You can be part of the $100 million club, here’s how…

October 19, 2022 | Sakshi Sharma

Do you ever dream of owning a million-dollar company? Well, stop dreaming because you can do better than that. With a few tips to help you scale your online business, you can actually live that dream.

As your business takes flight, it will begin growing quarterly or annually, sometimes so fast that you can’t keep pace with your customers’ demand and sometimes reach a plateau.

The way to growth endurance is through a business scaling strategy for which you need to plan ahead by setting realistic quarterly or annual goals. A few components to factor into your plan are your eCommerce platform, shipping, and fulfillment, human resources, expansion to offline storefronts, and selling internationally.

Funding and resources

The next important step in scaling to $100 million is getting funding and collateral for your online small business. There are many companies that specialize in helping small businesses grow like Capital Factory, an Austin co-working space for entrepreneurs in Texas, which has a free Accelerator program to help startups. Also, Brex offers interest-free financing.

Having direct insight into your analytics will help you monitor your performance, provide a stronger pitch to investors and confidently splurge on updated technology.

As you grow, you will need to pull in more human and technical resources. For example, an SEO writer or freelancer will make sure you rank high in the search engines or a social media manager to engage your target audience on Instagram or LinkedIn or add a Drift bot on your website to attend to customer calls around the clock.

Also, investing in technology is an integral component when you want to scale your online business and make it the most-reviewed to build traffic.

Strategize to eCommerce success

Consistently producing quality work is no longer enough to get ahead. What you really need is the best software and strategies to give customers value for their money.

You can start by defining a specific specialized niche that can attract higher-paying clients. Quick keyword research using an app like Ubersuggest can help you assess the competition and the need. Once you have decided on your specialty, streamline your web development flow for smoother efficiency and multiple project use. All-in-one platforms like Duda are recommended.

WordPress that supports plugins can help you customize the back end to maintain brand awareness and foster loyalty amongst clients. A simple communication and collaborative tool like Trello can bring the team to one page by setting deadlines, sharing files, and helping them interact within the platform. Other options are Google Drive with its cloud-sharing service.

Finally, social media branding and a good online marketing campaign will help you scale a website design and development company and set yourself up as the leader of the pack.

Growth hacks are the way forward

Among online business ideas, remember online business hacks drive eCommerce. With a single-minded focus on growth, you can use emails, campaigns, and pop-ups to drive online sales. For example, customers love hearing from other buyers about their experience with a product before making a purchase. So, add more testimonials and customer reviews throughout your online store or in ads and newsletters.

Writing guest posts on other blogs with a link back to your own blog can also reel in new customers. Personalized thank you cards to new customers keep them happy and motivate them to promote your brand on social media, also bringing in more traffic.

You don’t need an advanced degree to start an online business or figure out how can I make a $100m business. However, working knowledge of internet technology like cloud computing can come in handy.

Cloud effect

The cloud business model allows individuals, corporates, and even government agencies to store and process information at data centers through remote access. There are four types of cloud computing infrastructure: Public Cloud, Private Cloud, Hybrid Cloud, and Community Cloud.

Additionally, when scaling your business, you can choose the world’s best cloud business model suited to your needs and budget, but remember, its biggest risk is data security as the information is stored in a third-party service provider’s system.

At the other end of the spectrum, you set up email automation. This allows you to create one-size-fits-all messages to send users who are beginning to lose interest. This kind of marketing automation helps address their grievances, analyze their feedback, and ‘save’ these uninterested or ambivalent customers.

The numbers game

To set up a million-dollar company you need to invest a certain number of dollars too. How much you can afford to acquire a customer depends on how much your products and services cost, the lifetime sales value of your customer, what other costs you incur to sell and service the customer, and your target profit margin. Advanced cost-per-lead calculators would also take into consideration inflation and additional sales opportunities you might have through referrals.

To keep it simple, your cost-per-lead is the total marketing spend divided by the total number of new leads.

The other number you need to calculate when scaling to $100 million is your cost-per-sale which you get by dividing your total costs by your total revenue from sales.

According to The Hill, there are 582 million entrepreneurs in the world and with a Global Entrepreneurship Index (GEI) of 83.6, the US is the best country for them, followed by Switzerland, Canada, the UK, and Australia. Tracking and following some of this information you too can get an idea of how you grow a multi-million dollar business and add to the statistics.

Finally, don’t miss the most essential part of developing your online business. An engaging website is imperative to scale it up. You need specialists to accomplish this task. And that’s why we are here. Our senior web developers have a reputation to help businesses take that quantum leap. Write an email at team@sdi.la or call us at +1.408.621.8481.

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