Starting a Business
7 SMARTEST THINGS TO DO AS A NEW STARTUP BUSINESS
Starting up a business can be quite daring and challenging however keeping up with what it takes to sustain the business can make the journey more interesting.
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Obi Gospel
Editor
Founder of IABC Africa
26th June, 2019
3 mins read
Opinions expressed by IABC contributors are their own.

A startup business is a business in its early years of existence. It is presumed as a new entrant into the market sphere. To survive in this new environment, the startup must learn some smart ways of doing things, overcoming challenges and winning the next customer. 

 

The struggle for a steady growth path that will see your business to its next growth level may quite drain the business if proper care is not taken.

 

Here are seven things you can do to keep your new startup business up and running.

 

INVOLVE FRIENDS AND FAMILY:   

While banks and angel investors might not want to risk their money on you, those close to you who actually believe in you might be willing to take a chance and invest in your new startup. This may present your best chance to secure money to get the business off ground.

Friends and family can serve as pioneer investors, consultants, advisor, marketers and importantly potential customers. You can leverage on the free marketing strengths of your friends and family to reach your potential customers, showcase your brand, and increase sales and make a step further towards securing money from future investors. 

 

UTILISE THE POWER OF SOCIAL MEDIA:

The social media presents great opportunities for startups. Whether it is a new fashion design outlet or a Fintech company, the social media is sure way to reach out to potential customers and market your products/service to them.

Billions of people worldwide login daily to their social media accounts to read news, follow trends and get up with friends.

The social media like Facebook, Instagram, WhatsApp, Twitter, etc ushers opportunities to advertise your product/service to a wider audience, meet new clients, and take quick surveys.

 

OWN A BLOG OR WEB

Owning a blog or website is one great way to give your business a face on the internet. Businesses with websites are more likely to get the trust of the customers. The blog presents a convenient way to interact with your client prospective clients outside the physical location. It helps tell your customers that that you are in business, build brand awareness and promotes your expertise, products or services.

 

WRITE GUEST POSTS ON POPULAR BLOGS ON TOPICS RELATING TO YOUR BUSINESS. 

Writing guest posts on popular blogs on topics relating to your business can be a way to trap the audience and tell them what you are up to. It is one of the best inbound marketing strategies.

Guest blogging guarantees authority, qualified traffic, recants links, motivated leads and sales. It doesn’t just drive traffic to your site, but can also increase your revenue 

 

CUT PRICES

One of the surest ways to attract new customers is to cut prices. The decision to raise or lower prices is a tough one, with many ramifications for your business. Lowering prices is akin to increase in sales volume, hence hopefully making up for your decreased profit per unit by returning bigger gross profits. It is important to note that your prices can affect your ability to compete in the market and as a startup, using temporary price discounts short term tactic to go along with long term pricing strategies will do go a great deal 

 

SET TARGETS:

Setting target for the road to your ultimate goal is one important way to ensure you actually make it to that goal.

Clear targets let your team know exactly what they are aiming for and well thought out parameters for those targets will make it easier for you business objectives, decide on the strategies and tactics to archive you objectives and finally tracks your performance over time 

 

COMPARE PERFORMANCE AND FAMILIARIZE WITH MARKET TREND

Finally you should be able to compare your performance over time as well as with that of your competitors. Find out what is driving your result and familiarize yourself with market trends. The market changes with time, don’t let anything go by without you in the know.       

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