When is the best time to upscale your business??

6 replies
Hey,

So at some point you have to make a decision whether your happy being at the level your at or your ready to take a big leap of faith and upscale or expand your business empire but what do you need to consider before making a decision?

I'm at that stage right now.... Its been something I've been considering for a few weeks now and I would appreciate some opinions...

I have 2 income streams both are stable and I'm regularly receiving a decent amount of residual income($4600). I have strong understanding of affiliate marketing and I have experience in produce engaging blogs. The feeling I'm getting right now is that I'm ready and its now or never but everytime I go to do it something is holding me back....

I need some clarity and the only way I can get that is having some sound advice from you guys.

I would appreciate your feedback warriors


Owen
#business #time #upscale
  • Profile picture of the author Marked09
    If you already have a complete plan then go for it! Scale up slowly and test everything a lot.

    Scaling up requires certain amount of time and money and to be honest doing that would not guarantee that it will make your business better. That is why it is recommended you create solid business plan. Define how much money you are willing to lose and most importantly you have to know to yourself how much work are you willing to put in.

    It is not important if you scale up on a massive speed but what's important is you can keep up with the work and money your business requires. When you decide to scale up and figure that it is not what you want then you'll just end up wasting your money and time.
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  • Profile picture of the author Alexa Smith
    Banned
    I think you always have options.

    My own main business model has always been one that hasn't involved any financial risk in trying to "scale it up", only a risk in terms of time/effort, so I probably have no direct experience of what you're looking at. The only times I've had a decision to make that's really been "similar" in any way, I think, were my decision to start a little "domaining" business on the side (which needed very little capital, and I got lucky with it, with hindsight) and my decision to employ VA's (which I postponed for much too long, putting it off because I knew that in the short term it would be both difficult and very time-consuming to find, incentivize and train reliable people who would stay with me long-term).

    Essentially, I think you have to choose between investing heavily/more heavily in your existing business, or diversifying into something completely different (which also has its attractions, to many of us?).

    Also: there are always "opportunity-cost considerations" to consider, because you have to try to look at and assess the lost potential from possibilites (a) and (b) when you choose possibility (c). Which isn't always easy, to put it mildly.

    Not so easy to say a lot more without knowing more about your exact situation ...

    Are you thinking about something like new/different paid traffic sources for an existing business, or diversifying the business from one "business model" into another one as an additional project?

    An additional thought: if you're thinking about "adding paid traffic" to your business, I'd suggest that you're careful about any assumptions as to how "scalable" things can be. With PPC traffic, for example, I found that there are often various "concealed reasons" why some avenues may not be as scalable as they're widely assumed to be (for example, some markets are not infinitely elastic).

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  • Profile picture of the author alvinhy
    Once you have everything automated, scale up.

    Set out different factors of your business and scale from there.
    Go slowly though, because if you scale too fast you can be overwhelmed by all the work needed.

    But really congrats on your success!
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  • Profile picture of the author EPoltrack77
    yeah, thats the whole idea. Compound growth! You should always be looking at ways to grow and upscale and reinvest that money into ideas.

    How do you stay ahead of your competition in the marketplace? Provide more value than anybody else! Upscale

    just my to thoughts...

    my eggs are boiling. making some egg salad. I enjoy cooking
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    Working to achieve higher results...
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    • Profile picture of the author oWEN tEBB
      Hi

      Thank you all for the great advice you provided me so far. Just to make myself clear because I was a bit vague with some details, I think I will investigate another method. At the moment eBay is looking rather attractive to me and from my investigation it can be very profitable.

      Have any of you had any experience with making money from eBay?

      I have already setup an action plan, staying true to myself and keeping things realistic. Even though I haven't been in the industry long.... 6months and counting. I.m not naive to thing I'm going to make loads of money straight away and the hard work is ahead of me.

      After reflecting I suppose the thing that stopping me is the fear of failing. Where as my other 2 businesses has done reasonably we'll I fear that my lack of understanding of the eBay model scares me a bit. However it's the one model that excites me, so how can I over the fear?

      One thing I won't do is throw in a lot of money into until I'm making a profit, I believe this is sensible approach.

      I really appreciate the time you spent in replying back to my questions

      Owen
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  • Profile picture of the author Joseph Villanueva
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    • Profile picture of the author oWEN tEBB
      So my approach of not investing more 50% of my current monthly income until I make profit not a sensible approach?
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