Startup to scaleup - step by step guide
Getting your startup to scaleup can be quite an adventure. But, be sure that this adventure will require a lot of time, money and energy. Moreover, this change is definitely not something that can happen overnight. But, if you notice that you have achieved all previously set goals, that you have strong cash flow and a good team, then, it is definitely time to start thinking and planning for a scaleup! You must figure out a way to expand and grow your business. And, yes, that will require a lot of investments, work, researching and a lot of sleepless nights for sure. But, do not worry. We are here to help you and your company expand. Thus, without further ado, here is a step by step guide of how to go from startup to scaleup.
1. Develop Business Strategy
First things first, you must develop a proper business strategy. Do not worry, you do not have to develop anything complex and perplexing. The best thing is to develop one that works best for you and your company. For example, start with all the strengths and weaknesses you noticed so far. Then, think about all the expectations and prospects. Finally, set goals! Set goals for every month, quarter and year. Do not forget to include all your investors as well as do market research. If you have not done this before, do not hesitate to ask for help. Try to talk to other business owners whose scaleup was a success. Or, you can go to some seminar for small business owners and entrepreneurs as they can be really helpful when scaling a business.
2. Invest in Technology
We live in the 21st century, that is, the age of technology. So, if you want your company to go from a startup to a scaleup, you must make sure your technology is up to date. If it is not, well, it is time for some investing. Thus, once you decide to move your office, you should first consider what kind of equipment should be bought. You will probably need a lot of computers, laptops, printers, projectors, phones, cameras, and all sorts of modern office gadgets. Moreover, once your client base starts to grow, you will also need a place to store all the necessary information. Cloud computing works best in this situation. Besides saving you money and space, it will also give you and your clients easy access to all important data.
3. Improve Your Marketing
Maybe one of the most important things you must do in order to expand and grow your startup is to improve your marketing. Nowadays, marketing is everything. How you market your company can make or break you. So, consider what you can do to make your company visible in the eyes of the world, and thus attract more customers and consumers. So, when it comes to marketing, you have 4 solutions:
- Direct Marketing - This is by far the slowest and the least useful way of marketing. Yes, it can help you a lot when you are just starting out, but not when planning to expand your business. Basically, direct marketing is when you simply present your product or service to a targeted customer.
- Content Marketing - Proven to be a very effective way of marketing. It is a technique of creating, publishing, and distributing content online. If you chose this kind of marketing, be sure that the website content you publish is valuable and relevant. That is the only way to attract customers and consumers.
- Social Media Marketing - Definitely one of the most common ways of marketing. It is easy and free. You simply need to make an account for your company on Instagram, Facebook, Snapchat, or similar.
- Influencer Marketing - This kind of marketing is brand new. It is when you collaborate with influencers who are popular on social media. Those influencers are supposed to say nice things about your services or products to their followers.
4. Improve Your Company's Reputation
Another very important thing when trying to go from a startup to a scaleup is to improve your company's reputation. Thus, you must consider the previously mentioned marketing as a first step and branding as the second one. You must create your brand and market it properly. Make it interesting and catchy so that people will want to come back for more and share it with their friends. There are many branding strategies you can do to improve your company's reputation, so make sure to do your research. Besides your social media accounts, you should create a website. That will make you stand out from other startups. After all, all big companies must have a website. Just make sure your website is easy to use and has a good design. It would be a good idea to hire a web developer or designer to do this for you if you have no experience.
5. Hire the Right People For The Job
And finally, after all the previously mentioned steps are completed, you should start thinking about hiring more people. Of course, your company will grow and expand, and that stands for expanding the number of workers too! So, while you are in this process of scaling, consider hiring multi-skilled people. It is important that no person can do several tasks. Moreover, it would be a good idea to hire some creative and innovative people. The business world is competitive, and the only thing that will make your startup grow are new ideas on the market. So, aim for those creative thinkers!