The 2 Types of Scaling (And Which One Your Business Needs)
There are two types of scaling your business – and the business world often throws them around interchabably. It’s time we distinguish these two meanings and use them effectively to scale your business to 7 figures!
2 Types of Scaling: Definition #1
The first definition is “to climb up and over to reach a certain height.” This is like when you do something for the first time, or you figure out what works in order to reach your first 6 figures. You’re literally climbing one step at a time- testing different grips and footholds, and trying not to look back or look down. Your journey to 6 figures involves trying different strategies, offers, niches, messaging and more to see what works.
This is the DIY phase of scaling. You may not realize that you’re adding too much to your plate and it’s weighing you down. In this phase you are likely hustling to make progress.
2 Types of Scaling: Definition #2
The second definition is “to increase in proportional dimension.” Doing more what already works, and creating repeatable results. This is the phase that will get you to 7 figures.
I use the STAR Method to help my clients scale to 7 figures:
S – Systems – Creating and documenting systems that work and can be repeated over and over.
T – Team – Entrusting others to run various aspects of your business.
A – Automation – Getting the right tools in place that save you and your team time.
R – Recurring Revenue – Building the safety net of ongoing revenue that you can rely on.
It’s important to know what stage you are in. Using scaling strategies that don’t match where you are will keep you stuck. Think of the first phase as “addition” and the second phase as “multiplication.” Remember that during the first phase, you’re still trying to figure out what works. If you use the second phase strategies here, you’re multiplying by zero. Hence, you’ll get zero results! One of the common mistakes of entrepreneurs is implementing advanced strategies too soon in their business.
Once you’re ready to implement the second phase, you can start multiplying but not by using the first phase strategies. It’ll be like constantly adding zeros and hoping to see growth in your business. If you continue to hustle, you’re going to burnout because it’s not getting you where you want to go.'You need to know where you are in your business, and make sure that you're implementing the strategies that match the stage of scaling that you're in.' - Kathryn Binkley #theelevateeffectClick To Tweet
Listen to today’s episode of The Elevate Effect™ podcast to find out how to transition to the 2nd, more effective way of scaling your business!
- Glean from our library of CEO resources at kathrynbinkley.com
- Connect more with Kathryn on Instagram!
Listen + Subscribe on Apple Podcasts or Stitcher!
We’d greatly appreciate a podcast rating and review so we can reach more entrepreneurs like you!
- Search for the podcast in your podcast app (The Elevate Effect™)
- Scroll down and click 5 stars
- Tap “Write a Review” & enter a brief review
- Press send