How To Turn a Small Business Into a Million Dollar Company

If you are an entrepreneur, hitting the Million ( and subsequently the billion) dollar mark must be your dream.
However, entrepreneurship is not as glamorous as it sounds – It is hard work and hustling every day, which might not be everyone’s cup of tea.
This is probably the reason why while there are tons of sustainable small businesses around, very few of them are able to hit the million dollar mark.
A few such names include wicked good cupcakes, scrub daddy and Benjamin Kickz’s Sneker reselling business that started small and are raking in millions today.
If you are up for the hustle, check out the below tips to know how you can scale up your small business:

1. Re-strategize to make your Product “ The Hero”

If you are aiming for a million dollar revenue, you must own a substantial part of the market share.
To do this, you would have to make sure that most of the consumers are buying from you.
Now, that’s a tough cookie, but if you master this step the rest of the journey is going to be way easier.
Irrespective of the niche that you, you must identify “the differentiator” that will make the customers choose you from other options.
So go back to the drawing board, identify your differentiator and this will ultimately make your product the hero.

2. Focus on Sustainable Growth

So, what exactly does sustainable growth mean? Well, in the business world, it could mean this: realistically, an enterprise can grow healthily only to a certain extent without meeting up with problems. It needs some time to breathe.
You might feel a bit confused right now. The goal is to grow, isn’t it? Why slow the process down?
Well, problems such as inflation do exist. It weakens the economy and maims a company’s ability to grow sustainably. This is why exponential market growth may sound the death knell for some companies. It will make it harder for business leaders to find funding as their firm becomes larger, quickly leading them off a cliff.

3. Solidify Effective Partnerships

Small businesses have not effectively used the concept of partnerships and strategic alliances.
So in this sense, this can be an un-tapped goldmine for you.
Here how you can go about finding successful partnerships:

  • Find Non-Competing businesses that target the same audience as yours

( Eg: A yoga studio and a juice bar are non-competitors but have the same target audience)

  • Indulge in cross-promotional activities and data-base sharing to expand outreach amongst each other customer base

4.Create Smart Revenue Goals

Having static revenue goals is a cardinal mistake that a lot of small businesses make.
Never aim for a static goal such as making X thousand dollars every month.
This goals work if you want to keep the business stable, but not when you need to scale it up.
Map out your peak and off-peak seasons.
Chase a very aggressive target for the peak season, and a realistic one for the off-peak season.

5. Hustling Needs Extra Hours

Did you know that Bill Gates did not take a single day off during his 20s?
No kidding!
If you are planning a massive scale up, you would need to sacrifice some of your weekends. Think about it, if creating a million dollar business was so easy , then everyone would do it right?
But don’t worry, it will all be worth it when you make your first million.

6. Think Before You Hire

Sometimes, you just have to be harsh and let go. Certain employees may not be cut out for what your workplace stands for, and it’s better for them, and for yourself, if they weren’t working under you. But most of us end up losing our priorities when it comes to our employees.
We hire without hesitation, and fire with fright. However, when it comes to business, the opposite is what works like a charm. By weeding out the bad eggs in the basket (or at least, for your basket), you can watch your company become a more wholesome environment for yourself and your employees.

7. Brand Name

In the day and age of social media platforms, it isn’t hard to get the word out on your business. It wasn’t that long ago when you had to hire a PR manager to create awareness around your brand. But now, all you need is an account on one of the more famous platforms and a WiFi connection; you’re all set! Good graphic design knowledge can help create logos and electronic flyers for your product. Share your content (write-ups, visual media; it could be anything!), and if it’s beguiling enough, the waves of Internet users will do the rest of the job for you!

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