You’ve managed to launch your new business and establish it on a small scale – it’s even grown nicely so far. Amazing. That in itself is a real achievement. Now you’ve set your sights on taking it beyond just growing your business and it’s time to scale upwards – fast. Where do you start? We’ll take you through the steps to help you scale your business successfully.
Scalability is about capacity and your business’s ability to generate and meet demand. Does your business have the systems, infrastructure and team to support the growth you want? Taking time to prepare your business to scale in will help you avoid stumbling in the future.
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You can’t put a price on the value of a good support system. Whether that’s friends and family, a business mentor or your own research and resources. Whatever stage you’re at with your business, there’s a wealth of business support out there to help you achieve your goals.
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What is scaling a business?
Scaling a business means reaching a stage where you have the funding, processes, people and systems in place to comfortably increase your sales and customer capacity.
How long does it take for a business to scale?
This depends on the type of business you’re running. Generally, it can take a couple of years to launch a business, grow it, consolidate processes, reduce costs to maximise profitability and stabilise operations. At this point you’ll be in a position to scale your business.
How do I fund scaling my business?
Like with funding a startup, you have a few options. You could look at a business partnership, investors, crowdfunding, or a getting business loan.