How to Scale Your Small Business

This topic helps with Building Product and Finding PMF.

"Our ultimate goal is to be one brand that sells figure skaters everything they need to practice the sport of figure skating."

• Diversify product offerings to meet all customer needs.
• Position your brand as a comprehensive solution.
• Align new products with your brand identity and market demand.

This topic helps with Building Product and Team Building.

"You may have the Michael Jordan of figure skating on board and the world doesn't know it..."

• Use team members' expertise to inform product design.
• Promote unique qualifications to strengthen brand.
• Capitalize on internal strengths before expanding.

This topic helps with Fundraising/VCs and strategic planning.

"The minute you bring in an outside investor... you now have a boss and you're your own boss and so it's a big question as to whether... If you want to kind of speed this up, there are advantages to it. If you could find the right partner."

• Be aware that investors may influence your decisions.
• Choose investors who align with your vision.
• Weigh the trade-offs between funding and control.

This topic helps with Distribution/Marketing and Finding PMF.

"I think instead of focusing on the charm, I would focus on what it's about, what the story that it tells, it's kind of doubling down on what Michael is saying."

• Emphasize the emotional or symbolic meaning in your products.
• Organize offerings based on customer sentiments or traits.
• Simplify messaging to strengthen customer engagement.

This topic helps with Finding PMF and Building Product.

"That's something that I think you got to consciously think about is how do you offset those costs? Volume, yes, but if you're able to bring in product line or a revenue stream that you don't capture today, and you've got a model of somebody who already does..."

• Identify additional revenue opportunities when expanding.
• Study existing models to inform your strategy.
• Add complementary products or services to boost income.

This topic helps with Distribution/Marketing and Brand Building.

"You just said something that kind of blew my mind... Your wife was the US national figure skating champion... I feel like that's got to be right at the center of your brand."

• Use compelling personal stories to differentiate your brand.
• Highlight team members' expertise to build trust.
• Authentic narratives can enhance customer connection.

This topic helps with Distribution/Marketing and strategic growth decisions.

"I think the one thing most business owners struggle with, and I do, is focus. If you've got a rocket ship... wow, that is where your attention needs to be."

• Concentrate on your core market when experiencing high growth.
• International expansion can wait until domestic market is saturated.
• Maintain focus to avoid spreading resources too thin.

This topic helps with Distribution/Marketing by emphasizing the power of a clear brand story.

"It's bottling all of the goodness of Tiffany into a box that is so simple that people can just repeat and get excited about."

• Simplify your brand message for quick retailer communication.
• Create packaging that conveys your story in seconds.
• Highlight what makes your product unique and emotionally resonant.

This topic helps with Building Product and highlights considerations when scaling up.

"I mean, there's something super fun and cool and sexy about a food truck. You know, there's, it's, it's trendy. You have some flexibility with where you go and what you do and, and your hours and where you're going to invest time and money. When you look at brick and mortar, are you completely aware of all the costs that you're going to incur that you don't today with overhead?"

• Evaluate the differences in operational costs between models.
• Consider loss of flexibility when moving to a fixed location.
• Prepare for increased responsibilities like maintenance and staffing.

This topic helps with Fundraising/VCs and deciding when to raise capital versus bootstrapping.

"If you want to speed this up, there are advantages to it. If you could find the right partner. But it's a risk, right? If you're willing to try and make a go of it on your own for another year, year and a half to see if you can fund it yourself, you retain the control. It's as simple as that."

• Consider the trade-off between growth speed and ownership control.
• External funding can accelerate expansion but may require giving up equity.
• Bootstrapping allows full control but may require more time.