid for software businesses, other companies such as service providers can also achieve economies of scale. For example, the manufacturing industry can also do automation with small teams, cheap infrastructure, and innovative processes.
To achieve scalability the company's offer has to have a product or servuice that is valuable to the consumer, serving a market niche considered important and replicable – that is, one that can be used several times – with process automation to boost it on a high scale.
These three simple steps can help you scale your own business:
Step 1 – Choose a niche market
Choosing a niche market is the first step towards building a scalable business. Your product or service must be apealing to the point that it can be sold in quantities to the certains markets.
To find the right product and markets you'll need to have a high capacity for critical analysis, and be able to understand which segments can bring results where your investment can be profitable several times over.
After choosing your target markets, start by researching the size of your audience, if there is a high possibility of growth, how is the competition, among others. The more knowledge you have, the easier it will be to find an ideal business to scale.
Step 2 – Define a business model and the right digital strategy
After choosing your area of activity and markets, it is time to define which business model you will use and plan a Digital Stategy to get your leads. The internet and the new digital tools and markets have opened up the possibilities of attracting customers and scale you business activities.
There are many ways to market your products and gert leads that convert in sales. One way to get more leads is to build a community around the interests connected with your products or services. A strong Content Strategy might work to create and expand that community as we explain in detail in Content Creation: The Complete Guide
There are some examples of businesses models such as marketplaces and infoproducts, which can be used to grow and are currently on the rise in the market. See where your segment fits best.
Additionally, it is important to start using social media to advertise your business, as well as invest in paid ads, or in inbound marketing.
Step 3 – Launch an MVP and make adjustments if necessary
Finally, the last step is to launch a Minimum Viable Product (MVP) to test your business model and target markets. This way you can assess how the market responds to your product or service and make adjustments if necessary.
Building a scalable business is extremely advantageous, so it's time to "get your hands dirty". Tell us what you think of the article in the comments and don't forget to share it with your entrepreneurial friends.