Every year New Startup starts but unfortunately only 10 percent startups are able to see success. 90 percent fails. Those 10 percent startups face success because they know that starting a new business is not that easy as it sounds. At the beginning of any business, it’s like wearing different hats. l should have proper market research, should know about selling and marketing, should have knowledge about taxes and cooperative compliances, should know how to deal with customers on a daily basis, should know how to handle pressure and should know how to stay flexible with plans and to stay stubborn with goals. In order to grow your business it requires considerable efforts, no matter whether the business is small or big it requires your 101 percent.
In the starting of any business, you must focus on its growth, you must see how you can scale your business. Starting a business means to have self-believe, to know that yes you have the capability to handle every difficulty and still working on your business goal. If you are struggling to grow your business, don’t quit but search for other alternatives, find out the reason why it’s not going as per your plan, Find out is your actions not proper or is your plan is lacking from somewhere and change accordingly, never be afraid to change, In order to grow your business you must know that change is constant and you must know how to handle those changes.
In order to grow your business you must have fixed goal but should be flexible with plans, in order to grow your business you must have trust, belief and should have potential to work hard and smart. In order to grow your business, you must be very smart with your choices and decisions and you must know your niche and market. In order to grow your business, you must see whether your business is scalable or not, if not then how you can make it scalable, your business grows when you have a scalable business and have a proper system, In order to grow your business, you must have proper knowledge.
5 Tips To Grow your Business:
1) License your product
If your business has a product, service or branded product then licensing it can be the best and the most effective and low-cost growth medium, because through licensing and patent you can receive royalty and upfront monies from the continued sales and use of your product or services or any software, Licensing also minimizes the risk and it is also low cost comparing to starting your own company and producing your own brand or product, want to license your product or services start searching licensing companies.
Forming an Alliance with similar niche company or organization can be the quick way of growing your business, suppose your product is related to a gym then search for some famous gyms who get ready to promote or sell your product such alliance can be very beneficial for the growth of your business.
3) Diversify your business
There are several ways you can diversify your business such as by giving or selling complementary product or services, import or export your or other’s product, give education, teach adult education or become a paid columnist or speaker. Diversifying can be an excellent way of growing your business and is an excellent growth opportunity.
4) MINIMAL VIABLE PRODUCT
many event and promotional activities are done by big companies before launching their product or service in the market, through such promotional activities they come to know the reaction of their potential customers, in such activities, they sell complimentary product and get their feedback, Even small businesses can do that instead of launching their product they should first create a cheap minimal viable product, in MVP they should put the main feature of their product, should not invest much in that minimal viable product, MVP will tell them whether their product is likable or not, whether customer will pay for it or not, hence first launch minimal viable product and then come with original invested product.
The minimal viable product will save a small business from loss and can also help them to grow in the proper direction, MVP will help businesses to know where their product is lacking and after improving those faults they can launch a proper product which will be liked by customers.
5) Target other markets
If you are getting the desired result from your current market then target the other market, target markets from where you can get a positive response, when you know that your current market is generating enough profit to you, now you should target different niche, different market and should grow or expand your business to the next level, For example if your consumer market range is from teenager to college student, then think about where these people spend their most of the time, and after doing a proper research think can you introduce your business to school colleges or clubs, take feed backs, start connecting with your consumers, offer discounts and see how positive response you are getting and accordingly decide which market you should target next.
If you want more knowledge related to how to grow your business, then do watch my SeeKen channel Business related videos on YouTube.