Building a successful startup business can be extremely rewarding. It does come with its challenges but if you’re one of the few that proves themselves profitable, it may be time that you transition into becoming a fully-fledged scaleup.
If you’re not sure what a scaleup business actually is, it’s a term for a small business growing around 20% year on year that is looking to build further on their current model and expand as a whole. If you are growing business, this success is often accompanied by some challenges and potential pitfalls if thorough research hasn’t been done. Today, we’re going to be detailing a few elements around how to ensure the transition from startup to scaleup is as smooth as possible.
Create a place people want to work
When your business is growing, naturally you’ll need to hire more people. Creating a place where people want to enjoy and refine their craft is essential when you need to attract and retain talent. This can be a tricky one to pull off, especially in the Tech industry with many companies competing to create great workspaces for their employees. We suggest at a flexible office environment where your team can reap a series of benefits including; break out spaces, a vibrant atmosphere, an onsite cafe, and even a wellbeing programme. Not only this, but these spaces provide the opportunity to network with like-minded individuals which could be essential in attracting and retaining new hires.
At Accelerate Places we offer just that. We put flexibility at the heart of how we design our spaces, as we understand the number one need for high-growth businesses is removing the barriers to expansion.
Don’t deviate from your core purpose
When you’re scaling your business there’s a tendency to expand your product portfolio and create multiple revenue streams. While diversification is tempting, focusing on the core of your offering could actually be more beneficial. This focus will provide clarity on why you are succeeding in the niche you’re in. Whether you set out to solve a unique problem or are at the cutting edge of tech development, your customers go to because you are the best at what you do, not because you offer other bells and whistles and dilute your offering.
Develop through events
Events can be key to your companies growth, offering the opportunity for you and your staff to develop, network and gain crucial connections that can accelerate the rate at which you can scale up your startup. If you ever get the opportunity to orate at events then you should definitely take the chance, as it will be a great channel to raise your profile and gain a reputation as a leader in your industry. With our stunning events and spaces, Accelerate Places can help you host and create the best events to help you evolve your business.
Find the funding
Funding is often essential when growing a business, especially if you want to scale fast. There are a variety of ways to do this such as venture capital, crowdfunding, entering an incubator and even receiving government funds. A lot of research needs to go into what funding will be best for you not just for now, but as your business takes off in the future.
While funding is at its core, is all about sourcing additional financial investment, you might also want to consider the people behind the funding. Take venture capital, for example, you need to make sure you are aligning your goals with the investors because otherwise, there could be severe clashes which ultimately, could create an adverse effect on your business instead of a positive one.
Secure a workspace that supports infrastructure
When embarking on the startup journey, you may initially seek only the bare necessities; a laptop, desk, and an internet connection. However, as you become more successful, access to great facilities and support services heighten in importance. Furthering this, having a workspace that looks good and has a range of benefits, shows to potential investors, clients and the team you’re building, that you have the ambition to become a high-growth business.
At Accelerate Places we pride ourselves on giving our members access to some of the best facilities including meeting rooms, high-speed internet speeds and the option to host events. This, coupled with our onsite cafe and our connections to venture building expertise through our founders, we could be just the flexible office space you need when scaling your business.