how to plan a small scale business

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How To Scale Your Small Business in 6 Steps

Scaling a business sustainably means being prepared for long-term growth. This guide will walk you through how to scale up your business so you always remain in control of your future.

As a small business owner, your eyes are always on the horizon, seeking out growth opportunities wherever they come. You've figure  how to start a business , now it's time to figure out how to grow it.

Growth is good, but growth isn’t always sustainable. That’s why we’re talking about scaling—growth that is deliberate, long term, and fully in your control.

To scale sustainably means going in with a plan and being prepared to handle any challenge that’s thrown your way. It’s the difference between getting a sudden spike in sales and every process falling apart, and getting a sudden spike in sales and handling every order smoothly with great customer service to boot.

It takes planning, expertise, and sometimes funding to get it done. We’ll walk you through how to craft an iron-clad plan for your future.

Meet your experts

Say hello to two brands that have successfully scaled their business from humble beginnings. We interviewed them for practical advice on scaling that you can apply to your own business.

Katie McCourt, Co-Founder of Pantee

Katie and her sister Amanda are the brains behind Pantee, a line of underwear and bras made exclusively from dead-stock t-shirts and t-shirt fabric. They launched in February 2021 after a successful Kickstarter campaign and have only grown since, adding new products and seeking further investment to keep up with demand.

Sustainability is at the heart of Pantee and plays a role in every part of its supply chain. The brand’s challenge is staying true to that ideal while scaling up.

Matt Mundt, Founder of Hug Sleep

Matt started Hug Sleep with an idea, a dream of entrepreneurship, and $2,500. The Hug Sleep is known as the blanket that hugs you back—a cozy, soothing experience based on the science of weighted blankets. The company has exploded since Matt founded it, thanks in part to an appearance on Shark Tank , where he and his wife, Angie, walked away with a $300,000 investment. 

Matt has had to grapple with a rapid increase in demand for what started as a solo venture he worked on after his corporate job ended for the day.

Signs you’re ready for the next stage of growth

Growth doesn’t just need the right plan, but the right timing. Growing too quickly can lead to expenses you can’t pay, employees you don’t actually need, or a supply chain that’s grown out of control. Conversely, not scaling at the right time could mean orders you can’t fulfill and tasks going unfinished.

Here are a few questions to ask yourself to help you decide if it’s time to make a plan for sustainable scaling.

Are you ready for the next step in entrepreneurship?

You should only take your business to the next step if you’re truly ready for a bigger enterprise. Scaling up means your company is going to take more time, resources, and expertise that you have to be prepared to give. Scaling up is an exciting time, but you’ll need a level head to get it done in a way that’s sustainable for your business. 

Ask yourself:

• Are you ready to take on more strategic challenges? That could mean expanding your product lines or selling globally.
• Will you be able to dedicate more time to your business without other parts of your life suffering?
• Do you have the financial resources available that you’ll need?
• Do you need outside help? You may be at a point where having someone else handle marketing or customer service would make your day easier.
• Do you need more employees to get the work done? Struggling to make your business work with your current team—which might be a mighty team of one!—is a great sign that it’s time to scale up. 
• Are you having trouble keeping up with orders? Having a higher volume than your business is prepared to handle means falling behind on packaging and deliveries, customer service gaps, and a whole lot of stress for you. 
• Are you falling behind on inventory? If you’re constantly finding yourself sold out, with customers clamoring for restocks, it’s definitely time to scale up.

Lastly, some businesses are meant to be small businesses. It’s OK if you want your side hustle to remain a side hustle. It all comes down to your personal priorities, lifestyle, and financial situation. 

6 steps to scale your business

There’s no one formula for scaling a business, because every business—and founder—has unique strengths and challenges. Scaling up a clothing business, for example, is going to look different from scaling up a skin care empire. But there are some common threads to consider:

1. Make a plan for your future

If your company started as a hobby , like in Matt’s case with Hug Sleep, you may have just been going with the flow up until this point. 

However, to scale sustainably, you need a business plan. It will not only help you understand your business, but it will be something you’ll need to show if you ever seek out outside investment. 

There are different ways to format a business plan, but a basic one should include:

• Executive summary
• Company description
• Market analysis
• Management and organization
• Products and services
• Customer segmentation
• Marketing plan
• Logistics and operations plan
• Financial plan

In particular, you’ll be creating a strategic marketing plan, with a forecast for the future outlining your plans for growth. What’s a realistic revenue goal for a year from now? What about five years from now? What’s your plan for increasing your marketing capacity?

“That was actually a really valuable part of the process for us—sitting down and saying, ‘Where do we want to be? Where do we want to be in five years? What do we see from this business? And where do we think it can go?’” says Katie.

“I think that, from day one, we’ve really felt that Pantee has huge potential to become a household name brand.”

Nail down where your business is right now, as well as where you want your business to go. Use the resources below to get started and consider the next steps in scaling as you create your plan.

📚 Resources

• How to Write the Perfect Business Plan in 9 Steps
• Business Plan Template: A Practical Framework for Creating Your Business Plan
• 7 Business Plan Examples to Help Write Your Own

2. Evaluate your supply chain

Scaling up means a higher volume of sales and your supply chain needs to be equipped to handle that. What works right now might not work as well at scale.

Pantee, for example, was originally inspired by creating underwear from thrifted t-shirts. They then turned to dead-stock t-shirts, but they can actually be slower to process. Already-made shirts take longer to cut and evaluate for quality, so the brand has since expanded its source materials.

“We don’t just use the dead-stock T-shirts, we also use dead-stock rolls of fabric,” says Katie. “It’s the exact same grade of material, it’s just taken at a different point in the supply chain.”The fabric rolls allow for faster production but with the same commitment to sustainability. It’s even become a feature—getting their hands on a particular color lets them create a limited time collection drop that customers snap up.

Pantee goods are manufactured in Bangladesh at a factory with working conditions that Katie and Amanda vetted, but going overseas might not be the right move for your supply chain.

Matt scaled Hug Sleep while remaining with the same manufacturer in his home state of Wisconsin. In fact, a more local approach can help ease the stress that the COVID-19 pandemic has placed on global supply chains.

In either case, evaluate whether your current sourcing and manufacturing processes still function well at scale. If not, you’ll need to figure out next steps .

3. Hire strategically

Scaling up means you may no longer be able to do everything yourself, or with whoever you’ve recruited so far to make your business work. 

Katie says Pantee has been running for the last year or so with just her and her sister as full-timers, supported by contractors. With a round of investment under their belts, Pantee is about to take on its first full-time employee.

Specifically though, they decided the most impactful choice was to hire someone to take care of brand and community management.

“Our strategy is very heavy on influencer marketing, ambassador marketing, and our partnerships, and it’s a very, very time consuming element of the business,” says Katie. Taking that workload off Katie and Amanda means more time back to focus on the core of the business.

If hiring is part of your scaling strategy, you should hire where an extra person would be most effective. For Pantee, it was marketing, but for your business it could be someone to work on product or customer service , or sales. Employees are a major financial commitment, so they should be focus on an area that will bring in the most return.

“We’re really excited to see what we can do sort of with an extra 40 hours a week put toward the business,” says Katie.

4. Outsource for efficiency

If it doesn’t make sense to hire your own employee, there are ways to outsource tasks to streamline your business as you scale. Matt, for example, doesn’t have any full-time employees. Instead, he uses an agency to handle all his marketing because he realized it was something a third-party would be better at.

“My background is in mechanical engineering,” he says. “I’m a numbers guy and a data guy. I thought there’s no challenge that I can’t get over.” So Matt tried to teach himself how to launch ads on Facebook, Instagram, and Google.

“I tried, and it didn’t work all that well.”

By talking to agencies, Matt finally realized that they could create a more sophisticated campaign than he could, so he outsourced.

He also hit a wall on order fulfillment . He used to pack all the orders himself and drop them off at the post office on his lunch breaks. But that doesn’t work at scale. He now uses the Shopify Fulfillment Network to do the heavy lifting.

Whether hiring an agency or an employee, you should consider where you most need help. If you’re struggling with marketing a small business, it’s only going to get more challenging as you scale up. Decide what aspects of your business would benefit from expertise you don’t have and look into third-party services that can help you out.

5. Automate where you can

Getting things done faster or more efficiently at scale can be made easier with tools designed to automate your workflow.

These can be simple fixes, like how Matt created scripted responses to deal with a heavy influx of customer service inquiries after he appeared on Shark Tank . 

Another example for streamlining customer service is using Shopify Inbox for communicating with customers. This tool allows you to utilize live chat—which we know is a fantastic way to increase conversions —in a way that keeps all your conversations in one place, allows for saved responses, and gives you metrics so you can track impact.

Check out these handy bots to learn more about how to automate your business.

6. Seek new capital

Scaling costs money, and you might need to identify the right time to seek outside investment to see your plans through and keep your cash flow flowing.

That timing is crucial. Capital is something you want to secure before you act on plans to grow, rather than when your business takes off and you’re left scrambling for the funds to support it.

Katie knew early on that Pantee would need investment beyond that initial Kickstarter campaign.

“With what our goals were, and the sort of early traction that we had seen, we knew very early on that it was not something that we could do ourselves and continue to bootstrap,” she says. “As much as it really works for some businesses, I think, for ours, it was just too out of scope for us.”

Last September, Katie and Amanda started trying to raise the £200,000 ($261,000) they projected they’d need.

“It's a difficult process. I think that we both found it to be one of the most challenging things that we’ve done,” she says.

The pitching process means having a solid plan (which is why a business plan was the first step) and fielding question after question from potential investors. Expect some ups and downs—Katie said some pitches went better than others, but they did reach their goal in the end. Once they started hearing “yes,” it gave them confidence to go out and pitch more.

Matt, on the other hand, made a big splash by appearing on Shark Tank . The show actually approached him, and he walked away with a $300,000 deal from two of the sharks.

Capital is something Shopify can help with. The Shopify Capital program is a way to secure funds that skips lengthy applications and allows you to repay using a percentage of your sales. Since 2016, Shopify Capital has made over $3 billion available to thousands of Shopify merchants, and our data shows that shops with this funding average 36% higher sales .

We also know that women and people of color have more trouble securing capital , and Shopify Capital is working to close that gap. 

Don’t lose the big picture

There’s a reason you’ve gained the traction you already have, and you can’t lose sight of it, even as you scale.

Long-time customers of Pantee are drawn to its commitment to sustainability, so they remained committed to that philosophy. To do away with any of that while scaling would defeat the purpose of trying to grow your business and impact.

Katie says Pantee doesn’t see their relationship with customers as purely transactional—they’re a community. The brand’s early customers, the ones who’ve come along for the whole journey, are a pillar of support that have helped it get where it is today.

“Don't undervalue your community,” Katie says. “Ask them for guidance to really bring them on that journey. It does really pay off.”

Do right by your biggest fans and they’ll stick around as you shoot for the stars.

Illustration by Alice Mollon

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Scaling a Small Business FAQ

How do you scale a small business.

• Increase Your Marketing Budget: One of the most effective ways to scale a small business is to invest more money in marketing. This can include everything from increasing your social media presence to launching more targeted advertising campaigns.
• Automate Your Processes: Automation can help you save time, reduce costs, and free up resources to focus on new growth opportunities. Consider automating tasks such as customer service, accounting, and inventory management.
• Focus on Customer Service: Providing excellent customer service is a surefire way to scale a business. Make sure your customer service team is well-trained and equipped to handle customer inquiries and complaints quickly and efficiently.
• Invest in New Technology: Investing in new technology can help you streamline processes and increase efficiency. Consider implementing new software solutions that can help you increase productivity and better manage your business operations.
• Hire More Staff: If your business is growing, it may be time to hire more staff. This can include hiring additional customer service agents, salespeople, marketing professionals, and other administrative staff.

What is a scaling strategy?

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Tips for Scaling Your Business

• 07 Mar 2019

As your company grows in scope and size, it also grows in complexity—which can be hard for any founder to navigate. Yet it’s likely that the scaling challenges your company is facing aren’t unique to you and your business.

By understanding what the common scaling challenges are, you can start to recognize patterns and avoid the issues most founders face as they grow their startups.

Access your free e-book today.

What Is a Scaling Plan?

At the beginning of a business, it can seem premature to start thinking of its growth potential. Yet, not laying a foundation early for future growth will likely lead to several avoidable challenges. That's why it's important to create a comprehensive business plan that accounts for your company's current status and potential expansion.

Creating a scaling plan allows you to prepare for potential customers and future business opportunities, ensuring sustainable growth in your company.

How Businesses Fail to Scale

The key to avoiding failure as a company grows is ensuring that business leaders agree from the very start on what its products, ideal customers, and internal processes are. Solidifying these is critical before scaling up, as they clearly define a company’s business model. Failing to do this step is one of the primary reasons some startups fail in the scaling process, as they didn’t have a clear vision of where their company should’ve gone before the unprecedented growth took place.

“If you develop an understanding of the archetypal challenges associated with rapid scaling, you can build in design for scalability,” says Harvard Business Professor School Professor Jeffrey Rayport. “There are decisions you can make early to mitigate risk.”

When asked what those challenges are, Rayport breaks them down into what he calls the “Six S Framework.” Or rather, the six areas founders should focus on when building their venture . They're:

• Shared values

Here’s a closer look at what each area means and its potential impact on your growing business.

Applying the Six S Framework

You can’t scale your venture alone. You need a team of talented, highly motivated staff who believe in the company’s mission. For resource-constrained startups, the right talent can change everything: High performers are 400 percent more productive than the average employee, according to McKinsey . As roles grow in complexity, that productivity number jumps to 800 percent.

When a company is in a rapid growth phase, it often feels easier to hire anyone who can get the work done. But as Apple Founder Steve Jobs once said : “Go after the cream of the cream. A small team of A+ players can run circles around a giant team of B and C players.” If you compromise on talent early, it’s harder to backtrack.

“You need to set a high bar for the first few recruits in the venture,” Rayport says. “You can’t compromise on that first wave, because they’ll be the ones who propagate the values of your organization. Pretty soon, they’ll also be hiring the next wave and hire performers who are a lot like them.”

Related: 4 Challenges to Avoid When Scaling Your Venture

2. Shared Values

Shared values represent a company’s culture, and are what defines how employees interact, solve problems, and work with one another, according to Rayport. As individuals encounter challenges and learn how to collectively address them, particular patterns are reinforced and ultimately coalesce into shared values and beliefs about how work gets done.

“Most startups have a culture that is a direct reflection or translation of the founders’ personalities and values,” Rayport says. “And most founders are largely unaware of the outsized impact they have in instilling the culture of their organization.”

One of the biggest scaling challenges around culture is de-personalizing the company’s core values, so they feel less like mantras shaped by a few individuals, and more like a shared organizational fabric.

“You need to make those implicit values explicit and take the time to write them down,” Rayport says. “It’s important to separate cultural inputs from outputs. Most ventures describe the culture they want, which are the outputs, as opposed to determining the actions founders can take, or the inputs, to deliver on that culture.”

3. Structure

How you structure your organization is crucial to success. As the company grows, so, too, should the number of decision-makers. The founders can’t be involved in every detail of the business once it scales. It’s important to recruit seasoned leaders with specific skill sets or develop employees who can thrive in environments with more specialized roles.

Training new employees can feel like additional work, but taking the time to properly onboard them pays dividends later. It’s all about creating leverage to deliver on the founders’ vision—and that requires not only recruiting the right people, but structuring their roles and the organization in ways that favor growth. If you don’t let go, your organization won’t scale.

Amazon CEO Jeff Bezos encourages failure. As he once wrote in a shareholder letter, as reported in Business Insider , “Failure comes part and parcel with invention. It’s not optional. We understand that and believe in failing early and iterating until we get it right.”

Once you have evidence of product-market fit, it’s important to stop and assess how fast you can, and should, grow.

“A lot of tech ventures assume you should swing for the fences and grow as fast as humanly possible,” Rayport says. “But there should always be the question, ‘How fast is too fast?’”

Most ventures accumulate “ technical debt ,” which is the price of scaling what works rather than what’s perfect. Over time, tech debt adds up and it’s critical for leaders to find ways to pay it down. That’s the only way you can create the robust business systems and stable infrastructure needed to support increasing scale.

“It’s better to pay down your tech debt as you scale,” Rayport says. “If you have a market opportunity, you don’t want to wait a few months to get your house in order. But sooner or later, you have to upgrade the systems and infrastructure. As Marshall Goldsmith famously said, ‘What got you here won’t get you there.’ It’s important to recognize that each stage requires its own set of approaches.”

On the other side of speed is scope. Rather, where do you look for opportunities? At what point should you consider expanding into new geographies or markets, or building additional products or services? It’s easy to lose focus when you start to scale, but having a map of growth options helps.

“One way to start categorizing your options is by asking, ‘Will I grow by extending existing products into new markets or by selling new products to existing markets?’” Rayport says. “Make decisions rigorously to set your path.”

6. Series X

Financing is one of your most valuable resources, and it’s important to understand how your financing strategy aligns with your growth strategy, according to Rayport. Hiring additional employees and building out the right infrastructure and business processes typically require capital. You need to know what kind of financing is necessary to support that growth and where you can cut costs.

“Founders often make the ill-advised decision to convert variable costs into fixed costs too early,” Rayport says. “For example, many e-commerce ventures have rushed too quickly into owning their own fulfillment centers rather than relying on third-party vendors.”

What fixed overhead can your organization bear while still having maximum agility? Rayport uses the cloud as another example of how companies can keep fixed costs variable. Is owning a data center crucial at this stage of your growth?

If there’s a market shift or downturn, your company should be poised to adapt and respond. Without a flexible cost structure or the right financing, that’s nearly impossible.

How to Prepare for Scaling

As an entrepreneur, it’s critical to anticipate your business’ growth. It’s one of the most important business strategies on your path to success. Preparing for this change involves having the right individuals who are attuned to the company’s mission and agree on its values and strengthening the company’s internal structure and processes for unprecedented changes. By applying these key areas to your business, you can rest assured the company is equipped to handle any measures of success, no matter the capacity.

As Rayport says, “A lot of businesses don’t anticipate scale.” But by understanding what the common challenges are, it’s something you can, and should, start to plan and prepare for.

Do you want to master a proven framework for building and financing new ventures? Explore our four-week online course Entrepreneurship Essentials , and discover how you can learn the language of the startup world.

This article was updated on July 28, 2022. It was originally published on March 7, 2019.

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How to scale a small business: 11 tips and common mistakes

https://www.onepagecrm.com/blog/steps-for-scaling-business/

If you have started thinking about taking your business to the next level (and maybe even reducing your workload), you’ve definitely heard about scaling.

While scaling a business is no small feat, it’s possible with proper planning and execution.

In this post, we’ll outline key steps to help you successfully scale your small business while also explaining how to know if you’re ready to take on this challenge.

11 steps to scale a small business

For your convenience, we divided this blog post into different parts. First, we introduce the term and explain how scaling is different from growth.

Then we dive deep into all 11 steps but they are divided into three sets.

The first set of steps is about how to determine if your business is scalable at all. The second set has tips on how to lay a solid foundation for your scaling strategy. And, finally, the third set of steps describes four scaling strategies and techniques.

Here’s the definitive list of all the steps to scale a small business :

• Determine if your business is scalable (4 factors to keep in mind)
• Review your sales funnel and optimize when needed
• Build a strong team and hire the right people
• Standardize processes
• Define what scaling a business means to you
• Create an actionable plan

Spread the word about your business

Outsource and hire freelancers

• Keep an eye on the competition
• Measure results and course-correct when needed

What does “scaling a business” mean?

Scaling in business refers to growing your company to a larger size. This can be done in several ways, such as increasing the number of employees, expanding the product line, or entering new markets.

The goal of scaling is to increase efficiency and grow the business in a controlled manner . This means that you need to have a solid foundation before scaling so that you don’t encounter major problems down the road.

There are several reasons why scaling is essential in business:

• When done correctly, it can help you become more efficient and improve your bottom line.
• Scaling can help you reduce your workload by allowing you to delegate tasks to other employees.
• Finally, it can help you expand your product line or enter new markets.

How is scaling a business different from growing a business?

It’s also important to understand that scaling is different than growth.

Growth might bring with it an increase in costs, something which should be minimized when scaling. It’s also usually harder to sustain as it’s more challenging to pinpoint exactly what causes it.

Scaling, however, is about growing your business in a controlled manner. This means expanding in a way that doesn’t sacrifice your company’s quality or culture.

How to determine if scaling your business is possible

There are several factors that you need to take into account when determining if your business is scalable.

The type of business you’re in

Some companies are simply more challenging to scale than others. For example, a local retail store will be more challenging to scale than an eCommerce business . This is because there are only so many locations that a retail store can be in, and it’s challenging to reach new markets without incurring a lot of expenses.

The amount of capital you have available

If you don’t have much money, it will be challenging to scale your business since you’ll need to invest in things like hiring new employees , expanding your facilities, or developing new products.

The amount of risk you’re willing to take

Scaling often requires investments in areas that might not pan out. As such, risk tolerance is an important factor to consider when determining if your business is scalable.

Your ability to delegate tasks

Without a team in place to handle the increased workload, you’ll quickly become overwhelmed and won’t be able to effectively scale your company. Since you might not have the resources available to support a more extensive operation, you’ll need a larger team .

3 steps before scaling a small business

If you’ve determined that scaling is the right move for your business, here are three steps that will help you do it right:

• Have a thorough review of your sales funnel
• Build a strong team

1. Have a thorough review of your sales funnel

Understanding the various sales funnel steps is critical to scaling your business. This is because your sales funnel will indicate where your customers are in their buying journey and what needs to be done to move them further down the funnel.

With many sales funnel software, looking at analytics is as easy as pie, allowing you to quickly and easily understand your conversion rates at each funnel stage.

Once you have this information, you can start thinking about improving your funnel so that more customers convert into paying ones and, in turn, paying customers become long-term brand advocates.

2. Build a strong team

If you’re going to scale your business, then you need to have a strong team in place . This team will need to be able to handle the increased workload that comes with a more extensive operation.

Having people who are not specialists but generalists can help you in the scaling process. These team members are excellent at handling various tasks and can be trained relatively easily when it comes to scaling operations.

Getting specialists into the business will need to happen at a certain point, but for scaling purposes, having a generalist approach can help in several areas.

3. Standardize processes

Finally, the third step you must take before scaling your business is to standardize processes (and make sure that they are working).

As your business grows, you will need to have systems and processes in place, so everyone knows what needs to be done and how it needs to be done. This will help ensure that things run smoothly and that there is less room for error.

Part II: 4 steps for scaling a small business successfully

Let’s now put the above into practice with four key steps to help you scale your small business:

• Define what it really means to scale your small business
• Measure results and course correct where necessary

1. Define what it really means to scale your business

Different businesses have different definitions of what it means to scale their business. Some business owners might think that growing their customer base by 20% is scaling, while others focus on hiring more employees .

The first step in scaling your business is to define what it means for you.

Consider these questions:

• What are your goals and objectives?
• What does success look like for you?
• Do you want to scale revenue/number of customers?
• If not, what is the defining metric?

No matter your definition of success, it’s essential to have a clear idea of what you’re aiming for. This will make creating an actionable plan and tracking your progress easier.

Once you have a clear definition, you can start planning how to achieve it.

2. Create an actionable plan

Setting goals is an essential part of any business planning process, and it’s no different when you’re scaling your small business. But you need to be realistic about what you can achieve.

For example, if you want to increase revenue by 20% , you need to identify the steps you need to take to reach that goal. Are you going to need to hire more employees? Increase your marketing budget? Or introduce a new product or service?

Whatever your goals may be, make sure they are specific, measurable, and achievable. This will help keep you on track and progress towards scale.

Here are a few things to keep in mind:

• Align goals with your overall business strategy . If your plans are not in line with your business strategy, you’ll likely find it challenging to achieve success. For example, if you’re trying to increase revenue by 20% but don’t have a plan to increase sales, you’re not going to get very far.
• Be specific about what will happen and who will be responsible for each task . You might want to create a timeline or Gantt chart to help visualize the process and ensure everyone is on track.
• Discuss the plan with stakeholders and get buy-in . You need to get buy-in from employees, shareholders, and other key people. This will help ensure everyone is on the same page and aware of the changes that need to be made.
• Consider how the plan will be tracked . Similar to how you set a target to measure progress when setting up a productive workflow , being able to measure progress towards scaling is critical to ensuring success.

3. Start looking externally

Once you have a good team, good processes, and a good product, it’s time to start looking externally.

The more people who know about your business and what you have to offer, the more likely you are to achieve success.

This might include several activities, such as:

• Expanding your online reach through social media or PR.
• Building partnerships with other brands.
• Establishing yourself as a thought leader in your industry through creating high-quality and unique content .

Scaling a small business requires a certain level of proactivity, consistent outreach, and regular features in relevant publications.

As your business grows, you’ll quickly realize that you can’t always do everything internally.

Delegating tasks to contractors or even virtual assistants can help free up your time so you can focus on more critical tasks. But make sure that the person you’re delegating to is qualified and capable of completing the task. You should also provide clear instructions and expectations.

Research your competitors

Staying ahead of the competition is critical in any industry, but it’s imperative when scaling a small business. Consider and observe what your competitors are doing and what has worked for them.

See if you can implement similar strategies in your own business. Also, keep an eye on emerging trends in your industry they seem to be following so you can also capitalize on them. That said, if you can be the first to notice a trend, it gives more power to your business.

Here are some ideas on how to stay up-to-date with what your competitors are doing:

• Sign up for their newsletter
• Follow them on social media
• Use a social listening tool to get notifications whenever they’re mentioned online

Get smart at social listening

Nowadays to get social is to get smart.

We’re not suggesting you spend an hour of your day creeping on your best friend’s work colleague and pawn it off as ‘market research’. We’re talking smart, efficient use of social listening tools to gain real market insights.

If you’re using Twitter or LinkedIn for prospecting or staying in touch with your clients, it’s called social selling. To put it simply, social selling is a process of building relationships with potential and existing clients via social media.

Social selling isn’t a new concept. It’s very similar to networking but can be done with the help of social media tools and should focus on quality not quantity.

Improve your networking skills

Networking can help you make industry connections, find new customers, and even get access to capital. As your business grows, you’ll have more opportunities to network with other professionals.

Make sure you’re networking regularly and building relationships with people who can help you grow your business. Attend industry events, join relevant online communities, and connect with other small businesses in your area.

4. Measure results and course correct where necessary

As your business grows, your goals and strategies will undoubtedly change.

Regularly reviewing your progress toward your goals is essential for keeping your business on track. Make sure you’re measuring the right metrics and making adjustments as needed.

Also, keep in mind that reviewing the tools you use to measure success regularly will help you determine whether they’re still the best fit for your business.

For example, if you’re using social media to market your business, you’ll want to review your analytics regularly to see how well your content is performing. If you’re not getting the desired results, consider trying a different approach.

Finally, consider what course correction looks like. While many businesses consider themself flexible before scaling, the truth is that once you’re in growth mode, there’s often less room for error.

This means that if something isn’t working, you need to be able to quickly course-correct it by reverting to a Plan B. This could involve changing your budget, hiring new employees, or even pivoting your business model altogether.

At the same time, remember that course correction doesn’t have to be a significant change. Sometimes, minor tweaks can make a big difference. The important thing is that you’re constantly assessing your progress and making adjustments as needed using plans that have already been drawn up.

Six common mistakes to avoid when scaling a small business

Here are some of the biggest mistakes you can make when scaling a small business:

• You’re too busy to focus on scaling
• You think scaling is all about you, not your customer
• You’re not focusing on better marketing and selling
• You’re not managing your money/assets well
• You’re focusing only on short-term sales
• You’re competing on price

1. You’re too busy to focus on scaling

Scaling a small business takes a lot of work. It can be downright overwhelming at times. If you’re too busy with day-to-day operations, you won’t have the time or energy to focus on scaling your business.

To avoid this, ensure you’re delegating tasks and creating systems that will allow you to focus on value-add tasks . You can hire new employees, automate processes, or even outsource some of your work.

2. You think scaling is all about you, not your customer

When scaling a small business, getting caught up in everything you need to do is easy. However, it’s important to remember that your customers should always be your top priority. After all, without customers, you wouldn’t have a business to scale.

As your business grows, ensure you’re still providing the same high level of service and meeting your customers’ needs .

3. You’re not focusing on better marketing and selling

Investing in marketing and sales initiatives will help you reach your target market is crucial. You might consider SEO, content marketing, social media advertising, paid ads, email marketing , SMS marketing .

Whatever the channel, make sure you’re using it effectively to reach your target market.

Additionally, ensure you train your employees to sell your products or services effectively. The more knowledgeable (and passionate) they are about your business, the easier it will be to close deals and grow your revenue .

4. You’re not managing your money/assets well

If you want to scale your small business, you need to be diligent about how you’re managing your money and assets.

This means creating a budget and sticking to it. You should also have systems in place to track your expenses and income. This way, you can see where your money is going and adjust as needed.

5. You’re focusing only on short-term sales

When scaling a small business, it’s easy to get caught up in need for immediate sales. However, focusing on building long-term relationships with your customers is no less essential.

Short-term sales are not sustainable in the long run. To scale your business, you need to focus on building relationships by providing an exceptional customer experience, developing a solid brand, and offering quality products or services.

6. You’re competing on price

When scaling a small business, you need to focus on creating value for your customers. This is how you’ll differentiate yourself from your competition.

Therefore, don’t get caught up in competing on price. Instead, focus on creating a unique selling proposition to make your business stand out.

Scaling a business is all about value and focus

As you scale up, never stop striving to provide more value for your customers. This can involve expanding your product offerings, improving customer service , or providing more unique selling points. By doing this, you’ll be able to keep your business growing long-term.

Finally, always consider the question of how your customer will benefit from your decision to scale up.

Hanson Cheng

Hanson Cheng is the founder of Freedom to Ascend . He empowers online entrepreneurs and business owners to 10x their business and become financially independent.

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How to Scale a Business in 9 Steps

Introduction.

Scaling a business is no easy feat. In fact, only eight percent of businesses manage to scale successfully. But in today's competitive markets, it's crucial for long-term success and survival. 

This article will take you through a step-by-step process to unlock your desired growth. 

Here are the steps and secrets to scale your business to new heights.

TL;DR: How to scale a business

• Scaling a business is crucial for long-term success, but only 8 percent of businesses manage to do it successfully.
• This article provides a step-by-step process for scaling your business, including setting clear goals, streamlining processes, expanding market reach, building a strong team, fostering strategic partnerships, embracing technology, monitoring performance, nurturing customer relationships, and iterating and innovating.
• Small businesses can also leverage scaling strategies to compete with larger competitors by implementing automation and digital tools.
• You can optimize the scaling process by increasing efficiency, forming strategic partnerships, pursuing mergers and acquisitions, and embracing technological advancements.
• Scribe is a valuable tool for optimizing business processes by automatically generating step-by-step guides , SOPs and training manuals.

✅ 10 Solid Business Process Software Options for Smarter Workflows

Understanding how to scale your business

Scaling a business is like adding rocket fuel to your growth trajectory. It's not just about expanding but also about achieving substantial and sustainable progress. Imagine your business as a high-performing athlete at the gym. Scaling is like optimizing your nutrition plan to accelerate your performance and crush your fitness goals consistently.

For example, let's consider a local bakery that wants to scale its operations. By implementing effective scaling strategies, the bakery can experience remarkable growth. Scaling allows them to bake more cookies, reach more customers and ultimately, turn their neighborhood bakery into a worldwide hit.

Growth is the key to scaling. There are four commonly recognized growth strategies, which are:

• Market penetration: This strategy focuses on capturing a larger share of the existing market by enticing existing customers to buy more or attracting new customers with compelling offers and marketing campaigns.
• Market development: The goal is to expand into new markets or customer segments by identifying untapped opportunities. 
• Product development: Introduce new or enhance current products to innovate and meet evolving customer needs while increasing market presence.
• Diversification: This strategy involves diversifying into new products or even unrelated industries to spread risk and capitalize on new opportunities. 

So, whether you're ramping up your business or powering through your workouts, remember that scaling is like the secret sauce that takes your performance to the next level. 

💡 ‎ Scribe tip: You can use your business plan as a roadmap to successfully scale your company. Try one of our 5 free business plan templates to build a foundation for growth.

9 steps to scaling your business

• Set clear goals.
• Streamline processes.
• Expand market reach.
• Build a strong team.
• Foster strategic partnerships.
• Embrace technology.
• Monitor and measure performance.
• Nurture customer relationships.
• Iterate and innovate.

Scaling your business might initially look like an overwhelming task. However, the process becomes much more manageable and attainable when you break it down into simple, actionable steps. By following these nine steps, you can confidently start scaling your business.

1. Set clear goals

‎Setting clear goals is the true foundation of successful business scaling. It provides direction and focus for your efforts, ensuring everyone in your organization is aligned and working towards a shared vision. Studies show that employees with well-defined goals are 3.6 times more likely to be committed to their organization. 

Begin by outlining your long-term objectives, then break them down into smaller, actionable goals that are specific, measurable, achievable, relevant and time-bound (SMART). Communicate these goals to your team, track progress and celebrate milestones along the way, fostering a sense of purpose and motivation.

💡 Develop and implement strategic plans with our business action plan template

2. Streamline processes

‎Efficiency is the name of the game when it comes to scaling your business. Streamlining processes allows you to eliminate business bottlenecks , reduce waste and maximize productivity. 

Ask yourself: are there any redundant tasks or approvals? Can specific steps be automated? Streamlining the process can save time and resources, allowing your team to focus on more value-added activities.

Continuously review and optimize your processes, seeking feedback from employees and customers to ensure you're operating at peak efficiency and able to handle increased demands as you scale.

🎓 What is a Business Process? The ABCs of Running a Successful Business

3. Expand market reach

‎To achieve sustainable growth, you need to tap into new customer segments, markets or geographic areas. Conduct market research to identify untapped opportunities, understand your target audience's needs and preferences, and develop targeted marketing and sales strategies to effectively reach these new markets. 

This could involve creating tailored marketing campaigns, exploring new distribution channels or even considering partnerships with complementary businesses. By expanding your market reach, you open up avenues for increased revenue and brand recognition.

4. Build a strong team

Collaborative and high-performing teams are the driving force behind innovation and growth. To cultivate a strong team, hire individuals who align with your company's values and possess the necessary skills for your growth goals. 

Foster a positive work culture that encourages open communication, trust and continuous learning. Invest in team development through training programs, workshops and team-building activities. A strong team is the best foundation for a scalable business.

🎓 How to Build a Team: 6 Steps to Success

5. Foster strategic partnerships

Collaborating with like-minded businesses or industry partners can provide access to new markets, resources, expertise and customer bases. Seek out potential partners whose strengths complement your own, creating a win-win situation for both parties. 

Establish mutually beneficial agreements or joint ventures that leverage each other's capabilities. By forming strategic partnerships, you can expand your reach and tap into new opportunities that may have been challenging or even impossible to pursue independently.

6. Embrace technology

In today's increasingly digital era, embracing technology is a key driver of business scalability. One notable example is the integration of AI solutions. For example, it's estimated that 40 percent of the work salespeople do during the sales process can be automated using current AI solutions. 

Leveraging AI can streamline tasks like lead qualification, data analysis and customer support, freeing up valuable time for your team to focus on higher-value activities. 

Another perfect example: technologies like Scribe can revolutionize your business processes by automatically generating SOPs, training materials, manual templates , process overviews, and so much more.

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With Scribe, documenting processes becomes effortless, saving time all across your organization. Here’s an example:

‎7. Monitor & measure performance

If you want to scale effectively, you need to make data-driven decisions. Establish key performance indicators (KPIs) that align with your goals and regularly assess your team's performance against these metrics. 

Use analytics tools and software to gather real-time data on sales, customer engagement, website traffic or any other relevant metric. This will enable you to identify areas of improvement, uncover trends and make informed adjustments to your strategies.

8. Nurture customer relationships

The customer is king. Surprisingly, research shows that approximately 42 percent of companies don't survey their customers or collect feedback. To stand out from the competition, prioritize the customer experience. 

Actively seek feedback, listen to their needs and respond promptly to inquiries or concerns. Implement customer loyalty programs and exceptional customer service. 

According to research from Deloitte , companies that put the customer experience first are 60 percent more profitable than their competitors. By nurturing customer relationships, you foster loyalty and unlock valuable opportunities for repeat business and positive word-of-mouth.

9. Iterate and innovate

Embrace a culture of continuous improvement and adaptability. Regularly assess your products, services and business model to stay ahead of market trends and meet changing customer needs. Encourage your team to think creatively and generate new ideas. 

Don't be afraid to experiment and take calculated risks. Learn from your mistakes and use them as stepping stones for innovation. By constantly iterating and innovating, you can stay competitive and seize emerging opportunities in the marketplace.

How to scale a small business

Even small businesses have the opportunity to leverage scaling strategies and achieve sustainable growth, enabling them to compete with larger competitors. The digital revolution has opened up new avenues for small businesses to expand operations and reach a broader customer base. 

But there are so many questions. What software do you need to scale a small business? Is my business ready? How will scaling affect my current business operations? And more.

Research indicates that 62 percent of businesses that shifted to digital during the recent shift plan to continue expanding their digital operations in the future. Additionally, nearly half of small and SMBs are eager to embark on their digital journey, highlighting the immense potential for small businesses to tap into the power of technology and gain a competitive edge.

As a small business owner, the weight of responsibility falls on your shoulders as you single-handedly manage multiple aspects of your business. Over 70 percent of business owners directly oversee sales, client management, hiring and onboarding and team performance simultaneously. 

Small businesses can optimize operations by implementing scaling strategies and free up valuable time. Automation and digital tools can reduce manual workloads, allowing you to delegate tasks and empower your team to take on more responsibilities. Building a strong team enables you to trust your employees to handle day-to-day operations.

With scalable systems in place, small business owners can confidently take breaks, pursue growth opportunities, and strategically plan for the future . Ultimately, it enables you to compete with larger competitors and sets you on a path to long-term success. 

📌 10 Best Small Business Software & Tools

Leveling up the scaling process

Scaling a business requires strategic maneuvers that unlock its full potential. Understanding how strategies can work in different stages of the scaling process is essential for maximizing their impact.

1. Increasing efficiency

Statistics reveal that companies lose up to 30 percent in revenue each year due to inefficiencies. You can optimize operations and improve productivity by streamlining processes and leveraging automation. 

This strategy is particularly beneficial in the early stages of scaling, as it creates the building blocks for growth by allowing the business to handle increased demand and focus on value-added activities.

2. Strategic partnerships

Strategic partnerships are a powerful scaling strategy that can be pursued at all stages of growth. Collaborating with complementary businesses or industry leaders can provide access to new markets, resources and expertise. Through strategic partnerships, businesses can do what they’d usually do in a year in just a few months.

3. Mergers and acquisitions

Mergers and acquisitions (M&A) are another scaling strategy that can propel businesses forward. By acquiring or merging with other companies, businesses can consolidate their market position and expand their customer base at a pace that is not achievable in any other way. 

According to a recent KPMG study , 87 percent of CEO respondents are seeking to improve their digital capabilities through merger and acquisition strategies within the next three years. The same KPMG study indicates that 50 percent of CEOs consider M&A a priority for improving their business velocity. 

M&A is often pursued during the later stages of scaling when businesses have established a strong foundation and seek rapid growth through market consolidation or diversification.

4. Technological advancements

Businesses that fail to embrace technology risk falling behind their competitors. According to research, the average company loses over 25 percent of its productive power to organizational drag. 

By integrating the newest technologies, such as Scribe and other tools that automate small business processes , you can enhance operations and even create space for new opportunities. Technological advancements are relevant throughout the entire scaling journey, from a business in the early stages to even giants such as Google or Apple.

How to start optimizing your business today

When it comes to optimizing your business, the possibilities are endless. With the coming up of AI, there are now countless ways to make an immediate impact. A great example is Scribe . Ninety-nine percent of employees say they never want to document a process again( that’s not an actual statistic, but you believe it, right? 😉)

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With Scribe, you can effortlessly create step-by-step guides and let AI write process documents for you. Share your knowledge in seconds without the hassle. 

‎Wrapping it up

Scaling a business requires planning, strategic execution and adopting effective growth strategies. By following the strategies we discussed in this article, you can reach levels you couldn’t have imagined before.

A crucial part of scaling is efficiently recording your processes. This is where Scribe comes in. Scribe’s AI takes care of the most dreaded part of your job by automatically generating step-by-step guides, SOPs and training manuals for any process in your business.

With Scribe, you can save valuable time and effort while ensuring your processes are well-documented and easily accessible.

So, why struggle with manual documentation when Scribe can do it for you? Sign up for Scribe today and never worry about process documentation again.

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How to Scale a Business in 2024: A Complete Guide

Every startup and small business dreams of rocketing growth. But without a little planning, business owners may stay mired in focusing on daily tasks and to-dos and may not take time to come up for air to work on their business strategy for growth.

If you dream of expanding your business, get a plan for scaling it smartly and sustainably over time.

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What Makes a Business Scalable?

Scaling a business means growing it slowly and steadily so that it can sustain that growth over time. A business is scalable if it can handle an increase in demand from customers without heavily increasing its expenses to accommodate that demand.

Scaling a tech company is easier than scaling other types of businesses. For example, a software as a service (SaaS) brand could easily handle a significant increase in customers simply by adding more servers to its system. On the flip side, a business that trades time for money, such as a consultancy, is one that may be more difficult to scale because, in this example, a consultant can only work with one client at a time, so is limited in how many customers she can serve.

Key factors like profit margins, efficiency, and partnerships

Profit margins play a crucial role in scaling a business since they directly impact the sustainability and long-term viability of the expansion. While scaling can bring in increased revenue, maintaining healthy profit margins is essential to cover growing expenses, invest in further expansion, and ensure the business remains financially stable. Additionally, healthy profit margins allow businesses to attract investors, access capital for further growth, and build a resilient foundation for sustainable long-term success.

Efficient and streamlined processes are also essential for scalability. Automation and optimized workflows can help handle increased demand without an equivalent increase in resources.

Partnerships can also be a beneficial strategy for scaling a business, but they’re not always necessary. Whether a business needs partnerships to scale depends on various factors, including the industry, the nature of the business, and the specific growth goals. 

Signs that your business is ready to scale (strong finances, operations, demand)

• Effective financial management : You have a clear understanding of cash flow, managing expenses, and having access to capital for expansion when needed.
• Market demand : You’re able to tap into a growing or large market demand, ensuring that the potential for expansion exists and that there is room for the business to grow without saturating the market.
• Flexible infrastructure: You have an infrastructure that can adapt and accommodate growth without significant changes to the fundamental structure. This might involve scalable cloud computing, flexible manufacturing processes, or an adaptable organizational structure.

When Should You Scale a Business?

A business that is established and has steady cash flow is one that can scale to greater heights. 

On the other hand, a company that has unsteady revenues or too much debt is one that may not be secure enough to successfully launch a scaling strategy. And a new business may be focused on establishing roots and may not be ready to scale.

Entrepreneurs considering scaling should carefully consider whether their companies are truly ready for growth since it’s going to require time, money, and effort to get there.

7 Ways to Scale Your Business

Now let’s look at a few of the ways you can scale your business.

1. Expand your business model

You’ve made a name for yourself by offering certain products or services. It’s time to consider offering new products to better deliver what your customers want.

Consider related services or products that your customers might want. For example, if you sell home decor in your retail shop, you could start offering live plants. If you are a business coach who works one-on-one with clients, you could start offering group coaching programs.

Franchising

Franchising is a business model where a franchisor grants a franchisee the right to use its brand, products, and business processes in exchange for fees and ongoing royalties. This arrangement allows for quick business expansion without the need for a huge investment from the franchisor while providing the franchisee with a proven business concept and support system.

Licensing a business involves granting permission to another party to use your intellectual property, such as trademarks, patents, or copyrights, in exchange for fees or royalties. You’ll typically draft a licensing agreement outlining the terms and conditions of use, including the scope of the license, payment terms, and any restrictions on use. Both parties have to negotiate and finalize the agreement, ensuring that all legal and financial aspects are clearly defined and agreed upon before the license is granted.

New locations

To open a new location for your business, start by conducting thorough market research to identify a suitable location with high potential demand for your products or services. Once you pick a location, be sure to get the necessary permits, licenses, and zoning approvals from local authorities. Finally, set up the new location by hiring and training staff, establishing operational processes, and creating a marketing plan tailored to the specific customer base and needs of the new area.

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2. Invest in partnerships

There’s no reason you have to do all the heavy lifting when it comes to scaling. Consider potential partners you could work with to score more customers. With your home decor store, you could partner with an interior designer who offers in-person decorating classes in your shop. She can promote the event to her contact list, exposing your brand to a wider audience.

Strategic vendors

Choosing the right vendors for your business involves looking at things like vendor reputation, reliability, pricing, quality of products or services, and their ability to meet your business’s specific needs. Look at the vendor’s track record, financial stability, and their capacity to scale alongside your business. Prioritize vendors that can offer flexibility, innovation, and a strong partnership that aligns with your business strategy and can contribute to your overall growth and success.

First, find affiliates whose target audience lines up with your customer base, ensuring a natural fit between your products or services and their content. Analyze their reputation, reach, and engagement levels within your industry, as well as their ability to drive traffic and generate conversions. Establish clear communication channels, fair commission structures, and provide comprehensive support and resources to make sure it’s a mutually beneficial partnership.

You can research and attend industry events, conferences, or seminars to connect with other professionals and potential network members. Use online platforms, like LinkedIn or industry-specific forums, to engage in discussions, share insights, and build connections with like-minded professionals. Actively participating in networking activities, professional associations, workshops, or local business events can help you establish rapport and credibility within the business community.

3. Hire employees

Scaling happens from all sides: as your customers grow in numbers, you’ll need new employees to help serve them. Look to hire team members with skill sets that complement your own so that you have experts in every area — from customer service to marketing.

Build out your team to meet demand

To build the right team, start by figuring out the expertise you need to fulfill customer needs. Develop a clear job description outlining roles, responsibilities, and performance expectations, and then recruit employees who can fill those roles. Foster a collaborative and supportive work environment by offering in-depth training, resources, and tools to empower your team members to perform at their best.

4. Automate processes

One overlooked aspect of scaling a business is simply improving operations, workflows, and internal processes. If you leverage automation to handle, for example, your email marketing, you save time and can put that toward other areas of your business.

Business growth relies on establishing solid processes, especially if you hire more employees. Document every task in your business so that new hires can easily ramp up and get to work. You’ll make training easier and save time.

Streamline operations for efficiency

Start by conducting a comprehensive assessment of existing processes to identify bottlenecks and how things can improve. Simplify and standardize workflows by using more efficient technologies, automation tools, and software systems that can help streamline repetitive tasks and reduce manual errors. Consolidate tasks and responsibilities where possible, and empower employees with the necessary training and resources to make them more productive.

5. Consistently market your biz

To attract more customers on a regular basis, you’ll need to leverage marketing tools like social media, content marketing, podcasts, advertising, and more. The better you establish your brand as a leader in your industry, the easier it will be to attract new customers.

As you market, keep an eye on results. Which marketing avenues are bringing in the most traffic to your website and sales? These are the ones you want to invest more in. For any channels that aren’t doing the job, cut ties and reinvest your marketing dollars in what’s working.

Promote offers

Promotional offers — like “buy one, get one” or “20% off” — can attract new customers by providing an incentive to try a product or service at a discounted price. This can expand your customer base. Additionally, well-crafted promotions can foster customer loyalty and repeat business, contributing to sustained growth by encouraging existing customers to buy more.

Acquire new customers

To bring in new customers, start by understanding your target audience and their specific needs and preferences. Develop a comprehensive marketing strategy that uses various channels that you’re able to support — like social media, content marketing, advertising, and search engine optimization. But don’t feel like you have to do it all, especially not in the beginning. Create compelling and relevant content that highlights the value proposition of your products or services and engages your target audience, and experiment to see what outlet works best.

6. Expand your brand’s reach online

Your scalability depends on how many people can buy your products. Your website is likely where you sell your products, but you’re not limited to it. Look into becoming a seller on Amazon or Etsy (depending on your audience) so that you can reach more people with your products.

Leverage digital marketing and social media

Digital marketing and social media are useful because you can give your customers real-time feedback or support. It’s also a great way to offer something, whether that’s education about your business’s niche or funny videos that grab customers’ attention.

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7. Get the funds you need to grow

Scaling your business requires capital. You may not have cash on hand to cover the expenses you’ll run into, like new software, equipment, or payroll. Here are your funding options.

Seek investments

Startups and other businesses can consider venture capital and bring on experienced investors with the right contacts to help them scale. This is also called equity financing because it involves giving away a percentage of equity (or ownership) of your business in exchange for funding. 

Small business loans are one of the most common types of business financing for scaling a business. Yes, you’ll be taking on debt , but many businesses find they need debt to see the growth in revenues that they’re after. Plus, the growth can more than cover the loan and interest. You have many options when it comes to financing, including lines of credit , business cash advances , and invoice financing .  

Don’t want to take out a loan? Look to business credit cards to help you make purchases for your business.

Try crowdfunding

Consider crowdfunding for your business if you want to generate excitement around a new product and don’t want to have to pay back a loan. Crowdfunding is collecting donations from a group of people to fund your idea in exchange for either future repayment or incentives, depending on the type of crowdfunding.

Mistakes to Avoid in Scaling

Growing businesses often make mistakes when scaling. Be aware of these so you can avoid them.

Scaling too fast

Rapid growth may sound like a positive thing, but if your business isn’t prepared, you could end up hurting the brand. Consider the small business that made an appearance on Shark Tank or Oprah’s program and found their web servers couldn’t handle the tens of thousands of views that their websites had as a result. Or the companies who couldn’t keep up with orders because they didn’t have enough inventory on hand.

Your scaling strategy needs to account for what you will need to accommodate growth. You may need to hire more employees, order more inventory, or step up your technology.

Having too many revenue streams

While yes, potentially having new revenue streams can increase sales, they can also create havoc if you stray too far from your brand’s core offerings. You can’t be all things to all people, nor can you sell everything. It’s better to own your niche and expand gradually and strategically from there than to slap together too many revenue streams without truly understanding what your audience needs.

Not updating your business plan

You may not have seen your business plan since you first wrote it all those years ago, but scaling is the perfect opportunity to come back to it and update it to reflect the new direction your business is heading. Writing down your goals and how you will achieve them gets you in the right headspace to understand what scaling truly looks like.

Not paying attention to changing company culture

Small business owners sometimes overlook how scaling impacts company culture. If you started your business with just three employees and you’ve scaled to 50, that changes how your employees experience their jobs and your company.

Your leadership skills may need to adapt as your company grows. You may need to hire managers to oversee employees while you focus on the big picture. Consider working with mentors who can guide you through this process.

Scaling to Success

As your business grows, so do the possibilities for the future. Rather than aiming for overnight success, plan for sustainable growth by carefully planning your scaling strategy, finding the right financing, and updating your plan as it changes.

Tips for sustainable growth and avoiding pitfalls

Here are four tips for achieving sustainable growth when scaling a business:

• Maintain focus on core values: As you expand, keep your business’s core values and mission that initially drove your business at the heart of everything you do. Make sure that all expansion strategies align with your brand identity, customer base, and company ethos.
• Monitor financial health: Keep a close eye on your financial health and establish sustainable financial practices. This includes managing cash flow effectively, controlling expenses, and diversifying revenue streams to mitigate potential risks and maintain financial stability during periods of growth.
• Emphasize customer relationships: Cultivate strong customer relationships and prioritize customer satisfaction. Listen to customer feedback, adapt to their evolving needs, and continuously improve your products or services to ensure long-term customer loyalty and retention.
• Invest in employee development: Prioritize the development and well-being of your employees. Provide opportunities for training, skill development, and career advancement. A motivated and skilled workforce is necessary for sustainable growth.

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How do I know when my business is ready to scale?

You’ll know your business is ready to scale when you have a proven and stable product or service, a consistent and growing customer base, and a solid understanding of your target market’s needs and preferences. Additionally, if you have efficient operational processes in place and the financial capacity to support expansion, these are indicators that your business is ready for scaling.

What steps do I need to take to start scaling up?

To start scaling up your business, assess and optimize your current operational processes, invest in scalable technologies, and establish a strong and adaptable organizational structure that can accommodate growth. Additionally, develop a comprehensive growth strategy that includes plans for increasing production capacity, expanding your customer base, and entering new markets, while ensuring that you have the necessary financial resources and a skilled workforce to support your scaling efforts.

What funding options are available for scaling my business?

Several funding options are available for scaling your business, including traditional bank loans, venture capital or private equity investments, angel investors, crowdfunding, and business grants. Each option has its own requirements and considerations, so it’s important to assess your business’s specific needs and growth objectives to determine the most suitable funding source for your scaling efforts.

How can I find the right partners and networks to help me scale?

To find the right partners and networks to aid in your scaling efforts, attend industry-specific events and conferences, participate in networking activities, and engage with professionals and organizations within your sector. Utilize online platforms and social media to connect with potential partners, and join relevant industry associations or business communities to build meaningful relationships and foster collaborations that can support your business’s growth.

How should I adapt my operations and processes for growth?

To adapt your operations and processes for growth, focus on streamlining workflows, leveraging technology and automation tools to improve efficiency, and establishing scalable systems that can accommodate increased demand. Additionally, prioritize employee training and development, and foster a culture of innovation and continuous improvement to ensure that your operations remain agile and adaptable to the evolving needs of your expanding business.

How do I manage hiring new employees as I scale?

To effectively manage hiring new employees as you scale, develop a clear hiring strategy that outlines the specific roles and skills needed to support your business growth. Utilize various recruitment channels, including online job boards, social media platforms, and professional networks, and implement a comprehensive screening and onboarding process to ensure that new hires align with your company culture and values, ultimately contributing to your business’s continued success and expansion.

What financial mistakes should I avoid when rapidly expanding my business?

When rapidly expanding your business, it’s crucial to avoid overestimating revenue projections, taking on excessive debt without a clear repayment plan, neglecting to maintain a healthy cash flow, and underestimating the importance of financial planning and risk management. Additionally, it’s essential to avoid overlooking potential costs associated with expansion, as well as failing to diversify revenue streams to mitigate the impact of market fluctuations on your business’s financial health.

How can I ensure quality and customer satisfaction are not compromised during growth?

To ensure that quality and customer satisfaction are maintained during growth, prioritize employee training and development, and emphasize the importance of delivering consistent and high-quality products or services. Implement robust quality control measures, actively seek customer feedback, and continuously refine your offerings based on customer input to uphold your standards and ensure that customer satisfaction remains a top priority throughout the expansion process.

What changes will growth require in my facilities, equipment, and inventory?

As your business experiences growth, you may need to expand or upgrade your facilities to accommodate increased production or customer demand. Additionally, consider investing in more advanced equipment or technology to improve operational efficiency, and optimize your inventory management systems to ensure that you can meet growing customer needs without experiencing shortages or excess stock that could strain your resources.

How do I update my business plan for the scaling phase?

To update your business plan for the scaling phase, reassess and refine your growth objectives, target market, and competitive landscape, considering new opportunities and potential challenges that may arise during the expansion. Adjust your financial projections and strategies, incorporate scalability plans, and outline clear milestones and key performance indicators to ensure that your business plan reflects the evolving needs and priorities of your growing enterprise.

What factors will impact my profit margins as I scale up?

As you scale up your business, various factors can impact your profit margins, including increased production costs, changes in pricing strategies, shifts in market demand and competition, and fluctuations in supply chain and distribution costs. It’s crucial to closely monitor and manage these factors while implementing efficient operational processes and strategies to maintain healthy profit margins throughout the scaling process.

How can I project future revenue and expenses during expansion?

To project future revenue and expenses during expansion, analyze historical data and market trends to identify patterns and potential growth opportunities. Utilize financial forecasting models, conduct comprehensive market research, and factor in potential risks and uncertainties to create realistic revenue and expense projections that can guide your business decisions and help you allocate resources effectively during the expansion phase.

This article was originally written on January 7, 2022 and updated on November 16, 2023.

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Susan Guillory

Susan Guillory is an intuitive business coach and content magic maker. She’s written several business books and has been published on sites including Forbes, AllBusiness, and SoFi. She writes about business and personal credit, financial strategies, loans, and credit cards.

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The Importance of Market Research

Creating a business plan, legal requirements, exploring funding options, crafting a marketing strategy, managing and growing your business, how do i start a small business for beginners, how do i create a business plan, what are six ways to grow and scale a business, the bottom line.

• Small Business
• How to Start a Business

Starting a Small Business: Your Complete How-to Guide

From market research to managing growth

• How to Start a Business: A Comprehensive Guide and Essential Steps
• How to Do Market Research, Types, and Example
• Marketing Strategy: What It Is, How It Works, How To Create One
• Marketing in Business: Strategies and Types Explained
• What Is a Marketing Plan? Types and How to Write One
• Business Development: Definition, Strategies, Steps & Skills
• Business Plan: What It Is, What's Included, and How to Write One
• Small Business Development Center (SBDC): Meaning, Types, Impact
• How to Write a Business Plan for a Loan
• Business Startup Costs: It’s in the Details
• Startup Capital Definition, Types, and Risks
• Bootstrapping Definition, Strategies, and Pros/Cons
• Crowdfunding: What It Is, How It Works, and Popular Websites
• Starting a Business with No Money: How to Begin
• A Comprehensive Guide to Establishing Business Credit
• Equity Financing: What It Is, How It Works, Pros and Cons
• Best Startup Business Loans
• Sole Proprietorship: What It Is, Pros & Cons, and Differences From an LLC
• Partnership: Definition, How It Works, Taxation, and Types
• What is an LLC? Limited Liability Company Structure and Benefits Defined
• Corporation: What It Is and How to Form One
• Starting a Small Business: Your Complete How-to Guide CURRENT ARTICLE
• Starting an Online Business: A Step-by-Step Guide
• How to Start Your Own Bookkeeping Business: Essential Tips
• How to Start a Successful Dropshipping Business: A Comprehensive Guide

The U.S. is home to 33.2 million small businesses, which drive over 43% of GDP.   If you are looking to start a business, there are key factors to consider—from market research and creating a business plan to scaling your business. These factors are critical to your journey and can make a big difference no matter what stage of the process you are in.

Entrepreneurs who take concrete action can differentiate themselves from competitors, innovate, and grow. For successful entrepreneurs, the execution of the business is often what means the most. 

Key Takeaways

• Starting a small business involves extensive market research of your target audience, competitors, and gaining a deep understanding of the industry.
• It is important to build a comprehensive business plan that includes the product or service description, your target customers, financial projections, and all other key details.
• Understanding the legal requirements of starting your business involves knowledge of business registration, permits, licensing, and other regulatory requirements.
• There are various types of funding channels for starting a business, including financing it yourself, securing external funding from your network, and applying for government and corporate grants and loans. 

Being clear about your business goals involves doing your research. Successful entrepreneurs often do extensive research on their field. This includes understanding their prospective customers, the technical aspects of the industry, and the challenges other businesses are facing. 

Understanding how other players operate in an industry is important. Attending conferences, joining associations, and building a network of people involved in the field can help you learn how decisions are made. Often, comprehensive market research takes six months to a year. 

Understanding Your Target Audience

Knowing your target market is critical for many reasons. These are the customers who are most likely to purchase your product, recommend it to friends, and become repeat buyers. Apart from driving your bottom line, having a strong understanding of your target audience will allow you to tailor your offering more effectively, reach your customers more efficiently, and manage customer expectations.

Compiling demographic data on age, family, wealth, and other factors can give you a clearer understanding of market demand for your product and your potential market size.

It’s important to ask, “Why would someone buy this and part with their discretionary income?” or “Will someone love this enough to tell someone about it?” At the heart of these questions is understanding whether your business solves a key problem, as well as whether it delivers the “more” that connects to your audiences’ human emotions.

Assessing Market Trends and Opportunities

To find an advantage in a given market, look at key market trends in customer behavior and the business landscape. Explore the state of business conditions and consumer spending, along with the economic environment and how interest rates may affect financing and business growth.

Several resources are available to dive into market trends across industries, such as Statistics of U.S. Businesses and the U.S. Census Business Builder . To analyze the competitive landscape, and in turn, identify key opportunities, Porter's 5 Forces is a classic model to help businesses build their competitive strategy.

A business plan is a road map for achieving your business goals. It outlines the capital that you need, the personnel to make it happen, and the description of your product and prospective customers.

There are a number of models for creating a business plan. The Small Business Administration (SBA) , for instance, provides a format that includes the following nine sections:

• Executive summary: This should be a description of your company and its potential for success. The executive summary can cover your mission statement, employees, location, and growth plan.
• Company description: This is where you detail what your business offers, its competitive advantages, and your strengths as a business.
• Market analysis: Lay out how your company is positioned to perform well in your industry. Describe market trends and themes and your knowledge of successful competitors.
• Organization and management: Who is running your company, and how is your business structured? Include an organizational chart of your management team. Discuss if your business will be incorporated as a business C or S corporation, a limited partnership, a limited liability company, or a sole proprietorship. 
• Service or product line: Here is where you describe how your business will solve a problem and why this will benefit customers. Describe how your product lifecycle would unfold.
• Marketing and sales: Detail your marketing strategy and how this will reach your customers and drive return on investment. 
• Funding request: If you're looking for financing, lay out the capital you’re requesting under a five-year horizon and where, in detail, it will be allocated, such as salaries, materials, or equipment. 
• Financial projections: This section shows the five-year financial outlook for your company and ties these to your request for capital.

Having a coherent business plan is important for businesses looking to raise cash and crystallize their business goals.

Setting Goals and Strategies

Another key aspect of a business plan is setting realistic goals and having a strategy to make these a reality. Having a clear direction will help you stay on track within specified deadlines. In many ways, it allows companies to create a strategic plan that defines measurable actions and is coupled with an honest assessment of the business, taking into account its resources and competitive environment. Strategy is a top-down look at your business to achieve these targets.

Financial Projections and Budgeting

Often, entrepreneurs underestimate the amount of funding needed to start a business. Outlining financial projections shows how money will be generated, where it will come from, and whether it can sustain growth. 

This provides the basis for budgeting the costs to run a business and get it off the ground. Budgeting covers the expenses and income generated from the business, which include salaries and marketing expenses and projected revenue from sales.

Another important aspect of starting a business are the legal requirements that enable you to operate under the law. The legal structure of a business will impact your taxes, your liability, and how you operate.

Businesses may consider the following structures in which to operate:

• Corporation
• Limited Liability Company (LLC)
• Partnership
• Sole Proprietorship

Each has different legal consequences, from regulatory burdens to tax advantages to liability being shifted to the business instead of the business owner.

Registering Your Business

Now that you have your business structure outlined, the next step is registering your business . Your location is the second key factor in how you’ll register your business. In many cases, small businesses can register their business name with local and state government authorities. 

If your business is being conducted under your legal name, registration is not required. However, such a business structure may not benefit from liability protection, along with certain legal and tax advantages. Often, registering your businesses costs $300 or less.

Before filing, a business structured as a corporation, LLC, or partnership requires a registered agent in its state. These agents handle the legal documents and official papers on your behalf.

Businesses that are looking to trademark their product, brand, or business, can file with the United States Patent and Trademark Office.

Understanding Permits and Licenses

If your business conducts certain activities that are regulated by a federal agency, you’re required to get a permit or license. A list of regulated activities can be found on the SBA website, and includes activities such as agriculture, alcoholic beverages, and transportation.

There are many different ways to fund a business. One of the key mistakes entrepreneurs make is not having enough capital to get their business running . The good news is that there are several channels to help make this happen, given the vital role entrepreneurs play in creating jobs and boosting productivity in the wider economy.

Self-Funding vs. External Funding

Bootstrapping, the term commonly used to describe self-funding your business, is where companies tap into their own cash or network of family and friends for investment. While the advantage of self-funding is having greater control, the downside is that it often involves more personal risk.

External funding involves funding from bank loans, crowdfunding, or venture capital , among other sources. These may provide additional buffers and enable you to capture growth opportunities. The drawback is less freedom and more stringent requirements for paying back these funds.

Grant and Loan Opportunities

Today, there are thousands of grants designed especially for small businesses from the government, corporations, and other organizations. The U.S. Chamber of Commerce provides a weekly update of grants and loans available to small businesses. 

For instance, Business Warrior offers loans between $5,000 and $50,000 to small business owners. As another example, Go. Be. Elevate Fund offers $4,000 to grant recipients who are women and/or people of color business owners to help them grow their businesses.

When it comes to marketing, there is a classic quote from Milan Kundera: “Business has only two functions—marketing and innovation." In order to reach customers, a business needs a marketing strategy that attracts and retains customers and expands its customer base.

To gain an edge, small businesses can utilize social media, email marketing, and other digital channels to connect and engage with customers.

Branding Your Business

Building a successful brand goes hand in hand with building a great experience for the customer. This involves meeting the expectations of your customer. What is your brand offering? Is it convenience, luxury, or rapid access to a product? Consider how your brand meets a customer's immediate need or the type of emotional response it elicits. Customer interaction, and in turn loyalty to your brand, is influenced, for example, by how your brand may align with their values, how it shifts their perception, or if it resolves customer frustration.

Digital Marketing and Social Media

We live in a digital-first world, and utilizing social media channels can help your business reach a wider audience and connect and engage in real time. Given that a strong brand is at the heart of successful companies, it often goes without saying that cultivating a digital presence is a necessity in order to reach your customers. 

According to HubSpot’s 2023 report, The State of Consumer Trends, 41% of the 600-plus consumers surveyed discovered new products on social media and 17% bought a product there in the past three months.

Managing a business has its challenges. Finding the right personnel to run operations, manage the day-to-day, and reach your business objectives takes time. Sometimes, businesses may look to hire experts in their field who can bring in specialized knowledge to help their business grow, such as data analysts, marketing specialists, or others with niche knowledge relevant to their field.

Hiring and Training Staff

Finding the right employees involves preparing job descriptions, posting on relevant job boards such as LinkedIn, and effectively screening applicants. Careful screening may involve a supplemental test, reviewing a candidate's portfolio, and asking situational and behavioral questions in the interview. These tools will help you evaluate applicants and improve the odds that you'll find the people you are looking for.

Once you have hired a new employee, training is the next essential step. On average, it takes about 62 hours to train new employees. Effectively training employees often leads to higher retention. While on-the-job training is useful, consider having an onboarding plan in place to make the transition clear while outlining expectations for the job.

Scaling Your Business

Growing your business also requires strategy. According to Gino Chirio, executive vice president at the consultancy group Maddock Douglas, there are six ways that companies can grow their business to drive real growth and expansion:

• New processes: Boost margins by cutting costs.
• New experiences: Connect with customers in powerful ways to help increase retention.
• New features: Provide advancements to your existing product or service.
• New customers: Expand into new markets, or find markets where your product addresses a different need.
• New offerings: Offer a new product.
• New models: Utilize new business models, such as subscription-based services, fee-for-service, or advertising-based models.

With these six ways to grow a business, it is important to consider the risk, investment, and time involved. Improving your margins through new processes is often the most straightforward way to grow. Offering new features is also effective since it is tailored to your existing market with products you have already delivered.

By contrast, offering new products may involve higher risk since these have not been tested in the market. However, they may offer higher reward, especially if you have a first-mover advantage and release your product in the market before the competition.

A good place to start building a business is to understand the following core steps that are involved in an entrepreneur's journey : market research, creating a business plan, knowing the legal requirements, researching funding options, developing a marketing strategy, and business management.

A business plan is made up of a number of primary components that help outline your business goals and company operations in a clear, coherent way. It includes an executive summary, company description, market analysis, organization and management description, service or product line description, marketing and sales plan, funding requests (optional), and financial projections.

Business growth can fall into the following six categories, with each having varying degrees of risk and investment: new processes, new experiences, new features, new customers, new offerings, and new models.

Knowing how to start a small business involves the key steps of market research, setting up a business plan, understanding the legal requirements, exploring funding options, crafting a marketing strategy, and managing your business. 

For aspiring small business owners, these steps can help you successfully deliver your product or service to the market, and ultimately grow. While it can take a considerable amount of work, the payoffs are manifold: independence of work, personal fulfillment, financial reward, and following your passion.

U.S. Chamber of Commerce. " The State of Small Business Now ."

U.S. Small Business Administration. " Market Research and Competitive Analysis ."

U.S. Small Business Administration." Write Your Business Plan ."

U.S. Small Business Administration. " Choose a Business Structure ."

U.S. Small Business Administration. " Register Your Business ."

U.S. Small Business Administration. " Apply for Licenses and Permits ."

U.S. Small Business Administration. " Fund Your Business ."

U.S. Chamber of Commerce. " 52 Grants, Loans and Programs to Benefit Your Small Business ."

Ogilvy. " Behind Every Brand Is a Great Experience, and Vice Versa—Why Today's Customer Expects Synergy ."

HubSpot. " The State of Consumer Trends in 2023 ."

Training Magazine. " 2022 Training Industry Report ."

Harvard Business Review. " The Six Ways to Grow a Company ."

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Home » The Tony Robbins Blog » Career & Business » Scale your business: 11 ways to build lasting growth

Scale your business: 11 ways to build lasting growth

Learn how to scale a business sustainably.

How to scale your business vs. how to grow your business

Knowing how to scale a business requires an understanding of the difference between growing and scaling. When you grow a business, you add clients and team members while costs also increase. In other words, your business is growing in size but not revenue , which is not sustainable, especially if you suffer a dip in clientele. If this happens, you’ll be left with employees and resources but no work or revenue to sustain them.

When you scale your business , you add resources and team members as revenue grows but at a slower rate than the growth of your client list. As a result, your business scales in a manageable way, allowing margins to increase slowly over time. And if you experience a dip in clientele, your revenue is still enough to sustain your workforce and resource costs. 

Learning how to scale a business

How do you scale a business? To create a working definition, you must consider what it means to start and grow a business. You started your company to fill a need in your market, make a profit , and possibly fulfill a dream. Business growth is necessary to remain profitable and expand your market reach. 

Many people think of business expansion as “hockey stick growth,” where, after an initial period of linear growth, the business hits an inflection point, and revenue shoots up. Rapid growth is alluring, but focusing on this right away can cause some entrepreneurs to lose focus. Tunnel vision like this diminishes the importance of the linear growth period that comes before the rising handle of the hockey stick – the blade – where the most critical work is done over, typically, three to four years.

Scaling a business means utilizing this “blade period” to put systems and procedures into place to create lasting, profitable development. In addition, the blade period is where you establish your core values, company culture , and brand identity , develop the client experience , and create your initial business model. In short, it’s the make-or-break period of any business. 

Scaling a business is challenging; it requires a thoughtful and meticulous approach and a solid foundation in place for when you hit a surging growth curve. Here are the most important things to remember when figuring out how to scale a business mindfully:

Tips for how to scale a business

When discussing how to scale a business, we’re referring to growth strategies that align with your business vision while managing the impact of growth on your company. The following tips for how to scale a business offer a reliable and sustainable scaling strategy.

1. Know your purpose

Scaling a business relies on creating customer loyalty , and focusing on employee loyalty is the best way to build customer loyalty. When your employees are happy, they’ll spread the word and pass on their enthusiasm for your company. Employees are loyal when their purpose and values align with their company, and they feel their careers have a higher purpose. 

If you don’t start with your “why” of going into business in the first place, then learning how to scale a business is of limited utility. Knowing your purpose and successfully communicating that to your team is the way to make them raving fans of your company and organically drive growth .

2. Develop a business map

Most entrepreneurs have a business plan, but have you thought about developing a business map ? A business map is an effective and comprehensive way to scale a business and meet its goals. It also prompts you to ask foundational questions like “what business are you really in?” and “why did you get into this business in the first place?”

Business maps challenge you to look at where you came from, define your purpose for starting the business and look ahead: What’s next for your business, and where does your company ideally end up? Documenting these goals is a crucial part of learning how to scale a business and will be a helpful reference when times get tough.

3. Perfect your product or service

When focusing on massive growth, many business owners fail to ensure that they offer a solid product or service, often figuring that they’ll fix the issue after getting more users or distribution. However, if you don’t get rid of the bugs first, they’ll worsen when scaling a business. Learning how to scale a business before pursuing growth will save you headaches and money in the long run.

The early years of your business are a time to listen to feedback, find issues and improve your offerings until they meet your customers’ expectations. When you create a product or service of excellent quality, many growth issues will take care of themselves. Addressing first-iteration problems also helps you assume control when scaling your business, as you’ll have a deeper understanding of what you and your customers want and need your product or service to be.

4. Create thoughtful processes and operations

How to scale a business doesn’t just involve growing upward and outward. It also means ensuring the seamless function of your internal processes and operations. The last thing you need is to lose customers you’ve worked hard to acquire because of a weakness in your infrastructure.

While perfecting processes, remember that systems and processes that worked in your company’s early stages may not work on a bigger scale. As you grow, you’ll need to tweak processes, which is where adaptability and flexibility become essential. The key to scaling a business and forming a solid core is establishing a framework of what worked and kept your business running smoothly in the early years. As growth occurs, you can always improve on this core, but it isn’t easy to recreate once you’ve grown past a certain level.

5. Establish your team

It seems obvious but establishing a strong team is a prerequisite for scaling a business. Developing a flexible management team to grow with the company is crucial in learning how to scale a business.

Your team is not just about your employees, though. To scale a business sustainably, work on developing external relationships with suppliers, partners and other outside organizations that are part of your overall growth. 

And remember your customer base, which is another core member of your team. One of the best things about operating a small business is establishing intimate relationships with your customers and giving them the experience that you want from beginning to end. The goal is always to create a raving fan who advocates for your brand and helps scale your business by spreading the word.

Remember, the community you create around your growing business can bolster your foundation, strength and leverage . Having a solid network is part of the definition of scaling a business, so take the time to build a team to propel you into the future.

6. Learn when to delegate

With a strong team, you should have enough trust to leverage important tasks so you can work “on” the business instead of “in” it. However, as a business owner, you want to feel involved in every aspect of your company and may have difficulty letting go in certain areas. Leveraging tasks is a massive part of learning how to scale a business . What are you doing that someone else could handle?

Don’t trade your time for dollars. Your business has to be able to run itself and thrive even when you’re not there. Do this by addressing limiting beliefs such as “if I want something done right, I have to do it myself,” and by establishing delegation habits that allow you to own your time .

7. Build your brand

Scaling a business requires learning who you are as a company: what can you offer your customers? How do you compare to the competition? What do you have that no one else does? What are your biggest weaknesses? What makes you so powerful? What is your message? How do you disrupt your industry ?

It could take years to answer these questions, so start with a basic framework and build from there. Smaller businesses can shift gears easier than big corporations, so if there’s a need for a new approach, use that as an opportunity to innovate and adapt.

Remember, your brand will set the tone for your company’s culture as you scale. It will set the standard for making your hires and establishing the client experience you want. It will also impact marketing , sales and design efforts and influence the company you become

8. Connect with your customer

What’s the point of scaling a business if it doesn’t produce loyal customers? Creating raving fans of your product is critical to allowing your business to thrive amid the ebb and flow of ever-changing consumer preferences. When scaling a business, you’re in an incubation period where you can test approaches to building and maintaining client relationships and client-centered practices in every facet of your business. You want every team member to demonstrate empathy , respect and open-mindedness to foster a collaborative culture of innovation. From there, everyone on staff can build a rapport with your clients, creating connections that will help your product sell itself.

9. Work on your networking skills

You’ve probably heard the saying, “no man is an island.” This nugget of wisdom is very true for entrepreneurs, who must develop and cultivate a vast network of colleagues, business coaches , resources and mentors t o connect them with the right people to ensure continued growth. When learning how to scale a business , attend business networking functions and join an industry-related group for continuing education and professional connections. It’s also productive to get involved in personal or business coaching and connect with those business veterans about becoming your mentor . Scaling a business is not a solitary task — the more people you have on your side, the more successful you will be.

10. Prioritize sustainability

Creativity is vital for any company but running a business is not the place for knee-jerk decisions. Think of creativity as a method for scaling a business rather than a free-for-all tool for solving problems. Prioritizing sustainable growth helps you approach challenges thoughtfully and find solutions that support your company’s long-term well-being.

11. Continue adapting and innovating

Scaling will seem impossible if you’ve hit a plateau. If it feels that way, it’s time to change your approach because learning how to scale a business is always possible . When was the last time your business focused on innovation ? When did you last assess the barriers holding your company back and tackle them head-on? In business and life, if you’re not growing, you’re dying. Don’t change your company for change’s sake – scaling your business will become easier when you strategically align your choices with your ultimate purpose. Take the time and do it right. Adopt a winning mindset but be mindful as you do so. Remember that massive growth is one thing, but sustainable growth makes for a lasting company.

Discover the keys to scaling a business for massive success

Your lifeline to long-term success is answering the question, “ how do you scale a business ?” To achieve this, it’s important to create business advantages that cultivate clients for life, work toward discovering your competitive edge, and truly understand the power of anticipation.

To get the guidance you need, look toward people you admire. Tony’s Business Mastery program will teach you tools and strategies to help you work toward sustainably scaling your business . We’ve put together a business content series, The 7 Forces of Business Mastery , to get you started on this process. In this series, you’ll learn the seven key factors that can make or break your business and how to use them to scale your business and move the needle toward sustainable success.

Team Tony cultivates, curates and shares Tony Robbins’ stories and core principles, to help others achieve an extraordinary life.

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8 Keys to Upscaling Your Business

Risky decisions come with the territory of running and growing your business, but you can minimize the risks with a sustainable business growth strategy.

Table of Contents

As a business owner, you must be prepared to explore unconventional and innovative options to remain competitive. You have to be willing to pivot from the security of structured forecasts and plans to experience business growth. Of course, scaling your operations inherently carries risk. But the right strategy can help you avoid common mistakes so you successfully upscale your company and set it up for a sustainable future. 

Tips for scaling your business

Small business owners often have to deal with naysayers telling them to be content with what they have. Friends and family will warn against investing in new opportunities because of the risks. Although this principle of contentment works for most of us in our personal lives, it can be crippling to emerging businesses and the entrepreneurial mindset. In fact, businesses that don’t grow may instead wither on the vine and die.

Here are some tips to make the most out of efforts to scale your company, given all the potential risks involved.

1. Have a plan in place.

When leaving your safety net, planning isn’t the enemy. On the contrary, it’s essential. In fact, even pivoting from plans successfully requires new or alternate plans. That holds true for the strategic scaling of businesses. Having a plan of action will make it easier to maintain your quality performance and implement new operations as you scale up while minimizing your vulnerability to risks and losses. A good starting point is to identify all barriers that could hinder your growth so you can plan how to avoid or overcome them.

2. Know your customers.

Your customers are the determinants of your success. Ensure your customer service quality is undisturbed while you scale your business. It helps to put yourself in your customers’ shoes and consider how actions in your business scaling plan would affect you as a client. You don’t need to restructure your whole business model to keep your customers happy; as long as you anticipate their needs at each stage of the scaling process, they can become your biggest brand ambassadors and maximize your returns.

3. Spend time wisely.

When it comes to expanding your firm (and keeping that expansion in check), the cliche is true: Time is money. Make sure all activities for scaling and growth are time-bound.

More often than not, unanticipated urgent tasks tend to pick the worst times, like during expansion and scaling, to present themselves. To make sure your team remains efficient throughout the growth process – and can accommodate last-minute changes or deviations in schedules and tasks – make use of time management tools and strategies to get the best out of the time you have. 

Train your team to develop time-management skills. There are many applications and software programs to choose from to make sure your company’s time is well spent, including Microsoft Project, ClickUp and TaskQue. Hiring a project manager could also help.

4. Consider big data.

Big data refers to the process of analyzing large and varied amounts of data in great detail to expose specific information, like market trends, customer preferences, hidden patterns and unknown correlations. It allows you to make informed decisions on the dimensions of your expansion.

A comprehensive understanding of big data and its usage can help you avoid losses and make better decisions for your business scaling and growth. It can also be valuable for identifying and eliminating underlying bottlenecks in your operations, thereby increasing internal efficiency.

5. Anticipate the adjustment pace.

No matter how prepared you feel, any change in an organization will require a period of adjustment for the rest of your team. Give them time to recognize the need for change and accept the challenges that this opportunity provides. More importantly, they need time to understand their roles in the bigger picture of your company’s plans to scale and figure out how they can make the most of their skill sets and add value to the business’s new direction. Make sure to consider adjustment protocols and allocate a reasonable time period for such adjustments in your scaling plans and process.

Large corporations usually have change leaders in place to determine practical plans and execute systematic implementation. Predicting the pace of your company’s adaptation to change will require an in-depth understanding of your team. Sometimes the best way is to consult and negotiate with your staff on your plans to scale. Welcome feedback and concerns from them, encouraging open channels of communication to better understand their points of view. This will help you anticipate their adjustment pace and garner their support in your expansion.

6. Know your team.

One opportunity that comes with scaling operations is the ability to identify weak links in your organization. While it’s important to consider your team’s feedback and opinions about when and how you should scale, it’s equally important to monitor their performance while the scaling takes place. Scaling up with a team that’s highly resistant to change or incompetent isn’t likely to result in much progress; it could actually be counterproductive.

Getting to know your team better will provide insights into your people’s capacities, skills and character that can be useful for making decisions about the company’s future and maximizing your growing organization’s potential. By having a clear understanding of your people, organizational values and customers’ expectations, you’ll be in a better position to decide when to scale and how to go about it. Gathering anonymous feedback can be a powerful tool for this.

7. Hire dependable managers.

It’s no secret that a team’s performance is a reflection of its leadership. Any increase in operations and production will necessitate an expansion of your staff at one point or another. When this happens, you’ll want dependable leaders who believe in your long-term vision and have your back.

Hire people you can trust with your brand and who can live up to their responsibilities. It helps to reward people at all rungs of the ladder for their ability to take ownership of ideas and tasks and make employees feel appreciated . During company crises and times of change, you need to be able to count on people who not only get the job done, but also understand the importance of your vision and go the extra mile to bring it to life. 

8. Decentralize and automate.

It isn’t easy to hand over something you’ve built from scratch to another person, no matter how skilled they might be. Still, the successful scaling of a business often requires a bit of decentralization and automation. Despite the difficulty it entails for new entrepreneurs, it facilitates business growth and enables decision-makers to focus on strategic objectives. By showing your team that you trust their insights and decisions, you reinforce the idea that your business is the right place for them to grow and pursue a long-term career plan.

Likewise, by taking advantage of workflow automation tools , you’ll be able to spend more time and money on more productive and vital activities rather than stressing over carrying out minor repetitive tasks. The idea is to automate daily processes, such as social media marketing , email marketing, customer relationship management and lead generation. See our recommendations for the best email marketing services and top CRM software for products to consider implementing.

Mistakes to avoid when scaling your business 

Just as the tips above can steer you in the right direction as you embark on upscaling your business, there are certain actions that could push you off course. Below are the missteps to avoid.

Hiring the wrong people

Businesses should focus on hiring the right people, especially for positions of power. Does the potential employee have similar morals akin to your company’s values? What are their personal goals, and does their vision fit the organization’s mission? Invest in people who are willing to invest their time into your company long term so they can add to, not detract from, your growth efforts.

Prioritizing short-term growth over long-term sustainability

You might think scaling your business as quickly as possible will result in even more growth and positivity for your brand. However, this mindset favors profit over product quality and customer service experience. Your customers will likely recommend your product and company if they have had a pleasant buying experience. That gives you long-term sustainability versus being a flash in the pan. [Learn more about growing a business too quickly .]

Having messy accounting

It’s easier to keep track of your finances if you have a small business. But as your company scales, staying on top of the numbers, including profit margins, sales conversions, projections and taxes, is crucial. Hiring a CPA on a full- or part-time basis can help take the pressure off and allow you to focus on other responsibilities. You should also invest in high-quality accounting software to help maintain orderly financial records.

Relying on projections

It might be tempting to use sales projections to grow your business. However, anticipated sales don’t always happen at the rate you expect them to, potentially leaving you with too many employees and poor cash flow. Play it safe and only expand your business based on existing numbers, not predictions. [Find out why you should maintain a startup mindset as you scale .]

Exhibiting poor leadership

A solid leadership team will boost employee morale and produce the best output for the company during times of normal operations and times of expansion. Scaling your company involves hiring new managers with the skills needed for the way your business is growing. A leader with the right skills and vision can achieve exceptional results, but poor leadership will get you the opposite.

Ignoring issues that arise

Upscaling your business might throw you out of your comfort zone as uncomfortable situations present themselves. This can include problems with staff, processes or products. You need to address issues as soon as they arise instead of letting them sit on the back burner, where they can fester and create larger headaches in the future.

Scaling operations at some point is inevitable for most successful businesses, and risky decisions need to be made for survival and growth. That said, you should still take measures to minimize the risks and make sure your growth efforts are substantiated. By implementing the right strategies and keeping clear of common pitfalls, you can reduce inefficiencies and increase your chances of scaling up your business successfully.

Sean Peek contributed to the writing and reporting in this article.

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48 Small Scale Business Ideas for Beginner Entrepreneurs

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Don't be fooled by their size, small businesses still have big potential. Here are nearly four dozen ideas to get you started on the path to success.

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Small businesses are the backbone of our economy.

According to the Small Business Administration, they make up 99.7% of U.S. employers and 97.7% of U.S. exporters [ 1 ] . In addition to supporting the economy, small business owners can work for themselves and create something unique and meaningful. Inc.com reports that 81% of small business owners feel happier and 60% report being healthier than when they worked for their previous employer.

So how can you leverage your potential into starting a small business ? By starting your entrepreneurial journey in a niche that has profit potential and revolves around something you enjoy.

What Is Considered a Small-Scale Business?

While definitions vary, a small-scale business is typically described as an enterprise with a small number of employees, a relatively low sales volume, and is usually privately owned with most of the profits going to the owner. These businesses also typically serve a small community and see low turnover in staff.

Though every business has some type of startup requirements, many can be started within a reasonably short time frame and without significant upfront fees or expenses.

The Small Business Administration has a chart that describes different classifications of small businesses so you can see if the one you’re starting qualifies.

Online Small-Scale Business Ideas

There are plenty of local and online options you can choose from if you’re interested in running your own small-scale business. Here are a few online ideas to consider.

1. Virtual assistant

Starting a virtual assistant business is quick and easy. In this small-scale business, you’ll help other business owners with a variety of administrative tasks ranging from data entry and booking travel to writing blog posts and scheduling content on social media.

If you’re interested in becoming a VA, you can take Gina Horkey’s VA Foundations course to fast-track your business. Gina started out as a virtual assistant and grew her business to over seven figures per year. In this course, you’ll learn how to set your prices, establish your services, and find your first clients.

2. Proofreader

If you have an eye for typos, then starting a proofreading business could be lucrative. As a proofreader, you’ll examine documents from writers, business owners, and other professionals for grammar, punctuation, and spelling errors.

Professional proofreader Caitlyn Pyle offers a free training course for future proofreaders to help you determine if it’s a good fit for you. You’ll learn what’s involved in proofreading, how it’s different from editing, what types of industries need proofreaders, and how you can earn $20 or more per hour.

3. Freelance writer

As a freelance writer , you’ll produce blog posts, research documents, white papers, and other types of written content. You can work for websites, magazines, online journals, newspapers, and other businesses. Consider starting this small-scale business if you enjoy writing and researching. 

4. Social media manager

Social media managers help companies create, schedule, and monitor their presence on social media networks like Twitter, Facebook, Instagram, and LinkedIn. You’ll be responsible for managing social media content calendars, responding to comments and questions, creating images, and other tasks.

Read our guide on how to become a social media manager for more information on what this business entails.

5. Facebook ads manager

Facebook ads are an important part of many business owners’ marketing strategy, and you can start a small-scale business managing ads for those companies .

You’ll create the ads, manage the Facebook advertising budget, and monitor their performance by analyzing the data provided in the Facebook Ads Manager dashboard. If you’re interested in this small-scale business idea, consider signing up for a program like Bobby Hoyt’s Facebook Side Hustle Course .

In nine separate modules, you’ll learn how to create effective ads, navigate the Facebook ads systems, establish campaigns, find your first clients, and price your services.

6. Blog writer

If you want to own your writing but still share your thoughts with the world, then creating a blog is a good choice for you. You’ll perform similar tasks as a freelance writer, but you’ll publish the articles on your own website.

You can make money with a blog through advertising, creating courses, or even writing eBooks .

7. Resume writer and editor

If you have experience working in human resources or have spent time reviewing resumes, then you can turn that into a business writing and editing resumes for job hunters. In this job, you’ll help your clients write clear and effective resumes that stand out to prospective employers. This may include proofreading and formatting their resumes as well.

8. SEO consultant

Search engine optimization means optimizing web content to be found by search engines like Google and Yahoo. The goal is to rank higher in search results to drive more readers to the site. As an SEO consultant, you’ll go through the company’s website content and make suggestions for how they can improve their search rankings and generate more organic traffic to their site.

It sounds complicated, but there are plenty of resources available that can teach you how to do this.

9. Email marketing specialist

If you start a small-scale business as an email marketing specialist, you’ll work with other businesses and companies to create email marketing campaigns. Tasks may include formatting newsletters, proofreading and editing for clarity and grammar, or creating graphics. You might also have to manage the email lists, analyze statistics, or write press releases.

10. Low-content eBook creator

Rather than writing a full-scale book, consider creating low-content ones instead. Coloring and activity books, planners, journals, and blank notebooks are all in-demand products that are quick and easy to produce. You can create your own low-content eBooks and sell them via Amazon, your own website, or even Etsy.

To create your low-content books, consider using a free web-based design program like Canva, which provides hundreds of images, layouts, and tutorials to help you design your first product. Even if you don’t have expert graphic design skills, you can still produce interesting and professional-quality books.

11. Trading card shop owner

This is one that is lost on me, but Ben — our co-founder — makes thousands of dollars each year selling Pokemon cards online. If you’ve got an interest in Magic, Pokemon, sports, or any other number of trading card games (TCG), you’ll be happy to know there are opportunities to make serious coin buying, holding, or selling your prized wax. 

Related : I Spent $100,000 Flipping Pokémon Cards During the Pandemic. Here’s What I Learned

In-Person Business Ideas

If you’re not interested in working online, you can start a more traditional small-scale business.

12. Pet walker or sitter

People working outside of their home or who have mobility issues often need someone to walk their dogs during the day. This provides an opportunity for you to start a business as a dog walker for people in your neighborhood or apartment building.

You can easily get started by letting your friends know you’re available or registering with Rover , which will connect you to clients looking for a reliable dog walker. With Rover, you’ll create a profile informing potential clients of your availability, rates, and the dog breeds you prefer to work with. You can also make money with Rover by boarding pets in your home.

13. Vrbo host

As long as it’s OK with your landlord or homeowner’s association, you can start a small-scale business renting out space in your home or apartment. When you become a Vrbo host , you’ll earn money from travelers looking for a place to stay.

Get an idea of what your property may be worth by answering a few short questions about its location, number of bedrooms, and availability, and see how much you can expect to earn each month in revenue. 

Related : 7 Ways to Make Money Renting Out Your Space

14. Babysitting

Many parents prefer to use a babysitter instead of a daycare to watch their children while they’re at work. Others like having a reliable babysitter so they can run errands, go to the gym, or have a child-free date night.

If you enjoy spending time with kids and have a flexible schedule, consider starting a babysitting business. You can register with a site like Care.com or advertise on social media to find your first clients.

15. Computer repair

Personal computers are a staple in most homes, so computer repair is a viable business. The repair issues can range from fixing hardware, performing software updates, installing anti-virus programs, or setting up someone’s new computer.

The services you perform are entirely up to you, and if you’re good with computers and have a flexible schedule, this might be a good small-scale business to consider. You can even offer phone support as an additional business service.

16. Insurance billing specialist

An insurance billing specialist is someone who works with medical providers and offices to process claims for healthcare insurance. If you’re organized, understand medical terminology, and are willing to learn the American Medical Association’s Current Procedural Terminology (CPT), this is a small-scale business you can start from home. You might also be able to work as a freelancer with medical facilities like hospitals or surgical centers.

17. Transcriber

If you have good listening and typing skills, you can start a business as a transcriber. As a transcriber, you’ll listen to audio files and translate them into text documents. The formatting, style, and content of the transcription documents will vary from client to client. You can learn more about what’s involved in working as a transcriber and places to find your first clients in this transcription jobs guide .

Before you get started, you might want to consider taking a few courses through Transcribe Anywhere . You can learn about legal transcription, general transcription, or take their free mini-course that teaches you the foundations of building a transcription business.

18. Housecleaning business

House cleaners go to other people’s homes to provide specific or general cleaning services. You can also offer commercial cleaning, construction site clean-up services, or move-out cleaning services to landlords.

This small-scale business has low start-up costs, but you’ll need to check with your city or state to verify if you need any licenses, background checks, or special insurance.

19. Vacation planner

Working as a vacation planner means that you’ll help clients book their next trip. You will assist in making hotel reservations, airline or train tickets, booking excursions or special experiences, and dining reservations. This is like being an old-school travel agent.

Since most of this is easy for people to do on their own, it’s helpful if you specialize in certain types of vacations like Disney World or cruises. Once you get a specialty, you’ll learn insider tips and tricks for getting the best deals, saving your clients time and money.

20. Mobile/in-home dog groomer

Instead of your clients bringing their dogs to the pet salon, you bring the salon to them. You can offer the same services, from baths to nail trimmings to haircuts and teeth brushing, but you do it in their homes. This is particularly helpful for elderly pets (or elderly owners), dogs with anxiety, or pet owners who can’t get to the salon during their business hours.

You will need some training and certifications for this job as well as tools like clippers and a grooming table.

Related: How to Make Money with Your Dog

Best Small-Scale Business Ideas for Creatives

If you’re crafty or creative, try turning your crafts into one of these small-scale businesses.

21. Etsy store owner

You can turn your crafting hobby into a small-scale business by selling homemade crafts or products on Etsy. An easy-to-use platform with low selling fees and a quick storefront setup, Etsy allows you to sell anything including knit goods, hand-painted glasses, and digital products. You can even link your Facebook account to your Etsy store. This makes it simple to advertise and sell your products to a larger audience.

22. Custom gift creator

Selling your crafts isn’t limited to Etsy. You can create custom gifts like quilts, T-shirts, board games, or picture frames and sell them at craft shows or through dropshipping sites like Shopify . The start-up costs for this small-scale business are low and mostly consist of the supplies you need to make the products.

23. Graphic designer

Graphic designers create visual images like logos, social media graphics, magazine or book covers, signs, brochures, infographics, and more.

If you have an eye for design, enjoy being creative, and have access to programs like Canva, Illustrator, or Photoshop, then owning a graphic design business is a good option. You can get started by selling your services on Fiverr or by reaching out to small business owners and offering your services.

24. Photographer

As a photographer, you can specialize in family or pet portraits, wedding photos, graduation or first birthday pictures, or headshots for resumes or business sites. You can set up a studio in your home and consider renting a commercial space as your business grows.

You’ll need professional lighting and camera equipment for this small-scale business. If you prefer not to have a set schedule, you can also make money by taking pictures and selling them on stock photography sites.

Related: How One Photographer’s Side Hustle Became a $330K a Year Business

25. Audiobook narrator

If you like to read books aloud, have a decent microphone and recording software, and a quiet space to work, you can start a business as an audiobook narrator for indie authors. You can improve your skills and reach more clients by taking acting classes, practicing public speaking, or learning different accents or voices.

26. Quilter

If you’re good with a sewing machine, you can use those skills to offer services to people who want old T-shirts turned into a quilt. You’ll need minimal materials to start as your customers will send you their shirts, but you will need a way to ship them. You can even expand your services by creating custom quilts for newborns, newlyweds, or for housewarming gifts.

27. Book designer

Many authors become overwhelmed at the thought of designing the cover art, layout, and other graphics for their books. If you have a knack for graphic design, you can use those skills to work as a book designer. You can even offer related marketing services like ad campaigns and social media graphics as additional revenue streams.

Ideas for Drivers

Delivering food or packages is an easy way for people who like to drive to start a small-scale business.

28. Food delivery driver

Delivering food is as simple as registering with a company like DoorDash . When you sign up as a “Dasher” you’ll be awarded a base pay for every delivery, and you can further boost your earnings through Tips, Peak Pay (busy hours), and Challenges (# of deliveries in X amount of time). And you don’t need a car to work for DoorDash; you can deliver by foot, scooter, or bike.

Similarly, Instacart is another option if you’d prefer to deliver groceries.

To work as a food delivery driver, you’ll need to have proper insurance and a valid driver’s license. While the start-up expenses are low, make sure you factor in fuel costs, car maintenance, and any other related expenses so you can deduct them for your taxes.

29. Event valet

Operating an event valet business means that you’ll be parking cars in small or tight spaces, driving unfamiliar vehicles, and keeping track of keys and which cars are parked where.

You’ll need to be organized, detail-oriented, and comfortable driving automatic and manual transmission vehicles. You’ll also need proper insurance and a valid driver’s license.

30. Bike messenger

Many urban businesses like law firms, architecture firms, and even restaurants use bike messengers to deliver documents and other products. This is a great small-scale business if you like riding your bike, know how to navigate your city’s traffic, and don’t mind working outdoors in unpredictable weather. Make sure your bike is in great condition and you have appropriate safety gear and clothing if you want to get started with this business.

31. Errand runner

If you don’t mind doing small, everyday tasks, you can start a business running errands for other people. Services you can offer include picking up prescriptions or dry cleaning, grocery shopping, going to the post office, or waiting in line to pay a bill or buy a product. Sometimes people might even pay you to sit in their house to wait for a repairman while they go to work.

You can create a profile on TaskRabbit to get started. If you find it’s an in-demand service for your area, consider working with clients directly.

Business Ideas for Health Enthusiasts

If you’re passionate about helping people get healthy, consider one of these small business ideas.

32. Fitness instructor

As a fitness instructor, you’ll put together exercise plans, choreograph routines, and stay current on the latest trends and advice to help your clients reach their fitness goals.

While you don’t need any formal education, you’ll need some training and certifications. Those will vary based on the type of training or instruction you’d like to provide. You can work on a freelance or contract basis with a gym, or you can create a home gym and have clients come to you.

33. One-on-one wellness coach

A wellness coach works one on one with clients to improve their emotional and physical wellbeing. This could range from losing weight to stopping smoking to learning healthier coping strategies for stressful situations.

What you work on will depend on each client’s goals and your strengths, specializations, and certifications. This is a good small-scale business option if you like motivating, helping, and empowering people.

34. Meal planner & prepper

An easy way for busy families and individuals to save money every month is by meal planning and prepping. However, a lot of people don’t have the time or knowledge to create a meal plan or prepare their own food.

You can start a business providing meals to busy families. You’ll take orders, cook the food, and deliver it to them each week. Make sure you check with your state for any licenses or certifications you need to sell food from your home. Another option is to sell meal plans, including recipes and a grocery list, and have your clients do the cooking.

Small-Scale Business Ideas for Coaches and Teachers

You don’t need to have a degree in education to coach or teach others.

35. Music teacher

If you can play an instrument or two, you can start a small-scale business teaching kids and adults. You can conduct lessons in your home, a music studio, or in your clients’ homes. If you want to scale your music teaching business, consider hosting virtual group classes or creating and selling an online course.

36. Sports skills coach

There’s a high demand for specialized coaching in sports. Cheerleading flyers work with flexibility coaches, baseball and softball pitchers need pitching coaches, and golfers work with coaches to improve their swing. If you’re well-versed in these sports or were a star athlete, you can start a business providing private lessons or clinics to athletes in your area.

37. Online tutor

Students need help in subjects ranging from math to history to physics. If you enjoy working with students and are an expert in a subject, starting a tutoring business could be a good option for you. You can offer your services in person, meeting with your clients in their home or public spaces. If it’s not possible for you to work as an in-person tutor, you can work with an online tutoring company .

38. Interview preparation coach

Interviews can be the most difficult part of the hiring process for many people. If you’ve had success throughout the interview process, or you’ve spent a significant amount of time interviewing people, you can take that experience and turn it into a business coaching people who are preparing for interviews.

Services can include teaching them how to clearly and succinctly answer questions, calm their nerves, and recover from a bad answer. You can offer this service in their homes or in a public space such as coffee shops, libraries, and community centers.

39. Lesson plan creator

Writing lesson plans is often time-consuming for teachers. If you have experience with writing lesson plans and you’ve been praised for how original or creative they are, consider writing and selling them for other teachers to purchase. You can sell your lesson plans via your own website or a third-party site like TeachersPayTeachers.

40. Translator/interpreter

If you’re fluent in another language and don’t want to teach, or want to find a way to supplement your teaching income, working as a translator or interpreter is a viable option. You can work in courts, schools, entertainment, or find work by connecting with authors.

You might also consider teaching English as a Second Language or working for a company like Education First.

Education First is great for teachers who speak languages like French or Spanish or want to work teaching English to non-native speakers. They offer opportunities for teachers to work as educational tour guides, foreign language instructors, or as camp counselors. You can work in person in the U.S. or abroad and there are remote options as well.

41. Genealogy researcher

Before sites like 23andMe made it possible to trace your genetic heritage, people used genealogy research to trace their family’s roots. Many still do. If you have good research skills, can meet deadlines, and have or know how to access the appropriate records, working as a genealogy researcher might be a good option for you.

For more information on working in this field, you can consult the National Genealogy Society. They offer courses, books, and free resources for those who are interested.

42. Online course creator

Even if you’re not a licensed teacher, you can still make money teaching students. Thanks to platforms like Outschool , you can connect with and create courses for students ages 3 through 18. On Outschool, teachers can create courses on everything from basic guitar chords to sushi making to how to calculate the square root of 16.

You can offer your classes live or as pre-recorded sessions students can watch on their own time and earn as much as $40 per student .

Small Business Ideas for Handymen

If you’re good at fixing things, you can earn income from one of these small business ideas.

43. Holiday light installer

This is a seasonal small-scale business idea, but it can be lucrative. If you have a good eye for creating light displays and don’t mind working outdoors, you can advertise services hanging outdoor holiday lights for homeowners or retail stores. This business has some of the lowest start-up costs since your customers will provide the lights. All you need is a ladder and some tools.

44. Appliance repair

If you’re good at fixing things, consider starting an appliance repair business. You’ll go into people’s homes to fix items like washers, refrigerators, dishwashers, or stoves. You might even offer ancillary services like vacuum or window-unit air conditioner repair. Whatever you choose, make sure you verify with your state what type of licenses, insurance, or certifications you might need.

45. Lawn care or snow removal

Shoveling snow and mowing lawns are tasks many people need to do but don’t have the time, desire, or equipment for. You can start a small-scale business offering these services to homeowners or businesses in your area. If you have the knowledge, you can also offer pool cleaning or landscaping as additional services for your customers.

46. Tailor/clothing alterations

Prom dresses, wedding gowns, pageant dresses, suits, and even jeans need alterations. If you’re good with a sewing machine or thread and needle, you can start a business tailoring clothes. Offer your services independently or contract with some local formal wear shops or dry cleaners to provide your alterations as a freelancer.

47. Home energy auditor

To lower expenses, many people look for ways to reduce their electricity bill . As a home energy auditor, you’ll go into homes to assess, room by room, how efficient they are. You’ll look to see how much energy a home uses, where they’re losing energy, and make suggestions for improvements to save the homeowners money and make their homes more comfortable.

You will need some equipment and training to work as a home energy auditor, so make sure you factor that in when choosing this business idea.

48. Residential window cleaner

Most homeowners can clean the inside of their windows but need help with the outside panes, especially on the higher levels. If you have a ladder and the proper cleaning and safety equipment, you can offer your services cleaning windows. You might even expand them to include gutter cleaning, power washing, and chandelier cleaning.

Make sure you check to see if you need any special type of insurance or license to operate this type of business.

Related: 20 Best Small Business Ideas for New Women Entrepreneurs

Tips for Starting Your Small Business

Follow these steps to get your small-scale business up and running:

• Hone your idea. Before you start offering services, you need to determine what you’ll sell. You can do that by evaluating your skills. Make a list of what you can do, what you’re not willing to do, how much time you have to build and grow your business, and any upfront costs or certifications you need to start.
• Define the goals for your business. Ask yourself why you want to start a small business and what you’re hoping to accomplish. Is it to work and make money from home ? Is it to quit your full-time job and spend more time with your family? You also might set goals for quarterly income, how many employees you’d like to hire, or the kinds of clients you’d like to have.
• Establish your prices. This is where you determine how much you’ll charge your customers. You may choose to bill hourly for services delivered, like consulting or babysitting, or on a per-product basis, like selling artwork on Etsy. Research what other business owners are charging for similar products to help you set your price.
• Set up your business finances . You’ll need a business bank account and invoicing system. You can start with a simple Excel spreadsheet and PayPal , but you might consider moving to a system like FreshBooks as your business grows.
• Come up with a marketing plan. You’ll need a strategy to promote your business online and off. You can use a site like Moo to create professional business cards for in-person marketing. Online marketing strategies might include creating a website, setting up a Google Business page, or leveraging social media like Facebook, LinkedIn, and Twitter. They’re all easy and inexpensive ways to spread the word about your business.

Don’t forget about the legal stuff.

Depending on the type of business you start, you might need permits, licenses, certifications, or insurance to operate legally. Research the rules and regulations in your state or city before you start working with clients. Additionally, you should verify that you’re not using a trademarked name, and you’re properly registered as a business with your state.

You will also want to set your business up as a legal entity like a Sole Proprietor or an LLC. Although many small business owners choose not to do this, small-scale businesses commonly use legal structures for tax purposes, tracking expenses separately, and reducing personal liability. Consult with an accountant or attorney to determine which is best for your business.

Alternatively, you can use Legal Rocket or LegalZoom to research how to register an LLC or partnership in your state. They also offer services for filing the associated paperwork required to start a business.

Get Started with Your Small-Scale Business

Owning a small-scale business is a great way to earn extra income and work for yourself. They have relatively low start-up costs, are easy to market, and you can get started finding clients rather quickly.

If you go this route, pick an idea that fits your schedule, talents, and has significant earning potential. Having your own business should be something you enjoy and look forward to. If it feels like a burden, consider trying something different. There are plenty of options to choose from.

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5 Steps to Move Beyond Small Talk and Start the Business You've Always Dreamed of Make your business idea a reality by following these five no-nonsense steps.

By Gideon Kimbrell Edited by Chelsea Brown Jun 24, 2024

Key Takeaways

• Many aspiring entrepreneurs struggle to move beyond discussions and take the leap to build their businesses due to uncertainties and potential setbacks.
• This article highlights five key steps to help you turn your business idea into a reality.

Opinions expressed by Entrepreneur contributors are their own.

In the fast-paced world of entrepreneurship, turning ideas into action is often the hardest part. Many aspiring entrepreneurs find their business ideas stuck in endless dinner table conversations or coffee break chats, never moving beyond their initial idea. Taking the leap from discussing a business to building one can be daunting, full of uncertainties and potential setbacks.

In fact, business applications don't always result in business formations. Of the 20.4 million business applications filed between 2020 and 2023, only about 1.9 million businesses were actually formed, meaning less than 10% of applications come to fruition. This highlights the significant gap between intention and execution. To bridge this gap and help you turn your business idea from small talk into a tangible reality, here are five steps to guide you.

Related: Have a Business Idea? Here's How To Put It into Action.

1. Remember what spurred you to act

My journey into entrepreneurship started with a jolt. After being unfairly let go from a job where I'd given my all, I felt a mix of anger and determination. I'd cut their costs in half and boosted their revenue, yet there I was, out the door. It was a wake-up call — I never wanted to feel that powerless again. Not long after, I received multiple job offers, one from a Fortune 100 company and another from a hot Silicon Valley startup. I took both, working crazy hours and traveling, but I soon realized this wasn't sustainable. That's when I decided to hire help and fully commit to my own software development business. The key takeaway? Embrace what drives you. Use those intense experiences — whether it's feeling wronged or just wanting more control over your life — as the fuel to move past doubt and hesitation. Turn that passion into productive action.

2. Carve out the time

Many aspiring entrepreneurs wait for the perfect moment to start their business, but the truth is, there's no perfect time . Successful entrepreneurs often begin their journeys later in life, such as Vera Wang at age 40 and Ray Kroc at 52, proving that it's never too late to start. The key is to prioritize your venture and carve out dedicated time to work on it. Whether it's early mornings, late evenings or weekends, find a consistent slot in your schedule to focus on your business. Treat this time as sacred and non-negotiable. By making your startup a priority and consistently dedicating time to it, you'll steadily make progress and bring your vision to life.

3. Start small and scale up

Many aspiring entrepreneurs make the mistake of starting too big, which can be overwhelming. Instead, focus on the smallest viable version of your idea that solves a problem. Begin with a simple MVP (Minimum Viable Product) and test its traction before thinking about scaling up. Dedicate a consistent amount of time each week to your startup, even if it's just a few hours. Simplifying tasks and achieving small wins will build your confidence and keep you moving forward.

I take this approach when raising capital , which can be daunting, especially with the looming risk of rejection. I tackled this reluctance by taking small steps — reviewing previous investment materials, making initial edits and practicing pitches with trusted friends. This process gradually built my confidence and motivation, allowing me to refine my pitch and business plan effectively. Breaking the task into smaller steps helps you build momentum and overcome those initial doubts.

Related: Go Small or Go Home: Why Fast Growth Isn't the Best Solution for Your Startup

4. Get your first user quickly

Getting your first user or customer as soon as possible is crucial. Early feedback is invaluable for refining your product and ensuring you're on the right track. Start by developing your MVP, even if it requires external funding. If you don't have the funds to hire developers or build out the initial version, consider taking a small loan or seeking investment from friends and family.

The goal is to launch a "bare bones" but functional product to gather real-world feedback. This early input will help you make necessary adjustments and improve your offering before a larger rollout. Plus, having real users validates your idea and can make it easier to secure further investment. Take Airbnb, for example. The founders launched a basic version of their website during a conference in San Francisco to test their idea. This early feedback was critical in shaping the platform into the global giant it is today.

5. Find mentors and network effectively

Finding mentors and networking with other entrepreneurs can be game-changers for your business. Mentors provide invaluable advice and help keep you on track, drawing from their own experiences and expertise. Networking with fellow entrepreneurs offers motivation, insights and potential collaborations. However, focus on building informal connections over attending formal networking events. Informal settings tend to foster more genuine interactions and meaningful relationships. Discover where successful entrepreneurs gather — whether it's local bars, industry meetups, or casual events — and make an effort to connect organically.

These authentic relationships can provide support, inspiration and practical guidance as you navigate your entrepreneurial journey. According to the UPS Store, 70% of small businesses that receive mentoring survive for more than five years, which is double the survival rate of businesses that do not receive mentoring.

Related: 4 Benefits of Finding a Mentor

Take inspiration from successful entrepreneurs like Ryan Estis, who pushed through self-doubt to build his business. Estis's journey shows how crucial resilience and learning from mistakes are. As one of his mentors told him, "You're going to make mistakes. It's the ability to overcome those mistakes that's the litmus test of a good entrepreneur." By embracing these steps and tackling the journey with determination and resilience, you can move past the small talk and start building the business you've always dreamed of.

Co-Founder and CEO, InList.com

Gideon Kimbrell is the co-founder and CEO of Miami-based InList.com , an app for booking reservations at exclusive nightlife, charity, and entertainment events.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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70 Small Business Ideas for Anyone Who Wants to Run Their Own Business

Published: March 19, 2024

A good business idea may seem hard to come by, but with some planning and preparation, you can easily launch a small business to supplement your income — or become your own full-time boss.

Maybe you already have an idea of the business you’d like to start. But while you might feel ready for a new venture and passionate about your idea, you might be looking for some direction.

To help get you started, here's a list of small business ideas separated into a few sections:

• What makes a good small business?

Best Small Business Ideas

Best businesses to start with little money, home business ideas.

• Online Businesses Ideas

Easy Businesses to Start

Business ideas for students, creative small business ideas, how to start a small business at home, starting a small business: faq.

The first step to becoming a successful entrepreneur is finding a business idea that works for you. In this article, you’ll find dozens of small business ideas you can start from home and scale up as your clientele grows. Let’s get started.

What makes a good small business idea?

Not all small business ideas are made equal: Some require more effort and funding than others, while some can be launched with few resources — or resources you already have. As a potential small business owner, you’ll want to save as much money as possible on training, rent, supplies, and other necessities.

Let’s go over what makes a good business idea:

• Requires little to no training . A good small business idea will ideally leverage your existing field of expertise and require little to no training. That will not only shorten your time-to-launch, but also lessen your expenses, since training courses can cost a significant amount of money. Plus, you’ll be more confident offering services that you feel prepared to deliver.
• Requires low setup costs. Your business should be cheap to start. Maybe you only need to purchase a website domain or buy a desk for your garage.
• Requires little hands-on inventory or supply management . A great business idea needs few supplies and little inventory management. If you want to sell physical goods, you can either try drop-shipping and manually make goods in small batches.
• Is based online . The best small business ideas are based online and can be carried out from your personal computer. This will automatically lower your commuting costs and give you greater flexibility over your personal and work life.
• Can sustainably be managed by few people . As a small business owner, you won’t have the funds to hire other people to help you run your business — at least not at first. A good business idea should give you the ability to run your business on your own.

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Airbnb Co-founder, Brian Chesky, said, “If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find the solution for a problem in your own life.”

If you’re like Brian and you’ve already thought about a solution for a problem you encounter in your life — or you’re on the path to doing so — then starting a small business may be in your future. It may also be for you if you dream of clocking out of your nine-to-five job for the last time and becoming your own boss.

Below, we include the best ideas for you to start your small business — with resources and examples to help you get started.

1. Handyman

8. Life/Career Coach

If you have experience navigating career, personal, and social transitions successfully, put it to good use as a life or career coach. Many of us are looking for guidance in our careers — and finding someone with the time to mentor us can be tough.

Life/career coaches don’t come cheap, but they are able to offer clients the intense and hands-on training and advice they need to make serious moves in their personal and professional lives. After all, everyone needs some uplifting advice from time to time.

To start your life/career coaching business with confidence, you can look for a certification program (like the Life Coach School’s or Diane Hudson’s ), then apply your skills as you acquire new clients.

A resume writing business is economical, has few overhead costs, and has few educational requirements. We still recommend having an Associate’s or Bachelor’s degree and a few resume samples on hand. If you still feel that you need to brush up on your resume writing skills, you can take a course like Coursera’s or LinkedIn Learning’s .

Once you’ve gotten resume writing down, you can expand your business to include cover letter writing and even offer career coaching services in conjunction with these services.

10. Freelance Writer

If you have writing skills , there’s someone out there willing to pay you for them. Write blog posts, magazine articles, and website copy galore — just make sure you have a body of work built up to share with potential clients. Even if you create a few sample pieces to have on hand, they’ll help exhibit your work and attract new business.

To become a freelance writer, it’s essential to choose a specialty. For instance, you might choose to only write for publications in the healthcare industry (maybe because you were previously a healthcare worker) or focus on lifestyle publications. Whatever the case, specializing will help you find your niche market and gain confidence as a new freelancer writer.

There are no educational requirements for freelance writing, but you do need strong writing skills. It also helps to enjoy writing. While certification may be beneficial, getting practice and writing every day is more important. Try these writing prompts to start.

11. Landscaper

Mowing, tree-trimming, and seasonal decor are all neighborhood needs. If you have or can acquire the equipment, a landscaping business can be a lucrative affair. It’s also a great choice if you enjoy doing it for your own home and have a good eye for landscape design.

The good news is that you can start small. For instance, you could offer your neighbors seasonal planting services and start with a few perennial plants, or simply offer mulching services.

To grow your landscaping business, you should consider taking some formal training. The following organizations offer courses:

• New York Botanical Gardens

After completing a course and getting enough experience, you can apply for a certificate from a landscaping organization. While a certificate isn’t necessary to work in the field, it can build your credentials and help you make industry connections to take your landscaping business to the next level. The Association of Professional Landscape Designers offers one potential certificate you could pursue.

Some states require licensure, especially if you’ll be using pesticides and fertilizers. Be sure to review the requirements for your state.

Learn some of the basics now with this video on landscape design from Lowe’s:

12. Videographer

Video production requires you to have invested in the equipment up front, which can be quite expensive. But that’s also what makes your services so valuable. Make sure you have a reel of your work to share or create a website with several selections of your work available for interested viewers.

There are no educational or licensure requirements for starting a video production business. As with writing and other creative arts, though, it pays to specialize. Real estate videos differ radically from wedding videos, and wedding videos differ radically from in-studio interviews and testimonials. By specializing, you target a highly specific customer who’ll benefit the most from your services, and you can also skill-up more effectively in one shooting style.

While you can find general classes on videography, you should consider taking a class in the type of videography you’d like to do. For instance, you could take The Complete Wedding Videography Course .

Hot tip: If you’re interested in specializing in video marketing, check out The Ultimate Guide to Video Marketing and download our starter pack below.

13. Photographer

Start by conducting photo shoots for your family and friends. As you build a body of work, ask for referrals and reviews. Photography businesses often grow by word of mouth, so create a Facebook page where you can tag recent clients. Photos where you tag those clients will show up in their friends’ newsfeeds, where they can view your work. You can also ask them to leave reviews on your Facebook business page.

Like with a video production small business, you’ll want to specialize. Will you do product shoots or portraits? How about wedding or fashion photo shoots? Once you specialize, you’ll be able to create a body of work that most accurately represents your strengths.

There are no educational or licensure requirements for starting a small photography business. Still, we recommend investing in a few photography courses, especially if you haven’t used your camera in a while. Some courses you might start with include:

• Cornell’s Digital Photography Certificate Program
• New York Institute of Photography’s Course

From there, seek courses that help you build skills in your chosen specialty.

If you’re not sure where to start with freelance photography, take a look at Erica Clayton’s journey into the business below. Her advice? Give yourself a firm deadline to turn a profit.

14. Bed and Breakfast Owner

Some consulting industries are more competitive than others, so be sure to complete your research before starting a small consulting business. One way to find out how competitive a consulting niche is by doing keyword search . If your target niche is highly searched or is already dominated by big companies, you may have a harder time breaking in. You can use keyword research tools to uncover keyword volume and local demand.

If there’s room for you to enter the market, the next step is to land your first clients. Be sure to participate in local networking events covering your niche and reach out to potential prospects through cold calling and emailing. Investing in dedicated sales software can also help measure and improve your emailing strategy, as well as keep track of worthwhile leads.  

12. Event Planner

An event planning business is an excellent choice if you have great organizational and interpersonal skills, and it’s relatively cheap to start. You might choose to specialize in a specific type of event — like weddings or company meetings — or set yourself up as an event planner of all trades.

The good news is that event planners are always in demand. It’s not an easily automated job, so this small business idea is set to thrive regardless of the digital landscape. To start, you’ll want to look for a platform that will easily allow you to advertise your availability, such as event planner directories like Eventective and WeddingWire .

If you’re highly organized, detail-oriented, and have experience planning large events, it might be time for others to benefit from your skills.

13. Personal Assistant

Personal assistants help business owners and executives take care of administrative tasks. To launch a freelance personal assistant business, you should leverage networking opportunities on LinkedIn and attend small business events at local chambers of commerce. Most local business owners might not even know they need a personal assistant until you market your services to them.

If you’re an organized, highly-detailed person, the life of a personal assistant might be for you. Don’t want to be tied to one office or person all day, every day? Consider becoming a virtual assistant, which allows you a more flexible work environment.

To become an assistant, choose a niche — will you be helping women business owners specifically? Do you have a specific field of expertise, like bookkeeping? A website can also go a long way, and be sure to print business cards for you to hand out during networking events.

14. Consignment Shop Owner

If you have an eye for style but don’t want to invest in the inventory of a brand-new boutique, consider starting a consignment shop. It will allow you to curate a collection of clothing that matches your goals and aesthetic without the overhead of a boutique selling entirely new garments.

The beauty of a small consignment business is that you can now start one online. You can sign up on a platform such as Poshmark , Depop , and even Etsy , then easily start selling your own used fashion from home.

Once you’ve defined your niche — such as vintage clothing, unique locally made art, or colorful shoes — you can begin sourcing new products from your local stores and thrift shops.

15. Caterer

If the personal chef gig is too restrictive for your schedule, consider catering instead. Pick your projects, work on fewer but larger events, and hone in on your time management skills.

Becoming a caterer is a natural step for those who are used to cooking for large events — for instance, you may have already catered your friend’s wedding or brought a 20-person meal to a potluck (that counts, too!).

It’s essential that you have enough temperature-regulated storage for the meals prior to each event, and that you arrange for reliable, temperature-controlled transportation to and from your home kitchen. Alternatively, you can lower your costs by inviting customers to pick up their order at your home.

16. Gym Owner

Kickboxing gyms, yoga studios, CrossFit, oh my! Turn your passion for fitness into a community for others by creating your own gym — start one from the ground up, become an affiliate, or open a franchise location.

Available franchise opportunities include Anytime Fitness, Orangetheory Fitness, Pure Barre, Planet Fitness, Crunch Fitness, and more. Be prepared to take out a loan to finance your franchise — most agreements start with fees upward of $20,000. But the payoff can be tremendous due to brand recognition. You’ll have no trouble recruiting new members as long as you use local marketing strategies .

Alternatively, you can create a local studio, but ideally, it should be for a specific activity instead of general fitness. Yoga, pilates, bootcamp-style gyms, and martial arts perform well as independent fitness studios.

17. Boutique Agency Owner

What’s your specialty? Whether it’s marketing, social media, or PR, it might be time to start your own agency. Many other small businesses need this type of help but don’t have the resources or volume to necessitate a full-time position.

To start an agency, you would ideally have worked in your specialty for a number of years. You should also be prepared to interface directly with clients, fulfill their requirements, and temper their expectations (if they want results in an unreasonably short amount of time).

Consider building a small team and learn from other entrepreneurs who’ve successfully started their own agencies, like Duane Brown of Take Some Risk .

18. Coffee Shop Owner

Turn your caffeine addiction into something a little more lucrative. Opening a franchise or buying an existing shop are lower-risk entry points to the coffee game, but they usually require a little more cash upfront. Starting a shop from scratch requires more planning and work — but it also maximizes your earning potential in the future.

A coffee shop is an excellent fit if you already have a full-time remote job and wish to supplement your income with a small business. You can manage the coffee shop as you work at one of the tables, but be sure to have the budget to hire an experienced barista who can pick up the slack.

If you would like to open a coffee shop and run it full-time on your own, you’ll need to undertake barista training, understand worldwide coffee sources, and have excellent customer service skills.

19. Moving Company

A truck, moving equipment, manpower, and the correct permits and insurance are the building blocks of starting your own moving company . Before you buy your first fleet of trucks, however, start small with a moving van and keep your costs low.

Still sound like too much of an initial investment? Consider offering packing services only, which have a much lower financial barrier to entry. You can partner with moving companies and offer to do their packing, or have them refer clients to you.

You could even take a niche approach to the industry as Astro International has by offering international moving services.

2. Vending Machine Owner

Since 2015, the growth rate for vending machine businesses has increased 1.4%. Even as social distancing restrictions are still in place, this business can still be lucrative if you choose the right locations. High-traffic is key — places like hospitals, schools, and community centers are smart places to start placing your machines to generate enough revenue to cover cost and turn a profit.

3. Social Media Manager

Do you have a knack for social media? As a social media manager, you can use your skills to manage the social media accounts for companies and even individual people. Influencer marketing has become more common and many influencers rely on marketing agencies or employees to help them run their social channels.

Online Business Ideas

If you want a business idea that you can run entirely online, check out the ones below. These ideas are ideal for those looking for a passive income stream. In other words, you shouldn’t need to do too much manual work to launch these businesses from your home or preferred business location.

1. Become an online reseller.

To become an online reseller, all you need is some business savvy and some funds to invest in product stock from manufacturers — or, of course,the willingness to sell your own used items. Generally, this is a low-touch but high-performance way of creating a passive income online business.

Online resellers usually use a platform, such as Facebook Marketplace or Amazon Sellers, to sell either their own or manufacturers’ stock. The benefit of using Facebook Marketplace is that you can begin today with your own Facebook account, and simply list items that you already own.

Interested buyers typically drive directly to your home for pick-up — but if you’re not interested in human interaction, you can leave it outside and have the buyer pay via an online platform.

Blogging is one of the most accessible small businesses to start, and there are countless niches to choose from. That said, because there are many blogs online, you’ll need to learn blog SEO and keyword research to ensure your audience finds you. That way, you actually make money out of your blogging efforts.

The great news is that a small blogging business has a ridiculously low overhead. All you need is a custom domain and your time for writing blog posts. Although finding the right topic ideas and outlining your posts may seem challenging at first, especially if you’re new to writing, you can let a blog ideas generator do most of the grunt work for you.

These tools leverage Artificial Intelligence to help you brainstorm ideas and set up your content structure. That way, you can kickstart your creative juices and begin writing about what you love right away. 

5. Home-Baked Goods Seller

Warehouse-made, store-bought chocolate chip cookies will never compare to a batch made with love in someone’s home. Simple desserts can be easily baked and packaged to sell at local events or around your neighborhood. Use custom labels and watch the word spread about your goods!

You can begin a baked goods business easily by opening a Facebook and Instagram profile. Facebook and Instagram are both excellent platforms to market your goods, show pictures of your previous baked products, and even showcase happy clients.

Build a loyal following slowly, and save on costs by asking clients to drive to your home to pick up their order. Choosing a niche can be helpful here, or baking in a specific style that can’t be found at grocery store bakeries. The overhead can be especially low if you already have most essential baking supplies.

6. Ecommerce Store Owner

Do you create, collect, or curate anything special? Consider starting an ecommerce store and turning your hobby into a full-time job. Whether you need somewhere to sell all that pottery you’ve been making, or an excuse to search for the sports memorabilia you love tracking down, an ecommerce store can make it financially viable for you to pursue your passion.

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Starting an ecommerce store is simple and easy. You can set up a shop using an ecommerce website builder , all of which start at a minimal monthly subscription (some even start at free). Be sure to take good photos of your products and write descriptive product pages .

If you don’t have inventory, you can always own an ecommerce store by using dropshipping . Instead of creating and shipping your products yourself, you’ll instead partner with a dropshipping website and have them mail out the orders directly to your client.

7. House Cleaner

With a low barrier to entry, house cleaning can be a great way to start doing what you love — soon. Consider advertising to homes in your neighborhood and get more bang for your buck by earning a few small businesses as clients as well. They’ll usually bring in a higher paycheck for a similar amount of work.

To become a house cleaner, you should be prepared to invest in cleaning supplies and accessories, or be willing to use your own. If you plan to serve small businesses, you should buy industrial janitorial supplies so you can get work done more effectively.

Need some inspiration? This small business cleaning service grew virtually overnight on Instagram after their content went viral during the pandemic.

Get HubSpot's Free CRM Software

4. create a business plan..

No business plan? No business. Particularly if your small business idea requires investors, you'll need to draft up a business plan to provide an overview of your market positioning, your financial projections, and your unique competitive advantages. You can download HubSpot's free business plan templates for free to get started.

Learn more about choosing the right structure for your business from the Small Business Administration.

6. Create a business bank account.

Once you have a legally formed business and have been issued an Employer Identification Number (EIN), open a bank account specifically for your business. Having a business bank account is essential for keeping your personal and business finances separate which can help you gain an accurate picture of your business’s cash flow and financial health.

Additionally, keeping your personal and business finances separate makes bookkeeping and tax preparation easier.

Many banks offer business checking and savings accounts. Business checking accounts typically do not have a limit on the number of transactions that can take place, and issue a debit card that can be used for making business purchases. However, these checking accounts do not accrue interest.

Business savings accounts typically earn interest over time but have a limited number of transactions that can occur each month. When you’re just starting out, look for a business bank account that does not have a minimum balance requirement so you are not penalized for having low funds as you work to build your business.

7. Determine if your business idea works well from home.

Ask yourself whether your business idea will work well from home. Some businesses simply aren’t suited to be based from home. If you want to run a dog boarding center but live in an apartment without a backyard, you might want to consider a dog walking business instead.

8. Set up an office.

If your business idea is well-suited for being run from home, it’s still important you have a designated workspace. While a home office might not be possible, consider setting aside a corner in your living room or putting a desk in your bedroom for a space that inspires you and creates the conditions for success.

Need a more professional space? If you conduct client-facing work requiring you to be on video calls, no one wants to see your rumpled sheets in the background. Check out local coworking spaces for memberships that earn you access to conference rooms, desk space, and more.

9. Get to work!

You’ve put in the hard work, but I’ve got bad news — it’s only going to get harder. But most entrepreneurs will agree that the payoff of being your own boss, making your own hours, and working on projects that you’re passionate about will pay dividends for the rest of your life.

What are the types of small businesses?

The types of small business structures are sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.

• Sole Proprietorship — The simplest type of business structure is a sole proprietorship, which is also the easiest to start. As a sole proprietor, you are personally responsible for the business's liabilities and profits, and you have complete control over your business. If you are a solopreneur, you are automatically considered a sole proprietor.
• Partnership — A partnership is a business model involving two or more individuals who agree to share the business‘s profits and liabilities. Each partner contributes to the business and shares the risks and rewards. It’s essential to have a partnership agreement that defines each partner's roles and responsibilities to ensure clarity and prevent potential misunderstandings.
• Limited Liability Company (LLC) — An LLC, or limited liability company, is a common option for small businesses because it protects its owners by separating personal assets from the company's liabilities. To form an LLC, the business owner must file the required paperwork with the state.
• Corporation — A corporation is an independent legal entity distinct from its owners. It provides limited liability protection to its shareholders, who are not held personally accountable for the company's debts. Corporations have formal requirements and often raise capital by issuing stocks or shares.

Which business type is best?

The best business type is a limited liability company (LLC). Operating as an LLC means that your personal assets are separate from your business assets. If your business goes bankrupt, your personal holdings won’t be affected. That said, it’s also one of the costlier types, requiring a fee paid to the state.

The easiest business type to start is a sole proprietorship. The main downside is that there’s no differentiation between you and your business.

It's crucial to seek advice from legal or accounting professionals to determine the best business structure based on your unique needs and objectives. Each structure has advantages, legal requirements, tax implications, and flexibility considerations.

How do I create a business idea?

To create a business idea, determine your skill set, work preferences, startup budget, and available resources. It’s important to strike the right balance between what you can feasibly offer and what you can feasibly afford in the short and long term.

We recommend starting with your skill set so that you can easily determine the niche in which you can effectively compete. For instance, if you have ample experience as a writer, you might consider starting a freelance writing business. But if you know you’d prefer to work with clients face-to-face, you might choose to start a ghostwriting business instead. That’s why it’s so important to take your work preferences into account, as well.

After that, take a look at your budget and determine the type of business you can start based on the resources at your disposal. For instance, you might not be able to afford a physical office or location, so a location-based business will likely not be a good fit. In that case, starting an online business is your best option.

What resources or tools can I use to refine and validate my business ideas during the brainstorming process?

Online market research tools like Google Trends, Keyword Planner, and SEMrush can provide insights into market demand, competition, and keyword trends related to your business niche. Industry reports and market analyses from reputable sources such as IBISWorld, Gartner, Statista, and industry-specific publications can offer valuable data and trends to inform your decision-making. Ensure you know the industry risk before embarking on your small business venture.

→ Download Now: Market Research Kit [Free Download]

Additionally, joining entrepreneurial communities, forums, and social media groups can provide opportunities to seek feedback, network with like-minded people, and gain insights from experienced entrepreneurs. Finally, consider conducting surveys or interviews with potential customers to gather feedback and validate your business concept before investing significant time and resources.

What are some of the most successful small businesses?

Every small business has the potential to be successful and profitable, provided it’s backed by a strong product-market fit and a robust business plan . These two elements are essential. Maybe postnatal services are one of the most successful small businesses to launch, but if you live in an area with declining population or a large elderly population, then that small business idea won’t yield a high return on investment.

Think carefully about the market where you’re launching your business, and you’ll be more than likely to see lasting success.

What are the top growing small businesses?

Don't forget to share this post!

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Home >> #realtalk Blog >> Manage a business >> Your go-to checklist…

Your go-to checklist for starting a small business (+ free download!)

By Homebase Team

Maybe it all started with your EZ bake oven marketing plan, and it’s been your long-time dream to start a business. Or maybe you’ve recently developed your top-tier welding skills, and you want to monetize your trade. 

The trouble with starting any small business is knowing where to start! Luckily for you, you’ve come to the right place. If you’re getting the yips just thinking about what it takes to start a small business, we’ll walk you through the steps involved, including actionable advice along the way. And to help you even more, we’ve created a handy checklist for starting a small business so you can get started on the doing instead of stuck in the thinking.

What is a small business?

There’s no one definition for a small business. It can be just you in your backyard or an enterprise with a fulfillment team in a warehouse, and everything in between. Typically when we talk about small businesses, we’re referring to those with fewer employees and lower annual revenue. Think more along the lines of a local restaurant or a boutique hair salon versus a big-box department store. The U.S. Small Business Administration (SBA) does give more specific standards for small businesses in specific industries based on annual revenue and the number of employees . Officially, if you’re under 500 employees, you qualify as a small business.

But it’s not just revenue and size that separates small businesses from the crowd. Small businesses generally aim to break even or make money as soon as possible. With few (or no) investment dollars, your livelihood is on the line! 

A small business is different than a startup, though a startup can also be a small business. While startups prioritize industry disruption and profitability down the line, a small business might have humbler motivations, like opening a single storefront or pursuing a passion project.

What to expect when starting a small business.

If you’re starting a small business, you’re about to embark on the ride of a lifetime. I f there’s anything you should expect when starting a small business , it’s to expect the unexpected. No matter how organized and prepared you are, there’s almost guaranteed to be something that comes out of the blue. But it’s all part of the fun right? 

That’s why putting a solid plan in place is so important. When you plan for speedbumps and have contingencies in place, you can set yourself up for success—and hopefully experience more ups than downs to opening day and beyond.

Steps to start a small business.

Getting a small business off the ground is no easy feat. Here are a few basic tips to get you started. Don’t forget to scroll down and download our checklist for starting a small business to get you oriented!

1. Come up with a business idea.

Every business starts with an idea. And really, all you need is that one spark to kick off your small business adventure.

You might already have a business idea. But if you’re still on the search, here are some tips to help you come up with the perfect business idea:

• Ask friends and family around you what they think you’re great at.
• Dig into your own needs and interests.
• Take advantage of something you’re good at.

Remember: your business idea doesn’t have to be groundbreaking. You can own a very successful small business without having to go too far outside the box. Just make sure you’re meeting a market need!

Which brings us to…

2. Do market research.

Now that you have your business-worthy idea, it’s time to do some research. 

The goal of market research is to double-check that your business is actually a good idea. Some questions you’ll want to answer when doing market research include:

• Is there a market for your business? Are there people willing to pay you for your products or services?
• What is your competition? How will you stand out from the crowd?
• Based on the current and projected market conditions, can you be confident that your business will be profitable ?

3. Write a business plan.

A business plan is basically the blueprint for your business. It covers all the key information you need to get your business up and running.

While drafting up a business plan can feel time-consuming and a little overwhelming, we promise it’s a step that is definitely worth taking. 

If you need some help getting started, we’ve got just the business plan template for that!

4. Secure your funding.

Usually, you’ll need a small sum of money to get your business off the ground. The amount you need will vary depending on the type of business you’re starting. For example, opening a brick-and-mortar business will likely require a bit more than a digital-first business since you’ll need to secure a physical location. 

You might have saved up some funds, but if you don’t have a full bank account, don’t worry. It’s not the only way to fund your new business venture. You can reach out to family or friends and even secure loans or grants to help you navigate the money side of starting your business. 

The U.S. SBA  has some resources available, and there might be similar programs at a state or local level as well.

5. Pick a business location.

Now that you have a budget and funding, you’ll need to decide where to open your business . Even if you aren’t necessarily going to open a physical location, you still need to have a primary place of business. 

Your business location doesn’t just determine where you’ll open your business. It also impacts the rules and regulations for operating your business , such as employee leave requirements and licensing. We’ll cover these aspects in more detail below.

6. Choose a business structure.

How will you register your business with the state? There are many ways to structure the ownership of your small business. The three most common are:

• Sole proprietorship. This type of business is the easiest to set up. Under this structure, you own your business, and you generally don’t have to separate your personal and business assets or expenses. 
• Partnership. This type of ownership is similar to a sole proprietorship, except you’ll own the business in partnership with one or several individuals. You’ll typically pen an agreement that outlines the terms of the partnership to make sure all your interests are protected.
• Limited liability companies (LLC). More similar to a corporation, an LLC allows you to separate your business from you personally. This can impact everything from taxes to your personal liability for business debts and legal claims. Though it helps protect you as a business owner, LLCs typically require more paperwork and can be more expensive to set up.

If you’re not sure what the best structure is for your small business, a legal and tax advisor can be worth the investment to help you navigate the different options.

7. Choose a business name.

Finding the perfect business name can take a bit of trial and error. Not only do you need a name you and your customers love, but it needs to be available for use. 

Once you’ve checked with business registration services, it’s a good idea to make sure the website domain name, social media handle, and trademarks are also available before you finalize your name. Otherwise, you might find yourself facing a pretty costly rebrand in the future. 

8. Register your business.

Once you have a name and have decided on your business structure, it’s time to go through the proper registration process. The good news is that according to the SBA, most small businesses only have to register their business name with state and local governments . 

9. Secure federal and state tax IDs.

As an individual, you have a social security number. Businesses have Employer Identification Numbers (EIN)—also known as your state tax ID and federal tax ID.

You’ll need a federal tax ID to pay your taxes and before you can open a bank account or hire any employees . It’s free to register for an EIN and you can get your number through the IRS right after you register your business. 

Every state also has different uses for state tax IDs, so it’s worth checking your local state’s website to understand whether or not you need one. 

10. Apply for licenses and permits.

What type of permit or license you need will depend on your business activity and often depends on the state your business is located. For example, in New York you need a lottery agent license to sell lottery tickets. Or in California, you need a license from the California Board of Barbering and Cosmetology to offer services in the beauty industry.  The SBA provides a list of federally regulated industries and ones that you might want to double check with your local Secretary of State’s website.

11. Open a business bank account.

Managing money can be a bit of a headache in the best of circumstances. Add a business in there and you’re well on your way to a full-on migraine.

You can make the money management side of owning a business a bit easier by separating out your business expenses and income from your personal. In fact, depending on your business structure, you might be required to have a separate business bank account.

Tip: Don’t forget to connect it to your payment and payroll software.

12. Decide what payment methods to accept.

Once opening day comes around, it’s time to start selling, which means you have to have a solution to collect payment. There are many popular payment platforms that you can use to collect payment. 

You’ll also want to consider if you’re accepting all types of payment. Cash is often the most cost-effective payment method. However, offering credit card and debit payments will likely make it easier for customers to pay and visit your small business. 

13. Set up invoicing and accounting software.

You’ll also need a solution for keeping track of that money. Generally, you should be providing customers with receipts and tracking incoming and outgoing payments. Even before your business opens, you’ll likely be spending some money.

Having solid invoicing and accounting software can help keep you organized and profitable, and save you some stress when tax season rolls around. 

14. Establish your record-keeping process.

Record-keeping helps you track business growth and easily access the information you need when you need to file taxes or prepare financial statements. It’s a log of every single transaction that should make it easy for you to look back on and understand your income and outgo.

For the most part, there aren’t any specific rules around how you need to manage your books. The best kind of record-keeping process is the one that you’ll actually stay on top of—and one that lays out what you need to know when you need to know it.

15. Hire employees (if needed).

Not all small businesses start off as a one-person show. For example, if you’re a new small retail shop that’s open 7 days a week, it’s unlikely you’ll be able to manage all the hours yourself.

So if you expect to hire employees , make sure to plan in advance. It can take several weeks from listing your job posting to hiring. You’ll want to be prepared for your business’s grand opening!

16. Set up payroll.

Where there are employees, there’s payroll. A full-service payroll platform can help you calculate employee wages, breaks, overtime, and even taxes based on labor laws at the click of a button.

By setting up the right payroll process from the start, you’ll be able to spend less time paying your employees and more time starting your small business.

Small business owner tip: Don’t forget to think about how you plan to pay yourself as well.

17. Get business insurance.

Just like you, your business also needs insurance. 

Business insurance protects your business from the unexpected, such as theft, fire, or any other unexpected emergency. It also protects your customers. Most business policies also cover liability in case something happens to your customers while engaging with your business. 

Every business will have unique business needs. Make sure to talk to an experienced insurance representative to help you find the best policy for you.

18. Create your employee policies and handbook.

We know what you’re thinking, “ Do I really need an employee handbook for my small business ?” The answer is—you betcha. 

Even if you’ve only got a couple of employees, having clear policies and an employee handbook can help keep everyone on the same page. Plus, it’ll make it easier to onboard new employees as your team grows. 

An employee handbook isn’t technically a legal requirement but there are federal and state laws that require you to keep employees up-to-date on their rights, as well as paid time off (PTO) and sick leave policies.

19. Purchase and license must-have tools. 

As you get closer to opening day, you’ll start purchasing all the tools and equipment you need. A great way to make sure you cover all your bases is by creating an operational plan for your day-to-day .

However, common examples of tools and platforms for small businesses include:

• Employee time-clocking system
• Point-of-sale (POS) system
• Accounting software
• Team communication app

20. Market your business. 

Last but not least, don’t forget to market your business. While you know you have a great business, your customers might not know it just yet. 

Marketing is key to attracting the right customers and growing your business . You might’ve already outlined some marketing strategies in your business plan, so make sure to execute them as you get close to opening day. 

Your checklist for starting a small business

There’s a lot of ground to cover before you can open a business. The g ood news: we’ve put together this free checklist that’ll help you cover all your bases before opening day. 

Download the free checklist for starting a small business here: Step-by-step checklist for starting a small business PDF

Start a stellar small business with Homebase

Skip the stress of starting your small business with Homebase. Homebase’s HR and team management app is built for small businesses so you can spend less time managing your team and more time growing your business. 

From hiring and onboarding to HR , everything you need to start your small business is waiting for you. Ready to level up your business? Get started with Homebase for free today. 

Get your team in sync with our easy-to-use, all-in-one employee app.

Starting a small business: FAQs

What should be included in a checklist for starting a business.

Your checklist for starting a small business should include all the tasks you need to get your business off the ground. This includes early-stage basics such as creating a business plan and market research. It also includes legal and financial to-do’s, such as business registration and setting up payroll.

There are a lot of things to consider when starting a small business, when in doubt, use a free checklist for starting a small business—like the one above—so you don’t miss a thing.

How much money should I have saved to start a small business?

How much money you should have saved to start a small business can vary from a few hundred dollars to as much as over $10,000. It all depends on the type of business you’re starting, your location, and the supplies and equipment you need to get started

What are the four things you must do before starting a business?

The four things you need to do before starting a business include:

• Do research on your target market, business regulations, and legal requirements.
• Create a business plan to set yourself up for success.
• Secure funding for your business and get your finances in order.
• Market your business to attract the right customers.

Bonus number five? Download the free checklist for starting a small business.

How long does it take to start a small business?

Like many other questions related to starting a small business, the answer is, it depends! But a general rule of thumb is that it can take a year or more from idea to opening day. While that may feel like a long time, it’ll help you make sure you get everything done on your small business starting checklist.

Remember:  This is not legal advice. If you have questions about your particular situation, please consult a lawyer, CPA, or other appropriate professional advisor or agency.

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10 Steps to Start a Small Scale Business

• By Snehil Prakash
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Starting a business in these competitive times is not a tough task at all. If you have the right approach, your small business can scale and soar high. To establish a business it takes courage and a lot of hard work. Apart from that, ample of planning, research and studies are required. Having just the financial resources or an innovative,  groundbreaking idea won’t suffice.

As per Small biz genius, every month there are somewhere around 534,000 new businesses that are started. 

To start a business, it is mandatory that all prospects and sources are well built. A strong foundation leads to a stronger and well-maintained base. Every large company once started as a small business. Before starting a small scale business or any online business , all aspects should be studied. A disciplined approach is ideal for this. A lot goes in as an entrepreneur. 

There are so many affairs that can affect your business. Sound financial decisions, careful planning, legal activities are just a few in the long list of things that all entrepreneurs must take care of. These are the matters that define your small scale business. 

SmallBizTrends show that only a staggering 40% of small businesses show a profit margin.

A look into the issues listed below will give you an insight on how to shape and grow your small businesses and enter the 40% creme de la creme.

Table of Contents

1. Conduct Research

Apart from a few, most entrepreneurs are not blessed with moments of epiphanies or affluent individuals as an aid. Some even strive to get that golden idea, to begin with. When you have an idea for your small business all chalked out in your head, it is time to bring it into action. 

The first and foremost thing to ideally do is to scan the market. This is key. Everything else falls afterwards. As an entrepreneur, when you scan the market, your aim should be to look at and calculate the potential customers along with the prevailing competition. Both these facets if combined together will bring out the best results and will definitely give your small scale business a competitive edge.  

Therefore, carrying out market research for your small scale business requires research in the following two domains – 

•  Finding Customers
•  Competitive Analysis 

Let’s understand it with full throttle and enthusiasm. Shall we?

Finding Customers 

The sole purpose of any small scale business is to increase growth. The only important contributor to this is the customers. Customers automatically draw in for superior quality products or services that are reasonably priced. If your small business excels at this, then it’s sure to be a hit. 

A quintessential question that puzzles all entrepreneurs is of finding these customers. Market research comes in handy.  There are so many online sources and platforms which instantly provide market data, along with the latest small business trends. Good market research will give an analytical proof of customer behaviour along with economic trends. Both these together should be made use of by all small scale business, in every stage. 

Thorough knowledge of customers is vital and becomes a decisive factor for your business. There are so many sources, nowadays that provide demographic data. Every small scale entrepreneur must make use of these, as taking informed decisions will cut the risk factor by half.

With such data, entrepreneurs can scale their small business and score well with consumers. By going through data trends, various opportunities of attracting customers, increasing and maintaining retention rate and roping in new customers become a fairly uncomplicated task. Data on age, sex, interest, ethnicity, family, etc can be brought in for study. All these will be a one-stop solution to the following burning problems. 

• The demand of the product or service can be calculated
• The population interested to purchase the product or service
• The location of potential customers 
• Competitive prices in the market.
• The competitors in the market and the saturation levels.

All this data is either available online or an entrepreneur can collect it firsthand through surveys.  Much audience-specific information will be provided through personal interaction and surveys. Your small scale business can benefit from this. However, the existing resources give a generalized idea of the market situation.  

Study your target audience and look for ways in which amends can be made to as per their feedback. Go in knee-deep as an entrepreneur, for the sake of the success of your small business growth. You can make good use of questionnaires, interviews, feedback forums, surveys and focus groups to conduct direct research. 

Competitive Analysis

As a new small scale business, there will be already prevailing competition in the market. This competition is to grab all the potential customers. This vital task of roping in customers for small business is solved by competitive analysis. For every small scale business, it is necessary that a competitive analysis should be made. An in-depth study will provide your small business with the sustainability it needs.

Alongside all the competition will be highlighted as per the service, product line or the market section. 

As a part of competitive analysis, it is necessary to view all these competitive domains-

• Study the market share.
• Examine your strengths and weaknesses.
• Study all obstacles that can possibly affect your business in the market.
• Look for the opportune moment to enter the market.
• Scan all possible (major and minor), competitors.
• Keep an eye on the target market.

When establishing your small scale business in 2020, the goal should be to make it as unique as possible. Make the idea appealing and selling to the customers. Create a niche for yourself in the competitive market. For this, a complete and thorough analysis of the market with due respect  to all the factors, competitors, suppliers, pricing and their influence on the business should be executed. 

To aid all entrepreneurs of small businesses, there are many small business trends in the form of statistics. Their focus lies in providing consumer statistics, demographics, employment statistics, income statistics, consumer statistics, income statistics, production and sales statistics, trade statistics, and industry-specific statistics.

2 . Writing the Business Plan

After conducting all the necessary research for your small business, it is mandatory to create a business plan. A sound business plan will allow your small scale business to function properly and will be a blueprint against which all your actions can take place. 

A good business plan is reflective of the key elements that make your small scale business. Building a good business plan is the perfect structure against which all potential investors will be able to decide on whether or not to fund your business. It acts as a form of a portfolio for your small business. It is the single, very potent tool to bring to use and is useful to rope in both employees and investors. 

To highlight the importance of business plans and models, the statistics as per CBinsights , show that

17% of businesses crash to the ground due to the absence of a business model. 

So to begin with any small scale business, it is necessary to come up with a business plan. A business plan has to be well written in an impressive way.

Selecting a Business Plan Format

There is no right or wrong way to write a business plan. It should be clear in its approach and fulfilling the purpose for which it was created. 

The most commonly found business plan formats are either lean startup business plans or traditional business plans.

The traditional business plan is the conventional way of writing a business plan. It can be pages and pages long, compromising of each element of business in detail. A detailed outline of each aspect of your small business should be written down. 

The lean startup way of writing business plans is not a common sight. It makes use of only the necessary key points and major headliners. This comparatively takes less work and is quick work. The length, as a result, is greatly reduced. 

However, most investors prefer traditional business plans over lean startup plans. 

Business Plan Formats Explained

Give the two types of business plan formats, it is needed that all entrepreneurs stick to anyone of their choosing. 

Both the business plans are very different in their approaches and the following analysis of each will prove that. 

Preparing the Traditional Business Plan

As seen above, for your small business a traditional business plan can be a much impress option. This business plan is definitely more comprehensive and detailed. The investors and lenders preferably go for it. 

As an entrepreneur, when preparing a traditional business plan, the following 9 sections must be adhered to – 

Brief Summary 

A brief summary about your business and an introduction to it will suffice. Give an insight why your small business will be a success. Along with it, give a statement of purpose, information about your product or service, your small business’ lead team, employees and the location. The growth plans should be included too. 

Business Description 

This part is an introduction to the reader about your company. The problems that your business expertly solves should be given. Straightforwardly declare the organisations consumers and the businesses that you plan to cater to. 

List out all the experts handling your small scale business the competitive edge that you have in the market. Along with this introduce the reader to the strong facets of your business. 

Market Study

In this section you have to list out your target audience the strategies your small business uses and answer questions showing your potential as the best business in your niche. 

Convince The reader about how your small business stand out from among the rest. 

Business Organization and Structure

Begin the segment by describing how  your small business or organisation is structured. A brief intro to the legal intricacies and structure is a must. List all your partners,  the proprietorship and the holdings. 

Clearly state the person in charge of the company and experiences along with the contribution of each individual. It would be preferable if resumes or CVs are included. 

State you service or product

Give an insight into your product or service. Put in details pertaining to it and the benefits one can enjoy. State the patented, copyright or intellectual property too.

Funding Request

If your small scale business needs funding, clearly state the requirement, along with the goal for the next five years. 

Write if you are looking for debt or equity and the plans you will fulfill with the funding. Also give an insight into your future financial plans. 

Outline Financial Projections

The goal with this segment of a business plan is to convince the reader. Show stability in your business idea and proceed by projecting financial dependability.

In case of an already established business, show the balance sheets, income statements, and other relevant cash inflow statements of the previous three or five years. Include charts and graphs to bring about a clear picture of your business’ financial aspect. The idea is to show that your funding request aligns with your projections. 

For the appendix part, provide extra information and supporting documents. These can include licenses, resumes, permits and patents, images, etc. 

The was a blueprint of traditional business plan. 

Preparing the Lean Startup Format 

The lean startup format is a business plan type if quickly wish to state the agenda of your business, without going too much into the details. Also this type of format is ideal for simple businesses, prone to regular changes and refinements. 

Unlike the traditional business plan, the lean startup uses only some vital elements of your business and showcases them. These elements are ample to show the company infrastructure, financials, customers and value proposition. 

The Business Model Canvas by Alex Osterwalder is the oldest and most popular type of lean startup template.  

The nine elements of the Business Model Canvas are listed below. 

Essential Partnerships

Put in all potential businesses and services your small business will probably work with. Strategically put in suppliers, contractors, partners and manufacturers. 

Vital Resource

Project that key or most lucrative element of your business that can serve as a leverage. This could be either capital, ideas, intellectual property or staff. 

Outline Value Proposition

Show the value your business or company brings to the market. 

Customer Venture

Show the various portals through which customers will engage in your business. State if it would be automated, personal, online or in-person. 

Channel Division

Here you have to outline the many channels through which your small business will make interactions with the customers. 

Target Customers

Pinpoint towards your target audience. Clearly state the the customers your product or service is aimed at. 

Give a detail on what aspect your business will work towards; cost reducing or value maximization. All the many multiple revenue portals should be listed.

This was the lean startup format that you could opt for your small business.

3. Opt for a Suitable Business Location

Deciding the location of your business is very important. It single handedly will determine the success of your business and the taxes regulations and laws which your business becomes liable to follow. 

Your business location must be a strategized step. Keeping in mind the customers, target audience, partners and convenience a business location must be chosen. 

Zoning restrictions and local zoning requirements must be adhered to when establishing an infrastructure or renting one. 

A thorough study of the various taxes (state and local) are decided as per the area your business operates from. Before choosing a business location study deeply the tax landscape of that area. Also there are some specific tax incentives that governments (state, local and federal) provide to businesses. Such information is presented on various government websites and portals open for all. 

4. Pick a Business Name

After selecting a specific name for your business which will also serve as its unique Identity, it is needed to protect it. There is a need to register the business name and there are four different methods of doing so namely- 

• Entity name – this function at the state level and as per your business location and structure entity name becomes mandatory. 
• Trademark – TM offers protection to your business goods services and products at an even bigger National level. trademarked names usage becomes subjective to legal actions. 
• Doing business as (DBA) – this is also known as assumed name, trade name or fictitious name within the boundaries of a particular country, city or state within which a business operates. Using a DBA provide your business with a separate identity from your personal identity. 
• Domain name – for an online business, there is a need to register a domain name , popularly known as a URL or a website address. A specific URL or a domain name is your business is unique identity and cannot be used by anyone. 

5.  Secure Funds 

Funding your small business is the very first financial step to undertake. There are many different ways through which a business can be funded. But a vital step is to get a clear understanding of the funding needed. In the previous step, calculating the business funding cost,  a clear picture of the funds your small scale business need will be out. Based on this, an entrepreneur is free to choose the mode of funding. 

Devising a strategy for funding is necessary. It is a deciding factor for the success of your small scale business. 

If we go by statistics, numbers by SmallBizTrends reveal that 82% of businesses and startups crash to the ground due to poor or lack of funding. 

Round Up Your Business Cost 

You ought to calculate the startup cost that your small business will be requiring. This is a necessary step to solicit funding to attract investors and calculate profits.  

Analysing your business expenses before hand will give you a better insight to –

• Evaluate profit
• Lure in investors
• Procure loans
• Perform an in depth analysis
• Cut cost with tax deduction

Detect Your Business Expenditure

Your small business will belong to either of the three categories – 

• Brick and Mortar Business
• Online Business
• Service Providers

Despite of the above three categories, there are some unavoidable common cost that each business has to incur. The most common ones that suck in funds are infrastructure, insurance, lawyers, accountants, software, equipment, licenses, permits, marketing, advertising and the like. 

Assess Your Expenditure

After listing out all possible expenses, it is essential to calculate their actual outlay. 

Each expense will entail a different procedure or method. There are both certain and well defined costs. As an entrepreneur it is necessary to ascertain expenditures. 

Include all the Expenses

When done individually listing out each expense and the cost they will incur, the final step is to sum up all of it together. This will be done in the form of monthly expenses and one time expenses. 

Monthly expenses are incurred monthly like employee salaries, rent, and bills. Calculating monthly expenses for long term is ideal. Typically assessing five years of monthly expenses will be beneficial. 

One time expenses are simply the initial cost that your small business will require. Such one time expenses include bringing in machinery, equipment, license, permit, etc. 

Adding up both the monthly and one time expenses will display a clear picture of the capital as and when needed. 

Use these Expenses Cost to Secure Funding

For securing funding for your business, a report of all the above monthly and one time costs must be added and presented formally. 

This report must be neat and clearly represent costs. For all investors and lenders, it must serve informative, so that they’re able to make easy comparisons. 

As an entrepreneur, look into all the different ways through which your business can get the funding it needs. 

The following are the most common methods of funding – 

• Bootstrapping – It can be easily understood as self funding. You use your available funds and personal savings to kickstart your business. 
• Venture Capital – these are private equity firms which study your business prospectus and decide accordingly on the various stages they want to invest and raise funding. Your business can get an early stage, seed stage or later stage investment as per the venture capitalist firm you approach. Your business portfolio must be impressive enough to stand out and show growth prospects. VCs are a good option if you are looking to expand and grow your small business. All a venture capitalist firm requires is an equity stake hold or ownership of your company in return for funding. 
• Angel Investors – An Angel investor is affluent personality who decides to invest his capital into your business. In exchange, an entrepreneur would have to give equity position to the angel investor. 
• Crowdfunding – Crowdfunding makes use of various sources to raise capital for your business. There are various crowdfunding platforms online through which people or investors pitch in their capital based on your product, service or venture. In exchange these investors get your product or service at a discounted or free rates. Such crowdfunding platforms are entirely web based. To make your small business profile stand out in crowdfunding spaces, an attractive presentation of your idea is needed. Raising funds through crowdfunding is entirely dependent upon the attractiveness of your business. Such funding platforms are useful as they entail a low risk factor and there is no liability to repay crowdfunders in case of failed business. 
• Small Business Loans – Apart from traditional business loan there are also small business administration loans that you can secure. There are Small Business Investment Company (SBIC), Small Business Innovation Research (SBIR) Program and Small Business Technology Transfer (STTR) Program under the Small Business Administration Investment Programs.  

6. Select a Business Structure

Business structure is the deciding factor for tax payments, provision of funds, and division of responsibilities. prior to register your business with the state it is necessary to conclude with your business structure. 

Grow various types of business structures like a sole proprietorship, partnership, Limited Liability Company (LLC), Corporation  (comprising of s Corp, B Corp, close Corp, non-profit Corp) and Cooperative.

As per your funds and involvement in the business deciding on your business structure will become significantly easy. most small scale businesses start with sole proprietorship or partnership form of business and later expand. each business structure comes with its own set of responsibilities, ownership outlines and  tax liabilities. 

7. Register your Business

It is needed to register your business to make it stand out as a separate legal entity. However, if you are making use of your own personal name there is no need to register your business. Business structure and business location plays a major role in deciding where and how the business must be registered. Most small scale businesses just need to register their business name with state and local governments. Registering your business has its own perks where an entrepreneur gets legal benefits, tax benefits and personal liability protection. 

For trademark protection, small businesses can register with the federal agencies. 

In case of a partnership, Corporation, nonprofit Corporation or LLC , your business should be registered with the state government agencies. The need for a registered agent arises here. This registered agent will represent your company and procure all official and legal documents. 

If your business activities cross state borders, your business might be required to resistor for foreign qualification.  

However there is no rule that entails registering your business with the city or country government. It is only specific licences or permits that are needed from the authorities. 

8. Get Federal and State Tax ID Numbers

These numbers are also called the employer identification number (EIN). It is through this number that your business is able to pay all the taxes, get permits and licences, open a business bank account, and hire employees. 

Federal tax ID is synonymous with employee identification number and is free to apply. 

State tax ID number comes handy in deciding whether or not your business is liable to pay taxes. Each state has its different tax commitments. As a small business entrepreneur you must check with your state government to get started. 

9. Requesting Licences and Permits

Your business activities and business location solely are responsible for the licences and permits it needs to operate successfully and freely. Each state city or country has it onset of licences and permits needed to operate a business. Are responsible entrepreneur must look into these regulations and apply them in a legal manner. Also show some permits and licences have an expiration date which need timely renewal. 

Both Federal and state agencies provide licences and permits. Incase a business is regulated by a federal authority, a federal licence a permit will be mandatory. These licences and permits have a specific fee attached to them which is dependent on your business activities and the issuing agency. 

10. Opening a Business Bank Account

The final step to establish your small scale business is to open a business account to begin the easy to and fro of your money. A business bank account provides safety e compliance and reality that a business needs. By managing the movement of your funds via business bank account there is a hint of professionalism that tags long also the purchasing power can be easily established. 

Pick a bank that offers good deals and comparatively low fees on opening a business bank account. Look out for introductory offers, transaction fees, interest rate (for saving, lines of credit and checking), minimum account balance fees and termination fees when hunting for a bank to open your business account. 

Your employee ID number (EID), all legal business documents, ownership agreements and licences/ permits will be the common documents needed to initiate the process. 

By precisely proceeding in the above manner, it becomes a doable task to start a small scale Business in 2020. 

Snehil Prakash

Snehil Prakash is the Digital Marketer at CuteHR. In addition to marketing, he takes an interest in human resource management, business management, innovation, and startups. He's all about reading, good coffee, and music.

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How to Write a Business Plan: Your Step-by-Step Guide

So, you’ve got an idea and you want to start a business —great! Before you do anything else, like seek funding or build out a team, you'll need to know how to write a business plan. This plan will serve as the foundation of your company while also giving investors and future employees a clear idea of your purpose.

Below, Lauren Cobello, Founder and CEO of Leverage with Media PR , gives her best advice on how to make a business plan for your company.

Build your dream business with the help of a high-paying job—browse open jobs on The Muse »

What is a business plan, and when do you need one?

According to Cobello, a business plan is a document that contains the mission of the business and a brief overview of it, as well as the objectives, strategies, and financial plans of the founder. A business plan comes into play very early on in the process of starting a company—more or less before you do anything else.

“You should start a company with a business plan in mind—especially if you plan to get funding for the company,” Cobello says. “You’re going to need it.”

Whether that funding comes from a loan, an investor, or crowdsourcing, a business plan is imperative to secure the capital, says the U.S. Small Business Administration . Anyone who’s considering giving you money is going to want to review your business plan before doing so. That means before you head into any meeting, make sure you have physical copies of your business plan to share.

Different types of business plans

The four main types of business plans are:

Startup Business Plans

Internal business plans, strategic business plans, one-page business plans.

Let's break down each one:

If you're wondering how to write a business plan for a startup, Cobello has advice for you. Startup business plans are the most common type, she says, and they are a critical tool for new business ventures that want funding. A startup is defined as a company that’s in its first stages of operations, founded by an entrepreneur who has a product or service idea.

Most startups begin with very little money, so they need a strong business plan to convince family, friends, banks, and/or venture capitalists to invest in the new company.

Internal business plans “are for internal use only,” says Cobello. This kind of document is not public-facing, only company-facing, and it contains an outline of the company’s business strategy, financial goals and budgets, and performance data.

Internal business plans aren’t used to secure funding, but rather to set goals and get everyone working there tracking towards them.

As the name implies, strategic business plans are geared more towards strategy and they include an assessment of the current business landscape, notes Jérôme Côté, a Business Advisor at BDC Advisory Services .

Unlike a traditional business plan, Cobello adds, strategic plans include a SWOT analysis (which stands for strengths, weaknesses, opportunities, and threats) and an in-depth action plan for the next six to 12 months. Strategic plans are action-based and take into account the state of the company and the industry in which it exists.

Although a typical business plan falls between 15 to 30 pages, some companies opt for the much shorter One-Page Business Plan. A one-page business plan is a simplified version of the larger business plan, and it focuses on the problem your product or service is solving, the solution (your product), and your business model (how you’ll make money).

A one-page plan is hyper-direct and easy to read, making it an effective tool for businesses of all sizes, at any stage.

How to create a business plan in 7 steps

Every business plan is different, and the steps you take to complete yours will depend on what type and format you choose. That said, if you need a place to start and appreciate a roadmap, here’s what Cobello recommends:

1. Conduct your research

Before writing your business plan, you’ll want to do a thorough investigation of what’s out there. Who will be the competitors for your product or service? Who is included in the target market? What industry trends are you capitalizing on, or rebuking? You want to figure out where you sit in the market and what your company’s value propositions are. What makes you different—and better?

2. Define your purpose for the business plan

The purpose of your business plan will determine which kind of plan you choose to create. Are you trying to drum up funding, or get the company employees focused on specific goals? (For the former, you’d want a startup business plan, while an internal plan would satisfy the latter.) Also, consider your audience. An investment firm that sees hundreds of potential business plans a day may prefer to see a one-pager upfront and, if they’re interested, a longer plan later.

3. Write your company description

Every business plan needs a company description—aka a summary of the company’s purpose, what they do/offer, and what makes it unique. Company descriptions should be clear and concise, avoiding the use of jargon, Cobello says. Ideally, descriptions should be a few paragraphs at most.

4. Explain and show how the company will make money

A business plan should be centered around the company’s goals, and it should clearly explain how the company will generate revenue. To do this, Cobello recommends using actual numbers and details, as opposed to just projections.

For instance, if the company is already making money, show how much and at what cost (e.g. what was the net profit). If it hasn’t generated revenue yet, outline the plan for how it will—including what the product/service will cost to produce and how much it will cost the consumer.

5. Outline your marketing strategy

How will you promote the business? Through what channels will you be promoting it? How are you going to reach and appeal to your target market? The more specific and thorough you can be with your plans here, the better, Cobello says.

6. Explain how you’ll spend your funding

What will you do with the money you raise? What are the first steps you plan to take? As a founder, you want to instill confidence in your investors and show them that the instant you receive their money, you’ll be taking smart actions that grow the company.

7. Include supporting documents

Creating a business plan is in some ways akin to building a legal case, but for your business. “You want to tell a story, and to be as thorough as possible, while keeping your plan succinct, clear, interesting, and visually appealing,” Cobello says. “Supporting documents could include financial projects, a competitive analysis of the market you’re entering into, and even any licenses, patents, or permits you’ve secured.”

A business plan is an individualized document—it’s ultimately up to you what information to include and what story you tell. But above all, Cobello says, your business plan should have a clear focus and goal in mind, because everything else will build off this cornerstone.

“Many people don’t realize how important business plans are for the health of their company,” she says. “Set aside time to make this a priority for your business, and make sure to keep it updated as you grow.”

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How to plan as a small scale business owner: Psychological process characteristics of action strategies and success

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How to Plan as a Small Scale Business Owner: Psychological Process Characteristics of Action Strategies and Success *

A theoretical analysis of individual level planning and action strategies used by small business owners/managers distinguishes five different strategic approaches: Complete (top-down) Planning, Critical Point, Opportunistic, Reactive, and Routine/Habit. Research on 80 owners of small start up firms in the Netherlands showed that, as hypoth

esized, a Reactive Strategy was negatively related to firm success, while a Critical Point Strategy was positively related. The combination of Critical Point and Opportunistic strategies appeared most successful and the combination of Opportunistic and Reactive was found to be least successful.

This study takes a psychological approach to investigate the process characteristics of action strategies used by small scale business owners; these strategy characteristics are then related to the firms' success.The objective of this research is to deepen our understanding of how strategies are used and how the owner/manager's strategy-relevant behavior is related to success in the small business.

Founders of new ventures always follow some strategy to reach their goals, though these strategies are not always highly rational or explicit. Research on business strategy frequently differentiates types of strategy by content and process characteristics (Austin and Vancouver 1997; Dess, Lumpkin, and Covin 1997; Hart 1992; Olson and Bokor 1995; Rajagopolan, Rasheed, and Datta 1993; much and Frese 2000). "Content" specifies which kind of strategy is used-for example, low costs, differentiation, or focus/niche strategies (Porter 1980). On the other hand, "process" refers to how one formulates and implements the strategy content (Olson and Bokor 1995).

This study concentrates on the process of action strategy. In contrast to most strategy process literature which focuses on the firm level, this research investigates the action strategy process as a characteristic of the founder and manager of the firm (Rajagopolan, Rasheed, and Datta 1993). The pervasive influence of founders on their firms and their dominance in making decisions make it possible to assume a high degree of equivalence between the individual and the organizational levels of analysis.

Strategies have been researched in psychology under the topic of thinking and problem solving. Strategy is defined by a plan of action, that is, a sequence of means to achieve a goal (Miller, Galanter, and...

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How To Start A Business In 11 Steps (2024 Guide)

Updated: Apr 7, 2024, 1:44pm

Table of Contents

Before you begin: get in the right mindset, 1. determine your business concept, 2. research your competitors and market, 3. create your business plan, 4. choose your business structure, 5. register your business and get licenses, 6. get your finances in order, 7. fund your business, 8. apply for business insurance, 9. get the right business tools, 10. market your business, 11. scale your business, what are the best states to start a business, bottom line, frequently asked questions (faqs).

Starting a business is one of the most exciting and rewarding experiences you can have. But where do you begin? There are several ways to approach creating a business, along with many important considerations. To help take the guesswork out of the process and improve your chances of success, follow our comprehensive guide on how to start a business. We’ll walk you through each step of the process, from defining your business idea to registering, launching and growing your business .

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The public often hears about overnight successes because they make for a great headline. However, it’s rarely that simple—they don’t see the years of dreaming, building and positioning before a big public launch. For this reason, remember to focus on your business journey and don’t measure your success against someone else’s.

Consistency Is Key

New business owners tend to feed off their motivation initially but get frustrated when that motivation wanes. This is why it’s essential to create habits and follow routines that power you through when motivation goes away.

Take the Next Step

Some business owners dive in headfirst without looking and make things up as they go along. Then, there are business owners who stay stuck in analysis paralysis and never start. Perhaps you’re a mixture of the two—and that’s right where you need to be. The best way to accomplish any business or personal goal is to write out every possible step it takes to achieve the goal. Then, order those steps by what needs to happen first. Some steps may take minutes while others take a long time. The point is to always take the next step.

Most business advice tells you to monetize what you love, but it misses two other very important elements: it needs to be profitable and something you’re good at. For example, you may love music, but how viable is your business idea if you’re not a great singer or songwriter? Maybe you love making soap and want to open a soap shop in your small town that already has three close by—it won’t be easy to corner the market when you’re creating the same product as other nearby stores.

If you don’t have a firm idea of what your business will entail, ask yourself the following questions:

• What do you love to do?
• What do you hate to do?
• Can you think of something that would make those things easier?
• What are you good at?
• What do others come to you for advice about?
• If you were given ten minutes to give a five-minute speech on any topic, what would it be?
• What’s something you’ve always wanted to do, but lacked resources for?

These questions can lead you to an idea for your business. If you already have an idea, they might help you expand it. Once you have your idea, measure it against whether you’re good at it and if it’s profitable.

Your business idea also doesn’t have to be the next Scrub Daddy or Squatty Potty. Instead, you can take an existing product and improve upon it. You can also sell a digital product so there’s little overhead.

What Kind of Business Should You Start?

Before you choose the type of business to start, there are some key things to consider:

• What type of funding do you have?
• How much time do you have to invest in your business?
• Do you prefer to work from home or at an office or workshop?
• What interests and passions do you have?
• Can you sell information (such as a course), rather than a product?
• What skills or expertise do you have?
• How fast do you need to scale your business?
• What kind of support do you have to start your business?
• Are you partnering with someone else?
• Does the franchise model make more sense to you?

Consider Popular Business Ideas

Not sure what business to start? Consider one of these popular business ideas:

• Start a Franchise
• Start a Blog
• Start an Online Store
• Start a Dropshipping Business
• Start a Cleaning Business
• Start a Bookkeeping Business
• Start a Clothing Business
• Start a Landscaping Business
• Start a Consulting Business
• Start a Photography Business
• Start a Vending Machine Business

Most entrepreneurs spend more time on their products than they do getting to know the competition. If you ever apply for outside funding, the potential lender or partner wants to know: what sets you (or your business idea) apart? If market analysis indicates your product or service is saturated in your area, see if you can think of a different approach. Take housekeeping, for example—rather than general cleaning services, you might specialize in homes with pets or focus on garage cleanups.

Primary Research

The first stage of any competition study is primary research, which entails obtaining data directly from potential customers rather than basing your conclusions on past data. You can use questionnaires, surveys and interviews to learn what consumers want. Surveying friends and family isn’t recommended unless they’re your target market. People who say they’d buy something and people who do are very different. The last thing you want is to take so much stock in what they say, create the product and flop when you try to sell it because all of the people who said they’d buy it don’t because the product isn’t something they’d buy.

Secondary Research

Utilize existing sources of information, such as census data, to gather information when you do secondary research. The current data may be studied, compiled and analyzed in various ways that are appropriate for your needs but it may not be as detailed as primary research.

Conduct a SWOT Analysis

SWOT stands for strengths, weaknesses, opportunities and threats. Conducting a SWOT analysis allows you to look at the facts about how your product or idea might perform if taken to market, and it can also help you make decisions about the direction of your idea. Your business idea might have some weaknesses that you hadn’t considered or there may be some opportunities to improve on a competitor’s product.

Asking pertinent questions during a SWOT analysis can help you identify and address weaknesses before they tank your new business.

A business plan is a dynamic document that serves as a roadmap for establishing a new business. This document makes it simple for potential investors, financial institutions and company management to understand and absorb. Even if you intend to self-finance, a business plan can help you flesh out your idea and spot potential problems. When writing a well-rounded business plan, include the following sections:

• Executive summary: The executive summary should be the first item in the business plan, but it should be written last. It describes the proposed new business and highlights the goals of the company and the methods to achieve them.
• Company description: The company description covers what problems your product or service solves and why your business or idea is best. For example, maybe your background is in molecular engineering, and you’ve used that background to create a new type of athletic wear—you have the proper credentials to make the best material.
• Market analysis: This section of the business plan analyzes how well a company is positioned against its competitors. The market analysis should include target market, segmentation analysis, market size, growth rate, trends and a competitive environment assessment.
• Organization and structure: Write about the type of business organization you expect, what risk management strategies you propose and who will staff the management team. What are their qualifications? Will your business be a single-member limited liability company (LLC) or a corporation ?
• Mission and goals: This section should contain a brief mission statement and detail what the business wishes to accomplish and the steps to get there. These goals should be SMART (specific, measurable, action-orientated, realistic and time-bound).
• Products or services: This section describes how your business will operate. It includes what products you’ll offer to consumers at the beginning of the business, how they compare to existing competitors, how much your products cost, who will be responsible for creating the products, how you’ll source materials and how much they cost to make.
• Background summary: This portion of the business plan is the most time-consuming to write. Compile and summarize any data, articles and research studies on trends that could positively and negatively affect your business or industry.
• Marketing plan: The marketing plan identifies the characteristics of your product or service, summarizes the SWOT analysis and analyzes competitors. It also discusses how you’ll promote your business, how much money will be spent on marketing and how long the campaign is expected to last.
• Financial plan: The financial plan is perhaps the core of the business plan because, without money, the business will not move forward. Include a proposed budget in your financial plan along with projected financial statements, such as an income statement, a balance sheet and a statement of cash flows. Usually, five years of projected financial statements are acceptable. This section is also where you should include your funding request if you’re looking for outside funding.

Learn more: Download our free simple business plan template .

Come Up With an Exit Strategy

An exit strategy is important for any business that is seeking funding because it outlines how you’ll sell the company or transfer ownership if you decide to retire or move on to other projects. An exit strategy also allows you to get the most value out of your business when it’s time to sell. There are a few different options for exiting a business, and the best option for you depends on your goals and circumstances.

The most common exit strategies are:

• Selling the business to another party
• Passing the business down to family members
• Liquidating the business assets
• Closing the doors and walking away

Develop a Scalable Business Model

As your small business grows, it’s important to have a scalable business model so that you can accommodate additional customers without incurring additional costs. A scalable business model is one that can be replicated easily to serve more customers without a significant increase in expenses.

Some common scalable business models are:

• Subscription-based businesses
• Businesses that sell digital products
• Franchise businesses
• Network marketing businesses

Start Planning for Taxes

One of the most important things to do when starting a small business is to start planning for taxes. Taxes can be complex, and there are several different types of taxes you may be liable for, including income tax, self-employment tax, sales tax and property tax. Depending on the type of business you’re operating, you may also be required to pay other taxes, such as payroll tax or unemployment tax.

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When structuring your business, it’s essential to consider how each structure impacts the amount of taxes you owe, daily operations and whether your personal assets are at risk.

An LLC limits your personal liability for business debts. LLCs can be owned by one or more people or companies and must include a registered agent . These owners are referred to as members.

• LLCs offer liability protection for the owners
• They’re one of the easiest business entities to set up
• You can have a single-member LLC
• You may be required to file additional paperwork with your state on a regular basis
• LLCs can’t issue stock
• You’ll need to pay annual filing fees to your state

Limited Liability Partnership (LLP)

An LLP is similar to an LLC but is typically used for licensed business professionals such as an attorney or accountant. These arrangements require a partnership agreement.

• Partners have limited liability for the debts and actions of the LLP
• LLPs are easy to form and don’t require much paperwork
• There’s no limit to the number of partners in an LLP
• Partners are required to actively take part in the business
• LLPs can’t issue stock
• All partners are personally liable for any malpractice claims against the business

Sole Proprietorship

If you start a solo business, you might consider a sole proprietorship . The company and the owner, for legal and tax purposes, are considered the same. The business owner assumes liability for the business. So, if the business fails, the owner is personally and financially responsible for all business debts.

• Sole proprietorships are easy to form
• There’s no need to file additional paperwork with your state
• You’re in complete control of the business
• You’re personally liable for all business debts
• It can be difficult to raise money for a sole proprietorship
• The business may have a limited lifespan

Corporation

A corporation limits your personal liability for business debts just as an LLC does. A corporation can be taxed as a C corporation (C-corp) or an S corporation (S-corp). S-corp status offers pass-through taxation to small corporations that meet certain IRS requirements. Larger companies and startups hoping to attract venture capital are usually taxed as C-corps.

• Corporations offer liability protection for the owners
• The life span of a corporation is not limited
• A corporation can have an unlimited number of shareholders
• Corporations are subject to double taxation
• They’re more expensive and complicated to set up than other business structures
• The shareholders may have limited liability

Before you decide on a business structure, discuss your situation with a small business accountant and possibly an attorney, as each business type has different tax treatments that could affect your bottom line.

Helpful Resources

• How To Set Up an LLC in 7 Steps
• How To Start a Sole Proprietorship
• How To Start a Corporation
• How To Start a Nonprofit
• How To Start a 501(c)(3)

There are several legal issues to address when starting a business after choosing the business structure. The following is a good checklist of items to consider when establishing your business:

Choose Your Business Name

Make it memorable but not too difficult. Choose the same domain name, if available, to establish your internet presence. A business name cannot be the same as another registered company in your state, nor can it infringe on another trademark or service mark that is already registered with the United States Patent and Trademark Office (USPTO).

Business Name vs. DBA

There are business names, and then there are fictitious business names known as “Doing Business As” or DBA. You may need to file a DBA if you’re operating under a name that’s different from the legal name of your business. For example, “Mike’s Bike Shop” is doing business as “Mike’s Bikes.” The legal name of the business is “Mike’s Bike Shop,” and “Mike’s Bikes” is the DBA.

You may need to file a DBA with your state, county or city government offices. The benefits of a DBA include:

• It can help you open a business bank account under your business name
• A DBA can be used as a “trade name” to brand your products or services
• A DBA can be used to get a business license

Register Your Business and Obtain an EIN

You’ll officially create a corporation, LLC or other business entity by filing forms with your state’s business agency―usually the Secretary of State. As part of this process, you’ll need to choose a registered agent to accept legal documents on behalf of your business. You’ll also pay a filing fee. The state will send you a certificate that you can use to apply for licenses, a tax identification number (TIN) and business bank accounts.

Next, apply for an employer identification number (EIN) . All businesses, other than sole proprietorships with no employees, must have a federal employer identification number. Submit your application to the IRS and you’ll typically receive your number in minutes.

Get Appropriate Licenses and Permits

Legal requirements are determined by your industry and jurisdiction. Most businesses need a mixture of local, state and federal licenses to operate. Check with your local government office (and even an attorney) for licensing information tailored to your area.

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Open a Business Bank Account

Keep your business and personal finances separate. Here’s how to choose a business checking account —and why separate business accounts are essential. When you open a business bank account, you’ll need to provide your business name and your business tax identification number (EIN). This business bank account can be used for your business transactions, such as paying suppliers or invoicing customers. Most times, a bank will require a separate business bank account to issue a business loan or line of credit.

Hire a Bookkeeper or Get Accounting Software

If you sell a product, you need an inventory function in your accounting software to manage and track inventory. The software should have ledger and journal entries and the ability to generate financial statements.

Some software programs double as bookkeeping tools. These often include features such as check writing and managing receivables and payables. You can also use this software to track your income and expenses, generate invoices, run reports and calculate taxes.

There are many bookkeeping services available that can do all of this for you, and more. These services can be accessed online from any computer or mobile device and often include features such as bank reconciliation and invoicing. Check out the best accounting software for small business, or see if you want to handle the bookkeeping yourself.

Determine Your Break-Even Point

Before you fund your business, you must get an idea of your startup costs. To determine these, make a list of all the physical supplies you need, estimate the cost of any professional services you will require, determine the price of any licenses or permits required to operate and calculate the cost of office space or other real estate. Add in the costs of payroll and benefits, if applicable.

Businesses can take years to turn a profit, so it’s better to overestimate the startup costs and have too much money than too little. Many experts recommend having enough cash on hand to cover six months of operating expenses.

When you know how much you need to get started with your business, you need to know the point at which your business makes money. This figure is your break-even point.

In contrast, the contribution margin = total sales revenue – cost to make product

For example, let’s say you’re starting a small business that sells miniature birdhouses for fairy gardens. You have determined that it will cost you $500 in startup costs. Your variable costs are $0.40 per birdhouse produced, and you sell them for $1.50 each.

Let’s write these out so it’s easy to follow:

This means that you need to sell at least 456 units just to cover your costs. If you can sell more than 456 units in your first month, you will make a profit.

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There are many different ways to fund your business—some require considerable effort, while others are easier to obtain. Two categories of funding exist: internal and external.

Internal funding includes:

• Personal savings
• Credit cards
• Funds from friends and family

If you finance the business with your own funds or with credit cards, you have to pay the debt on the credit cards and you’ve lost a chunk of your wealth if the business fails. By allowing your family members or friends to invest in your business, you are risking hard feelings and strained relationships if the company goes under. Business owners who want to minimize these risks may consider external funding.

External funding includes:

• Small business loans
• Small business grants
• Angel investors
• Venture capital
• Crowdfunding

Small businesses may have to use a combination of several sources of capital. Consider how much money is needed, how long it will take before the company can repay it and how risk-tolerant you are. No matter which source you use, plan for profit. It’s far better to take home six figures than make seven figures and only keep $80,000 of it.

Funding ideas include:

• Invoice factoring: With invoice factoring , you can sell your unpaid invoices to a third party at a discount.
• Business lines of credit: Apply for a business line of credit , which is similar to a personal line of credit. The credit limit and interest rate will be based on your business’s revenue, credit score and financial history.
• Equipment financing: If you need to purchase expensive equipment for your business, you can finance it with a loan or lease.
• Small Business Administration (SBA) microloans: Microloans are up to $50,000 loans that can be used for working capital, inventory or supplies and machinery or equipment.
• Grants: The federal government offers grants for businesses that promote innovation, export growth or are located in historically disadvantaged areas. You can also find grants through local and regional organizations.
• Crowdfunding: With crowdfunding , you can raise money from a large group of people by soliciting donations or selling equity in your company.

Choose the right funding source for your business by considering the amount of money you need, the time frame for repayment and your tolerance for risk.

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You need to have insurance for your business , even if it’s a home-based business or you don’t have any employees. The type of insurance you need depends on your business model and what risks you face. You might need more than one type of policy, and you might need additional coverage as your business grows. In most states, workers’ compensation insurance is required by law if you have employees.

Work With an Agent To Get Insured

An insurance agent can help determine what coverages are appropriate for your business and find policies from insurers that offer the best rates. An independent insurance agent represents several different insurers, so they can shop around for the best rates and coverage options.

Basic Types of Business Insurance Coverage

• Liability insurance protects your business against third-party claims of bodily injury, property damage and personal injury such as defamation or false advertising.
• Property insurance covers the physical assets of your business, including your office space, equipment and inventory.
• Business interruption insurance pays for the loss of income if your business is forced to close temporarily due to a covered event such as a natural disaster.
• Product liability insurance protects against claims that your products caused bodily injury or property damage.
• Employee practices liability insurance covers claims from employees alleging discrimination, sexual harassment or other wrongful termination.
• Workers’ compensation insurance covers medical expenses and income replacement for employees who are injured on the job.
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Business tools can help make your life easier and make your business run more smoothly. The right tools can help you save time, automate tasks and make better decisions.

Consider the following tools in your arsenal:

• Accounting software : Track your business income and expenses, prepare financial statements and file taxes. Examples include QuickBooks and FreshBooks.
• Customer relationship management (CRM) software : This will help you manage your customer relationships, track sales and marketing data and automate tasks like customer service and follow-ups. Examples include Zoho CRM and monday.com.
• Project management software : Plan, execute and track projects. It can also be used to manage employee tasks and allocate resources. Examples include Airtable and ClickUp.
• Credit card processor : This will allow you to accept credit card payments from customers. Examples include Stripe and PayPal.
• Point of sale (POS) : A system that allows you to process customer payments. Some accounting software and CRM software have POS features built-in. Examples include Clover and Lightspeed.
• Virtual private network (VPN) : Provides a secure, private connection between your computer and the internet. This is important for businesses that handle sensitive data. Examples include NordVPN and ExpressVPN.
• Merchant services : When customers make a purchase, the money is deposited into your business account. You can also use merchant services to set up recurring billing or subscription payments. Examples include Square and Stripe.
• Email hosting : This allows you to create a professional email address with your own domain name. Examples include G Suite and Microsoft Office 365.

Many business owners spend so much money creating their products that there isn’t a marketing budget by the time they’ve launched. Alternatively, they’ve spent so much time developing the product that marketing is an afterthought.

Create a Website

Even if you’re a brick-and-mortar business, a web presence is essential. Creating a website doesn’t take long, either—you can have one done in as little as a weekend. You can make a standard informational website or an e-commerce site where you sell products online. If you sell products or services offline, include a page on your site where customers can find your locations and hours. Other pages to add include an “About Us” page, product or service pages, frequently asked questions (FAQs), a blog and contact information.

Optimize Your Site for SEO

After getting a website or e-commerce store, focus on optimizing it for search engines (SEO). This way, when a potential customer searches for specific keywords for your products, the search engine can point them to your site. SEO is a long-term strategy, so don’t expect a ton of traffic from search engines initially—even if you’re using all the right keywords.

Create Relevant Content

Provide quality digital content on your site that makes it easy for customers to find the correct answers to their questions. Content marketing ideas include videos, customer testimonials, blog posts and demos. Consider content marketing one of the most critical tasks on your daily to-do list. This is used in conjunction with posting on social media.

Get Listed in Online Directories

Customers use online directories like Yelp, Google My Business and Facebook to find local businesses. Some city halls and chambers of commerce have business directories too. Include your business in as many relevant directories as possible. You can also create listings for your business on specific directories that focus on your industry.

Develop a Social Media Strategy

Your potential customers are using social media every day—you need to be there too. Post content that’s interesting and relevant to your audience. Use social media to drive traffic back to your website where customers can learn more about what you do and buy your products or services.

You don’t necessarily need to be on every social media platform available. However, you should have a presence on Facebook and Instagram because they offer e-commerce features that allow you to sell directly from your social media accounts. Both of these platforms have free ad training to help you market your business.

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To scale your business, you need to grow your customer base and revenue. This can be done by expanding your marketing efforts, improving your product or service, collaborating with other creators or adding new products or services that complement what you already offer.

Think about ways you can automate or outsource certain tasks so you can focus on scaling the business. For example, if social media marketing is taking up too much of your time, consider using a platform such as Hootsuite to help you manage your accounts more efficiently. You can also consider outsourcing the time-consumer completely.

You can also use technology to automate certain business processes, including accounting, email marketing and lead generation. Doing this will give you more time to focus on other aspects of your business.

When scaling your business, it’s important to keep an eye on your finances and make sure you’re still profitable. If you’re not making enough money to cover your costs, you need to either reduce your expenses or find ways to increase your revenue.

Build a Team

As your business grows, you’ll need to delegate tasks and put together a team of people who can help you run the day-to-day operations. This might include hiring additional staff, contractors or freelancers.

Resources for building a team include:

• Hiring platforms: To find the right candidates, hiring platforms, such as Indeed and Glassdoor, can help you post job descriptions, screen résumés and conduct video interviews.
• Job boards: Job boards such as Craigslist and Indeed allow you to post open positions for free.
• Social media: You can also use social media platforms such as LinkedIn and Facebook to find potential employees.
• Freelance platforms: Using Upwork, Freelancer and Fiverr can help you find talented freelancers for one-time or short-term projects. You can also outsource certain tasks, such as customer service, social media marketing or bookkeeping.

You might also consider partnering with other businesses in your industry. For example, if you’re a wedding planner, you could partner with a florist, photographer, catering company or venue. This way, you can offer your customers a one-stop shop for all their wedding needs. Another example is an e-commerce store that partners with a fulfillment center. This type of partnership can help you save money on shipping and storage costs, and it can also help you get your products to your customers faster.

To find potential partnerships, search for businesses in your industry that complement what you do. For example, if you’re a web designer, you could partner with a digital marketing agency.

You can also search for businesses that serve the same target market as you but offer different products or services. For example, if you sell women’s clothing, you could partner with a jewelry store or a hair salon.

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To rank the best states to start a business in 2024, Forbes Advisor analyzed 18 key metrics across five categories to determine which states are the best and worst to start a business in. Our ranking takes into consideration factors that impact businesses and their ability to succeed, such as business costs, business climate, economy, workforce and financial accessibility in each state. Check out the full report .

Starting a small business takes time, effort and perseverance. But if you’re willing to put in the work, it can be a great way to achieve your dreams and goals. Be sure to do your research, create a solid business plan and pivot along the way. Once you’re operational, don’t forget to stay focused and organized so you can continue to grow your business.

How do I start a small business with no money?

There are several funding sources for brand-new businesses and most require a business plan to secure it. These include the SBA , private grants, angel investors, crowdfunding and venture capital.

What is the best business structure?

The best business structure for your business will depend entirely on what kind of company you form, your industry and what you want to accomplish. But any successful business structure will be one that will help your company set realistic goals and follow through on set tasks.

Do I need a business credit card?

You don’t need one, but a business credit card can be helpful for new small businesses. It allows you to start building business credit, which can help you down the road when you need to take out a loan or line of credit. Additionally, business credit cards often come with rewards and perks that can save you money on business expenses.

Do I need a special license or permit to start a small business?

The answer to this question will depend on the type of business you want to start and where you’re located. Some businesses, such as restaurants, will require a special permit or license to operate. Others, such as home daycare providers, may need to register with the state.

How much does it cost to create a business?

The cost of starting a business will vary depending on the size and type of company you want to create. For example, a home-based business will be less expensive to start than a brick-and-mortar store. Additionally, the cost of starting a business will increase if you need to rent or buy commercial space, hire employees or purchase inventory. You could potentially get started for free by dropshipping or selling digital goods.

How do I get a loan for a new business?

The best way to get a loan for a new business is to approach banks or other financial institutions and provide them with a business plan and your financial history. You can also look into government-backed loans, such as those offered by the SBA. Startups may also be able to get loans from alternative lenders, including online platforms such as Kiva.

Do I need a business degree to start a business?

No, you don’t need a business degree to start a business. However, acquiring a degree in business or a related field can provide you with the understanding and ability to run an effective company. Additionally, you may want to consider taking some business courses if you don’t have a degree to learn more about starting and running a business. You can find these online and at your local Small Business Administration office.

What are some easy businesses to start?

One of the easiest businesses to start also has the lowest overhead: selling digital goods. This can include items such as e-books, online courses, audio files or software. If you have expertise in a particular area or niche, this is a great option for you. Dropshipping is also a great option because you don’t have to keep inventory. You could also buy wholesale products or create your own. Once you create your product, you can sell it through your own website or third-party platforms such as Amazon or Etsy.

What is the most profitable type of business?

There is no one answer to this question because the most profitable type of business will vary depending on a number of factors, such as your industry, location, target market and business model. However, some businesses tend to be more profitable than others, such as luxury goods, high-end services, business-to-business companies and subscription-based businesses. If you’re not sure what type of business to start, consider your strengths and interests, as well as the needs of your target market, to help you choose a profitable business idea.

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Katherine Haan is a small business owner with nearly two decades of experience helping other business owners increase their incomes.

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1. FREE 26+ Sample Small Business Plan Templates in Google Docs

   

2. 37 Small Scale Business Ideas for Beginner Entrepreneurs

   

3. How To Write A Small Scale Business Plan

   

4. Small Business Plan Templates

   

5. Free Small Business Plan Templates

   

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COMMENTS

1. How To Scale Your Small Business in 6 Steps

   3. Hire strategically. Scaling up means you may no longer be able to do everything yourself, or with whoever you've recruited so far to make your business work. Katie says Pantee has been running for the last year or so with just her and her sister as full-timers, supported by contractors.

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   7. Focus the company's offerings. Companies with a main priority of growth—as opposed to scale—focus on bringing in as much revenue as possible, often casting a wide net with company offerings and targeted customers. This approach can drive initial revenue, but often poses risks to long-term growth and scalability.

4. Scaling A Business: Best Strategies To Use And Mistakes To Avoid

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   Focus on risk reducers. Increase bookings. Find your ideal customer. Optimize for the buyer. Don't hire salespeople too early. 1. Identify milestones. To do this -- and do it well -- Skok recommends linking capital with each phase of your company's growth. Begin by identifying when you'll run out of cash.

6. How to scale a small business: 11 tips and common mistakes

   Build a strong team and hire the right people. Standardize processes. Define what scaling a business means to you. Create an actionable plan. Spread the word about your business. Outsource and hire freelancers. Keep an eye on the competition. Network. Measure results and course-correct when needed.

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   1. Develop A Clear Growth Strategy. A clear growth strategy is essential for scaling your business. You may decide to expand your product or service offerings, enter new markets, or develop ...

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   Ahead, find six tips on how to scale a business smartly, offered up by our panel of business owners, advisors, and experts. 1. Evaluate your finances. As you well know from launching and running your business in the first place, it takes money to make money. The same cliche (but a true one) holds when ushering your business into the next phase ...

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    However, the process becomes much more manageable and attainable when you break it down into simple, actionable steps. By following these nine steps, you can confidently start scaling your business. 1. Set clear goals. (Source: HubSpot) Setting clear goals is the true foundation of successful business scaling.

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    5. Consistently market your biz. To attract more customers on a regular basis, you'll need to leverage marketing tools like social media, content marketing, podcasts, advertising, and more. The better you establish your brand as a leader in your industry, the easier it will be to attract new customers.

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    3. Freelance writer. As a freelance writer, you'll produce blog posts, research documents, white papers, and other types of written content. You can work for websites, magazines, online journals, newspapers, and other businesses. Consider starting this small-scale business if you enjoy writing and researching. 4.

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    Remember, the goal is to start a business for cheap, and a certification can have a high ROI after you book your first few clients for garden design. 3. Travel Planner. The time of the travel agent might be passing, but people are still looking for those with a knack for more nontraditional travel coordination.

21. Your go-to checklist for starting a small business (+ free download

    Getting a small business off the ground is no easy feat. So we've put together this step-by-step guide (and that free checklist to start a small business we were talking about) to walk you through the process. 1. Come up with a business idea. Every business starts with an idea.

22. 10 Steps to Start a Small Scale Business

    Scan all possible (major and minor), competitors. Keep an eye on the target market. When establishing your small scale business in 2020, the goal should be to make it as unique as possible. Make the idea appealing and selling to the customers. Create a niche for yourself in the competitive market.

23. How to Write a Business Plan: Step-by-Step Guide

    2. Define your purpose for the business plan. The purpose of your business plan will determine which kind of plan you choose to create. Are you trying to drum up funding, or get the company employees focused on specific goals? (For the former, you'd want a startup business plan, while an internal plan would satisfy the latter.)

24. How to Start a Business: Steps to Start Up a Business

    2. Write a Business Plan. A business plan is where you plan out your business's future objectives and how you will achieve them. Think of it as your guide for success and any potential roadblocks you may face. Your plan should show you're looking three to five years ahead, and include markers for milestones along the way. You need a ...

25. How To Start A Small Business At Home (2024 Guide)

    File IRS Form SS-4 To Obtain an EIN. An Employer Identification Number (EIN) is needed for businesses that have employees or have excise tax reporting obligations. The process of obtaining an EIN ...

26. How to Scale Your Business

    Growing a business requires time, planning, and focus, which are often lacking for busy business owners. You don't have to do it on your own. Join our webinar and discover the 5 essential steps to scale your business. Join our expert presenter, Andrew Frazier, as he guides you through the 5 essential steps for business growth. He will help you assess your business stage, understand your ...

27. How to plan as a small scale business owner:

    This study takes a psychological approach to investigate the process characteristics of action strategies used by small scale business owners; these strategy characteristics are then related to the firms' success.The objective of this research is to deepen our understanding of how strategies are used and how the owner/manager's strategy-relevant behavior is related to success in the small ...

28. Small business growth: Which stage are you at?

    From 2022-2023, there was a 2% increase in registered businesses in the construction sector according to the Australian Bureau of Statistics. We know that the early days for creating a small business are different for every owner, and especially tradies who are transitioning away from the tools and into management.

29. How To Start A Business In 11 Steps (2024 Guide)

    The best way to accomplish any business or personal goal is to write out every possible step it takes to achieve the goal. Then, order those steps by what needs to happen first. Some steps may ...

30. Gist of S. Korea's H2 economic policy plan

    Supporting small merchants, ordinary people-- Extending support for small merchants' business management expenses-- Promoting corporate scale-up projects, supporting small businesses' exports

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