4 Tech Tips For Making An Online Business More Scalable
In the cut-throat world of tech startups, too much of the prevailing business advice out there is focused on avoiding failure.
Granted, tech startups fail at much higher rates than other types of businesses, with 63% going bust within a few years.
While it is important to understand the mistakes that cause your competitors to fail, it is also crucial that you are prepared for success. This is where scalability comes in. Scalability is the potential for your business to respond to growth by adapting.
Scalability describes a business model that is instantly able to meet the rising demand for your products by scaling up its infrastructure accordingly. Without a scalable business model, your company will become an unfortunate victim of its own success. With that in mind, here are four must-follow tech tips to make your online business more scalable.
Get Your Cash in Order
Believe it or not, success costs money. That’s why you should always make sure you have solid growth funding plans for when it is time to scale up. This is especially true if you have been “bootstrapping”, or funding your business with your own resources. Consider tech startup accelerator groups that can give you the financial injection you need to reach the next level of your business journey.
Have a Diverse Payment Architecture
This one might sound minor, but it’s incredibly important. If you cannot give your potential customers, both domestic and international, the opportunity to pay for your goods and services how they want to, you will struggle to grow.
A company’s payments architecture is what industry review sites often assess digital platforms on. This applies to all industries, from financial to entertainment. For example, the e-commerce industry relies very heavily on the appeal of offering several payment methods. This can also be seen in the iGaming industry, this third-party guide to the best online casino bonuses specifically ranks online casino platforms on the range of payment platforms they can offer to customers who might want to make a deposit. Basically, the more payment options you have, the better. That way you can reach more customer bases and use it to build a reputation of providing a great service.
Automate Where You Can
Automation might sound like a consideration only for those with deep pockets, but this is not true. If you run any kind of customer-facing tech platform, there will be components that you can automate for free or on the cheap. For example, you can use email newsletter automation software to provide bespoke email marketing messages to your growing customer base. You could also make use of CRM software such as PipeDrive to automate your sales process. As your business grows, the ability to save resources by automating will prove key to your success.
Consider Licensing and Franchising
If you find that your company is particularly successful, you should consider licensing and franchising to others. This will take some of the workload off your shoulders and allow your company to grow with less effort. To take a non-tech example, McDonald’s makes billions of dollars a year through its franchising agreement, where others pay the mothership to open and run a branch of McDonald’s with their own resources. This is definitely the most cost-effective way to scale up.
Scalability is all about meeting the challenges of growth head-on. Follow these tips to build a truly successful business.