5 Tips to Grow Your Startup
The trends, insights, and solutions you need to grow your business.
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Starting a new business is an ambitious endeavor that positions you to reap the rewards of being your own boss while selling products or services that you love. But, getting the business off the ground can mean long hours and few days off. Smart entrepreneurs know it’s important to gain momentum and scale up quickly, so they aren’t doing it all themselves. Use these five simple tips for how to grow your startup and reach your goals faster.
How to Grow Your Startup
- Get focused. When new organizations develop their marketing campaigns, it can be tempting to try to reach as many people as possible at once. Given the limited resources of the average startup entrepreneur, however, this strategy can backfire and result in ineffective and inefficient messaging. Instead, start small by marketing to those who will most likely see the value in your product or service. As you successfully engage them and draw in sales, expand the types of target customers for your business.
>>Takeaway: Position your product or service as a niche solution for a narrowly defined audience and expand on product offerings or solutions for other well-defined audiences as you grow.
- Embrace mentors. Mentors can offer new entrepreneurs valuable insight that can help turn your dream into reality. When new business owners get started, they find themselves working unimaginably long hours with few breaks. Finding an inspiring mentor doesn’t need to be complicated – he or she may come from another industry entirely, and have a completely different perspective, helping you to see your obstacles from a different vantage point.
>>Takeaway: Look for someone who has similar experiences and insight on the challenges that lay ahead, and will be a sounding board when things get tough. For example, you can seek local business advice and mentorship through SCORE here.
- Prioritize social media. Social media is today’s water cooler. According to Pew Research Center, about 70 percent of the US population have at least one social media profile; these platforms offer a gateway to reach a large percentage of today’s consumers. Launching a social presence can be overwhelming, so keep it simple by focusing on where your target market is. For example, 71 percent of Snapchat users are under 34 years old, making this an important platform for organizations marketing to a younger demographic.
>>Takeaway: Don’t go down the rabbit hole – visit Pew Research to determine which social media platform has a concentration of your ideal client and start there.
- Stick to a schedule. Those who work from home or alone have the greatest risk of being non-starters. Failing to remain on a consistent schedule can mean missed deadlines and inefficient work, which cuts into relaxation time, furthering the cycle of stress. Carve out blocks of time for work, socializing, relaxation, and exercise. By keeping these four periods of time in mind, it will be easier to manage stress, reach your goals and avoid burnout.
>>Takeaway: Some new entrepreneurs find it helpful to join a co-working space, or a professional workspace for solopreneurs who own different businesses. Google ‘co-working space’ in your city to find a location.
- Not your mother’s networking. Networking can be a golden ticket to growing a business, but it can be tough to accomplish with competing priorities. Look for time-saving opportunities that leverage today’s technology to make connections that will benefit your business. Some ideas include working with influencers that have an overlapping target market, laser-focus on staying in touch with the help of an effective and inexpensive CRM like Pipedrive, and go beyond just connecting with prospects on LinkedIn.
>>Takeaway: Learn more now about developing an influencer marketing strategy on TheWire.
Growing a small business can be a stressful endeavor as you try to balance personal life and the work required to grow a new organization. With these five steps, you can begin to scale your business and achieve the goals you laid out when you began. Do you have tips to share on growing a business? Leave a comment below.