Have you ever looked into scaling your business and thought: it’ll cut too much into my profits, I can’t make it work.
Don’t worry, you’re not alone! It’s a common thought for business owners looking to scale.
Often business owners focus on the shrinking profit margin that comes hand in hand with scaling up, but forget that growth will also result in greater profit, despite the narrowing margin.
Thinking about scaling up but not sure if you’re ready to? Read on for our top tips.
We recommend sitting down and spending some time figuring out if you just need your business to be profitable right now (we totally get it, you’ve got bills to pay!) or if you’re in a position to push hard and sacrifice your immediate profits for long-term growth and success. Use the below measures to help guide you in the right direction.
You’re turning down potential business opportunities
When you started your biz, you were chomping at the bit for every opportunity that would help your business grow but now you’re drowning under the everyday TLC your business needs and you’re having to turn down these ops…
Sound familiar? It’s probably time to start scaling your business by building a team to help you get the business chugging along smoothly so you can leap at those opportunities you’re having to pass up.
You’ve proven the concept and built the infrastructure
So you identified a need and now your business is servicing it – you have customers! You’ve built a workflow that helps you support your customers! Congratulations! What’s next?
Scaling. Invest in your business to grow it to new heights and watch your profits grow alongside it.
You’re smashing your goals
Any business owner interested in building their business is setting targets and goals. If you’re consistently hitting and surpassing your goals, it’s time to take your business to the next level.
Scaling your business may alter your profit margin, but your business’ eventual growth should take care of that!