How to Scale a Service Business

Thinking about starting a small business? Or looking to expand a business you’ve already launched? Entrepreneurs Stacey Abrams and Lara Hodgson were blindsided by the cash-flow problems and other systemic issues they ran into when trying to scale a new but popular product. They don’t want you to be.

Stacey and Lara share hard-won lessons from starting and running three companies together: first a consultancy, then a manufacturer, and finally a fintech. They reflect on what made their long-term partnership work well and how they manage self-doubt and guilt. They also share tips for networking, hiring and retaining employees, learning the ins and outs of finance, and developing an exit strategy.

Guest experts:

Stacey Abrams is an entrepreneur, politician, and author. She co-wrote Level Up: Rise Above the Hidden Forces Holding Your Business Back.

Lara Hodgson is the co-founder, president, and CEO of Now, as well as the co-author of Level Up: Rise Above the Hidden Forces Holding Your Business Back.

Resources:

• “The Trillion-Dollar Opportunity in Supporting Female Entrepreneurs,” by Shalini Unnikrishnan and Roy Hanna
• “Black Women Are More Likely to Start a Business than White Men,” by Donna Kelley et al.
• “How to Make Venture Capital Accessible for Black Founders: An Entrepreneur’s Dilemma,” from Cold Call
• “Case Study: A Founder Steps Back from Her Start-Up,” by David R. Dixon
• “The Different Reasons Men and Women Leave Their Successful Startups,” by Rachida Justo

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