7 Tips to Grow a Startup Without Breaking the Bank
Making it big in the world of startups is no cakewalk. It’s hard for budding startups to straightaway lock horns with the giant successful businesses. A startup have to have X-factor to mark its presence in this extremely competitive industry.
If you are an early stage startup looking for rapid growth, it’s time for you to make the next move.
Here are seven tips to start a startup with no money
1. Stay true to the core purpose
Before you get into anything else, focus on the fundamentals. Develop a clear understanding of your core product and services being offered. Focus on what makes you different (or better) than others in the market. As there is already a fierce competition out there, make sure you have a unique selling point (USP). More importantly, being aware of it so that you can strategize the marketing keeping your USP in mind.
2. Form a kickass team
Your inner entrepreneur might be tempted to do everything on its own but to have an edge over others, you must have an incredible team behind your back. Find the right people for the right job and look for individuals with the same vision and passion as yours. It’s better to bring enthusiastic and experienced individuals who are experts in their field as they can elevate the progress rate and might open new growth opportunities for the business as well.
Whether you’re a large business or a lone entrepreneur, using social media in the right manner could be game-changing for your business. Social media marketing is the most inexpensive yet powerful way to exponentially grow your brand and widen its reach. It could introduce your business to its potential customers in the most appropriate way. Thus, it makes sense to consider increasing your social media advertising budget for it can add a lot of value to your business and ensure high return on investment (ROI).
4. Collaborate with established brands
One of the best and probably the safest ways to grow a business is to partner with an already established company. Try looking for businesses that aren’t really a direct competitor but is serving the same target audience in a different way. For example, if you open any airline magazine, you would find collective ads that promote Top Steakhouses, Top Hotels, or even Top Seafood Restaurants. The concept of collaborative marketing has proved to dramatically increase the brand recognition, customer value, and customer retention for each.
5. Make every customer feel special
For a business to be wildly successful, every customer matters. If you are a new entrant or an early stage startup, make sure you treat every customer special or else they’re not coming back. This might mean going an extra mile to give them the best customer experience or discounts. As there are multiple review sites, one bad review could only spoil your image but also stop others to give it a try. And, offer small gifts, discounts, or coupons to your loyal customers, or even feature them on your Facebook page.
6. Keep an eye on your competitors
In business, it’s equally important to know what your competitors are doing than what you need to do next. It helps to know who you are directly competing with and what they are offering that you might not. In a way, you can set your prices competitively and create a relevant marketing campaign. Study recent trends, current competitors, new entrants, assess threats and use this information to improve your business threats.
7. Make the most of tools
There are many tools, software, apps out there that can take your business to the next level. These tools come packed with a myriad of functionalities. You can even customize their features as per the requirements of your business. For project planning and execution, you can use an all-in-one project management software. You can use communication tools to interact with remote workers and clients overcome time and space constraints.
Now that you have some ideas on how to grow your startup, take a moment to analyze what needs to be done and follow the right approach. Though different entrepreneurs will choose different ways but remember the growth of your business would always be a result of your choices, risks, and tools. And, that how you can achieve massive success without breaking the bank.