Scalability. Smart entrepreneurs and venture capitalists look for this. Web Architects build bigger, faster and more reliable websites with this in mind. The truth is not every business can scale up and handle rapid growth. This article offers a few basic ways to scale up a business if you want to grow it 10 times bigger.
If you want to know if your business has the potential to scale up, ask yourself if it could be 10 times the size it is now, and still maintain or grow its profit margin.
As you contemplate what it would take to be 10 times bigger, consider these basic ways to scale up a business:
Geographic scalability – Will your business concept work in another city?
Horizontal scalability – Do you have a brand that resonates with a specific audience? If so, you may have the raw material to scale up your business by selling more things to your existing customers.
Vertical scalability – If your existing infrastructure (staff, machinery, office space) could handle more customers without adding much to your variable costs, you have the ability to scale vertically.
Cultural scalability – If your idea works in one culture, will it achieve the same success in other cultures?