Contrary to what some people may believe, startups don’t randomly survive the brutality of the open market. It’s tough to run a profitable startup that will eventually grow and become a sustainable, profitable business. Sometimes the real battle is simply surviving the first few months or even years of business. Startups need to be resourceful and scrappy. They can do this by putting these five hacks to work for them:
- Growth hacking: This term is popular among many startups all around the world. Growth hacking is the focus on pure growth of a business. Anyone in any position including engineers and marketers may act as a growth hacker while some people serve purely as growth hackers and nothing else. When startups are able to successfully growth hack, they’re able to grow at a faster rate and accomplish their goals. Startups can become a growth hackers by cultivating a growth hacker mindset. This mindset can be created by teams leaving their comfort zone, making strategic choices, and gathering data on ideal customers.
- Effective planning: Startups can’t expect success if they don’t plan for success. In order to survive and ultimately thrive, startups need to plan ahead. Savvy startups plan for success by analyzing different critical factors such as how much capital they have to work with and when it will run out. These same startups also figure out the best times to launch new products or when to run a social media giveaway. While it may take some time to plan, startups shouldn’t avoid planning. It will save them a great deal of heartache in the long run. Planning will also prove to be a worthwhile investment of time and resources.
- Test different platforms: When companies struggle to build brand awareness online, it may be due to a lack of presence on the many social media platforms available. Just because Pinterest may not be the best social media platform for some businesses doesn’t mean that social media is not an effective marketing. A profitable startup need to be patient and try out different social platforms to build brand awareness and increase sales.
- Separate from the competition: All startups have to differentiate themselves from competitors. Here are a few questions a profitable startup needs to ask on a regular basis to stand out:
- What makes my product/service different from the competition?
- Why do customers choose me over other options in the market?
- What are we currently doing that is getting us sales?
- What may be holding us back internally from succeeding?
Successful startups are able to conduct an honest inventory of what is and isn’t working. This being said, successful startups are also able to make the necessary decisions that will help them break away from the competition and stand out. Remember that real innovation and progress starts from within any startup. For example, consider skin care product producer Nu Skin. Nu Skin company reviews demonstrate a focus not only on customers, but also on those who work with them. This principle holds true for any business whether it’s in the skincare industry (like Nu Skin) or online retail giants like Amazon.
Invest in the team: At the end of the day, a startup is only as strong as its team. Successful teams are composed of individuals with different backgrounds and skill sets who are focused on contributing to the higher purpose of startup. Weak leadership teams prove to be costly to any organization they are a part of. Teams that are unreliable and don’t invest in their abilities lead to a drop in everything from productivity, staff morale, customer satisfaction, and overall profits. Strong teams who consistently invest in their abilities perform more effectively and are more productive. When this happens, startups are able to thrive and do more than just survive.