SupportBiz presents five tips that all start-ups should follow, in order to get on the growth path.
Choose the right market
It is essential for a start-up to choose the right kind of market to sell its products/services. If it is in the wrong industry, where there is a lot of competition or where it does not possess sufficient skills, it is bound to fail. Similarly, if a firm chooses the wrong set of target customers, they will not be able to find value from its products/services, a sure-shot move to push it towards failure.
Hence, every start-up should ensure that it selects the right market for itself, one which is best suited to its requirements and offerings.
Several start-ups underestimate their resource requirements initially. They launch on a grand scale, only to find themselves out of cash soon. It is, hence, advisable that all start-ups be frugal initially in all the tasks they perform and all the decisions that they take.
Instead of wasting money on showy offices or technology, invest it in things that serve the purpose. Utilise the surplus money in things that will drive revenue for you.
Hire a great team
The wrong set of employees will be unmotivated and unproductive, leading you to constantly supervise and lead them, ultimately causing a great wastage of resources. Instead, if a start-up hires a wonderful team of employees, who are self-motivated, efficient and trustworthy, you will ultimately be saving on time, money and effort.
Every start-up should, hence, concentrate on hiring only the best people for itself. Do not hire just about anyone suitable for a job, but make sure that you hire the right person for the right job.
Work on building credibility
In the initial stages of business, no one will recognise a start-up. It is, hence, necessary that the firm concentrate on building credibility for itself. Build great relationships with each one of your customers. Deliver goods/services of wonderful quality, and let there be no deviation between what you committed and what you deliver. Make your presence felt in events like fairs and speeches. Fulfil your corporate social responsibility.
Once you are able to establish a reputation for yourself as credible, you will get word-of-mouth publicity from your satisfied customers. Ultimately, this will help you grow and move further on the path of progress.
Market yourself the right way
Every start-up should ensure that it has chosen the right way to market itself. A marketing mix chosen by a firm should be able to reach the right set of customers and communicate its message effectively.
Also, the marketing strategy of the firm should keep evolving with time. A start-up should be clear about the different approaches to marketing and the media that it wants to adopt at different stages in its growth.