How to grow your startup business
Entrepreneurship is becoming more attractive and popular. In fact, two million Canadians launched startup businesses during the Covid-19 pandemic. But not all one-of-a-kind ideas turn into successful companies; they need to grow to stay alive, remain healthy, and meet customer needs. Determining how to grow your startup business can be a challenge, especially when a one-size-fits-all strategy does not exist.
Although every business’ journey is different, we have chosen our top 6 pieces of advice for startup entrepreneurs that should be taken into consideration when trying to grow a business.
6 Tips to Grow Your Startup Business
1. Identify a real market need
New inventions and technologies are fantastic, but even the most innovative idea or product will not succeed if there is no demand from consumers. Discovering what consumer needs are not being met, and then offering a solution to their problem, will put you on track to quickly grow sales.
2. Be the tortoise, not the hare
We have all seen headlines about startups that found overnight success. This is not your typical success story. Almost always, slow and steady wins the race. Some startups want to sprint right from the start and begin allocating funds across a variety of channels in hopes of landing big customer acquisitions. However, spreading your resources too thin will not attract quality leads. Slow down and begin strategically focusing on smaller, qualified audience segments by applying low-cost marketing strategies.
3. Quality before quantity
Startups need to make money quickly, but the quality of your product or service should not take a hit in order to do so. If you cut corners to save on costs, your customers will notice and your brand will lose credibility. In the beginning stages of your company, the quality of your product is what will attract customers to buy, become repeat customers, and recommend your product to others.
4. Remember your purpose
It is normal in the beginning to develop tunnel vision when you are focused on achieving growth. However, creating a successful business involves connecting all decisions you make back to the reason or purpose for launching your startup. Strong brands are able to connect with customers because they have never lost sight of who they are, their mission, or their reason for existing.
5. Set your priorities (and follow them)
Let’s face it, as a startup business owner you always have a lot you want to accomplish. This is why defining a clear priority list will keep you on track with what matters most. After launching your business, your top priority is to drive growth and you do not want to get distracted by projects that will not directly aid in this goal. Creating a priority list also prevents you from getting overwhelmed so you can maintain good mental health while being a busy entrepreneur.
6. Build a team that supports your culture
One of the most effective ways to achieve growth is for every member of your team to be an ambassador of your brand and someone who enhances your business culture. Customer perception accounts for a whole lot, and they can easily detect when a brand is not authentic. If your messaging is happy-go-lucky but your company culture is not, this will seep through to consumers.
Startup incubators help grow your startup business
One of the most effective ways to grow your business is to join a startup incubator that offers support, knowledge, business expertise, skills training, workshops, networking opportunities, and mentorship. When you are unsure of what steps to take next, startup incubators provide guidance to help you make decisions that will be best for your business.
Innovation Cluster Peterborough and the Kawarthas have helped hundreds of startups launch, grow, and scale their businesses successfully. Learn more about its programs and apply at innovationcluster.ca.