3 Ways Entrepreneurs Can Overcome the Startup Drought
According to the recent news from U.S. Census Bureau data total 414,000 businesses launched in 2015 which was surprisingly less than the number formed in 2006 which was 558,000. The entrepreneurial spirit emerges from a sense and a distinct vision towards future. If you can take an example of industrial giants like Apple or Microsoft, these companies started this humble beginning followed by other technical giants like Google or Amazon, rising to global prominence.
But at the early age or even after the establishment, the new start-ups have to face vaster hurdles which can be surpassed through hard work and determination. Pushing a start-up towards success is extremely important. For that, business owners have to identify the new opportunities at first and then they have to comprehend a few strategies which will ultimately help them to cover up the start-up drought.
New start-up founders don’t give enough time to establishing reliable metrics to measure the company’s structure. At that time they are too busy to build the brand name in the market and to compete with other established brands. But you need to remember that you have to balance things properly. The sooner you start adjusting the elements which will ultimately help you to determine how productive your start-up is, the sooner you’ll achieve success. And the most fantastic thing is you already have all the ingredients you just have to prepare the best recipe. You need to know the process so that you can achieve your goal without facing any significant obstacle.
Here are the best three approaches through which an entrepreneur can overcome the start-up drought. Take a look.
Revisit your pricing structure
If you only need money or if you are fascinating that the fast funding offer will help you to revive your business, then you should better focus on a bank. Find out an investor who doesn’t expect your start-up to be the next Google or Amazon and highlight that you’re willing to receive investment equity with your sweat equity.
But if you want to grow your start-up you need to focus on some critical area at first. Don’t try to solve every problem with technology because you need to strike a balance.
Keep selling your products as before but set a substantial margin so that you can keep your core group of clients happy and satisfied. Always remember you need to balance three essential perspectives which are your potential customer’s perspective, internal business perspective, and financial perspective.
Stop spending capital to save a little effort
If you are a small-scale business, stop overpaying for things to lessen minimal effort. Try to be scrappy because getting things done is cheaper and more accessible if you apply some street smarts. Every time you cannot avoid spending money, but you should explore new options before you sign up for something big. For example, all of a sudden if you go for workflow management software you might have to regret later because you can get almost the same features from Trello for free.
Nearly 30% of businesses spend a lot of money before generating sufficient income. And if your business is still running after a severe phase you are fortunate enough to be listed among that 10 % of the company who get success after a tough time. But always remember luck shouldn’t be the only ingredient of progress.
Try innovative marketing plans
First of all, stop following those old school methods with zero ROI. Promote your products in the best possible way. Social media will be one of the promising platforms for you. Kick off some video campaigns, media coverage, surveys, blogs, etc. Your brand should be visible to your potential customers 24/7.
Additionally, try to listen to your employees. How you usually react to an employee when he or she comes to you with an innovative idea? Change is hard, but the willingness to listening employees signifies a critical shift in leadership. You start understanding that they are more than just bodies at desks.
Last but not the least always remember the words of Guy Kawasaki, “Ideas are easy. Implementation is hard.” So try to implement your ideas with a proper planning to accomplish success in your life.