September 06, 2017
5 Tips to grow your Start-up into a Successful Business
Image source: Shutterstock
Initiating a business start-up is a brave decision that gives you the freedom to pursue your passion
Becoming a business owner comes with many fulfilling benefits, however, like any new project, it is inevitable for your start-up to face challenges. The positive part about facing challenges is that you can prepare for them and you can choose how you respond to them. By preparing for challenges you are able to survive any tough period you face as a business owner. Being successful in your start-up consists of multiple principles and practices that lead to success.
Through adequate business planning and business advancement, you give your business longevity in the industry. This includes having good branding concepts, practicing potent business values and other innovative business action.
It also is crucial to study a Business Management qualification that will benefit you as a business owner. This management course will prepare you on how to efficiently run your start-up and use innovative business concepts to expand business profits.
Build Brand Consistency
‘Your personal brand is a promise to your clients, a promise of quality, consistency, competency and reliability.’ Jumoke Awe
Consistency is the principle that gives a brand identity and authenticity. There must be a consistent flow between your brand on all platforms including print media and digital media. This includes the visual concept logos, the branding on your products and other media. It is vital for your business production to have a collaboration that matches the brand’s concept.
Your brand must also be constant in repeating good business practice daily. This means constantly delivering business targets, the manner in which your business deals with clients and in other areas that contribute to business growth.
What are the benefits of your business being consistent in branding?
- Consistency helps your brand to be easily recognisable on different platforms.
- Consistency moulds your business into a trusted brand that is known to always deliver effectively to clients.
- Consistency creates competence and quality in your business production.
Invest in Customer Experience
The success of any brand is in the quality of their customer experience. Most businesses credit their success to the loyalty their customers have to the brand and the ability to attract new customers.
Having positive customer feedback is beneficial for business as it increases brand advocacy and attracts new customers to the brand. This is why successful businesses invest in customer care and reap the benefits of doing so. Here are some ways in which your business can invest in good customer service practice:
Being attentive to clients- ensuring a system that will build constant interaction with your brand through social media and other immediate ways to respond to customer’s needs.
Ensuring that your product meets the customer’s needs- you can do this by constantly improving your main product and offering, based on customer’s experience and feedback. By doing this you will keep your customers satisfied and expand on more customers.
Personalised gifts- There are many innovative ways that you can use to thank your clients for using your services or products. You can do this through social media or you can arrange personalised gifts and specials that show you have them in mind.
Having great deals for clients- Your marketing team can work out discount deals that clients will enjoy. You can also create purchase benefits that customers can receive by using your services.
Keeping in contact with customers- The business should ensure they keep the customer’s contact details so that you can communicate with them about new deals and other developments.
Grow your Target Market
‘Your business will struggle to grow without specific, targeted knowledge of your business’s market positioning.’- IDiscover Consulting
Firstly you need to know precisely which group of people use your products and services. Their information will help you determine the kind of people who are most interested in your business.
Although this is usually determined in the beginning before a business starts offering a product, it is important to conduct market research on your consumers. This is a perfect time for your business to benefit from research and plan how they can offer products that will attract other audiences. Here are ways in which you can expand your target market.
Find out about the new audiences you want to target- You can determine this by learning what they love, what they use and why they use it. You can create products and services that cater to their needs and appeals to them.
Contact potential clients and do a launch for the new offering- This idea will work if you are able to reach these audiences by communicating to them on your various media platforms. You can build up a campaign to promote the launch of this new offering and get them curious to know more. At the launch, you can give them thoughtful gifts that can be branded. In that way, you promote your and you are also giving them something special. You can then follow-up through social media and other ways that will make the new audiences fall in love with your brand.
Keep the communication- By following up on your new customers and their experiences you will keep the buzz going about your brand. You can follow through with offers to use more of your services and nurture relationships with them.
Consider a Partnership
‘Create an honesty policy & have an awesome internal communications plan.’ Business partnership tip- Juxta Communications
Although partnerships can be tricky, if it is a partnership that is beneficial for the business then it is something to consider. There are key characteristics that you need to identify in a potential investment partner.
Trust your gut- Most times we become excited when there is a potential interest in our business. However, it is vital to be discerning about who you go into business with.
Needs to be someone with integrity- It is essential to work with a partner or a brand that is notable and shares the same values your business does.
Their vision must align with yours- This is an important aspect that determines if the partnership will work. Their vision either needs to complement your vision or be a vision that is related and will help grow your start up.
Determine the terms of the partnership- You have to make it clear how far the partnership extends and what the terms of ownership include. You need to make clear the role that your partner will be playing in the business, discuss ownership terms and financial benefits between you. This will set clear boundaries and an understanding between you and your partner. This will help you avoid conflict and clashes later on in the partnership.
When you have examined all these aspects you can discuss how you can contribute to business growth. Determine exactly what each person will be inputting and what’s expected from both your roles. Ensure that signed agreements are made for legal protection and then you can go ahead with the partnership.
Get the Right Investment
Image source: Shutterstock
As your business grows and more people learn about what you are doing, you will attract more clients and investors. Investors are people who see potential in your start-up and may offer you help to expand your business. It is essential to be selective about investors and not be merely swept over by a deal that sounds amazing.
You have to ask yourself these crucial questions to see if the investment proposal suits the vision of your start-up:
What power will you be giving to the investor?
How will it benefit business growth?
Does their proposal conflict with your business vision or goals?
Are you happy with their terms and conditions?
All these questions will help you make your decision on whether to accept the investment proposal. It will help you make a sound decision. At the end, every decision is a risk and for business to grow it is important to take risks. However, you should take wise risks that will create superb expansion and success in your business.
Spread the word through Social Media
Using your social media presence effectively is a strategy that works and has substantial business benefits. Having a powerful social media strategy will grow the influence of your business and you will have more people aware of who you are.
Through social media, you can build your digital presence and cultivate relationships with existing customers. This is also a chance to use sponsored and promoted posts to introduce yourself to potential customers.
Social media has powerful tools that can help your business gain exposure and it allows people to find you according to what they need. Through impactful posts, your business can gain a lot of inquiries from people interested in what you have to offer.
When you implement these winning tips to your business start-up you are able to see it grow and prosper. As your business expands you are able to build it into a lasting legacy.