We all stand in awe of the successful startup. The path from zero to a thriving business appears almost magical to outsiders – the founders were once regular working Joes and then, a short time later, they are entrepreneurial rock stars running some of the largest firms.
Many business owners do not fully understand how to progress from zero to booming, but there are specific things that successful entrepreneurs do to grow their firms that we all can learn from. Below, we will discuss 3 tactics you can deploy to propel your startup business!
Tactic 1: Create an Organizational Chart
The ability to hand off responsibility is the key to growing your startup into a booming company. Giving up control of any kind is perhaps the toughest thing a weathered entrepreneur can do, but, if you want to build your business, you need to master this task.
One of the best ways to get comfortable handing over responsibility is to create an organizational chart. This chart should define your company and its goals at the top. Next, assign teams within your organization to accomplish these goals. Also, keep in mind that at the start a team can be a single person. Don’t get caught up in semantics, but, rather, an overall theme.
Once your organizational chart is laid out, ask each of teams for their input on how to accomplish the company’s goals. Write this down on the diagram as sub-goals for the organization. Once the graph is complete, be sure to communicate it to your employees. It may take some time for your staff to get used to dealing with someone other than the founder as their superior. This chart and your explanation will make the transition of handing off responsibility so much easier as it will provide the visualization of how everything fits together in your organization.
Tactic 2: Borrow Capital
Borrowing capital is a must-do for startup growth. Your personal funds can only get the company so far and rest assured that every company reaches out in one way or another for growth capital.
The good news is that obtaining a business line of credit has become a very simple process. Technology has enabled online lenders to access a vast amount of data points when analyzing the credit worthiness of a startup. Entrepreneurs are no longer held back by simple metrics like personal credit score and collateral. Big data is used to build a complete picture of your enterprise, and it is easy to apply online for this type of business line of credit.
The capital can be used for payroll, buying inventory, hiring outside consultants, leases and countless other critical growth-related aspects. Always remember that a company’s growth path is not linear, but a series of ups and downs on an upward trajectory. Having a business line of credit available at all times helps with the downs and helps your business grow along the way.
Tactic 3: Don’t Skimp on Marketing
It takes more than word of mouth to grow your startup into a booming business. While your company likely started with family and friends promoting you, it takes an enormous customer base to create a thriving business. Today, the internet is the most effective and efficient way to reach your audience.
The secret to standing out in the crowded Internet space is to accurately define your audience and create personalized content directed at your audience. There is a tremendous amount of non-personalized, non-directed content on the internet, but, by creating and publishing interesting and unique content for your particular niche, your company can win the internet marketing battle. Don’t be afraid to spend money to accomplish this goal. Hiring an agency or individual writers who specialize in your niche is the first step to creating the compelling content.
You can also target mobile channels. More and more customers are moving to mobile devices. Having a robust mobile platform that works across all devices is actually no longer a luxury, it is a must. Be certain that you maintain your brand across all sales channels both on and offline though. Having a singularity of image, purpose and specialty will help you cement your startup in the minds of consumers.
Another marketing tactic you could make use of is subscriptions. The subscription model works wonders on the Internet. Customers appreciate the ease and convenience of having a monthly, quarterly or yearly subscription. Customizing your subscription based on your customers’ needs and giving them the chance to receive added benefits with a subscription can really propel your startup. If your product or service is amiable to the subscription model, utilize it!
With all the money going into online channels, don’t forget about the traditional sources of marketing for your startup. These include print, radio, and TV, as well as other niches such as outdoor and direct mail. Even if you focus your marketing dollars online, keep in mind that the most traditional channels can still be highly effective in this Internet-saturated world.
Growing a startup into a booming enterprise is a process. It takes diligence and proven tactics to spur growth. Creating an organizational plan is the first step to move beyond the startup phase of any business as it allows you to delegate responsibility and focus on growth. The next tactic to supercharge your startup’s growth is not being afraid of borrowing money. Today’s online business lenders make getting a business line of credit a simple, easy and efficient process. Finally, creating compelling marketing material both online and off is critical for your startup to boom. While you can start your business with less defined structure, out-of-pocket funding and minimal marketing, to grow, deciding on the details, borrowing money and expanding your marketing are musts!
