At the outset of a new business venture? You’re not alone!
Every single year, 77,000 new startups are formed in America in the hopes of becoming the next big thing. They want to be the next Facebook, Airbnb, or Uber…
Of course, the reality is that only a tiny fraction of them will make it. The rest are doomed to hit the long list of businesses that failed to reach their potential.
Indeed, succeeding in business is no easy feat. It takes grit, determination, timing, problem-solving, market alignment, and a dose of good fortune.
Thankfully, having some great business strategies to draw from can better your chances of success.
Looking for some help in this regard? Keep reading for 7 top strategies to skyrocket your startup to success.
1. Have a Plan
You know what they say: Failing to plan is like planning to fail.
The coming weeks, months, and years will be exponentially easier with a business plan behind you.
The trouble is that many start-ups have the technological insight to create a product/service, yet lack the business savvy to get it off the ground. A plan of action will help you start thinking like a business person.
Roughly speaking, it’s about looking ahead to forecast the growth, development, and challenges of the company.
Set financial goals and figure out how to get there. Realize how much financing you’ll require and when you’ll see a return on investment. Think about the state of the market, the competition, and how that might help or hinder your efforts. Define your target audience and settle upon a marketing strategy to get your product in front of them.
2. Secure the Funding
This is less of a strategy and more of a vital step to success.
Securing investment in the business is often a fundamental part of the start-up journey. That cash can be used to buy stock/inventory, get started with production, develop your idea, hire a team, and cover your overheads until the business becomes financially self-sustaining.
The difficulty can be actually securing it!
Where you go for the money is up to you. Friends and family might be willing to invest, crowdsourcing can work well, banks might offer you a loan, and you could pitch your idea to angel investors.
3. Master Your Marketing
The effectiveness of your marketing will be essential to success.
After all, for people to solicit your business they need to know about it. That, in essence, is the job of marketing. Put your product/service in front of your target audience and show them why they need it over your competition.
You’ll almost certainly be bootstrapping at the beginning, which means your marketing budget will be minimal. Thus, start by leveraging cheap or free marketing strategies.
Social media is your friend, as are blogs and vlogs. Find the social platforms that make the most sense for your target demographic and learn which content works best.
On the blogging/vlogging front, Ranking in Google will be a mighty boon in lead generation. Make sure you target quality keywords and invest (in terms of time and effort) in creating strong SEO content.
4. Be Different
It’s hard to overstate the importance of a USP.
Having a unique selling point is, by definition, what sets you apart from the crowd. Remember: there are 69,999 other businesses starting at the same time as yours.
You can guarantee that some of them will be in your niche, targeting the same audience, vying for the same investment, and, ultimately, trying to beat you.
If your product or service isn’t unique, then you’re going to struggle. Think hard about how you’re different and/or what you could do to be different. The market research conducted at the planning stage will be a might help in this regard.
Look at the current competition and expand, refine, niche-down, and re-invent yourself where necessary.
5. Quality Staff Induction
The people you employ will make or break your business.
This is particularly true for start-ups, which usually begin with the founders doing all the work. That first hire is a big milestone! However, it goes without saying that it remains a small team.
In these environments, there’s no room for making a bad hire. You need to hire people who share your vision, work ethic, and devotion to the cause.
It’s a two-way street, though. You need to treat your team well in order to get the best out of them.
This should begin straight after the hiring process by providing a quality staff induction program. This is the intro, on-boarding, and training phase. Ensure this process leaves new staff feeling positive and qualified to perform their tasks.
6. Incorporate Top Technology
Modern businesses have a whole host of technology to choose between.
Heck, your start-up might be based in this world, trying to bring revolutionary new tech to market!
Take an ‘out with the old, in with the new approach’ to your business. Leverage the tech at your disposal that can streamline your processes and minimize your overheads. Leave behind outdating tech and operations that haven’t proved effective.
Everything from your phone system to HR management platforms and cloud-based tech could be of interest. Do some research to find out the modern technology that could benefit your business.
7. Seek Support
No man is an island.
Take that mantra into a business context to convince you to seek support where it’s needed. As tempting as it is to cut costs and go it alone, you can do yourself a disservice in the process.
There’s no shame in asking an expert in your industry for their advice and consultation. In fact, it can be exactly what you need to break through.
Actively invest in your business acumen and insights. Attend conferences, perform outreach, network on and offline, and speak to friends and family members with relevant experience.
Try Out These Great Business Strategies
Tens of thousands of new start-ups hit the scene every year.
Most fail.
Having some great business strategies to draw upon will be central to success. Hopefully, this post has highlighted 7 that’ll help in that endeavor.
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