Wanna get our awesome updates?

We will send you emails only twice per week. Isn't that cool?

Awesome!

Actually we won't spam you and keep your personal data secure. Don't forget to confirm your subscription.

Growing Your Startup Business on a Budget: It Can Be Done!

Growing your business can seem like an unrealistic dream. The economic crisis has seen many startups fail. But, you don’t have to be another statistic. Far from it. You can ensure that your business is taken to dizzy new heights in the forthcoming year. Having a kick ass concept is only the start of it. You need to make sure that you are in the driving seat of your start-up. You need to ensure that you are fostering substantial growth. Of course, many entrepreneurs believe that they need a never ending budget to achieve this. This could not be further from the truth. There are some brilliant ways that you can make sure that you are growing your start-up business with limited funds.

 

Test Your Concept

One of the most fundamental things that you can do is ensure that you have a viable business concept. Many people overlook this when they are lost in the passion of their drive. One of the most important things that you can do is to make sure that your business model is financially viable. Can you truly oversee growth?  Your business needs to be able to cope with the pressure of growing. If it cannot, now is not the time. Think about extra staff before you consider any growing plans. You need bums on seats to make sure that you can cope with the extra demand.

 

Equipment and Technology is Vital

One of the best things that you can do to inspire growth is to have the right equipment in place. If you don’t, how will you cope with the demand? In a world that is increasingly technological, you need to have a plan in place to cope with ecommerce and online business transactions. But you don’t need to spend a fortune. Google Drive can be a cheap way of making sure that you are on top of your game. What is more, this is free. Make sure that your business is in the cloud. This is the way to perform any business functions. Plus, you can collaborate with your clients in a more detailed way.

162282102_ed89aa5b64_z

 

Social Media Marketing: It’s Free!

Twitter, Facebook and Linkedin are some of the best ways of ensuring that you are making the right contacts and engaging with customers. What is more, this form of marketing is free. You can foster your initial growth by using these social media sites. But, once you have achieved growth, you need to consider paid forms of marketing too. Linkedin can be an excellent way of meeting interesting contacts. Use this as a networking platform. Arrange meetings with your new contacts and ensure that you are developing a working rapport. All of these aspects are vital to your business. But, they are free. They can be a great asset to have. But, more importantly, they can help your business achieve positive growth in the long term.

 

Marketing doesn’t have to be done solely online. One excellent way of networking is to go to trade shows and exhibitions. These networking events provide countless opportunities for engaging with an interested crowd. You never know how you might meet at these events. Trade shows and expos are perfect for newbie’s to the business world. Go armed with your company cards and make sure that you are approaching the right people. This can pay off tenfold.

 

Consider Your Office Space

If your startup is operating out of your garage, it may be time to consider getting physical premises. This can be difficult to achieve if you have a limited budget. But, you can also consider virtual offices London with MWB. You don’t have to spend a fortune. But, having a virtual office can give you an air of professionalism to new clients. One of the best things about looking into office space is that you can ensure that you are getting out of start-up mode. What is more, you may feel like you are running a real business as opposed to a home based venture. If funds allow, look into office space. It’s important for your sales growth that you have a physical base to meet and greet your prospective clients. After all, you need to be the ultimate professional. Office space is the way to do this.

 

Have Your Finances in Order

Regardless of the size and scope of your venture, you need to ensure that you are acting like a mature business. Many companies, especially start-ups, forget about functions like HR, finance and legal. One of the most important things that you can remember is that you need to have your house in order. You don’t need to have a myriad of employees. You can outsource these functions. If you have a small number of employees, you need to ensure that you have all of the functions that a mature business would have.

 

One of the most important attributes that your business needs is a financial team. This can be one person that handles your accounts or an outsourced body. Think about this realistically. The client wants to see that you are not just another start-up. As the CEO, you cannot afford to be bogged down in invoices, administration and the day to day runnings of your business. With this in mind, you need to think about how your business will perform like a mature business.  Regardless of the size and scope of your company, having your finances in order is vital. By doing this, you can make sure that you never miss a deal. Make your finances a number one priority.

 

Keep on Top Of Your Business

While this may seem commonsensical, many startups fail as they don’t keep their eyes on the prize. You need to make sure that you are on top of your business. This means looking at market trends. Create weekly reports on what you have achieved that week. Ensure that you are looking at projections. By doing this, you can minimise the risk in your company. Minimising risk is vital if you want to ensure growth. This costs nothing to do. But, you will need to invest your time.

 

Share this post

Chirag Dodiya

I Conceptualize, Innovate and then work on Executing Amazing Startup Ideas with the help of a team and Entrepreneurs Network. I love building and rebuilding Products. Using creativity, ideas and magic, I build businesses.

1 comment

Add yours

Post a new comment