5 Techniques That Will Scale Your Startup In 2018

This is especially true in the startup world, where at least 75% of venture-backed startups fail without returning so much as a dime to investors. There is no time to take a sabbatical.

What’s worse is that 100,000,000 new businesses are created each year, which means only 25,000,000 make it. Clearly, not all are destined to be winners. How can you scale your startup in 2018? Here are 5 techniques.

#1 Location Is Key

Choosing the right location for your startup has never been more important. The 2008 financial crisis rocked the boat but the startup world has picked up since then.

However, the current political and economic climate is volatile, and the boat is rocking once more. In the UK, the number of foreign tech job applications has been slashed in half since the UK voted to leave the EU.

When considering where you set up a base, you need to think about how much local, skilled talent is available to you, what the funding opportunities are like, and how rich the networking opportunities will be.

Moreover, you also need to balance the costs with what you can get out of a location. For example, running a startup in Stockholm will be more cost-effective than running one in Silicon Valley, but will the opportunities be as rewarding?

#2 Do Some Social Good

When we first start a company, our main aim is to put together a great product we love that could, in its own small way, change something about the world.

A little bit further down the line, we might start to think about what we can do for the local community.

Having a social conscience right from the get-go in 2018 can be key to your growth. Back in 2015, 50% of respondents that took part in a consumer survey said they would pay a bit more for a product or service if the business was socially responsible.

Social responsibility has become a big thing now that talk about the environment and climate change is everywhere. If you can show your green credentials, you can ingratiate yourself more with investors and customers.

#3 Create A Product In A Niche That People Are Interested In

Even now, some entrepreneurs fail to understand that they must sell a product that people definitely want – as opposed to a product that they themselves would love to market and sell.

In 2018, it’s never been easier to validate your product so that you know for sure that people will want to buy it.

The simplest way to find out if there is a market for your product is by opening your Google Keyword Planner account and using it to find out how many people are searching your planned niche per month.

For super core niches that aren’t hugely popular, 10,000 searches per month are around the minimum you should probably be looking at before you launch a product in that niche. Any less, and it suggests there isn’t enough demand for it.

#4 Make Good Use Of Apps And Software

In 2018, there might not be an app for everything – but it will be close.

Moreover, you need to take advantage of the apps, tools, and software that are available in the here and now that could help your startup to scale, such as chatbots that improve online customer service.

Inventory apps are going to be particularly crucial. When we get deluged with orders, it can be hard to keep up. Without realising it, we could be fresh out of stock right in the middle of the deal day.

An inventory app prevents this from happening, as it automatically updates, syncs and monitors your products across all your sales channels.

#5 Master Social Media

If you haven’t got to grips with social media, 2018 is the time to do it.

Social media is where you can engage with your customers, add new ones and raise awareness of your brand while building trust and loyalty.

You’ll need to put together some creative marketing campaigns, but if you’ve already got an awesome online marketer in your ranks, it’s time to put them to good use.

Haven’t got one? 2018 is when you need to invest in a rock star social media manager.

 

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