Up to 90% of startups fail. This is a harsh reality that you should know!
If you are planning to build a startup, tread with caution. You need a solid plan to get where you want to be. From your competitors to the target market, a thorough analysis of several factors is necessary to ensure growth.
Read on as we list down some of the best strategies that will help your startup grow. Doing these things can increase the chances of being amongst the few to survive the competitive market.
1. Ensure Necessary Funding
Cash flow can be a challenge to startups. Most will not have the luxury of financial resources to sustain business operations, including market research, product development, employee training, and marketing, among other things. Be resourceful when exploring options for startup funding. Bootstrapping may not always be a viable option. On top of the list would be applying for a business loan. Crowdfunding can also help. You can also look for angel investors.
If you need help with your startup finances, you might want to look for cash loans. It is a short-term loan that is not as big as a bank or business loan, but it can provide your needs for financing certain aspects of the startup.
2. Embrace Technology
We are living in a modern era where technologies play a crucial role in business operations. Using technology to solve business problems is a must. The failure to embrace technology could translate into being left behind by your competitors. From creating a mobile app to changing the customer experience to using artificial intelligence to analyze market conditions, there are endless ways to leverage the power of technology. It could mean additional expenses, but such will be worth every dollar when properly utilized.
3. Create an Online Presence
Startup marketing is a vital element of your success. Among others, one of the most important is your online marketing strategy. Focus on building a strong online presence to sustain business growth. This will make you more relevant. It is a great way to beat the competition. Plus, it is an easy way to reach your target market. This can be possible by having a search-engine-optimized website. Social media and email marketing are also must-haves. Choose the right digital platforms depending on what your customers are using.
4. Choose the Right People
Building a successful startup is not a one-man game. Do not assume that you can do things on your own. It is a complex and lengthy process, so you need to invest in the right people. Build a competent team. Look for people with the necessary competencies and passion. As the business grows, the needs of the startup become more complex. So, you must complement it by hiring more people. Nonetheless, you should also hone those who are already with you, equipping them with the knowledge and skills to help take your startup further.
5. Gather Feedback
Your customers will be the lifeblood of your startup. The priority is to deliver the highest level of customer satisfaction. One way by which such is possible is by gathering feedback. From surveys to interviews, you should consider how your customer feels about the business. This is an opportunity to gather insights that you can use to take your startup to the next level. More importantly, it also makes customers feel that they are valued.
6. Study Your Competitors
Establishing a successful startup requires awareness of the external factors that can influence business performance, and that includes your competitors. You do not have to copy their strategies. Instead, it is an opportunity to learn something from them, especially those that are more successful and have been in the market before you. From marketing to pricing, your competitor research can provide valuable insights that will be crucial in sustaining your growth.
7. Grow Your Networking
Networking is an important element of startup success. Look for ways to grow your professional work. By building more connections, you can connect with like-minded individuals. It can even be your chance to find a partner, investor, employee, mentor, or any other person who might have a huge influence on the growth and success of your startup. Networking is also a great way to practice your communication and sales skills.
8. Track Your Growth
It is important for your startup to identify vital growth metrics. Whether it is customer acquisition or profit and loss, crunching numbers is a must. They are more than just figures. If you look deeper, they will give you an idea of where the company is headed. This will also help you realign your strategies when necessary.
9. Take Calculated Risks
The higher the risk, the higher the return. This is one principle that your startup should live by. However, this does not mean that you are going to take just any risks. All your moves must be calculated. Consider its long-term implications and external factors. Do not be afraid of failing. Sustaining growth is likelier if you know how to get out of your comfort zone while being mindful of the effects of your actions.
10. Pivot When Needed
It is important to have a plan, but you do not always have to stick with it. To sustain the growth of your startup, you must learn how to pivot when necessary. The latter requires shifting your business strategy, which will let you accommodate the changes in the economic conditions, customer preferences, and the industry, among other things. It is the translation of feedback into change. Do not be ashamed to change direction if it is the best course forward.
Sustaining startup growth can be challenging, especially in a competitive and uncertain market. Most will fail. However, with the right strategies, you can increase the likelihood of success. As mentioned, some of the best things to do include ensuring enough funding, embracing technology, building a robust online presence, building your network, and pivoting when needed.