16 Nov 2016, 10:30 — 5 min read
If you launch a startup, all you hope for in the first few months is that you gain some traction in the market as soon as possible and establish a name for yourself. That ensures that your startup won’t capitulate and then you can focus on achieving your long term goals. But quite often, startups don’t get the initial spurt of growth that they so dearly crave; sometimes they languish in anonymity for months, which only stretches their strained resources and carries them into a slump they may never recover from.
On the other hand, instant growth is near impossible. You can’t just walk in to the market and expect people to drop whatever they’re doing and pay all the attention to your startup. What you can do, however, is to do everything in your power to boost your sales and create hype about your brand, before you enter the period of anonymity. The following startup tips will help you achieve that goal.
1. Build a great team
The best way to ensure that your startup grows at a fast pace is to assemble a group of people who aren’t willing to rest till they have achieved their goal. Having the right people behind you can make all the difference in those crucial early months when things are tentative. A team that is motivated, passionate and innovative will find a way to deal with any problem in a short span of time – the belief that you can deal with any hurdles that come your way contributes greatly to spur future growth.
2. Be agile
A startup is like a small lifeboat in the same way a multinational corporation is the Titanic. The Titanic was bigger, faster and more powerful, but ultimately the fact that it couldn’t turn quickly enough because of its size was the reason it sank to the bottom of the sea. Not the lifeboat though – the lifeboat is small and easily adjusts its path to avoid obstacles.
The importance of having an agile and adaptable business cannot be overstated; build your company and your product in such a way that both can quickly respond to any changes or fluctuations in the market. By being agile, your startup has the ability to test and try a range of products and approaches, find out if they work, and if they don’t move on to the next one.
By keeping one hand on the pulse of the market, you can direct your efforts to attain rapid growth in a short time.
3. Be your own investor
Sure, the profits from your startup will be meager in the beginning. Crowdfunding may or may not come through. But any money that you have to spare should go in only one direction – back into your startup. Your startup needs all the help it can and you can ease some of the pressure by being your own investor.
In order to make money, you need money. Redirecting your revenue back into the company means faster growth in a shorter span of time.
4. Value your customers
A satisfied customer is worth a hundred TV commercials. Unlike a TV commercial you don’t have to pay for a satisfied customer – you just have to serve them well – and other people are more willing to believe the word of an acquaintance than an ad on the telly.
Building a company culture that values customer experience will be hugely beneficial for your rapid growth – if your existing customers are happy, they will introduce your brand to new customers. And so the seed will be sowed and your business will grow.
5. Have a vision
At the end of the day, everything comes down to the vision you have for your company. Being agile is one thing, but for continued and sustained growth that lasts beyond the initial stages, you need to know where your company is headed and how you’re going to take it there. You've got to believe in your business ideas.
Your vision is the foundation on which the startup will be built. Having a solid foundation will not only ensure gains in the short-term, but also over longer periods of time.
Do you have any suggestions about what boosts the growth of a startup? Share your ideas and experiences in the comments section below.
Image source: Pexels
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.
Posted byAnjan Purandare
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