Let’s face it. You didn’t open your startup for it to remain a startup forever. You want to retain the drive, determination and innovation of your company’s early days, but you don’t want to stay stuck in that stage where you had limited cash flow. This gets difficult when you have too many actions to juggle alone, especially if you have no experience or interest in certain tasks, such as payroll or legal issues. Canada being a place where small and medium enterprises have a high birth rate and chance for survival, it is important to discuss how these budding entrepreneurs can turn their small startup into a big business.
Turning Your Small Startup into a Big Business
To help prevent a crisis and better manage your tasks and resources for faster growth, we’ve compiled a few actionable tips.
1. Identify the “Core”
The first thing you need to do when you’re trying to take your business to the next level is to understand your core products, marketing channels and, yes, your customers. Consider these factors as a quick checklist to make sure you have a good grasp of your core before trying to scale:
- Your product’s ability to satisfy a strong market demand
- The main clients
- Marketing channels that will offer the best ROI
- Whether you can acquire enough funding to make it through unprofitable times
Remember that all these factors are important in establishing your small startup as a potentially larger business, and lacking any single one isn’t going to work.
2. Ask for Referrals
Getting the right referrals is partly about technique and partly attitude. For service businesses, this is even more crucial. With the right referrals, you’re more likely to turn your business around. Trust is key to even the most mundane business. But, unless your customer has confidence in you, it’s not going to work. And that’s why you need to gain the confidence of your highly satisfied clients to get referrals from them.
But how? Simple. Don’t ask for them. That’s right; you should never ask for referrals, mainly because:
- People are busy.
- They might be afraid of endangering your relationship with them.
Instead of asking your client for a referral, flip it around and create something so valuable that they want to share it. It must be something limited and unique and only available to the associates of your clients because of their relationship with your brand.
3. Take Safe Risks
When you’re investing so much of yourself, both financially and emotionally, you want to avoid risks. However, all entrepreneurs know that this isn’t possible as risks are an integral part of having a startup. What you can do instead is take safer risks by setting up a marketing plan, customer services and determining your goals when planning to scale your business.
You’re going to have to put in the hard work anyway. So, do it smartly by seeking advice from an accountant and lawyer right from the start to avoid any major legal or financial mistakes.
4. Focus on Your Strengths More Than Your Weaknesses
A lot of times we feel bad about not being good at something, but everyone has their unique strengths. As an entrepreneur, you need to identify those strengths and weaknesses. Focus solely on your work and be the best in that. This will be a valuable step to follow as your business grows over the years. Once you’ve been slogging your way through your industry for some time, it’s natural to discover what you can do best. Find out how you can do it better than anyone in the industry. The driving factor here is your passion, and that’s why you should always choose a field about which you’re zealous.
Trust us when we say this one factor is going to make your business stand out like no other. Anything that doesn’t contribute to this task, simply outsource it.
Which brings us to the next point.
5. Outsource Non-Essentials
As your startup grows, it will become more labour intensive. And just like you’ll be extremely good at some things, there will be other tasks at which you aren’t that good. It’s usually easier for us to do something better if we feel passionate about it. But as an entrepreneur, you also need to have firm control over all aspects of your business. For example, you can definitely manage it better if you outsource your payroll.
It may be easier for a big corporation to have in-house employees do all the tasks necessary for their business. Startups can’t always afford that, and when you’re planning to grow, outsourcing is your only option for performing all non-essential roles. This will give your company a lean approach that will pave the way for the growth you’ve been searching for. As you get more time to focus on your competencies, scaling up becomes easier.
6. Back Yourself
This is very important. Don’t be overly self-critical and always have your own back. Remember that you’re your biggest supporter, and the motivation and self-confidence needed to pull off something like this will come from within. There will always be voices that will try to talk you out of taking certain necessary actions but listen to your gut when you’re planning to scale up.
In the end, the one sure-fire way to boost your startup is to provide outstanding service. Remember that it’s harder for exceptionally good work to go unnoticed, and as long as you keep providing your customers valuable services, you’re more likely to make it big.