According to the Global Entrepreneurship Monitor, 70% of young entrepreneurs are kicking off their businesses from their own homes. In fact, some of the most influential names in the industry had less than glamorous beginnings, like both Facebook and Telsa. From baby businesses to household names known around the world, online start-ups have revolutionized the way business is conducted.
However, only half the start-ups launched will make it past the first five years of business. Opting to start a business is a high-risk, high-reward endeavor, especially for those looking to transform their passion projects into careers. However, entrepreneurs who manage to find their footing in the first five years have almost limitless options when it comes to scaling their business up.
For most newcomers, scaling an online start-up is a plunge into uncharted territory. Though we use the internet frequently, we typically engage as consumers. Entrepreneurs, on the other hand, must consider their resources, e-commerce livelihood, and future growth plans. They must optimize their special niche in business through social media and deal sites, while also taking a close look at building a consumer journey.
It may sound difficult, but keeping in mind these five handy tips will simplify scaling online.
Tip One: Prioritize Convenience in E-Commerce
Making things easier on the consumer is the top priority as convenience is king. For example, online poker has taken off since the early 2000s because the model can’t be beaten. It allows players to learn the game at their own pace, apply new strategies in a controlled environment, and track their spending with greater ease.
In fact, it’s proved so popular that there are guides instructing online players on how to compete in a live setting, as they’ll need to make several adjustments based on environmental factors like body language and game speed.
As with any business, customers are looking for effortless and hassle-free interaction. Platforms should be seamless and streamlined so that future competitors will need to work hard to change the standard.
Tip Two: Build a Brand
Consumers first notice a company’s brand. Regardless of the goods or services being sold, solid branding conveys information about the company itself. Any business looking to maintain longevity in the industry needs a compelling and attractive narrative.
This requires taking some time to reflect on the start-up and identify its unique position in the industry. From there, some entrepreneurs hire design teams and online marketers to create a buzz about the company. Those tight on cash can do this themselves by taking notes from competitors.
Tip Three: Social Media Presence
It’s crucial for online businesses to maintain an active and engaging social media presence. Now that many platforms are linked, posting regularly on Twitter, Instagram, Facebook, and more has never been easier. Keep in mind that top professionals stick to a tight posting schedule to cultivate customer expectations.
Creativity and publicity are also key. For example, some fashion brands might release teaser trailers for new campaigns, host a webinar with a panel of creators and experts, or create engaging social media giveaways or campaigns to drive up SEO and consumer interest.
Tip Four: Data Tracking
New businesses benefit greatly from closely tracking financial info and data points. In other words, they must closely monitor cash flow, expenditure, and revenue. By understanding how money is being spent in contrast with what’s being generated, entrepreneurs can carefully tune into what works and what doesn’t.
Offline, this is typically the job of a financial advisor. Online, however, many platforms include data metrics tracking, which simplifies research demands. This allows for efficiency and tailored marketing pursuits.
Tip Five: Keep an Eye on Tech
To successfully scale a start-up, there are ample demands on a CEO. As a business expands, investment becomes even more crucial in the difficult (and often lean) days of scaling up. One of the savviest investments that a business can make is in the technological sector, whether opting for a state-of-the-art bookkeeping service or partnering with another high-tech start-up.
Online, reliable technology is one of the most important aspects of scaling up. Those with a killer product and business model can only go so far with a slow, ineffectual platform. On the other hand, those with underdeveloped products and less funding can often get their foot in the door by using a popular new service.