You have your startup idea completed. The mobile app is out there and working nicely. Now what? Congratulations, the easy part of building your idea is over. Now the tough work of growing your startup begins.
So, how do you grow your startup business? What do you do first? Grow your customer base, watch your finances, marketing, hiring? There is so much to do.
We asked successful startups how they do it and what worked for them to grow their business.
1. Invest in your superhero team
First and foremost, you need to establish your core team. Your base of operations and people that are in the same mindset and ideally in the same environment. The building core team is essential. All the people in your team need to pull the rope in the same direction and the same pace. Every member of your team needs to know their responsibility.
If you are a leader of a growing startup, your core team helps you get to your destination if you show them what that is. It’s your responsibility for a leader to lead somewhere. Don’t be a leader without a direction. That’s a sure way to start losing your core team members and your customers.
The second tip is to hire the best, not the cheapest. The old saying is true, if you pay peanuts, you get monkeys. A professional and skilled individual will be able to do the job better, faster, effortlessly while helping you achieve your business goals. Or consider the alternative, frustration with lack of progress, communication issues and poor workmanship.
Don’t spend, invest instead! Build things better and faster with a professional core team of enthusiastic, positive and skilled individuals.
Hiring and expanding your core team is a challenge. But with possibly huge rewards. A motivated and dedicated team will set a whole new standard and speed of working. Creating a positive culture of helping, sharing and supporting should be taken very seriously. Businesses can fall like a house of cards if the environment is the opposite. A toxic place without support can be a sure way to destroy your business.
2. Understand finances and burn rate
One of the areas you should be hiring is finances. Startup leaders are usually relaxed when it comes to finances, but real business leaders are made, not born. You will have to learn and learn fast. Getting a grasp on your finances and burn rate is essential. You need to know your strategy, like how much money your startup needs to burn through per month and how much time you have to get the business profitable.
Series of fundings aren’t just to pay wages and to have fun. Investors need to trust your abilities to manage your ship and steer it off the dangerous financial cliffs. If you are raising funds to build new features, create an awesome marketing campaign or other, you must have a clear knowledge of how that money will be spent and for what purpose.
3. Create a solid marketing plan and strategy
And as we got to marketing here is another idea. Your marketing should include creating content. Useful, helpful and meaningful content that helps your customers goes a long way.
Whatever service you provide or product you sell the same applies. You need to solve your customer’s problem. Better you are at selling the value, more customers you will have. It is as simple as that. You need to produce content to demonstrate your solution to your customers. A free tip: show value!
Let’s use Digital Ocean as an example. D.O. is a cloud computing provider using content to their advantage. It is aimed at small to medium enterprises offering predictable pricing with top industry hardware. Their tutorial library is massive, driving tons of traffic to the website. D.O. then gives you a way to follow that tutorial to build better applications.
Kinsta, a premium Wordpress hosting provider, adopted the same strategy. Actively helping their customers to solve problems like setting up WordPress plugins and even strategic blogging tips. Since bloggers make up a large portion of their customers.
Like Kinsta or Digital Ocean, you need to actively help your customers solve their problems. Better you understand the pain your clients have, more successful your marketing will become.
How do I get my roof fixed, how long is it going to take to fix a leak? See what I mean. You need to stop selling and start helping.
Content marketing strategy is delivering lasting results but takes a bit of time to get into and see what works for your startup business. Oh, and don’t forget to use social media to build up your following.
Last way to grow your startup is to raise cash. As a leader, you will need to learn to raise cash for various reasons. You might want to take the business to another level, expand your core team of 12 to 45, expand into new regions and markets. Whatever the reason is, you need to raise funds to grow. Perfecting your pitch, demonstrating value and having a grasp on your finances and cash burn rate will go a long way with your investors.
To grow your startup business, you need to be cash efficient, have a great core team of people and have a marketing strategy that is focused on building content. With these three tips, you are on the way to success.
Help your customers solve a problem, in return they will help you build your business.
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