Weekly email of our best stuff
Hello and welcome to contact us page at eProfits
How can we help you today?
About 75% of all startups fail, and 90% of their products never see daylight. These are figures you’re probab...
About 75% of all startups fail, and 90% of their products never see daylight. These are figures you’re probably already aware of (and have worried over) because you’re looking to get your business to the next level. Try using Bookmark's Website Builder
Presumably, your product or service took and you survived your first year without losing your shirt, and now you’re hungry for the next challenge. In the interest of mutual prosperity, here are 10 tips to take your startup to the next level.
You need experienced advisors to guide you. Many successful startup CEOs get too big for their britches, refusing to listen to wiser heads that have already made the mistakes you’re about to make. If you want to level up, listen up.
If you want to grow, you need to get qualified help. As you grow, you need to scale up your staff accordingly, and hire discriminately. As such, you should expect staffing to be one of your top expenses.
A great staff is useless if you insist on doing everything yourself. If you hired right, you have people who can do certain things better than you. Put their talents to good use.
Your startup was successful because you had a clear vision of what you wanted, and your customers resonated with that vision. You’ll need to keep that intact now that you’re looking to go further, or else you risk losing the ground you’ve gained.
It may be tempting to go whole hog in your expansion, especially if you’ve got the funding. You have to remember, however, that you’re venturing into new territory. Take the time to test the waters. Make changes in increments. If you make a mistake, it’ll be easier to correct.
You’ll probably need to make strategic partnerships in order to get the funds required to bring your business to the next level. If you do, then make sure they’re easy to work with. Differing opinions on direction and implementation can cause major problems down the road.
Before plunging neck-deep in debt, test your product to make sure it’ll resonate with your market. Tweak as necessary to make it eminently desirable. Not everyone has to like it, just enough to ensure continued support. After all, you’re looking at increased expenditure, so projected income should match up.
The only way your business will take off is if you offer something unique. In many cases, the basic product is common, but the design of your specific product is unique—not only aesthetically, but also functionally. The iPhone, for example wasn’t the first smart phone, but it was distinctive. It continues to be popular because of the way it looks and operates.
If you fail to keep customers in the center of your focus, they may become dissatisfied. Remember why your startup was successful in the first place, and focus on providing even better customer service quality than before.
Not all startups scale the same way. You need to consider which path would be the best for your particular market. For example, you could decide to franchise or license your offerings. You could also form partnerships with a complementary businesses.
Whatever you decide, it needs to be carefully researched, extensively discussed, and meticulously planned to the last detail before execution.
If you have any good advice for startup CEOs, we’d love to hear it. Regale us in the comments.