Starting a business from scratch is an incredibly exciting opportunity. It allows you to imprint your vision on the world, share your innovative product ideas, and serve the market that inspires your creativity. However, it is no secret that start-ups are incredibly tricky to build with any degree of longevity. The success rate of start-ups is shockingly low (it is estimated that 60% fail in the first three years in the UK), and even if your business does survive, it may take a long time to grow.
The reason why so many start-ups fail is simple. They require a vast number of different factors to fall into place seamlessly. For example, your business plan will need to be logical and well-thought-out. Your product must offer your market value they cannot find elsewhere, and you must have the determination and mental fortitude to deal with the countless setbacks that come your way. The odds of all these details aligning are slim.
However, you can vastly increase your start-up’s chances of success by focusing on fast growth. This will create momentum and set you on your path to stability and regular income.
Here are some useful tips for growing your start-up twice as quickly:
Improve cash flow
Arguably the most vital puzzle piece of your entire start-up is cash flow. Without it, your business is operating on zero oxygen, unable to function correctly or grow. Therefore, you should be paid regularly by your customers. Although this is tricky at first, as you will have few long-standing clients, there are still approaches you can take to help improve cash flow.
For example, you could use invoice financing. Invoice financing is when a third party immediately pays you the money you’re owed from your invoice, saving you from waiting for the invoice to be paid. The third party will then receive the original invoice payment.
This way, you can pay your overheads and reinvest the money into your business. It is easy to get started on this. Using the service available from fundinvoice.co.uk, you can get a better quote than anywhere else for free! This can help you find the perfect company to get started on invoice financing.
Solve valuable problems
If you want your business to succeed, you will need to solve massive problems. Customers will only prioritise products or services that can transform their lives and solve painful problems. Therefore, you must start by finding worthwhile issues to address in your market through consumer discovery. The only way to discover your customer’s problems is to speak to them.
By doing this, you can pinpoint issues that aren’t correctly handled by current options by paying close attention to client feedback. Once you’ve done this, your business can create a product or service that meets those requirements.
Moreover, you could start by solving your own problems, which others are likely to have. After all, entrepreneurs often have a unique perspective on a particular market or industry and can identify problems your competitors may not have noticed.
Use impactful marketing techniques
Another great way to grow your start-up faster is to incorporate powerful marketing. Start by addressing your brand identity. After all, your brand sets you apart from your competitors, so developing a unique voice that resonates with your target market is critical. This includes creating a distinctive logo, slogan, and visual identity representing your brand’s mission.
You could also ask for referrals from your first few customers. Referral programs are a fantastic way to build your customer base quickly. To do this, encourage your existing customers to refer their friends and family to your business, and offer tantalising incentives for those who do.
What’s more, you could leverage influencers within your industry. Influencer marketing is a powerful way to reach a specific audience quickly and establish trust. Partner with influential personal brands in your industry to help promote your company and drive traffic to your landing pages.
Encourage word-of-mouth marketing
Following on from the previous point about influencer marketing and referrals, you want to ensure your customers are talking about you. Not only does it build social proof, but it establishes trust more readily, too. At the end of the day, your prospects are more likely to trust and act on the recommendations of friends and family than they are to trust a random business’s advertising slogan.
To do this, encourage your most satisfied customers to spread the word about your business by offering referral incentives or rewards for friends and family.
Find a great mentor
Lastly, you must ensure you are being guided in the right direction as an entrepreneur. Running a business can be lonely and confusing, so having a more experienced person to guide you is incredibly valuable.Seek mentorship from experienced entrepreneurs who have already navigated the challenges of starting and growing a business. This way, you will learn hard lessons more quickly and better recognise whether you are heading in the right direction.