A start-up business does not come without risks – especially since up to 90% of them fail.
There are so many vital factors involved in growing a start-up business, particularly with the rate of failure being so high.
Ignoring the importance of a thorough business plan, differentiated products/services or a defined digital marketing strategy, are all potential reasons why a business start-up may fail.
Here, we have identified 10 easy steps to show you how you can achieve growth with your start-up business, particularly with the help of an experienced growth consultant that has the resources in place to push for your success.
1. Create a solid business plan
With a start-up business, having a clear plan in place with goals to work towards will help to lead the direction of your operations.
A business plan that outlines your target market, your strategies, and your financial operations can illustrate to potential investors the path you are looking to take with your business, showing the organisational details behind how you are planning to drive your business to success.
2. Develop your USP
You cannot enter a saturated market without differentiating yourself from competitors. You can achieve this through clearly defining your USP.
With a strong, as well as obvious, USP that is attractive to customers and can stand you apart from other brands, you can adopt a position in the market that presents you as a brand that offers a product or service unlike your competitors’.
3. Identify your target audience
Vital to your business success is directing your marketing efforts to your desired audience, which means learning who your audience is should be prioritised.
This feeds into other important parts of your business offering, from the products or services they would prefer to use, certain features they like and dislike, price ranges, etc.
As a start-up business, studying your target audience will provide the necessary information to ensure you are meeting their expectations right from the beginning.
4. Secure funding
A large factor involved in start-up businesses is the funding. How will your business raise the appropriate funds in order to lift it off the ground?
With secure funding, it means you are welcoming stability to your start-up business, with enough to generate the appropriate resources to support business growth.
It is vital that you have considered various options and the benefits of each, such as loans, grants, or crowdfunding.
5. Build a strong team
A large part of ensuring your business runs smoothly and delivers successful outcomes is through ensuring you have built up a strong team of professionals.
With the right knowledge and skills, a team of experts can push your business in the right direction, and if they also have relevant experience, it is unlikely more time and resources will need to be invested into training – focusing all of your efforts onto the start-up.
6. Establish a strong online presence
In today’s digitally consumed environment, having an online identity is crucial for promoting your brand.
Your website must be of a high standard, as this may be the first impression you give to many potential customers, and pushing your brand through different online platforms such as various social media channels will allow you to increase your visibility and reach a wider audience.
7. Use digital marketing
As mentioned, the digital nature of business is now prominent to improving your success rate, which is why a digital marketing strategy would be incredibly beneficial to a start-up business.
This can be achieved through email marketing, social media advertising, and search engine optimisation – all components for a strong digital marketing strategy.
If you do not have the resources to be able to achieve this, a growth consultant such as us can provide the holistic service package to ensure you have a digital marketing strategy in place to achieve your desired results.
8. Partnerships and collaborations
In order to spread your brand name in the right places, collaborating with businesses, influencers and organisations can expand your network to your desired audiences.
Through partnerships and collaborations, your start-up can benefit from a more established brand/influencer to associate your brand with, too, boosting the reputation of your brand.
9. Gather customer feedback
As a start-up, you should be open-minded to continual improvement, and a large factor of this comes from adapting to your customers’ wants and needs.
You must pay close attention to their feedback, acting where possible to make necessary changes that will only improve your product or service offering, gradually moulding it to their preferences.
10. Continuously innovate and adapt
Along with ensuring you are adapting your offering to your customers’ preferences; you must keep up to date with industry trends and developing technologies.
With innovation comes evolving your business to reflect the current environment, ensuring your business offering is relevant, matching the needs of a constantly developing commercial environment.
We can help your business grow...
As a start-up, ensuring you can achieve so many outcomes at once is daunting, which is where a growth consultant partner can step in to assist you along the way.
Our holistic service suite combines expertise in various aspects of digital marketing along with the experience and understanding of the importance of a bespoke strategy to drive your start-up to success.