Five More Ways To Scale A Business
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Building on last month’s blog post – 5 Ways to Get Ahead on Building Your Business – we’re bringing you five more tips because it’s fundamental advice for any start-up that has big ambitions.
1. The mailing list The mailing list is fundamental to your sales funnel but to get people to subscribe make you have a good incentive for potential customers – a white paper, eBook or online seminar are just some examples.
2. Partnership opportunities You scratch my back, I’ll scratch yours. This is the business equivalent of that – a mutually beneficial partnership that will help you tap into each others’ partnership bases. Seek out companies that will complement, not compete with, your own and contact them to discuss how you might work together.
3. Going international Maybe you’ve pushed going international to a space into the future but if you want to scale up quickly, think about it sooner. There are plenty of accessible online and international platforms that will help you reach into global markets: Amazon, Upwork, AirBnB. Depending on your product there may well be a platform that suits your genre.
4. Licencing deals A quick win is always welcome in the business world. Licencing deals are a quick win – more revenue and exposure with very little effort. If you do have a product that you think you could licence to other people then grab the opportunity and set that up as a revenue stream. Your product will benefit from another company’s large audience and you will dominate the market.
5. Franchising If you’ve gotten to the stage where your own business is doing well then you could grow by setting up a franchise. This can do really well – just ask Mr. McDonald. Not to underestimate the complexity and cost involved in this mechanism, it still comes with plenty of rewards and allows other people to help scale your business for you.
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