Startup scaling is an essential strategy for all investors in the tech industry. Growth is inevitable, and you wouldn’t set up a startup if the aim weren’t to tap into its maximum potential.
In launching your Web3 startup, you must have at least had a vague plan of where you want to start and where you’d like to be by a specific period.
While startup scaling can be challenging initially, it also comes with an opportunity to explore new possibilities and learn more about your niche. Along the way, you’ll need to ask whether or not to remain self-funded, hire more help, or venture into upcoming opportunities.
Many entrepreneurs new to this space are also unaware of how to scale a Web3 startup within the creator economy landscape, adding to their confusion.
If you’re looking to expand your potential, here are our top tips for overcoming the unique challenges you’ll face when scaling your Web3 startup.
Scale a Web3 startup in the creator economy growth market
The first step to scale a Web3 startup is to consider the two most important factors: the required input and projected output. Costs and revenues are the most significant areas to assess when expanding a business.
You should also understand the difference between scaling up and growing your business. Despite similar meanings, these terms have different requirements and features.
Growth relates to the addition of resources in your business, including workforce, new advanced features, investing in the latest technology, and other assets. This growth occurs to match increasing demand for your services and products.
On the other hand, scaling refers to a revenue increase that doesn’t rely on additional costs in your business. Your Web3 startup will scale when the finances invested don’t need a boost to keep up with the generated revenue. However, scaling may still require you to expand your workforce, among other assets, to keep up with the changes.
For instance, if you were initially a one-man team, you may need to hire an accountant to help you with financial computation or a personal assistant to answer emails, handle customer requests and feedback, and take care of other jobs that need attending to.
With all this in mind, here are five top tips to scale a startup.
5 tried-and-tested tips to scale a startup
Prioritize customer retention
Depending on your skills, customer service, and product uniqueness, you may find it easy to acquire customers soon after launching your Web3 startup.
However, they may lose interest or outgrow your services down the line, especially after you start scaling. This is common when you have many new clients to balance alongside your previous and current ones.
Client retention minimizes the acquisition costs incurred when you seek to expand your customer base. It also increases customer loyalty, helping to keep ongoing revenue predictable.
As you prepare to scale your Web3 startup, don’t forget to maintain your brand name and reputation by retaining your customers, listening to feedback, and handling their requests in the shortest possible time.
Hire the necessary manpower
Some tech startups hold the myth that you must be slow to hire a workforce but quick to fire as your business scales. This may sound like a sensible idea on paper but in reality it’s a risky game. You might need manpower more when scaling, especially if you had a small team while launching your Web3 startup.
They know the ins and outs of your venture and lived the changes of your brand during the growth period. Instead of hiring to fire, invest in nurturing your team’s talents in order to help maximize their output.
Startup scaling may also push you to hire more specialized help to expand into different areas and further increase your revenue.
Automate, outsource, and streamline your activities
Starting a new venture can be confusing, therefore it’s not uncommon to pick up a lot of unnecessary baggage early on. This can leave you with costs you don’t need during the scaling process.
You may also have started with minimal resources, forcing you to perform most activities manually. This causes overload and inefficiency, especially when you have a small team or working alone.
Automating activities during your Web3 scale-up improves business operations while minimizing disruptions. Invest in effective tools to facilitate communication, streamlining, and smooth growth for your startup.
DEIP offers a Web3 constructor, so that you can make Web3 applications without any knowledge of the intricacies applied blockchain. The constructor is like WordPress for Web3, offering no-code Web3 construction, in addition to low-code Web3 construction for more advanced users.
Increase your funding
As with other tech business ventures, Web3 startups require substantial money to launch and grow. While scaling may not need as much money as you needed while starting, you’ll still need to raise capital to keep your Web3 startup competitive.
Funding your growth is necessary to support product diversification, acquire new software, expand existing software, and market your business. You can acquire scaling funds from loans, contributions from friends and family, investors, and your savings.
Before taking this step, you should research the market and understand the expected returns for your capital in order to avoid losses that may interfere with your scaling process.
Consult with Web3 experts
DEIP is well placed to assist you on scaling your startup, with a depth of expertise that can help you uncover previously unseen changes and opportunities within the tech industry.
By consulting with DEIP and using Casimir — DEIP Web3 constructor, you can focus on your company’s day to day operations and check on progress at your convenience. The constructor will help you focus on the benefits for the user to scale your Web3 startup and bring blockchain business ideas to life, without having to hire specialists to create complex inner workings on the back end.
Hold on for the duration
Most Web3 startup owners don’t have the patience to hold on during bumpy rides. So remember, be optimistic and do your best to achieve your goals, no matter the challenges you’re facing.
Many tech startups have successfully scaled by following the above tips. You too can take advantage of the rapidly advancing technologies within the rise of the creator economy to scale your Web3 startup and enjoy the benefits!
