Your startup will naturally begin small.
You have waved goodbye to your full time employed job in return for working for yourself. You will no longer have excellent promotion prospects, the security of a steady wage or the office camaraderie, but you will be the master of your own professional destiny.
Launching a startup may seem scary, but now that you have done it, you are looking to the future. As an ambitious individual, you want to see an increase in orders or sales, greater traffic to your website and an extended global reach.
However, this doesn’t just happen overnight and you have to be proactive in reinvesting the profits from your business effectively to ensure that your growth is measured and cost.
Growing your business needs to be carefully considered. It is vital that you consolidate. Running before you walk means that your venture will be doomed to failure.
Instead, you need to settle, find your feet and ensure that you are highly competent with what you are doing before you consider growing the capability of your startup. When you are keen to act upon your ambitions follow this guide to grow your startup.
Be Better Than Your Competition
The easiest way to grow your business is to be head and shoulders above your rivals. You need to stake a claim to being the most customer focused business within your sector. In order to do so, you need to have an effective business plan, this will guide you step by step in achieving your business goals and be ahead in your competition.
Under promise and over deliver as a rule of thumb. If you know that you can deliver a product in two days, state that you will have it shipped in three. This way, when a product arrives on your customer’s doorstep a day early, they will assume that you have gone the extra mile.
This creates a warm glow and an emotive response for your customer. Follow up with a courtesy email and don’t be afraid to add a small free gift. Incentivize to ensure repeat business and enjoy the positive reviews rolling in.
A bank of great reviews online means that you can build an exceptional reputation. It is this that will stand you above the competition. This means that you will develop a following and a reputation for reliability.
This is crucial to enhancing your standing in your sector. As word of mouth recommendations also spread, you business may expand geographically and you may be able to break new demographics.
When you have the customers and the orders to back up expansion, you can think about growing your capability, whether this is online, globally or with a new retail space.
If you are going to be increasing your product range in an effort to grow your business, you need to get your message out there.
Millennials utilize social media more than any other medium to source their news, research businesses and communicate. You need to get in on the action so ensure that your Facebook, Twitter and Instagram feeds are updated regularly with meaningful and relevant content.
Make it clear that you are expanding and use these platforms as a base to launch new initiatives.
Ensure that you don’t neglect the power of more traditional media as well. Growing your business with printing and leaflet drops is just as viable for the older or more mature demographic.
Consider your clientele and market using multiple media. This way, you can cover more bases. Ensure that your leaflets are high quality, echo your ethos and display your branding. Choose your target market wisely and consider looking at new niches.
If you’re keen to expand globally, you must conduct some market research. It’s all too easy to swan into a new country, adhere to new laws and launch a product simply because it has done well in your home nation. This is costly and doomed to fail. Not all nations are the same.
You must carry out some market research initially and don’t be perturbed if this demonstrates that your product will not succeed. You may need to adapt your range or look to new regions for successful expansion. Don’t be arrogant and negate your market research otherwise what is the point in carrying it out in the first place?
Being an entrepreneur is exciting and daunting at the same time. Now you are a Jack of all trades and a master of a few too. You are ambitious and don’t want to rest on your laurels. Just ensure that you walk before you can run, and develop your brand and vision before growing your business in a calm and measured way.
Are you in the process of growing your startup?