You might know how to start a business, but do you know how to grow one? Whether you’ve bought a franchise, opened your dream store or started a business in retirement, you’ll want a solid growth strategy. This will ensure your company sees long-term success.
Some tips for getting your startup expansion strategy in place are:
1. Understanding Your Target Market - Members of your target market typically share similar characteristics, personal interests, and behaviors. To gain insights on your target market, you’ll want to: Define your ideal customers, gather survey data, create ideal customer personas, look at social media, and use Google Analytics.
2. Analyzing the Competition - For a competitive analysis, you’ll want to look at the strengths and weaknesses of the other companies you’re up against. To do this, you’ll want to: Research who your competitors are, monitor social media, ask your customers, and look at competitor’s job postings.
3. Identifying a Value Proposition - Your value proposition outlines how your products and services help your customers. This increases your startup growth because it helps your target audience understand the value of each product or service you offer. It also helps consumers differentiate your company from competitors.
4. Establishing Long-Term Goals for Your Startup - Long-term goals give your business consistent direction and motivation and are a key to a successful business model. Some key features of achievable goals are that they’re: Measurable, Specific, Time-based, Relevant.
5. Picking a Location with Growth Potential - Your business’ location can make or break your company’s success. Whether you’re looking to set up a physical office, work from home or share a workspace, you’ll want to strategize about the best place for your operation. Some questions to ask yourself before choosing your location include:
Do you want a formal office building or a casual work environment?
How close do you want to be to your target audience?
Will you need a large parking lot?
What’s your price for real estate?
Will there be competitors nearby?
How visible do you want your business to be?
6. Building a Startup Team - You’ll want a startup team that’s well-rounded. That means you’ll need to hire the right business advisors like a: Product manager, Marketing officer, Sales manager.
7. Develop a Startup Growth Plan - Startups fail more than they’re successful. To help ensure your business is on the road to a prosperous future, you’ll need to develop the right startup growth strategies. These detailed plans come together by combining your target market, value proposition and goals. They also merge your content marketing and social media marketing strategy.