Ready to take your business to the next level? This article is a three-step guide to scale your business.
What is business scalability? It is the ability for a business to increase profit margin percentages exponentially as sale volumes increase. Investors and founders love it because as your business grows, so does your profit margins by maximising people and resources. At Legal Enablers, we help you to scale by guiding you through choosing the right structures and agreements to meet your business plans.
1- Select a business model which is scalable
- Develop repeatable business processes to streamline production and improve customer experience.
- Build trusted relationship with suppliers.
- Automate business processes to reduce overheads.
- Find revenue streams which do not require additional labour hours.
2- Create intellectual property and systems to solve real-world problems and build goodwill and brand trust. Set your mission and values so that as the business grows, it keeps true to the cause. Document your processes and register your intellectual property.
3- Scale your business:
There are multiple ways to scale your business including-
a- Scale your operations (following no 1 above), marketing and distribution networks.
b- Create affiliate relationships- Here, you pay a commission to people or businesses to recommend your products that lead to a sale - usually via an affiliate link.
c- License your intellectual property- In licensing, a company pays you royalties the for the right to use your branding, manuals, programs, patents or designs in their business for a period of time. License agreements can be flexible in nature and a fantastic collaboration tool.
d- Franchise your business- In franchising, other people invest in the right to distribute your business' products or services to the public for a period of time in a specific location using your branding and business processes.
Legal Enablers is ready to help your business grow. Book in an appointment today on calendly.com/carolinem
Should you have any questions, please do not hesitate to contact Caroline Mense from our office on carolinem@legalenablers.com (03) 8691 3128 for all of your intellectual property and commercial law needs.
Kind regards, The Legal Enablers Team
Disclaimer- this article is general information only and not tailored to your unique circumstances. It is not legal advice nor financial advice. For tailored advice consult Legal Enablers and your accountant.
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