There are around 300 million start-ups operating all over the globe; from which, few are still affirming their presence while few sets to scale up in stature. As the entrepreneurial culture is growing so notably and well-versed start-ups are unfolding the new opportunities; there is a continuous rise in that figure.
Start-ups are experiencing a sudden drift of adventure in the process of becoming successful businesses and the efforts taken by them are countless. The process of becoming a successful business from a Startup needs some strategic plan, which will support scaling up or tasks related to scaling up.
Explaining the “How to scale up the Startup efficiently?”…
Jumbling in between scale-up and growing-up could be misleading; in the business context, both are different terms. If the revenue and costs of a company grow at a very similar pace, it’s growing. For instance, when we add new clients, we need to hire more people to serve them. So, we get extra revenue, which is a little different from additional costs. But talking about scaling-up efficiently, the condition is totally different. It doesn’t always require an increase in spending to trigger an exponential growth in revenue and by strategically planning we can get a maximum profit with minimum investments as well.
Considering the right time to scale up is the quintessential task to initiate. The research shows that more than 70% start-up fails because of premature / early scaling. Also, early start-ups grow 20% slower as compared to properly scaled-up start-ups. So, defining the right time is essential. To support the above data, we have come up with some facts using which you can take the decision of scaling up;
following five points shows that your company hit this milestone –
- Achieved earlier set goals
- Well-built cashflow
- Good working systems
- Capable Team
- Extensive Growth rate
After assuring all the vital signs above mentioned; the next preferable step should be Scaling up. To scale up a Startup smoothly and efficiently, it needs few fundamental improvisations such as,
- Reassess & Reiterate Strategy
- Secure funding & Steady Revenue System
- Upgrade Technology
- Astute Outsourcing
- Improve Marketing
- Improve Branding
- Provide trainings to Staff
- Increase work Flexibility
The process becomes a pain, as you start to transit from start-up to scaled-up Startup; for making your transition monumentally easier, you need to get these eight things at the place. When done in a well thought out and controlled way, scaling up could jump-start a business with new abilities.
Once the business gets rolling, scalable growth can provide the seemingly impossible leap that takes your business from start-up to scale up.
The person behind this effort is Mr. Jaydeep Roman – Business Conceptualizer (Intern) and it is moderated by Mr. Nikhil Thite – Co-founder – Meticulous.