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Lesson #8

<p><strong>"Make Your Business as Big as </strong></p><p><strong>You Want: Stay Small or Grow </strong></p><p><strong>by Bringing in Other People."</strong></p>

Entrepreneurs differ greatly in their ambitions for their businesses.

Some are happy with their one-person show, some dream of huge growth, while others still want something in between.

Each option is perfectly acceptable.

If you do decide to grow your business, this will generally happen either vertically or horizontally.

Vertical growth means you start offering more services to the same customers, engaging them on a deeper level.

For example, if you sell customers some piece of software, you could offer those same customers training on how to use it.

Horizontal growth, on the other hand, means you create new offerings that appeal to different customers.

One website designer found that her customized designs were too expensive for some people, so she made some standard “themes” which she sold at a cheaper flat rate to more frugal customers.

As you grow, you may soon find that you simply can’t manage everything by yourself. One solution is to outsource certain tasks; anything from cleaning the home office to booking meetings to actually manufacturing the product.

Outsourcing, however, divides opinions, and its suitability greatly depends on the type of business you run and your personality.

If, for example, most of your business has to do with customer relationships or you are a control freak, outsourcing is likely to be disastrous.

If your dream is to someday sell your business and retire on an island in the Caribbean, your business must be scalable: it must be teachable so the buyer can scale up by training dozens more people in what you do, but also valuable so that lots more customers can be found to gobble up the increased production.

Make your business as big as you want: stay small or grow by bringing in other people.

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