There’s an old saying in business, “grow or die,” that people have been throwing around for years. In principle, it makes sense to continue expanding services and client bases, but it’s just not always that practical. But if you’re finding that your startup is beginning to plateau, it may be time to consider how to scale up your startup.
Growing your startup from a fledgling company to a functioning business is called scaling. The idea is that once your company has become proficient at creating your product or service, it can be multiplied rapidly to increase the user or customer base.
When to Scale
- You can sell your product or service repeatedly without major modification.
- The marginal costs of attracting new customers is beginning to diminish.
- The business has the potential for market disruption in your modeling.
- The market has the room and longevity to support your product for many years.
Now these aren’t the only criteria for knowing when to scale, but if these ring true, it’s a sign that you’re on the right track. If you’re planning to grow your startup, then you’ll need the people who can make it happen. Finding the right talent and maintaining your culture can be one of the biggest challenges.
Finding Good Employees
The good news is that top talent is just as interested in working for startups as it is for long-established companies. So the right compensation package can attract the right people, and those people will ultimately be responsible for the success of your startup.
Hiring with the long term in mind is a great way to ensure the talent fits your needs. It can be an easy solution to hire just for your current needs, but that short-term thinking won’t do your business any favors. In addition, design the roles of your new hires in a scalable manner so what the employee is doing right now may grow into something else within a year’s time that fits your company’s needs.