Scaling Your Business to $260M
Scaling a business to grow big continues to elude most women entrepreneurs.
This report shows women-owned businesses have the hardest time growing their companies from $250,000 in annual revenue to the half-a-million dollar mark.
For Jane Wurwand, founder of skincare company, Dermalogica, it was precisely at this point she had to learn to delegate.
“Surrendering control of the day-to-day operation is absolutely critical. It’s a paradox. When you are starting out, you have to fiercely defend every aspect of your vision. Then, to make the vision grow, you have to hand it over to people you trust.”
Today, Dermalogica products are sold in over 28,000 salons and spas in 80 countries. Annual sales pushed $260 million, in 2011.
To advance to a multi-million dollar business, Wurwand emphasizes: “knowing who is your customer, and who is not.”
In her business growth strategy, she took what she calls ‘a masculine approach’, by eliminating “what they were not.” Wurwand refused to make her products’ packaging feminine, resisted television and magazine advertising and did not diversify into make-up or fragrance, despite industry trends.
Another pitfall associated with stagnant growth?
Not having the right team.
“Most entrepreneurs will always generate some level of conflict, because they are passionately obsessed with ideas. You simply have to be sure the conflict is constructive and leads to better ideas for the company,” she adds.
But the most important tip for scaling up? “Find something you love to do, and people want to pay for. [Then] you will inspire others and build a culture that leads to growth.”
Bonus PINK Link: Constantly doubting yourself? Read our online exclusive on how to banish negativity!
How did you grow your business past the $250,000 mark?
By Ruchika Tulshyan
I got my start by giving myself a start.”
Madam C.J. Walker
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