For over five years now, startup activity has experienced massive growth around the world. In fact, a post on the City A.M. blog shows that “a staggering 100 million businesses are launched annually, according to figures from GEM Global Report. It comes to just over three businesses every second, or 11,000 per hour.” However, does that mean that starting a business is easy? Well, I will say that starting a business is easy, but starting a business and making it a success is very difficult. Landing your first paying customer is even more challenging. Interestingly, as many companies are turning into successes, more and more companies with killer services and products are failing on a daily basis. In an article published on LinkedIn Pulse, Kevin Vyavahare showed that “The failure rate for new startups seems to be around 70% to 80% in the first year and only about half of those who survive the first year will remain in business the next five years.” However, no … [Read more...] about Growth Hacking Tactics For Beginners (How To Use Them To Grow Your Business)
New business growth
Over the years we have seen growth in number of start-ups that are successful, some may have had a brilliant idea but failed due to multiple reasons, few are in early stage companies and bound to grow large any small start-up or a business. All the start-ups contribute to the network and a lot can be learned from them, no matter successful or a failure. Here we will revisit some basics for starting your own business; few elementary level insights. Read: From Solopreneurship to Entrepreneurship There are some business basics that should persist in any company, new or old. While established companies may have found a way to tweak around with these, for a new business owner or entrepreneur company it becomes essential to nurture it like a tree (maybe that’s why the first financial stage is called “Seed”). Business by definition means trading goods, services or both in a commercially viable and profitable way. On the other hand, a startup is a company or a “stage … [Read more...] about What are the Basics for Starting of Your own Business?
Consider this – You have a product in the market. You need to bolster your sales and what if you do not happen to be a member of the marketing team, how would you increase you sales? Even consider this – If your product is a market fit, i.e. more than 40% of your customers would ask you to bring back the product if taken off shelves. How would you scale then? One fine day, I sat down for my routine reading and I came across an interesting article by Andrew Chen, an Adviser/Angel Investor in the Valley, titled – ‘Growth Hacker is the new VP of Marketing‘. That just spun my brain into thinking how could this new term – ‘Growth Hacking’, which I wasn’t quite familiarized with at that time, manage to replace, or rather replicate the VP of Marketing? How could this new term possibly make something obsolete that was present since the beginning of early corporate industry? This might be taking a toll on you by now, wondering what exactly … [Read more...] about What Is Growth Hacking and Why You Need To Know About It
When you started your online business, you didn’t intend to keep tapping in one place. You probably started small, but you planned to work towards indefinite progress. At some point, when you took a look at the quarterly report, you realized that the growth wasn’t happening. Can you define the reasons for such state? The online world gives you immense opportunities for business growth. Billions of people are online at this moment. That means you have a great chance to attract your target audience, but you also face huge competition that won’t let you succeed that easily. When it comes to turning leads into customers, you have to try something different than everyone else. Maybe uniqueness is where you fail? There are five possible factors that may prevent the growth of your online business. Many guides and tips promise you to make a difference, but you won’t notice any progress if you don’t analyze your mistakes first. Go through the following list and … [Read more...] about 5 Factors That Prevent the Growth of Your Online Business
So you have decided to take the leap and start your own business. What is your plan to execute your business idea? Few days back, I had shared some of the basics for starting your own basics. I continue taking you to the basics, because the new ways have also evolved from these. I mentioned documentation is like your oxygen mask. Whenever you feel out of breath, meaning defocussed, refer to your business plan. Here we will discuss how to write a business plan for a new business. Like always, feel free to suggest or add anything relevant. A business plan essentially means a plan of action to implement certain processes to reach a certain goal, financial or volumetric. You define everything about the business in the business plan. Products, services, sale, revenue, cost of sale, marketing, financial etc. Yes, each and everything should be documented. Office setup, operational setup, marketing plan, things you will need to run and grow your business. How do I write a simple business plan? … [Read more...] about How to Write a Business Plan for a New Business?