Excellent Tips For Helping A Start-Up Business To Grow

November 20, 2016 9:01 pm2 commentsViews: 45

By: Catriona Cerys

Easy_Ways_1The world of business is continuously moving towards entrepreneurship because of the benefits that risk-takers reap from it. The ultimate aim of any person walking on a career path is to follow his or her interests while earning a decent income in order to fulfill his or her dreams and achieve the best in life. Regardless of whether a person has a family business, part time employment, a full time job in a private organization, or works as a freelancer, your aim is to become successful without regretting the decisions or risks taken to get there.

Recently, there has been an increase in the number of enthusiastic individuals with highly creative and unique ideas for startup businesses. Indeed, surveys revealed that students ranging from 18-30 years of age and older are interested in starting their own business – and that a majority of them are already developing a particular concept. Considering the high demand for startup businesses along with the inability of these “young brains” to invest their own startup capital, many investors are willing to invest in new ideas in return for a portion of revenue or similar terms. The increasing number of investors willing to take a chance on an entrepreneurial opportunity is evidence enough of how startup businesses are gaining popularity.

But given tough competition – and because almost every startup is initially weak – you may face many challenges in developing and growing your business. You may have to sacrifice profit margins, suffer losses, and spend sleepless nights trying to think of strategies to succeed. However, there are some tips you can follow that will help you implement your growth plans:

1)   Develop social media awareness: To make your startup known, it is advisable to use the most efficient source of advertising and information-sharing available today: social media. Through popular platforms such as Facebook, Instagram, and Snapchat, you can make yourself known in the market immediately and to a large number of people. The best feature of using social media is that it is probably the cheapest and most efficient way of advertising and raising awareness about the services your business offers.

You might also hire an individual who focuses specifically on social media outreach – which includes targeting the right audience, responding to queries promptly, using paid promotions, and posting attractive images and information about your services. Hiring a professional to manage your social media campaign is an important strategy to help grow your business.

2)   Search for investors and sponsorships: Once your startup gains some notice, it is now time to secure funds for expansion. Since you will probably have limited funds, a third source of investment may be required – so you need to know the difference between an investor and a sponsor. investorAn investor is someone who invests money in your business but requires some form of monetary benefit in return, usually a share of ownership and hence profit. On the other hand, a sponsor will provide funds to help promote your business in the market. A sponsorship will not affect the shares of ownership in the business because it is a deal in which someone pays you for their marketing.

Hence, it is preferable that you have more sponsors than investors because having too many investors may eventually lead to your losing ownership of your own company. However, it may be a difficult task to persuade someone to provide financial support for your business; so you should prepare a strong and logical argument when seeking a sponsorship. Unsurprisingly, getting an investment may be relatively easier.

3)   Retain clients: For a startup – or, on a larger scale, a multinational corporation – clients are the most valuable asset. They help business and corporations survive and flourish. As you begin your entrepreneurial career, take special care of your clients and try to retain them so they stay loyal to your business. The best way to retain clients is to provide quality after-sales services. Demonstrate your willingness to be available for the clients whenever they need you. Introduce promotional offers for current clients so that they stay happy.

Once your client base is developed, you will receive a certain amount of revenue which will help make growth and expansion easier. Hence, clients play a major role in the growth of your startup.

4)   Avoid debt: Obtaining loans from financial institutions is a logical strategy for well-established businesses. As the owner of a startup, you should strive to avoid debt because your business might not be able to withstand even minor debt burdens – which is another reason that you should try to obtain funds from sponsors and investors.

Through these strategies, you can grow your startup without facing much difficulty and eventually become the owner of a well-established organization.

 

Catriona Cerys is an entrepreneur who owns a partnership corporation, Assignment Help, in Chicago. Catriona came up with this idea of consultancy during her undergraduate program and found her first investor in the final year of college.

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