Scaling to Seven Figures: Five Tips For Success If you want to scale your business to seven figures, here are some tips to help you navigate the journey.
By Lisa Zahiya
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The startup ecosystem in the Middle East is experiencing an unprecedented surge in entrepreneurial activity, with thousands of new businesses emerging across the region. Local government bodies are continuing to increase support for entrepreneurs, offering enticing incentives, cutting-edge infrastructure, and startup-friendly regulations. With a strategic location that bridges Europe, Asia, and Africa, Middle Eastern startups enjoy unrivaled access to global markets, propelling them onto the world stage. Add to this a flourishing venture capital scene as well as the rapid adoption of digital technologies, and you have a recipe for explosive growth.
However, reaching the coveted US$1 million revenue (while retaining profitable margins) remains a challenge for startups, not just in the Middle East, but around the world. And for women in particular, the journey to seven figures can prove to be even more of a struggle. The global innovation ecosystem has historically been male-dominated, in which support networks and mentorship opportunities typically favor other men. As a result, women must work ten times harder to gain access to social capital; in other words, the relationships and community that could help bring their businesses to new heights. Additionally, the fear of failure and the accompanying self-limiting beliefs can prevent women from considering entrepreneurship as a career path. For those who do embark on the entrepreneurial path, the additional burden of balancing business responsibilities with familial duties may place them at a heightened risk of burnout.
Despite these obstacles, many women entrepreneurs are demonstrating remarkable resilience and creativity, carving out successful niches and inspiring future generations. For example, H.H. Sheikha Bodour Al Qasimi, the founder and CEO of Kalimat Group, has championed Arabic literature for children and young adults, fostering a love for reading and cultural preservation across the Middle East. Sarah Abu Rishah is a trailblazer in the technology sector, co-founding FriendyCar, the Middle East's first peer-to-peer car-sharing platform, revolutionizing the mobility space and promoting sustainable transportation options. Meanwhile, Noor Al-Hassan has made her mark in the legal industry as the CEO of Tarjama, a language services company leveraging AI to provide high-quality translation and content services. Her leadership has driven the company's growth and set new benchmarks for innovation in the legal and linguistic fields.
Related: Five Things You Need To Do For Your Business To Be Successful In The UAE
Today, I help other women who are inspired by entrepreneurs like Sheikha, Sarah, and Noor, but my journey to this point was not always easy. I have grown three seven-figure businesses from the ground up, each of which had its own set of challenges and lessons. One of these was an in-person dance studio that thrived on the personal connection and energy of live classes. However, when the COVID-19 pandemic hit, my business model was upended, and I had to figure out a new way to serve my clients, essentially overnight. But I had a solid foundation in my understanding of why people attended my classes: for the sense of community, connection, and the joy of movement. Leveraging this knowledge, I began offering digital movement classes. Adapting my curriculum to an online format was challenging, but it was essential to maintain the essence of my in-person sessions. This shift not only allowed me to keep my existing client base but also expanded my reach beyond geographical limitations. These digital classes turned out to be even more profitable than my previous in-person sessions.
Knowing the sales process inside out helped me come out of this crisis on the other side, which has seen me grow three seven-figure businesses. Now, I share my experiences with other entrepreneurs, especially women, helping them understand that success is multifaceted. It's about having a strategic plan but also about being adaptable and resilient. It's about building a business that not only survives challenges, but thrives in spite of them. If you, too, want to scale your business to seven figures, here are some tips to help you navigate the journey:
1. EXAMINE YOUR SELF-LIMITING BELIEFS Start by examining the beliefs and habits that might be holding you back from building the business you want to have. Often, we impose limitations on ourselves without realizing it. Are there fears or outdated beliefs that are preventing you from taking necessary risks? Reflect on your mindset and identify areas where you can shift your thinking to be more growth oriented.
2. THINK OF GROWTH OR SCALING LIKE A MATH PROBLEM There's a science to scaling. Take a look at your efforts (what you spend) versus the results (your profit margin). What needs to be tweaked? Sometimes, small adjustments in your strategy or spending can lead to big improvements in your profit margins. Analyze your data carefully, and identify where you can optimize for better results.
3. FIND YOUR TRIBE Creating a circle of advisors and peers you can go to for guidance can be an absolute gamechanger. During my travels throughout the Middle East, I met an incredible network of likeminded people who provided much-needed support, and these connections have proven invaluable in my journey. Surround yourself with people who uplift and inspire you. Join women-centric entrepreneurial groups, attend local networking events, and seek mentors who have been in your shoes.
4. AMPLIFY WHAT'S GOING WELL Think about what's going well in your business, and amplify that. Instead of focusing all your effort on changing what's not working, leverage your strengths. Identify your top-performing products, services, or marketing channels, and invest more in them. This approach not only maximizes your resources, but also builds on existing success to drive exponential growth.
5. DON'T WAIT FOR THE PERFECT MOMENT—TAKE THE FIRST STEP NOW The journey to seven-figure success is not without challenges, but with an intentional approach, you can navigate these obstacles with grace and turn them into opportunities for growth. Your dream business is within reach, so start building it today!
