Many startups go under because they do not have the right growth plan. One of the most important aspects of any startup is its strategy for finding growth. How will investors or customers find your business?
There are three things to keep in mind when you are trying to build a strategy for growth as a startup.
You need to determine your target customer. Do you want to serve students, college students, professionals, youth, retirees, women, men or anyone else? You also need to know how much your business costs every day, where your profit margin is and what kind of work you are willing to do to reach that goal.
What do you need to do each day to grow your customer base? How will you get new customers each day? How much time will you devote to your customers each day?
It would help if you also decided how much work you are willing to do each day to make more money. Do you need to hire new people to work for you? How much time can you use from your schedule each day to work on more work? How much money do you need to make in a day?
The last thing to consider when figuring outgrowth is the most important step: what you do with the data you collect — how you review it and use it appropriately to plan your growth. Adopt a learning mindset and grow using evidence from data. There are many ways to record your growth metrics; this could be a complex platform or something as simple as a spreadsheet.
Growth needs to be defined clearly and identified early on in your business. Growth should be part of your mission statement and goals. You need to have metrics to help you understand exactly where you are at on a day-to-day basis and track your progress. You also need to have an action plan for what you will do when you feel that you aren’t getting anywhere in growth.
Finding growth as a startup is part of being a good entrepreneur. It is very easy to get so wrapped up in the excitement of starting something new that you don’t see progress. When you start, it is…