Stage 4 – Getting a paying customer – The Launching Stage
September 20, 2017
Mehr Saqib
September 22, 2017

Stage 5. Market Expansion – The Scaling Stage

Thanks to the dynamics of our current world, sky is the limit when it comes to achieving anything. It, therefore, comes as no surprise that businesses today are expanding exponentially. Growth has to be one of you main goals as there is no point in having a startup without the vision to make it something even bigger.

Any startup’s value, largely depends on its ability to grow, if you prove that you have what it takes, the investors will come on their own. At this stage, the major goal is to assess how and where your startup will be operating in the coming years. You can, at this stage choose, which investor gets to be a part of your startup, money should not be the only deciding factor, choose someone who will actually help in adding value to your startup.

If you believe that your startup does not need investment at this point, try assessing different markets in order to make your mark internationally. The worst thing a company can do is to exist without creating a way forward. In time, the market needs changes or diminish, so a startup needs to have various avenues of earning.

You don’t have to cater only to one market and target audience when you can reach out to international markets. While this should be the ultimate goal, make sure you have established yourself in the local market before you take your business elsewhere. To expand your market, you’ll have to be open to tweaking your product according to the needs of that particular society.

Sustainability

It is also important to know that you don’t have to expand, just for the sake of it. Expand only if your startup is relevant in the international market and if you have received some business from abroad. Study your markets thoroughly and make an informed decision, instead of just going with the flow. Any decision which involves money is always a big one for a startup, while scaling is the next step, make sure that you don’t put all your eggs in one basket.

Management

Managing a startup virtually, is tough, so make sure that you have the resources as well as the expertise to go ahead with this decision. It is essential to hire locals, in order to run your business smoothly. More importantly, it is essential to hire the right people and train them in a way that they can make smart decisions in your absence.

Partners

If you do plan to scale your startup on an international or global level, form partnerships. Look for people or businesses which exist in your desired market, study how well they have been doing and reach out to them from assistance. If nothing else, you’ll at least be able to learn the dos and don’ts which will certainly help you devise a strategy for excelling.

If you start believing that you have achieved whatever you wanted, think again. Change is the only constant and for your startup to remain in business, you’d have to keep offering something distinct.

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