One of the challenges businessmen face when starting up a business is the search for willing investors. And, the best way to entice these people to fund your business is the assurance of return of investment. That being said, they tend to put their money into scalable startups. Businesses are considered scalable when their products have the potential to expand to new geographies and markets. No investor would want to pour his or her money down the drain.
Here are Six Tips on How to Make a Scalable and Investable Startup:
Come up with a Scalable Idea
Being ambitious and idealistic with your business plan is great. But in the eyes of investors, there’s nothing more appealing than a scalable idea that promises return of investment. Feasibility studies and market research induce peace of mind to investors who are viable to fund your business. Scalable ideas convince these investors that your startup is worth investing money on.
Increase Product Visibility
Marketing is a powerful tool to sell a product. In fact, it is the backbone of any business. When you increase your product’s visibility, it becomes more enticing for customers to purchase them. Attracting more buyers is a good strategy to appeal influential people to invest on your business. You could make use of digital marketing services to reach more people and generate a scalable business.
Hire the Right People to be at your Office Space Cebu
If you want to have a scalable business, you have to make sure you have a strong team that could help you through challenges. No matter how good your business is, your business would fall short of its goals without the right people. Hiring highly skilled employees could help your business scale up effectively. You could also avail of offshore business services to cut cost.
Develop Minimum Viable Product (MVP)
In an investor’s point of view, it would be risky to invest their cash on a product that has not been tested to prove its marketability. Developing a minimum viable product before launching the full product is one way to validate your business model while saving money, time, and effort. Through the feedback you get from the initial users of your product, you have the opportunity to optimize your product before you make use of the investor’s money to scale. Its success could also be used as proof that your startup business holds the potential to scale up.
Production automation could be costly at first, but it could help you cut cost in the long run. When your startup is labor and staff intensive, it’s less likely to scale up. You should start early in acquiring the right technology to reduce your need for manual labor. You could also document the production process and create online training videos for consistency and efficiency.
Continuously Improve Your Business
A business that shows the potential to continuously improve will surely thrive. Investors are interested to invest on businesses that would grow and generate more profit in the long run. Don’t try to address every existing customer problem there is in one go. Strategize on how to create solutions to these issues and concerns one at a time. And this will enable you to efficiently enhance your products and services.