If you have an existing online business that is generating income for you, then you should consider scaling it. You need to congratulate yourself for getting this far, but now it is time to take your online business to the next level.
You could stay as you are and hope that the level of income that your online business generates will continue into the future. Nevertheless, this can be dangerous, and it may not take much to negatively impact your income.
The online world is very competitive. If one of your competitors find out that your online business is generating a good income for you, then it will not take a lot of effort for them to copy what you are doing. They can then target your customers with better offers and throw money at it to increase the size of the business.
All of your revenue can be gone before you know it. This will be very hard for you to take as you have spent countless hours building up your online business from nothing. But the threat will always be there if you decide to stand still.
You’ll increase the chances of your business surviving during downturns.
It is a lot easier for someone to copy a smaller online business than it is a larger one. If you have scaled your online business to a good size, then a competitor will have to invest a lot of time, effort and money to replicate what you are doing. The likelihood is that they won’t bother to do this.
Some smaller online businesses rely on a single product or a few products for their income. If you are in this situation, then this makes you a lot more vulnerable. Things change fast online, and if a competitor brings out a range of products to compete with yours, then you can find yourself in real trouble.
You may have some very loyal customers with your online business, but things can change this very easily. If there is a slowdown in the economy and people have to start tightening their belts, then they may be less likely to make a purchase from you. With a relatively small customer base, you could face financial disaster.
You’ll improve efficiency if you scale your business.
Many small online businesses do not operate efficiently. The owner of the business is involved in everything and without them the business would collapse. Being heavily involved in the day-to-day running of your online business leaves you little time to plan for the future and make your online business more efficient and less dependent on you.
Scaling your online business means that you will need to make the transition from “working in your business” to “working on your business”. There are only 24 hours each day, and you cannot change this.
When you scale your business and make it more efficient, you can increase the capacity of orders that you can accept. Removing yourself from day-to-day operations is essential for growth, as you can only do so much.
You’ll increase your profits, which will create additional growth opportunities.
By scaling your online business, you are thinking long term and in time you will increase the amount of profit that you make. This reason alone makes scaling a worthwhile thing to do. So make the commitment to scaling your online business today.
Change Your Mindset To Grow Your Business
If you want to successfully scale your online business, then it is very likely that you will need to change your current mindset. It is wonderful that you have created a successful online business on your own, but now it is time to let go.
Making the necessary mindset changes for the successful scaling of your online business is probably not going to be easy for you. You have worked the same way for some time now, and you are used to being in control of absolutely everything. You need to be determined to make the change and persistent with your actions.
Create a WHY Statement
You need to identify the real reason why you want to scale your online business. This is not because you want to increase efficiency, although this is a good reason to do it. The problem with this is that it is extremely unlikely to stir any emotion within you so that you can stay motivated when times get rough (which they will).
There needs to be emotional power in your reason why. Something that will always stir your emotions is your family or loved ones. Do you want to scale your online business so that you can provide your children with security when you are not around?
Spend time on identifying the real reason for wanting to scale your online business. The reason must light a fire beneath you and inspire you to go through with it, no matter what is happening around you.
When you have identified the most emotionally powerful reason, write this down as your WHY statement. Carry this around with you wherever you go and be sure to read it aloud every morning to give you a great start to the day.
You are Investing, Not Increasing Costs
Right now, you probably associate anything that costs you money to run your online business as a “cost”. This could include any stock you pay for, your web hosting and so on. This is a very negative way to look at things, and you need to change this way of thinking to be successful in scaling your online business.
It is much better to consider expenditure as an “investment”. The connotations here are positive and there is an assumption that you will end up with a good return on your money. If you find this a difficult transition to make, you need to persevere with it as it is going to help you with scaling.
You Need to Change to Team Thinking
One of your reasons for wanting to scale your online business should always be to remove you from the day-to-day running. So you need to change your thinking from “self” to “team”. If you have always done everything yourself, then it can be really hard to change your thinking.
However, change you must. You need to stop worrying that other people cannot do the work as well as you can. It is also necessary to stop focusing on the cost of hiring a team. Always believe that there are people out there that can do the job as well as you (because there are) so that you can focus on the really important things.
FROM SUCCESSFUL ENTREPRENEUR, ALEX GENADINIK
- 4 Hours
- Step-by-Step
- 20 Modules
- Actionable Downloads Included
A complete 20-module, 108-video training course designed to accelerate the start-up of your new business idea.
Alex will take you by the hand and guide you, step-by-step, beginning with the idea phase. The course doesn’t end until you have a complete business ready to launch.
