Running a startup can be challenging, to say the least, with plenty of competition and a tough economy. Regardless, you can take your company from strength to strength with the right game plan. Next time you sit down to give your strategy a revamp, remember to consider the following tips.
- Seek out funding
When you’re starting out, it’s well worth applying for any funding opportunities that you might be eligible for. The Small Business Innovation Research offers grants to startups who are focused on research projects. If you’re a tech startup interested in working with the federal government, it’s well worth applying. The National Association for the Self-Employed offers grants to startups and small businesses. To apply for a grant you need to be a member of the NASE. Your application should outline how you will use the grant to grow your business.
- Develop a creative brand
Building a strong brand is important for any successful business; with lots of competition, your branding must be creative and unique. According to Seth Godin, ‘
A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.’
To ensure that a consumer chooses your product over another you’ve got to create an emotive brand story. Consumers value authenticity and a company who presents themselves as down to earth. User-generated content and educational webinars can help you to boost your marketing campaigns.
- Utilize free tools
To save yourself money, make sure that you take advantage of all of the free tools that you can get your hands on. To support your marketing strategies, try using free SEO tools such as Answer The Public, Google Analytics, and SEM Rush. For your project management needs, try tools like Project.co or Toggl Plan. Utilize platforms such as Wix or WordPress to build yourself a website, before paying for a designer. It’s a wise move to get into cost-saving habits as much as you can.
- Keep on learning
When you’re building a business, it’s essential to keep on learning. Arm yourself with new knowledge and new skills, which will help you to future proof your career within the industry. You want your audience to invest in your product (and in you), so you’ve got to invest in yourself. An integrated design & management program can be an excellent option for entrepreneurs who are taking a hands-on approach with product development. The curriculum involves an in-depth focus on the product design and development process, as well as management.
- Networking is key
Networking is important for startups; it’s by networking that your business can increase your visibility, make valuable connections, and potentially form partnerships. Both online networking and in-personal events are a great idea to expand your business network. To get you started, try business networking apps such as Invitly, Shapr, and One Million Cups. LinkedIn is also the perfect place to network online.