8 Best Strategies to Grow your New Startup
You finally got to launch your new startup? Congratulation! You are already one step ahead of others who are yet to launch theirs. Growing a startup is sometimes harder than launching it because of the risks and the uncertainty involved in the process. But don’t let that scare you because I would be helping you with best strategies to grow your new startup.
Growing a startup from scratch can be very challenging as deliberate efforts have to be made so that you can stay relevant in the marketplace. There are so many factors against startups; competition, finance, government policies and a lot of others.
In this article, I will be sharing with you top 8 strategies that have proved useful to many startups over the years, so you can see how to adopt them into your business.
Top 8 Strategies to Grow your New Startup
- Be Original
Originality is the backbone of any Startup. Why is that? It makes the customer trust the brand more. Branding is more than the design the graphic designer makes on your website. It is about the message that you put out there for the customers to see.
The customers want to associate themselves with a startup that demonstrates transparency and great customer service. Explaining why you started your business and the passion that drives you, goes a long way in building the trust and originality.
Don’t go and start copying what other businesses or your competitors are doing without adding your own uniqueness to your findings. There must be something that should differentiate your brand from others at the early stage of your startup. Use that as your Unique Selling Proposition (USP) in your marketplace.
- Don’t Be Afraid to Fail
I know, as a startup, you are afraid of failing. Most of us fear failure, but it is almost impossible to succeed without having to fail first, after all, we are imperfect. Fear of failure has contributed in pushing back the venerable mentality it takes to improve a startup.
Sometimes, the reason why so many startup entrepreneurs fail is because of the fear of failure. They allow it to take over their mind and before they know it, it starts materializing in the business. We obsess over perfection while forgetting the process of imperfection it takes to get there.
If you must grow your new startup, never be afraid of failing. It is a part of the process.
- Embrace Social Media
There is no way one can talk about strategies to grow a startup without talking about the use of social media in doing that. Nowadays, if a business is not in any social media platform, that business is definitely living money on the table.
Millions of people use social media platforms like Instagram, Twitter, Facebook and most recently Steemit (A blockchain based social media platform that reward users for sharing contents and commenting on posts) every day. Having an active social media account on social networks that your potential customers are members is one strategy you can use to grow your startup very fast.
Also, having millions of followers is not the most important thing here, what is most important is having followers that engage with your post. People tend to buy from businesses that have a lot of engagement on social media, so don’t be tempted to buy followers rather, allow your followers to grow organically and you’ll enjoy the benefits later.
- Learn from your Competitors
Another best strategy to grow your new startup is by learning from your competitors. Check out your competitors. What are they doing to grow their business? Finding answers to this question can help you develop a better strategy you can apply into your startup.
Your competitors are the best people to look at sometimes for inspiration. This does not mean that you should copy them, but rather, you should look at how they are running their businesses in a way that is different from yours and is working for them, and follow suit.
You can also borrow a leaf or two from the company excelling at what you are failing at. Never be afraid to ask questions or to ask for advice. You don’t know it all.
- Use the Proper Technology
There are so many technological tools or software today that can help turn your business around. Technology today has evolved so much that it plays a part in almost every aspect of our lives including business.
There are software that you can use in your business today to replace some workers thereby helping cut down on expenses. These software does not take too much time to learn. It is important to learn how and when to take advantage of these innovations.
- Build a Great Customer Relationship
Customers are the life-blood of any business. Without customers, no business can survive. It is the customers that make your startup grow. Remember the customer is always right and as such you have to treat them well if you want them to come back and buy what you are selling.
You will need to learn how to use promotions like discounts, coupons and giveaways to build a strong relationship with your customers so as to help grow your new startup.
- Increase your Stream of Income
No doubt the goal of your startup is to make profit. So, it is important that you take your time when making your financial projections. Ask yourself questions like, what present way is my startup making money? Is there a way I can add more sources of revenue?
If you feel there are new ways your startup can make extra revenue, then make sure to check for the profitability on the long term before implementing them.
- Always Be Ready for Change
We live in a fast paced world where trends come and go as they like, so in other to stay relevant, you will need to keep up with the current trends in your area. It would be a shame that after launching your startup, it does not survive the next 5 years because you were not ready to change. Be innovative, always be ready to improve your work ethnics and methods so as to stay relevant and not fade into oblivion.
Conclusively, growing a startup is not an unrealistic dream. Others have grown businesses that in fact became bedrock to your idea, and you only need to play by the rules to become as successful as they are or better still, reasonably break the bars.