In the face of a devastating economic scenario, the birth of new startups is an indication of the good entrepreneurial health of a country. Everyone wants to be a proud founder of a startup. With the ever-increasing trend of independency and ditching 9-5 jobs for a better work-life balance, people are putting their skills to use and jumping into initiating their own ventures. However, kick-starting a startup is just the easy part. You establish operational procedures, divide tasks and responsibilities (if your business isn’t a sole proprietorship), find a place and hire a few employees (which is optional in some cases). The point is that you have already worked everything out in your mind, which is why you decided to initiate a startup in the first place.
But, the tough part comes afterwards. When it comes to GROWING your startup and increasing profits, things no longer remain so straightforward.Most large business owners agree that a startup stops being so when it becomes independent. There are impressive examples of entrepreneurial suckers that have come of age. Some began their work before the crisis and others in the middle of the storm, but all have been successful and able to stay in time.However, there are some fundamentals which, if followed religiously, will help grow almost any startup. Those fundamentals are:
1. Identify your uniqueness.
The first step is to identify a competitive advantage that is a significantly times higher than your competition’s in your area of expertise or industry. The founder of Philadelphia-based Happy Lawn, BarretErsek,came up with a remarkable method of closing deals in, not weeks or even days, but minutes, incorporating an ingenious process of pricing and property planning. Now, look at yourself and your business. how can you achieve it? Start by looking at the most basic business operations and think of ways you could save time and money on them. Don’t just think out of the box – Demolish that box and expand your horizons as much as possible and think of what makes you unique.
2. Come up with a slogan that describes your vision and values.
Look around you. All great businesses and brands have one thing in common: A strong catchphrase or slogan that describes their nature of business or vision. Nike’s phrase “Just do it” sends a wave of motivation through your veins, which is why they’ve become synonymous with sports and fitness wear. And that is exactly where Nike’s vision and values lie. Now, think of your own business. Think of a catchphrase with the aim of becoming synonymous with your industry.
3. Remember that hyper-focus is key.
Every quarter, your company’s focus should be aligned on one priority that can be measured. Determine something worth focusing on, and divert all your attention towards that for the coming 90 days, which can have a hoarding impact on the business. One firm needed to hire 16 specialists, another focused on doubling inventories, and another focused on improving its presence on Google. What will you do? Having focus is essential in any walk of life.
4. Control the money.
The vast majority of startups do not use traditional sources of financing such as loans from banks and other similar vehicles, opting for capital contributed by investors in exchange for a percentage of the company in those cases where the startup does not have a model of business of its first months of life.Growth absorbs money, so you have to create a business model that drives your expansion without the need to use external capital. Some strategies are gift cards, prepayments, tighter collection practices, and shorter sales and delivery cycles. To stay focused, look at your cash position day in and day out. You will certainly sleep better knowing that your company can finance its own growth. So, think of smart and self-sustaining financial strategies at least for now, and control both the in-flow and out-flow of cash into your startup business.
5. Write your heart out.
Fill in the digital space with blogs, informational documents and videos on YouTube and Twitter messages that are congruent with your phrase. You should know by now that communication should be on your to-do list, every single day of the week, as it increases credibility better than anything else does. You can really boost your authority by writing a book.The published content takes the lead in educational marketing programs, and you will position yourself and your company as leading authorities in your industry by being more credible.
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