No I am not talking about some weird term related to cooking fish. This is a business term. Have you heard of it?
The word “scaling” or “scalable” gets thrown around quite often in the online business space and for good reason since one of the greatest perks of having an online business is its relative ease of “scaling” your business.
For anyone looking for a technical definition:
Scalability is the capability of a system, network, or process to handle a growing amount of work, or its potential to be enlarged in order to accommodate that growth.
Here is what you need to know about scaling…
Scaling a business is simply a term used to describe growing a business. That’s pretty much it.
If you want to take your $50,000 a year business and turn in to a $500,000 a year business – you got some scaling to do.
The type of business model that you have will largely determine how easy or difficult it will be to scale your business and potentially reach those loft goals.
Business Models Made to Scale & Those Not Made to Scale
- If you mostly sell digital info-products that once created are sold in an automated way, the sky is the limit in terms of how much you can scale your business.
- If you have a software or app business, you also can easily scale your business.
- If you are a personal coach or mentor, you will have a very hard time scaling your business because to take on more business means more of your time – a business growth killer.
- If you are a service provider, you too will have the same problem…limited by your own amount of free time.
You see the trend?
The more your products can sell in an automated manner the more you’ll be able to scale your business.
The whole idea and goal behind scaling your business is to be able to make much more money without taking much more of your time.
So when you are considering what types of products to put together, keep this article in mind and choose wisely.
You won’t just want to think of what products might work right now, but what products will continue to make you sales again and again with minimal extra work on your end.
Next up – the different ways you can scale your online business!