Making it big in the world of startups is no cakewalk. It’s hard for budding startups to straightaway lock horns with the giant successful businesses. A startup has to have X-factor to mark its presence in this extremely competitive industry.

If you are an early-stage startup looking for rapid growth, it’s time for you to make the next move.

Below are few tips.

1. Stay true to the core purpose

Before you get into anything else, focus on the fundamentals. Develop a clear understanding of your core product and services being offered. Focus on what makes you different (or better) than others in the market. As there is already fierce competition out there, make sure you have a unique selling point (USP). More importantly, being aware of it so that you can strategize the marketing keeping your USP in mind.

2. Form a kickass team

Your inner entrepreneur might be tempted to do everything on its own but to have an edge over others, you must have an incredible team behind your back. Find the right people for the right job and look for individuals with the same vision and passion as yours. It’s better to bring enthusiastic and experienced individuals who are experts in their field as they can elevate the progress rate and might open new growth opportunities for the business as well.

3. Expand your social media presence

Whether you’re a large business or a lone entrepreneur, using social media in the right manner could be game-changing for your business. Social media marketing is the most inexpensive yet powerful way to exponentially grow your brand and widen its reach. It could introduce your business to its potential customers in the most appropriate way.

4. Do a competitive analysis.

Who are your competitors? What do they charge for the product or service you’re offering? Can you realistically provide this product or service at a higher level of quality or for a lower cost? If so, congratulations – you may be on to something! Research the market you’re attempting to break into, as well as businesses that have (and haven’t), found success in this market.

5. Start small by thinking big

When starting a business there is no money to reach. The more you have, the more you spend, so keep it as simple as possible. Adapt your business model to avoid as many fixed costs as possible (avoid unnecessary rents, salaries, and services). Make the internet your store, your school, your marketing center, your means of contact, everything.

6. Sale and adjustment of nuts

Start with your natural market, that is, all the people you know, family, friends, former coworkers, etc. Send a WhatsApp to each and every one of the contacts in your agenda to offer your product or service, make your first sale, and don’t forget to ask for feedback on the service and quality of what you offer. In this way, you can start making the corresponding adjustments.

7. Compile a Great Business Plan

If you have a great business idea but no funds to execute, then preparing a business plan would be the way to start. Today more than ever money is not required to start a business with plenty of private equity firms and angel investors looking to fund the next big idea. Therefore, it is important to prepare a good business plan and a pitch presentation to showcase the idea to friends, family, and investors.

8. Build up to six months’ worth of savings for expenses

Admittedly, tapping into your savings account isn’t the ideal situation. Yet, it’s a pretty common practice among entrepreneurs. When designing your business plan, be frank with yourself about how much you’re spending and how much revenue you’ll likely bring in. Then, be realistic about how long it will take before you see a profit. Usually, it takes at least six months before you start seeing any cash flowing in. Make it a goal to save at least six months’ worth of living expenses so you can devote yourself to your new business. 

We have always emphasized the importance of having a good website for your company because it can act as your best tool for marketing and sales. A poorly designed website can repulse people from your business and can cause you to lose customers before you even have them. Get in touch with HyperEffects to work on creating, enhancing, and making the website of your company more user-friendly.