Growing a startup is a challenge for any entrepreneur. You can have the best idea in the world, but it doesn't matter at all if you can't find a way to consistently increase your revenue.
Here are five ways that you can improve your chances of growing your startup right from the beginning.
1. Focus 100% on Your Goal
When you launch a startup, you must be 100% focused on it. That means no side projects and no other activities taking up your time – you need to spend all your time on your business.
Absolute dedication is one of the major traits of successful entrepreneurs. While you may launch a number of startups over the years, you should only ever focus on one at a time. Side projects will only distract you, hurting your potential for growth.
2. Build an Email List
Don't wait until you are growing fast to start your email list: start now. Email is still one of the most cost-effective and powerful marketing techniques. The people who sign up are going to be your first customers, and they are likely to turn into your most loyal customers over the years.
When you release a new or updated product, the people on your list are the ones who will buy it first. In fact, your list may well turn into one of your most valuable assets over the years.
Social media is another cost-effective way to get the word out there about your business. Get a presence for yourself on a few platforms, and have a strategy in place. Be active, share interesting information, create buzz, launch competitions and surveys, and spread the word about what you are doing.
3. Customer Experience Is Everything
One thing you really want to focus on is the customer experience. This is crucial for any business, but if you want repeat customers, the customer experience is a priority for your growth.
Attracting new customers is many times more expensive than repeat customers. You want to ensure you keep your customers coming back, and their perception can decide the success of your business. A good customer experience is therefore crucial for faster growth.
4. Use an Incubator
Using an incubator is one of the best ways to get access to real experience that can help you make the right decisions about your startup.
Incubators are dedicated to helping startups succeed. They are the perfect way to meet other co-founders, get inside information, make contacts, and get access to details you won't find anywhere else, often regarding investment opportunities.
Some are better than others, so it is worth spending some time researching them to find an innovative and productive incubator that will help you in the early days of your startup.
5. Outsource What You Can
You probably won't be able to outsource everything, but outsource what makes sense. For example, many tasks are essential but take up a lot of time and can be done by someone else.
These could include payroll, PR, content marketing, admin – anything that someone else can do quicker and better than you. You then have time to focus on growing your business rather than working on tasks that do not grow your revenue.
Also delegate tasks. It can be tempting to do everything yourself, but don't try to wear too many hats. Hire people you can trust, and give the work to them rather than risking burnout.
Grow Your Startup Faster
These are simple but sometimes forgotten steps to growing your startup. Growth is crucial for any new startup, but so many startups fail to experience the growth they want. Focus on these tips to make sure you are not one of them.
Finally, don't forget the all-important networking. Spend a good amount of time growing your network, meeting the right people and reaching out to influencers both online and offline. Consider this an ongoing practice that you should be working on all the time to grow your startup.