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  Every day, a person is launching one new startup or the other. The product/services are ready to meet the needs of consumers and clients, their offices are set, their business plans are topnotch, and they are ready to go all out and overtake the market. However, with the wrong actions, everything could go bad. Many startups fail to survive in their third year. A study reports that 7 out of 10 startups do not survive to their third year. Therefore, taking the right decisions can help you scale through the first three years and even beyond. Here are a few things to keep in mind as you try to turn your new startup into an established brand.
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  • Develop And Keep Evolving Your Unique Message
Every startup that became successful entered the marketplace with a unique message. Therefore, if you want to stand out and thrive all through, then you must create a unique story that you can sell. For example, if you started as an e-commerce startup that is interested in ensuring that consumers can conveniently purchase directly on your platform which cuts off the middleman, your unique message will be built around convenience. But as you continue to expand, your brand story must evolve along with the expansion of your brand, especially if you are getting into new partnerships.
  •   Embrace Your Story
In order not to be lost or lose your bearing in the process, embrace your story. There might be a temptation to adopt a more corporate culture, however, you must not lose sight of the reasons why you started in the first place. Your startup originally had a specific purpose in mind – whether to help specific groups of people or address specific problems that they are having, so it’s crucial not to overlook that as you diversify and look for new revenue streams. For example, if you’re expanding into new product lines, ensure that you’re doing it for the right reasons. The best way to do this is to guarantee that every business conclusion you make connects back to the basic values and mission that inspired you in the first place. Put your firm’s story at the front and centre of your values, and make sure that all new employees and potential investors are bought into it.
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  • Choose Your Partners Wisely
The growth of every business is built on a strong team and strong team culture. The fundamental truth about expansion and investments is that none of these can happen if the team is not right. Investors invest in the business because of the team that runs the business. Therefore, it is important to team up with people that believe in your business ideas and story. Aside from just teaming up, partners bring a lot of things to the table, including finances, experiences and connections. As a growing startup, getting a partner who is out for instant gratification is not a good idea. Also, partners could include investors. It is however important that the investor who is coming into your business strongly believes in your business and not just some persons who are out to make a cash cow out of your startup. Will they bring key skills and expertise to your company that is currently lacking, or have the right industry contacts to connect with partners who can help take your firm to a new audience?
  •  Work With Feedback 
Startups that feed on consumer feedback rarely go wrong. The good thing about startups is that they have an advantage over larger firms when it comes to user experience. With fewer customers needing attention, they can create a more personal service based on understanding the unique needs of clients, and this is something you don’t want to lose as you grow. Therefore, investing in customer service needs to be given special preference for any growing business. However, part of this requires you to incorporate a device for collecting reliable feedback from both customers and employees and incorporating this into your decision making in the future. A good feedback loop will tell you if your expansion plans are likely to distance loyal customers or disrupt how you interact with them on a personal level. Featured Image Source: Doers Empire
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This article was first published on 3rd April 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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