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How To Accelerate The Growth Of Your Startup - Business - Nairaland

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How To Accelerate The Growth Of Your Startup by Revolva(m): 7:43am On May 17, 2019
Launching a startup is one thing; accelerating growth and expanding it is an entirely different challenge. While patience is certainly a virtue, it’s not necessarily the best skill for entrepreneurs to adopt. Instead, the focus should be on rapid growth, return on investment and long-term success. How do you accelerate or boost the growth of your business? The following tips offer some insights.

Monetize early

Monetization may be the most important aspect for all startups. Many founders battle with the idea of whether to build an audience or monetize first. Don’t hesitate to monetize as early as possible. Put your revenue model to the test early and see if your idea holds weight in real market conditions. People only value what they pay for. And paying customers is the quickest way to validate your idea. Growing your audience to high numbers is comforting, but the product/service remains an unvalidated idea until you monetize it.

Experiment with pricing

Pricing should evolve as your company evolves. Only by charging money and testing pricing strategies can you truly understand how your audience values your product and their readiness to pay for it. You’ve found your optimal price when: a relatively small percentage of people complain that you are too expensive, another small percentage that doesn’t hesitate at all before paying and the biggest segment says the product is quite expensive but they are ready to buy because they see its value.

Add new streams of revenue

After you’ve been in business long enough, you’ll likely begin to understand your customers more and be able to hone in on what they really want. This gives you the unique opportunity to add additional streams of revenue.Some ecommerce website started as a platform for ordering electronics, gadgets and other household items. Today, the ecommerce platform is earning revenue from logistics, hotel and flight booking, payment gateway and online food ordering.

Increase capacity

The problem for most startups is that they quickly reach capacity and can’t perform at a higher level. If a startup can only hire enough employees to remain open 12 hours a day, it’s going to be difficult to increase revenues. The obvious answer to increase capacity is by hiring additional employees and staying open another five or six hours.

Narrow down customer acquisition efforts

Sometimes, time, effort, and money don’t bring about desired results. In fact, it may be a targeting problem, not a product problem. You can’t be all things to everyone so if you’re trying to market to everyone it’s simply a waste of resources. To accelerate growth focus on a niche audience that has expressed genuine interest in your brand.




http://giditechlab.com/how-to-accelerate-the-growth-of-your-startup/


cc

15 Likes 4 Shares

Re: How To Accelerate The Growth Of Your Startup by SouthSouth1914: 7:49am On May 17, 2019
Everything boils down to government policies regarding SMEs in a given location at any given time. If the conditions are unfavorable, no startup can thrive!

4 Likes

Re: How To Accelerate The Growth Of Your Startup by Miracle4Sure: 7:50am On May 17, 2019
cool
Re: How To Accelerate The Growth Of Your Startup by Hope4thebest: 7:52am On May 17, 2019
cool
Re: How To Accelerate The Growth Of Your Startup by Nobody: 7:54am On May 17, 2019
I have a crypto startup targeting the advert industry


With enough promo on ground


Just searching for bigger investors na work sha

undecided
Re: How To Accelerate The Growth Of Your Startup by Okoyeebows: 7:55am On May 17, 2019
You won't see them here. Mention Naira Marley, Tonto Dike and other species of animals and see them trooping in.

6 Likes 1 Share

Re: How To Accelerate The Growth Of Your Startup by onadana: 7:56am On May 17, 2019
Narrow down customer acquisition efforts
This is the key to business growth.

4 Likes

Re: How To Accelerate The Growth Of Your Startup by DjHypno(m): 7:56am On May 17, 2019
Thanks for the info.
Re: How To Accelerate The Growth Of Your Startup by helinues: 7:59am On May 17, 2019
Ok
Re: How To Accelerate The Growth Of Your Startup by dukeprince50: 8:00am On May 17, 2019
Nigeria is doomed, no one is viewing this thread.
I am happy though, this is the kind of people you need around u to become a millionaire, because Nigerians doesn't care about Entrepreneurial activities that gives aspiring entrepreneurs a huge advantage.
less competition

7 Likes 1 Share

Re: How To Accelerate The Growth Of Your Startup by myresearch: 8:00am On May 17, 2019
Ok
Re: How To Accelerate The Growth Of Your Startup by Nobody: 8:04am On May 17, 2019
Electricity! Electricity!! Electricity!!! Indispensable for Startup success. Like if you think this is True, Share if not.

For you very affordable Noiseless Solar Generators:
O 8 O 2 9 4 3 5 4 0 7

2 Likes

Re: How To Accelerate The Growth Of Your Startup by tstx(m): 8:08am On May 17, 2019
Add new streams of revenue.

Very important

4 Likes

Re: How To Accelerate The Growth Of Your Startup by chudez0147(m): 8:09am On May 17, 2019
Thanks for the information...
I just started a Tent making company...., any advice on how to grow the business?? Thank you

1 Like

Re: How To Accelerate The Growth Of Your Startup by Premiumwriter: 8:11am On May 17, 2019
chudez0147:
Thanks for the information...
I just started a Tent making company...., any advice on how to grow the business?? Thank you
tents dey sell for naija?
Re: How To Accelerate The Growth Of Your Startup by pomide(m): 8:12am On May 17, 2019
Basically written for bloggers and not easy to relate to real life start up business

3 Likes

Re: How To Accelerate The Growth Of Your Startup by Premiumwriter: 8:13am On May 17, 2019
My advice:
START AS SOON AS YOU CAN.
Since January that I planned starting my own blog, I've not done anything.
And it's already going to half of the year.
Re: How To Accelerate The Growth Of Your Startup by chudez0147(m): 8:16am On May 17, 2019
Premiumwriter:
tents dey sell for naija?
Dunno about naija, Help me check.
I no dey naija for now, but I won dey think of investing in naija soon

1 Like

Re: How To Accelerate The Growth Of Your Startup by Nobody: 8:16am On May 17, 2019
SouthSouth1914:
Everything boils down to government policies regarding SMEs in a given location at any given time. If the conditions are unfavorable, no startup can thrive!
are you sure about this?
Some bad policies can be good to some businesses you know?

6 Likes

Re: How To Accelerate The Growth Of Your Startup by linked: 8:17am On May 17, 2019
Op, your point 4 that is 'increase capacity' is unclear. Can you please elucidate more on that?

2 Likes

Re: How To Accelerate The Growth Of Your Startup by Nobody: 8:18am On May 17, 2019
Premiumwriter:
tents dey sell for naija?
does he mean mosquito net ABI d tent we all know?
Who is his expected clientele?
Or is his envisioned market share outside 9ja?
Re: How To Accelerate The Growth Of Your Startup by Nobody: 8:20am On May 17, 2019
linked:
Op, your point 4 that is 'increase capacity' is unclear. Can you please elucidate more on that?
now this is a manufacturing and retail thing.
As a manufacturer,if your production capacity increases,cost of production reduces,hence your product becomes a very stiff competitor in the market.
This is how;
-maximum utilisation of labour;workers don't sit around doing nothing.
-acquisition of larger carrying capacity machinery;more products gets rolled out per unit time,where it a smaller machinery.
-maximum utilisation of logistics.
-Cheaper cost of raw materials since the manufacturer now buy in large volume.
But with retail the advantage is bulk buying which reduces purchasing cost and maximum utilisation of logistics which also brings down cost as well.
I hope I helped smiley

1 Like

Re: How To Accelerate The Growth Of Your Startup by Premiumwriter: 8:22am On May 17, 2019
Logobenz:
does he mean mosquito net ABI d tent we all know?
Who is his expected clientele?
Or is his envisioned market share outside 9ja?
I think it's tent for camping or those ones they use for marriage.

I don't think tents sell much in Nigeria considering most people only hire them during wedding ceremony.

If it's mosquitoe net, government already distributed/s those for free.
chudez0147
Re: How To Accelerate The Growth Of Your Startup by chudez0147(m): 8:25am On May 17, 2019
Premiumwriter:
I think it's tent for camping or those ones they use for marriage.

I don't think tents sell much in Nigeria considering most people only hire them during wedding ceremony.

If it's mosquitoe net, government already distributed/s those for free.
chudez0147
Not mosquito net... I mean tent for weddings.. canopy, Car pack too

1 Like

Re: How To Accelerate The Growth Of Your Startup by Nobody: 8:27am On May 17, 2019
chudez0147:

Not mosquito net... I mean tent for weddings.. canopy, Car pack too
weddings;excess rental and re-use.
So before you go sell u go hear am.soneone will buy one and rent it out 2000 times grin
Car port is the only one I support and think will move market
Re: How To Accelerate The Growth Of Your Startup by chudez0147(m): 8:28am On May 17, 2019
Logobenz:
does he mean mosquito net ABI d tent we all know?
Who is his expected clientele?
Or is his envisioned market share outside 9ja?
Not mosquito net... I mean Canopy for weddings, Car pack too. Plus am outside Nigeria
Re: How To Accelerate The Growth Of Your Startup by Premiumwriter: 8:29am On May 17, 2019
chudez0147:

Not mosquito net... I mean tent for weddings.. canopy, Car pack too
I think you can sell well considering the amount of wedding I see every day.

But then I think putting up for hire will be more profitable. Just a thought.

Real world experience always varies from our supposition. I've learned that the hard way. Meet up with people in the business and hear from their own experiences.

Don't just sit thinking about how it'll go. Experience remains the best teacher in business.

2 Likes 2 Shares

Re: How To Accelerate The Growth Of Your Startup by Topmaike007(m): 8:30am On May 17, 2019
Good read op
Re: How To Accelerate The Growth Of Your Startup by Nobody: 8:30am On May 17, 2019
chudez0147:

Not mosquito net... I mean Canopy for weddings, Car pack too. Plus am outside Nigeria
you are outside Nigeria meaning you want to produce in Nigeria and export?
Re: How To Accelerate The Growth Of Your Startup by chudez0147(m): 8:31am On May 17, 2019
Logobenz:
weddings;excess rental and re-use.
So before you go sell u go hear am.soneone will buy one and rent it out 2000 times grin
Car port is the only one I support and think will move market
Yes I know... I can also fix for the rentals when it gets bad.
Re: How To Accelerate The Growth Of Your Startup by Nobody: 8:32am On May 17, 2019
chudez0147:

Yes I know... I can also fix for the rentals when it gets bad.
great!i love the rental part.

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