Once you have your startup launched and orders coming in, you will soon be ready to look for ways to keep growing your business. As the months and years go on, though, you may not have much spare cash available to invest in growth strategies.
For most entrepreneurs, all their funds go into getting a venture off the ground, so they don’t have much money to play with when wanting to expand. There are plenty of things you can do to help your organization grow beyond its current situation, though, that even those on a shoestring budget can implement.
Cut Costs To Free Up Capital For Growth
Find more money to invest in expanding your business by cutting costs in various areas. Free up capital by following achievable cost cutting strategies over a few months. For example, monitor spending closely to see where you are paying for things but not getting the necessary return on investment. You should be able to find some areas where you can cut expenses entirely or pare back spending.
Speak with your suppliers to see if there are any ways to get discounts on goods or services or value- adds. Search for alternatives to capital spending, too, such as leasing expensive equipment rather than buying it or using pay-as-you-go software rather than investing in pricey upfront product licenses. The more money you can save, the more funds you will have to invest in growth strategies that will help you get your business where you want it to be.
Network
To increase sales, it pays to network more often, both online and in person. Take advantage of social media sites where you can “meet” potential customers, such as LinkedIn, Instagram, Twitter, and Facebook. Also, get to know the influencers in your industry who might be able to help you, directly or indirectly, to expand your brand awareness and garner more credibility.
It is wise to attend a variety of events in person so you can foster new and old relationships. Go where your target audience is, such as trade shows, conferences, workshops, festivals, retreats, markets, business group meetings, industry functions, etc. You can make all sorts of helpful contacts at these places and show people who have been interested in your wares why they should spend money with your business today.
Plus, you never know when the attendees you meet at events might introduce or refer you to other people, who end up becoming your clients. If you can’t afford tickets to expensive trade shows or other events, see if you can volunteer yourself as a speaker or provide free goods or services for organizers to use as prizes, in exchange for your entry.
Ask For Referrals
Another way to grow your startup is to ask current customers for referrals. If your clients are happy with the products or services they receive, and the customer support your venture provides, there is no reason why they won’t be open to referring their friends, family members, colleagues, and other contacts to you.
You might like to offer clients some sort of reward for sending you new business, to motivate them further. For instance, provide them with a free product or discounted service on their next order.
Focus On Your Unique Selling Proposition
When you’re trying to grow a startup, it is easy to notice what your competitors are doing and where they are succeeding. However, be careful not to emulate their methods of operation. Focus on your own unique selling proposition. That is, what problem does your venture solve for people, or what kinds of benefits does it provide that other firms don’t?
Keep coming back to this point of difference over the months to ensure you stay focused on highlighting and communicating your strategic advantages. Use them to stand out in a crowded market and help you cement your brand message. In turn, this will bring in more business.
Enhance Your Online Presence
With so many consumers spending so much time browsing and buying online these days, you are remiss if you don’t look for ways to enhance your digital footprint. Extend your presence online by ensuring you have an up-to-date, quality website, and are present on social media sites and any digital markets that relate to your brand and wares. Local marketing is essential for small businesses to compete with the big dogs in your industry.
Also, where possible, set up ways for clients to order from you online, at whatever time of day is most convenient for them. This will help you to grow your company and scale up successfully.
Startup Successfully On A Shoestring
When you are proactive and follow the steps listed above, plus other beneficial strategies, you should soon start seeing your sales and profit numbers rising. Keep grinding and building up your successful startup without breaking the bank!