While building a successful start-up isn’t easy, with the right mindset, the proper know-how, and willingness to see the project through, your business has every chance of being a success. Here are six secrets that will up your chances to achieve just that.
Most entrepreneurs know the struggle of having a start-up. They have a great idea but they don’t have the capital to fund their business. The good news is that there are many different types of start-ups and all of them have their own challenges. Some are easier than others to start and some take longer to build. And of course, there are different types of start-ups with different needs. One type of start-up you might not have thought about is the virtual, or online, start-up.
The Virtual Office
Most successful start-ups begin their journey on a tight budget. Knowing how to use that budget efficiently is a critical factor that can make or break a new business. However, with today’s technology, business owners can avoid unnecessary spending by doing most of the work from home.
What’s more, they can also make use of a virtual office which will provide them with a prominent address, access to meeting rooms and other facilities when required. At only a fraction of the cost of a traditional office, and without having to worry about such matters as rent, maintenance, or supplies, these virtual offices can make a great first impression with clients.
Crowdfunding has become increasingly popular in recent years. In fact, enterprising businesses and individuals raised over $34 billion last year using this method. With over 190 crowdfunding platforms in the US alone, this could be a better alternative than a traditional bank loan. There are two types of crowdfunding available: investment funding (where the funders become co-owners or stakeholders) and peer-oriented donations (where the donor gives a certain amount in exchange for an incentive).
Keep Track of Your Finances
All new businesses are required by law to keep financial records for up to six years. With this in mind, you should consider implementing an automated bookkeeping software system that will keep you organized, save time and effort, and keep your mind focused on what’s important. As time goes on and your business grows, you might have to hire a professional. In the meantime, such software can be an integral part of your operations.
Though it might seem slightly counterintuitive, individuals and small businesses have certain advantages over large corporations. Countless studies have determined that customers trust small businesses more than large ones. You should play to this strength as much as possible by working on your personal brand. Promote yourself on various social media platforms or dedicated blogs, drawing in new leads in the process.
By 2021, experts predict that over 80% of all consumer internet traffic will come in the form of videos. Facebook, Instagram, Twitter, and more recently, LinkedIn, have all turned to video content as one of their primary revenue generators. Video marketing creates stronger customer engagement.
Adding videos to your emails as part of a marketing strategy can offer you a 280% higher return compared with traditional emails. Posting videos on social media instead of photos or text generate the same results. Remember to keep them short, between 30 seconds to a couple of minutes. Otherwise, people may lose interest.
Social proof is a great tool that can drive sales. It comes in many forms such as testimonials, word-of-mouth, customer reviews, and much more. Statistics show that people are more willing to buy something if others have already tested it. If you have several clients that loved your products or services, ask them for a testimonial as it will do wonders for your brand reputation and sales. Video testimonials are even better since they offer a tangible connection and relatability that simple text can’t match.
These simple tips are sure to help you get your start-up off the ground successfully. Once you’ve established a reliable revenue stream, you can invest in more expensive tools or strategies.