Congratulations – you’ve managed to get your startup up and running. You’ve done what most people are not able to do, which is to take an idea and have the determination to create a business.
However great it is to actually see your idea turn into a business, one of the most frustrating parts of the startup process is making a profit. This can and will take some time, but there are things you can do to make the process smoother and quicker. Common ways most startups improve revenue are by adding complimentary products, offering discounts and optimising sales channels. Subscription businesses focus on customer analytics to forecast revenue. User insight ideas can improve revenue prediction for your subscription business.
Are you a business owner? Do you want to increase your sales and improve your bottom line? The following are five effective ways to increase revenue for your startup.
Get a Degree
You’re probably thinking you don’t need a degree because you’ve managed to make it this far without one. It’s the wrong way of thinking. Getting a graduate degree is one of the best ways to gain a solid knowledge base that you can leverage to better your chances of success. You will have endless opportunities to network with some of the brightest minds. If you’re worried about the costs involved, you can take out a student loan with a private lender to pay for your degree. With private graduate student loans, they are a simple way to cover the costs of education, and you will be able to pay the loan back when your business is thriving.
Crowdfund
This is a fundraising method that is often ignored due to pride. You have to remember that you are offering something in return for the money you raise through crowdfunding: your product. When people put up money via crowdfunding, they like what they see and they feel you are giving something they need. This money can be used to cover operational expenses as well as building a solid customer base. This is a great way to make your capital work harder because the outside financial support means that you can focus on other areas. Make sure your pitch is innovative and stands out from all the other businesses looking for funds.
Focus on Lead Generation
Use social media to generate leads. You can do this by creating engaging content that will ultimately end with you gaining an email address. If your content is not creative and original you will not be generating the leads you need, so make the effort to be innovative and give potential customers the content they want. You should also be attending conventions, trade shows and networking events. If you’re not generating leads, you’re not going to be maximizing your profits and potential.
Network
You will have done some networking, it’s unlikely you would be in the position you are without making connections. However, networking never ends and you can never have enough contacts to navigate the start-up world. You also have the option of networking remotely, too. This can help you to make contacts in different parts of the world, which can help to expand your business as well as give you new ideas to boost your profits. Once you get yourself out there, keep yourself there and stay relevant.
Use Analytics
If you’re not using all the analytic tools available to you, you are not maximizing your profits. Search engines and social media offer endless opportunities for you to use analytics so utilize them. This is especially apt for social media where the way in which you market to your target audience can be narrowed down. Finding your perfect customer will increase your conversion rates and overall profit. If you’re not comfortable using analytics, it is worth considering hiring someone who is.
