What Does Scaling Mean to You? Here's What You Need to Do Before Going Into a Growth Phase
Episode 648: Show Notes
Today we are going to have a fabulous conversation! When working with our current clients inside The Incubator we always talk about levers. What lever do you need to pull in order to get the result that you want? There aren’t actually that many levers that you have the option of pulling but people like to complicate things. We are here to simplify them for you! Sometimes the things that people think they need to do to scale and grow are actually just the opposite of what they should be doing.
This conversation is all about what you should be thinking about before you start scaling. We want to give you insights into what scaling looks like in reality, so that you can decide if scaling your business really is something you want to do at this current stage of your journey.
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Do You Really Want to Scale?
Are you saying you want to scale because that is what you actually want to do, or are you saying it because you think you have to scale (for example, by having a bigger team, multiple offers, or a bigger audience) in order to reach your business goals? If you actually identify how much you really want to make, there is a much simpler route to getting there than you may think! To figure out whether scaling is the right decision for you, you need to ask yourself what your medium to long-term goals are.
The Downsides of Scaling
Scaling implies more revenue, but also more complications. It usually entails more architecture behind your business, more infrastructure, more people, and more systems. This means that it will require more of your time. So, if your goal is to spend more time with your kids or have more free time to do the other things that you love, scaling is probably not the best option for you. We want to prevent you from building a business that you wake up one day and hate, because we have seen what that looks like and it’s not pretty!
Lifestyle Businesses Versus Massive Growth
Most women entrepreneurs are required to bootstrap every phase of growth. If you look at VC funding in 2021, only 2% went to female-founded companies. That means that if capital is required to move the business to the next phase then it needs to be generated from within the business. You can either build a lifestyle business or you can build a business that is geared towards massive growth. When we talk to some of our clients about what they are doing to scale, the things they are doing are leading them to a point where they can eventually sell their business for millions of dollars. But then when they tell us their goals, that’s not actually the future that they want!
The Beauty of Simplicity
We don’t want to scare you away from achieving your ultimate dream. All we want you to know is that the reality is that many of you can reach your ultimate dream without the complications of scaling! Despite what social media will lead you to believe, you don’t necessarily need to hire a massive team or massively reduce your profit margins in order to live the life you want. Don’t compare your journey to others, focus on yourself, and your unique desires! And then figure out which small, simple steps you can begin to take to get there. A lot of you are probably closer to reaching your goals than you think, you just need some clarity on how to get there. Don’t believe us? Reach out and we’ll tell you how!
Quote This
Most women are required to bootstrap every phase of growth.
Highlights
Do You Really Want to Scale? [0:07:11]
The Downsides of Scaling. [0:09:44]
Lifestyle Businesses Versus Massive Growth. [0:12:57]
The Beauty of Simplicity. [0:19:01]
ON TODAY’S SHOW
Abagail & Emylee
The Strategy Hour Podcast
We help overwhelmed and creative entrepreneurs break down their Oprah-sized dreams to create a functioning command center to tame the chaos of their business. Basically, we think you’re totally bomb diggity, we’re about to uplevel the shiz out of your business.
KEY TOPICS
Scaling, Growth, Financial Goals, Lifestyle Business, Time, Mindset Shift
