The freedom and autonomy that comes with entrepreneurship can never be found in a 9 to 5 job no matter what. Hence, a lot of people opt to start their own businesses. Moreover, the age of the internet and globalization has made it easier than ever to start a business and make it successful.
Today, we have examples of a host of businesses that started and scaled up within no time. Instagram is one such example. Instagram was founded in 2010 when Facebook was already ruling the social media world. Despite the odds, Instagram managed to attract users, and now it is one of the most popular social media platforms. Some other examples include Oculus, Twitter, Hubspot, etc.
It is not just about selling a great product or service, it is more about getting your idea out there to the world. If you are an owner of a startup or planning to start a business to get back your sweet freedom, you are at the right place. Here are some ideas that you can employ to take your business to the next level:
- Get funding
Most of the startups are short on resources, which hinders their growth and scalability. Research has found out that 42 percent of the startups fail because there was no need for the product that they were offering. It also indicated that 29 percent failed because they ran out of cash. So even if your product clicks with customers, lack of funding can lead you to failure. Hence, you should know when to ask for help.
Once you think there is a need for funding, create a detailed business plan of five years. Then visit your local bank to see if you can get a loan. If banks do not entice you, then you can look for a venture capitalist. The drawback of opting for a venture capitalist is that you will have to give up a part of your business. Other than that, you can also look for an angel investor. An angel investor is different from a venture capitalist in the sense that you can convert the investment into convertible debt. You can also opt for crowdfunding. When crowdfunding is mentioned, most people think of Kickstarter. That is a great platform, no doubt, but you can also look at alternative websites such as Crowdfunder, AngelList, etc.
- Build your digital presence
Since the world is so competitive today, just a good idea will not do the job. Hence, you need to have a robust marketing plan. It is understandable that a startup does not have deep pockets like the multinationals that spend millions on TV commercials. But the digital world is all yours to conquer. The first and foremost thing that you need is a good website. Your website is the initial source of information for your potential customers. Make sure that it is user-friendly, updated and does not take a lot of time to load. Your website should also give a sense of professionalism. Hence, include a proper logo. Custom logo design services can help you design a professional logo that will help you in branding.
Check out the website of this leather skin shop. It is well designed, and it has high-quality pictures that entice customers to purchase the products.
Secondly, you need a social media presence. Facebook has become an advertising platform where you can easily reach your target audience. According to Facebook, 1.6 billion people are somehow connected to businesses on Facebook.
You can also reach your customers through Instagram. People are consuming a lot of content through videos, and hence Instagram is the best platform to reach them. Instagram offers various ad formats that you can use according to your goals and objectives.
You can also set up a YouTube channel where you can share information about your brand or any activations that you do. Apart from a channel, you can also advertise on YouTube. Similar to other platforms, YouTube also offers various formats, and the best part is that you only have to pay when people watch your ad for 30 seconds or more.
When it comes to social media, it is not about merely putting up ads because people are usually skeptical of them; you have to share stuff that people value. Try to focus on user-generated content that people will like and share themselves.
- Develop a content strategy
A lot of your digital marketing has to do with your content strategy because it is the content that will get you noticed by Google. Let’s face the truth, most of us don’t go beyond page one while we are searching for something on Google. To rank on the top on Google, you need a good SEO strategy. A good SEO strategy entails a good content strategy. So, you can set up a blog and share some worthy information that adds value for your customers with the right keywords. The best part about SEO is that it is completely free.
Another way to rank first on Google is through Search Engine Marketing (SEM), whereby you pay Google to rank on top.
- Get reviews and feedback
Businesses thrive with continuous improvement, and you can only improve if you get to know what your customers like and don’t like. Moreover, reviews also help you get more customers. Potential customers trust reviews more than they trust advertisements. Hence, you should encourage your customers to give feedback whenever possible.
Scaling up a startup can seem like an uphill task. However, if you have an extraordinary product or service, then you just have to take care of the secondary things. Since startups are usually short on cash, you have to utilize the available funds after much thought and consideration. This also includes hiring the right people because a high turnover or an incompetent employee will cost your company a lot. Other than that, if you are spending on marketing, try to set up your goals and budget first rather than mindlessly throwing away the bucks. Remember, the recipe for your startup success is to keep expense low and revenue high.
