What are some effective start-up growth strategies?

6 Key growth strategies a start-up can use to rock the market

Every prominent start-up has a growth strategy that made them so successful. Here are six learnings to follow that can lead your business to the win.

Six Proven Strategies to Make Your Start-up Successful

 “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”

 Steve Jobs, Co-Founder, Apple

Entrepreneur: the word may sound very prestigious! However, becoming one is not easy. Let alone thriving, sustaining the daily operation costs and attaining the break-even point proves to be a challenge. Not more than 50 percent of the start-ups live to see the day beyond five years. The reality is that a new business can get lost without a roadmap.

As Ed Sappin, the CEO of Sappin Global Strategies, says, “When an entrepreneur takes an idea and turns it into a profitable business, it’s a cause for celebration, But it’s not enough to keep doing the same thing -- continued success is going to depend on different and evolving strategies. To scale up and grow in a big way, business owners have to prioritise a growth to-do list."

So, you can see, growing the business is the most challenging part. You need to know your limitations as well as your strengths. Aiming for super-fast business expansions has made many go bankrupt.

With a proper SWOT analysis, you can understand the right time to hit the hammer. On that note, here are six tips from successful entrepreneurs to help your business to grow –

  1. Where to plan your expansion

Planning an expansion implies that you are ready to venture into another market. Expanding at the right time helps the business take the next step. So, plan the growth in a new location. Tapping into new markets brings a new set of clienteles. More clientele brings in more funds which lays the paving stone for further expansions.

Moreover, expanding in a new place reduces the chances of risks of unprecedented events. The building may collapse, the shop may catch fire - accidents can happen in many ways. If the business is limited to a single place, any damage to that leaves you in trouble. The proper expansion thus helps in tackling such situations.

  1. Diversifying the product mix

An expansion gives you entry into a new market. It would help if you broadened your product mix to cater for that new market. Every new place has different demographics, different tastes and preferences, different paying capabilities. Numerous such factors count in while tailoring a product for a particular market.

Diversifying your products gives the clients multiple options to choose from. They are interested in a product, but the price seems more for them. Or your product doesn't get accepted by a specific market. Businesses face these kinds of problems all the time. Diversified services and products help to address the varied needs of the customers.

  1. Study your competitors

Even in business, keep your friends close, but your enemies closer. If you have a concrete understanding of the market, what your rival brands are doing, it is easier to deal with them. Staying updated with the competitors' products and services also gives you an idea of the market demand. 

You also need to keep a tab on which markets your competitors are trying to enter and their reaction to expansion. The importance of demographic analysis doesn't get stressed enough while making a strategy. Knowing a customer base inside out better than your competition helps allocate resources effectively and hence be more successful. 

  1. Tracking your Results

It is impossible even for the best entrepreneurs to hit the bull's eye with their strategies every single time. Analysing your marketing assignment help you determine where you are going wrong.

There are numerous strategies you can make use of to analyse the strategies performance. But, first, you need to identify the variables and measure them to develop a solid plan for a response. 

There are two types of data collection methods, Active and Passive. 

  • Active Method – It takes the consent of the person responsible for collecting data. The person remains fully knowledgeable that he is providing information. 

  • Passive Method – This is an automatic process of data collection. The person providing the data nor the collector has any control over the process.

However, there is a reason why entrepreneurs prefer the passive mode of data collection. There is a term called "Observer Bias" in the data collection field. When a person knows that their opinion is needed on a particular topic, they subconsciously become opinionated about a brand. Since that affects tracking the results, the latter is preferred. 

  1. Go digital for promotion

The online presence of a service or a product is getting a must to stay relevant in the current landscape. The internet provides by far the broadest spectrum to reach the maximum number of people. Moreover, you can reach a global audience with an internet listing. So, you should always prefer to explore online marketing techniques before anything else.

  1. Offer for Franchising

If you have faith that your idea is full-proof, consider offering your business for a franchisee model. Franchising is offering your products and services to many buyers who are convinced of your idea. They will sell your brand from their outlets following a uniform system of rules. Franchising has multiple benefits.

  • You get a periodic fee that means recurring income

  • You save money of setting up a new store

  • Market penetration happens in places you otherwise may not have entered.

 

Parting Statement

To create an empire from a start-up, taking risks and jumping into unknown territories to expand the business may be required, but that is only a minor part. Sustainability is the most important factor to keep in mind to grow a business. Understand your customers' needs the market trends before coming up with a strategy. Take small steps but confident steps, and in no time, you will find your business to be a behemoth.

Author Bio: Harvey Allen is a tech enthusiast who has been creating his brand from scratch for the last 20 years. He currently is associated with MyAssignmenthelp.com as a business law assignment sample writer. 

 

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