Anyone can launch a startup, but not everyone is successful at growing a startup into a long-term business. This is a distinguishing factor that sets many startup founders and entrepreneurs apart from one another. Failure and success.
Regardless of what your startup founder style is, you definitely need a few tips and tricks to ensure your new business maximizes growth. It is truly an exciting moment and when you reach the peak of success, you will feel something indescribable.
To help you along on your journey to success, we compiled a list of five startup tips that are all about long-term growth. Let’s dive in!
1. Ensure you take the legal steps to having a business
Ensuring your startup is set up legally is a very important step in having long-term growth. First you need to get your business name filed with state/federal government agencies. Most startups will choose to form a Limited Liability Company (LLC). There are services that will file your LLC for you — IncFile is one of them.
Next you will need to set up business banking. This helps you keep business accounts straight and have the ability to write off certain business expenses. By taking the right legal steps to set up your business, you can also begin building your business credit.
2. Set a strict startup budget and make it a priority
Did you know that the second reason startups fail is due to lack of money? That’s right, the money you spend needs to be put to good use. In fact, you should be stretching your startup budget as much as possible in those early years.
This also goes hand-in-hand with setting up your business banking. If you are building your credit for your business, you may be eligible for a business line of credit, which can help you pay for unforeseen expenses, seasonal shifts, and also expansion opportunities. But if you blow your budget, you can be quick to get in trouble and you startup dream may become a failure.
Use accounting platforms like QuickBooks to help you track money coming in, as well as going out. This can be a big startup tip if you due your budgeting due diligence.
3. Keep your startup costs as low as possible
Yes, another money related startup tip. When you are starting out, you may feel that you need certain tools to ensure your startup is efficient and delivering quality products and/or services. This is a good to keep in mind, since you can’t grow without having the technology behind your offerings. But be sure you are spending on needs rather than wants.
For example, renting expensive office space when there are only a handful of employees with no client meetings being held in said offices. The real reason anyone needs a fancy office is if it is client facing. Otherwise, you can stick to remote working offices like WeWork, or your better yet, your local library.
4. Keep your eyes on the prize and take steps to achieve startup growth
Launching a startup is a pretty exciting moment. But it can also be quite chaotic. This makes keeping your short and long-term goals in sight very important. With all that is going on around you, it can be pretty easy to lose sight of critical milestones your business needs to achieve.
To ensure you are on track, have monthly projections in place to hit. These can serve as guiding benchmarks that let you and your startup team know everything is going according to plan. You should also hold yourself accountable, because being your own boss means that you are your boss. These steps can keep your startup growth moving in the right direction.
5. Always keep the customer at the top of the to-do list
The number one reason startups fail is the lack of market. This means no customers equals no business. So keep customers at the forefront of your business decisions, especially in the beginning years after launch.
Most businesses only have one shot at converting a potential customer into a paying one, especially when those customers engage with your business online. User experience, or UX, has become a critical aspect of how businesses engage with customers online. UX pretty much ensures that customers are interacting with your startup through your website in the easiest and most comfortable way possible.
Wrapping up . . .
The above five startup tips for long-term business growth are just the tip of the iceberg. There are a lot of other important elements to ensure your startup grows and becomes a successful company. From getting legal to providing a powerful user experience, maximize your options for continued growth. What is your top startup growth tip? We want to hear from you.