So, you’ve launched a start-up business and want to start seeing results? You’re not alone.
Data from the US Census Bureau shows that an average of 1.4 million businesses are created every year. However, according to Forbes, 90% of start-ups crash and fail, which is sad, to say the least.
During the early months, the focus for most start-ups is simply survival. Then, after gaining some customers and boosting sales, the next step is usually to start getting off the ground. In other words, start expanding.
In 2023, it’s extremely difficult to do this, especially for businesses with a lack of sufficient funding and resources. However, this doesn’t mean that turning your start-up into a success is impossible because it isn’t.
Through applying the following tips and tricks, you can give your start-up a genuine shot at getting off the ground, whether you’re in the healthcare, real estate, or transportation industry.
Tip 1: Diversify Your Marketing Strategy
When it comes to marketing, many start-ups make the fatal mistake of putting all of their eggs in one basket (e.g., social media marketing). This is a recipe for disaster and a sign of inexperience.
Instead, the key is to diversify your marketing strategy and implement the right marketing strategies for you and your audience. Typically, this means embracing traditional marketing, such as print media advertising, as well as digital marketing, like email and SMS.
Once you tick all of the major boxes, you’ll provide businesses with an excellent platform for marketing as you move forward. Ultimately, when all of your marketing strategies are intertwined and executed properly, you’ll be able to reach an incredible number of new customers.
Tip 2: Apply for Start-Up Loans
To successfully get a start-up loan, you’ll typically need:
- Good personal and business credit scores
- A personal guarantee
- Experience in your industry
- A business plan
- A loan proposal
- Financial statements
Depending on the type of loan you get, start-up loans can cover a variety of different factors, such as wages and rent costs. This can be helpful during those early days when everything is a struggle.
Tip 3: Hire Remote Workers
The likelihood is that you’re looking to add new members to your team. If so, rather than renting an expensive office space, you should consider hiring remote workers, instead. This way, you can gain access to a wider talent pool while also saving costs at the same time. This is why (globally) 16% of employers are now fully remote.
Tip 4: Maintain Your Passion
There will be times when it feels like the whole world is against your business – but this is completely natural. All start-ups go through rough patches at the beginning before they eventually get their big break and the customers start flooding in. Patience is key, which is why you should always maintain your passion and remember what your values are.
Conclusion
Use these tips and tricks to help get your start-up off the ground over the coming year. Good luck!
