Growing a startup company won’t happen overnight. In addition to perfecting a product or service, you’ll need to create a unique brand, establish price points, hire employees, market your company, and develop an exceptional customer experience.
The above actions might feel overwhelming initially, especially if you lack business experience. Yet, every entrepreneur must start somewhere when launching a company.
If you have secured a few customers already, you might be eager to expand your operations to generate a rewarding revenue. Are you ready to take your venture to the next level? Find out how to scale your small business from home.
- Scale Gradually
After securing your first customers, you might feel tempted to invest in a new office space or warehouse to power your operations. However, it is crucial to start small and gradually grow the business. For example, if your home can no longer house your inventory, don’t rush out to invest in a warehouse.
Instead, store stock in one of the many Pittsburgh storage units available, as it will allow you to keep the items in a secure location and meet customers’ needs. After you’ve generated a wider profit margin and reliable revenue, you can then invest in an office or warehouse lease to run your empire.
- Explore Alternative Investment Options
Running a home-based business can decrease your initial overheads and improve your profit margin. Naturally, as your orders grow, you’ll become eager to expand your operations to avoid disappointing customers and secure a large annual revenue.
However, don’t rush out to seek an investor. When you receive investment in your business, you’ll need to hand over substantial equity, which will require you to relinquish some control of the company. Plus, you’ll feel extra pressure to deliver on your promises, which can increase your stress levels.
Consider alternative options to inject money into your new company, such as:
- Consulting strategic advisors
- Finding an outside investment opportunity, such as a business merger or venture capital company
- Learn from Your Competitors
Experienced entrepreneurs understand the importance of monitoring their competitors. You’ll not only want to learn from your rivals’ mistakes, but you can embrace many of their successful tactics to scale your operations.
In addition to monitoring their marketing campaigns, sales strategies, and price points, learn about the owners’ backgrounds, investment tactics, and leadership styles. Also, identify how many staff they employ and the size of their office space to consider how many employees you may need. Browse their products and services, monitor how they are selling, and learn as much as possible about the business models.
- Outsource First
Hiring your first employees is a big financial commitment and one you shouldn’t rush. Before recruiting your first staff members, outsource tasks to experienced freelancers and contractors first. It will enable you to delegate tasks to hard-working professionals on a per-project basis, which will free up your time and money to focus on big-picture tasks. Once you generate a steady, bigger revenue, consider hiring your first employees to grow your business.