Did you know that only 50 percent of startups survive for more than five years? Then, what are the factors that can help you to sustain in the market for a long time?
There are five tips that you can follow to make your startup sustain in the market and grow.
1. Smart Hiring
Without the right people, your startup can’t grow, and it certainly makes it challenging to survive over a long time. It can be considered as an essential point when it comes to the growth and sustainability of any startup.
For a new startup, investment in the wrong people can cause a huge loss of momentum and profit. So, don’t be in a rush while hiring. Take the help of all resources and time needed to find the ideal match for each position.
2. Competition Check
It is a very vital process for every business whether it is a startup or established organization. You already have competition everywhere. There are competitors which are thriving at something where you are still struggling with.
When you try to make a growth strategy then keep those competitors in your mind who is growing every day. Observe them and learn from them.
3. Inexpensive Marketing and Advertising Strategies
As you are a startup and in the beginning phase of making good money, it is very obvious that you can’t go for an expensive way to get noticed in the market. You just can’t afford to ruin your chances of getting the desired ROI just because you spent more on advertising and sponsorship.
Here the internet comes to your rescue. Social media helps you in exposing your brand to the world and gives you a broad section of the marketplace within the budget.
4. Immediately Stop Doing the Wrong
Once you reach a certain level you will be able to figure out what is helping your startup to grow and what is not working. You need to start trimming the fat.
Identify all the spending which are not generating good outcomes and reallocated those resources to the thing which is working. Invest your effort and money in the right place.
5. Don’t Afraid to fall
We all learn from our mistakes. The path to success is full of failure. It’s nearly impossible that you can reach your goal without falling. No matter if you succeed or fail at your project, you can learn from both.
To sustain growth, accept risk as your best friend. You should know how to stand up again after failure and try with the same spirit again. Try and try again!!!