The Four Pillars of Startup Growth

Looking to turn your small-time business into a full-sized company? If so, then we’ve prepared descriptions of the four most important concepts that you need to grasp when it comes to your growth. While every business has their own path to success, startups tend to follow the same route due to the needs they have and resources available to them. So to get you started, let’s take a look at the four most important pillars of startup growth and how to build your business around them.

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1. Capital

You need money to grow your business. Unfortunately, it doesn’t grow on trees and you’re going to need some serious financial management if you want to budget correctly for your future expenses. It’s tough to balance incoming profits with research and development or even marketing. How you tweak your capital usage will greatly depend on the type of business you operate, but the goal is to look for profitable ways to expand your business while trying to spend as little as possible without sacrificing quality. Managing your finances as a small business can be extremely tricky, but with the right advisors and work processes, you can make it much easier to manage.

2. Exposure

Want your business to grow? It’s time to get people talking. There are plenty of different ways to do this and each approach comes with its own advantages and disadvantages. For starters, social media is a hip way to engage your audience, but you need to be involved in the communities and groups that your audience are in if you want to make a big impact. If you’re trying to aim for a more traditional audience, then marketing on traditional platforms like TV and radio will be a much better choice. Think about the audience you want to reach and the types of platforms they use.

3. Control

Control of your business is going to have a huge impact on your growth. One of the biggest mistakes that startup owners make is handing off too much of their business and leaving it in the hands of outsourced help and freelancers. Unfortunately, this means that your in-house staff will have difficulty learning the skills they need to make an impact in the future. Whether it’s using your own cheap VPS, doing your finances yourself or even hiring consultants to educate your staff, you need to start investing in ways to take back control of your business and start limiting the outsourced help you use.

4. Failure

Lastly, we can’t forget about one of the most important concepts in entrepreneurship; failure. Failure is important because it helps us learn from our mistakes and it gives us an idea of where our business is currently at. Failing means that we have a benchmark to overcome, it gives us a reference point of where we should be and where we want to avoid. By using this knowledge, you can greatly improve your chances of growing your startup.

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