Every entrepreneur knows that starting a new business is not just a stroll in the park. However what many entrepreneurs discovered is that growing a startup business is even harder. There are common set of challenges facing every business founders ad they strive to grow their businesses.
You have turned that your beautiful business idea to a profitable business, then you are now wondering on what you must do next to grow the business. Some of the numerous ways of growing a startup business are outlined in this article.
For those that have successfully startup and built profitable businesses, choosing the proper the proper means of growing your startup will depend on the type of business, how much money, time, energy and resources you are willing and ready to invest into it.
Listed below are tips for how founders can practically manage and mitigate these classic startup challenges.
• Shift from Optimising Around Innovation to Optimising for Repeatability
It is a well-known fact that early stage startups are designed to optimize for innovation. This is often reflected in the organisational structure that is very flat. This type of organisational structure is very chaotic because it has the desire to throw lots of things at the wall to see what sticks.
Instead, when a startup begins to grow, the founder(s) must find ways to shift balance away from focusing exclusively on innovation to thinking about repeatability and scalability.
The factors responsible for the startup growth should have been noted. This will form a focal point in decision making. This growth factors should then be repeated and scaled to ensure continuous business growth.
• Start building a leadership team
Right from the first day of commencement of business operation, a smart entrepreneur is expected to have put in place a good management structure. This will help in building a team which will make it easy for the founder to focus on developing strategies for the startup.
Some entrepreneurs are stock in making decision on which way to go, because they keep asking, “should I go for experienced external managers” or “should I promote the in-house unprepared but committed founding staffs of the organisation”
The simplest way to solving this type of puzzle is to start building your team as soon as you commence the business. You can do this by delegating authority to some staffs, create different departments/units and assign heads to each of them. Conduct frequent staff appraisal.
By doing the above, you are technically building a team of leaders who you can entrust your startup to.
• Define and Maintain a Company Culture
For any business to grow to the level that will entice everyone, it must have a very peculiar culture. As an entrepreneur, stay true to your organisational culture by building your own brand.
Define a particular culture for your company and ensure you stay through to it. Even when there are temptations, don’t change from your laid down company’s culture.
• Develop a Small Business Framework
There must a framework in place for any business to succeed. This framework will be used as model to test run the larger business idea.
• Open another location
Considering growth in physical term, this is the first thing that comes to mind. Although this might not be your best choice for business growth but once your startup has started growing, you should consider opening a new location. This is to duplicate your profit and success.
Take for instance, you are into bread selling, and you have become successful in it, you can add the sale of butter or beverages to your business. This will give you additional source of revenue.
• Target other Markets
If you your target market are the teens and school children, there is no stopping you from taking your products to schools, sport festivals and other gatherings where you can have a large number of teens.
Let your imagination take you where you need to be. Take your products to the market that needs it.