Before beginning with the actual article, it is important to make a demarcation between starting a venture and growing it gradually over time. And while both of these phases involve quite a similar approach with some modifications about the scale of development or improvements, both also come loaded with a range of difficulties which might overwhelm the newbies in this field. And the takeaway from both of these phases is to realize that failures are also a part of this competitive profession. However, it is a known fact that growing a startup step by step requires careful planning and procedures, and reality-orientedness which come from some disquieting statistics about startups. Hence, all one requires is to carefully take up opportunities at the right time, while growing their startup step by step.
Table of Contents
6 Steps To Grow Your Startup Business Effectively
Financial backup
When looking at the financial supplies of a startup, it is quite evident that a major chunk of backing is done by the founder(s) or the entrepreneur itself, followed by close ones and venture capitalists. And there will always come a time when these sources wouldn’t be enough to fund the requirements of the venture, causing difficulties and disturbances in its growth. Hence, once a startup has landed in the market, it is important to diversify the sources of capital, be it in the form of revenue or funding from other sources. A major strain in any venture occurs when there is a lack of financial support in the growth years of a startup.
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Team
Eventually, as a startup starts making its presence felt in the business world, pressure or hiring new individuals and assigning them appropriate designations is on the priority list of a majority of entrepreneurs. As no one can carry the responsibilities of an expanding venture all by themselves, it is important to recruit candidates who can responsibly take up the duty of taking the startup further.
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And as the startup starts stepping into diverse fields, it is important to have a team of like-minded individuals yet with proficient knowledge of specific fields. While lawyers and financial advisors might not be involved in the initial phases of a venture, however, the good idea is to be surrounded with such personnel.
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Digital Platforms
Digital is a recent trend in the business world. It is a new view to market and promote one’s service and goods. Building a website, creating social media pages, and promoting one’s goods and services through online platforms, are an efficient way to generate more customers and be aware of current trends. Digital marketing, content marketing, email marketing, use of SEO, and social media marketing, have paved the way for a newer approach for gaining potential customers. Use Social Media to benefit your business by creating a customer base with different buyer personas. You can also use Chatbots to get feedback from your customers and be available to them even at odd hours of the business. Integrate all the positives of technology into your business to create a better user experience for your customers.
Intellectual Property Rights
Like all other assets, an intellectual property, commonly known as IP rights, are valuable assets for your brand and business. The reason behind its importance is it sets you apart from your competitors and helps you building brand through trademark registration and granted patents. It always offers you the flexibility of scaling marketing and branding which makes revenue stream flawless. It is always better to get all the legal formalities done before it creates a mess for you or you get busy in growing your business. Protect your idea before someone else screws it up. This will be an added advantage for your business in the long run since you can convert them into your additional finances later.
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Customer base
As the success of a business venture is mainly measured by the economic benefits it reaps, it is important to look for clients who are willing to commit to one’s products and services for a longer period. In the initial phase, a startup can only persuade individuals to try their product or service, but it only through the quality of their service that the client, sometimes with more clients, comes back for a long term commitment. Hence, giving the best service to clients is the key to gaining potential customers and that too for a longer time. And as eventually, time passes by, gaining customers to grow or growing to meet demands of customers becomes a never-ending cycle. Increasing the customer base over time is one of the important steps in the growth of a startup.
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Re-evaluate your Business Plan
Business Plan is a stepping stone for your entrepreneurial journey, and it will not be the same forever. Ask yourself what technological advancement is coming next and how it can affect your planning. Get ahead by fixing any bugs in your business structure. Well, it could be anything from evaluating your assets, production to improving sales and marketing strategies. Usually, businesses do not think beyond their business plan which is why they lack to see the changes around. Think from a new perspective and how your customers will respond to it. Seek advice from your trusted sources and research methods that can combat the market changes. Remember to act fast and create something better.
Conclusion:
Well, business is a tricky world; first and foremost, however, growing a startup is even trickier. Apart from the steps, mentioned above a lot goes into the making of a successful startup. Focusing on one’s abilities and strong points, taking care of the needs of the current clients and team members, diversify channels for promotions and marketing, and evaluating the final results and then modifying them are few other steps, that one must consider doing in the later phases of the startup. And it is important to recognize that growth and development do not result in a magic potion that can be poured onto the startup but can only be achieved through dedication, hard work and careful planning.
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