Business Scalability denotes that your business has the ability to multiply the revenue by utilizing minimum operational costs. It is one of the most crucial factors that the entrepreneurs or the self employed people consider while starting with their business. But some people don’t understand the difference between self employed and an entrepreneur! How to know that?

When you are self employed, you are trading time for money. You own your own business, but the business owns you actually! You have more flexibility and more financial freedom depending on when you want to make money and when you don’t!

When you are an entrepreneur, you are not selling your time for money rather you are selling a product or a service. You have a proper system in place and you have people working for you. In other words, you don’t have to be working for the business to generate income.

Professional Business Coach, Gens Johnson says that communication and branding are important while growing a business. Branding is a key factor to introducing your business, as it is your first impression! You need to have a clear picture in mind about where you are, what you want to do, what your services are and where you want to go!

How self-employed can scale their business?

  1. Change your pricing structure. Charge for value versus time.
  2. Look for more outsourcing options so that you have more people helping you get the job done in less time.
  3. Create internal systems and follow them.

How entrepreneurs can scale their business?

  1. Create and implement a competent growth strategy or a game plan.
  2. Create a product or a service that’s replicable and could run itself without you being there.
  3. Anticipating demands, not react to it.
  4. Define your audience and make your marketing efforts focus on your audience.
  5. Create a simplified business model with no customization. If you want to be scalable, it needs to be simplified.
  6. Hire people who want to be a part of something bigger.

To achieve success in business, you need to manage 5 areas constantly:

  1. Be proactive and anticipate demand.
  2. Don’t be a cog in the wheel.
  3. Don’t overlook perspective. Look at the big picture.
  4. Build into your business redundancies and fail-safes so that your business’ collapse is far less a possibility.
  5. Don’t be afraid to seek help!

Listen to this BIG BOLD YOU show to know how to make your business scalable.

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