- Hey guys, I'm James Sinclair.
I'm an entrepreneur, business owner here
in the United Kingdom and I've been studying
businesses for a while now and I've discovered from
meeting loads of entrepreneurs and through my own
entrepreneurial experiences, why is it that some
businesses just scale easier and build easier than others?
So in this video, we're gonna discuss the seven
big things that I think are why some businesses
grow and scale easier than others.
Now there's a lot more than seven,
but we're gonna kick off with my seven favourites.
And here's number one.
Hack number one to making sure the business can easily scale
is making sure that your product or service
delivers on love, want, and need
for the product or service you deliver.
Make sure that you have something
where they do love, want, and need it.
You're thinking, well what's he going on about?
The smartphone is the classic example of this.
People love their smartphone,
they want a smartphone, and they need a smartphone.
When you get all three, people will always find the money
to buy for the product or service you're delivering.
Be honest with yourself.
Do people only need your stuff and not necessarily love it?
Do people want yourself but not love it but need it?
If you can meet all three,
you'll always have something that can easily grow.
Hack number two in making sure you've got a business
that can easily scale is make sure
you're not doing one of sales.
Now some businesses have customers
that only buy from them once over the course of the period.
So maybe you're selling a house to someone.
Well that's the only time that they're gonna buy from you
maybe another 10, 20 years time.
That's a disaster.
So if you're a real estate agent or an estate agent,
make sure you've brought on a letting agent
where people are paying you every month
for renting out their properties.
Or if you're selling cars, people only buy from you once.
So you've got to find new people every single month
to buy more cars from you.
So make sure you've got ancillary services
where people can pay for you regularly
once you've found the customer.
That's hack number two, making sure
you don't start from zero each month.
Build customers that buy from you regularly.
Hack number three is scale and leverage.
Make sure there's scale and leverage
in the products and services that you deliver.
If your audience is only small and there's no scale to it,
it's always gonna be hard to grow the business.
And with that, bringing leverage.
For example, I'm an author.
I've wrote a book, I can put it on Amazon,
the whole world can buy that, the audience is there.
And the leverage part of that scaleability
is I write the book once and it works forever.
Make sure there's scale and leverage
in growing your business and you'll find it a lot easier.
Hack number four is make sure that you choose a business
where the customers are not fickle.
See I've learned this as I've grown my businesses.
Most customers in most businesses are fickle.
The way to get through this is build a brand
where people really want to buy that brand.
But that can take generations to do.
And if you're starting out, that's very hard to do.
So when I went into day nurseries,
I realised that the customer stays with you for four years
as long as you provide a good and decent service.
Whereas in my other business is leisure.
When a new leisure operation or a new restaurant
opens up in the town, the customers are fickle
and want to give it a try.
Try and choose businesses where the customers
are more loyal and not fickle,
and you'll keep hold of your customers
and then find it easier to grow.
Hack number five in growing a business
is make sure that it's easy or easier, at least,
to build the team that are gonna run the business.
You can easily find the management.
So if you're gonna open a hotel, you know that in the market
there's other people that are very good at running hotels.
And you can steal them for your business,
give them a better package,
and they can manage your business for you.
If, however, you're not Richard Branson or Elon Musk
or Jeff Bezos right now, but want to build
a space tourism business, there is only a few people
in the world that know how to do that stuff.
Well, if you're like them and you're a multibillionaire,
maybe you'll take the risk.
Hack number six is making sure the entrepreneur
that starts a business that wants to grow fast
has low overheads so that he can invest
the cash that he's making so he can easily scale.
This is really important, and I've learnt this the hard way.
When you open a restaurant or a business
that employs lots of people, there's a media overheads
before the business is grown.
So if you can find a way of really getting
the overheads low so that as soon as you're generating cash
you can invest it back into marketing
and customer acquisition rather than in overheads,
you've got a far better chance of growing the business fast.
Hack number seven is other people's money want to buy
or invest in your product or service.
If people want to invest in your business,
there's a good chance that you can take that investment
and grow it a lot faster.
That's what private equity do.
That's what happened to Facebook
and all the big digital companies.
Other people's money invested
and it quickly grew the company.
Bringing this down to an entrepreneurial level,
property is a great one because people want to invest
in property and you can grow a property portfolio
pretty quick using other people's money.
It's a classic example.
However, say you set up a consultancy business.
It's very hard to go and sell that consultancy business
'cause it's really key man, driven by one person
or a group of people, so other people don't want to invest
in that and they don't want to buy it when you want to sell.
So it's a bit more, tends to be a bit more
of a slower burn to build.
So there you have it guys, there's seven quick hacks
of how you can grow your business.
Hope you enjoy this video.
If you like it, please tell your friends
and other entrepreneurs.
Thanks for watching, bye bye.
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