Starting any business in this day and age can be a genuine challenge, with many more businesses failing in their first year than succeeding. In this harsh and competitive climate, being able to scale-up fast is more important than ever.
Some businesses fail simply because they are not offering something that people want or need, but many more fail because their initial growth strategies are undercooked. Here, we’ll underline some top tips for growing your start-up quickly and effectively.
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Top tips for growing your Start-up.
The major mistake many founders make is applying the one-size fits all approach to their start-ups. However, what marketing channels and strategies will work for your start-up will depend very much on your intended audience. For example, if you’re setting up a bakery or a website design service, Instagram would be a powerful tool, but if you were selling something less visually engaging (like industrial machinery, for example) investing in such a visually-focused platform would be a waste of time and resources.
If you’re starting any new business, you’re going to require some form of transportation. Of course, your needs will depend very much on what you’re start-up is offering, but nine times out of ten, some form of personal transportation is always recommended. You might try to convince yourself that public transport is perfectly suited to your needs, particularly if you live in London. However, if you arrange a meeting with a client outside of the city, you are left to the whims of TfL. If there’s a delay or a problem with the lines, you won’t make it to your meeting on time and you might lose a valuable client. Similarly, if you deal in physical products, you might want a van to help you deliver your products in person. Either way, always hit up local used car dealerships such as Fords of Winsford if you want to find the most reasonable deals.
Find your niche and stick to it. A jack-of-all-trades approach will get you nowhere in today’s climate. If your start-up is centred around one great, specific idea, don’t broaden your horizons your soon. Take time to nurture your niche and speak to your target audience. If you narrow your demographic, you’ll be able to develop a greater understanding of them and create products and services in the future that speak directly to their wants and desires.
Focus on the practices that scale up instead of plateauing. Getting your friends and family members involved at the start is obviously encouraged, but don’t rely on them as this is a strategy that has no potential upwards momentum. That being said; don’t neglect social media, as it could act as the most immediate gateway to your audience. Indeed, social media platforms such as Instagram, Facebook and Twitter can be incredibly powerful for netting new followers and converting those followers into customers. Just remember to use the right hashtags!
Check Your Metrics
Finally, always make sure you are using and measuring the right metrics. Of course, which metrics you use will depend on your business, but once you have singled out the most effective metrics, make a concerted effort to check them regularly and adapt your practices accordingly.