10 Tips to Create Profitable Startup Businesses
Startups today are a dime a dozen. Those businesses that are successful typically think outside of the box, work well within their team and find multiple target audiences that will like what they’re doing. It’s just as important that you learn how to grow your startup while also getting it off to a running start that will go somewhere.
If you have been thinking of a startup and don’t know where to begin, these tips have some of everything that you’ll need to become one of the successful statup businesses around the world today. They do something different, shake things up and build relationships with their customers that stand the test of time.
Profitable startup businesses come in all shapes. To be prosperous, you have to continuously work at your startup and come up with new ideas. These are a few ways to help your business ideas grow and become strong, long-lasting companies.
1. Begin Immediately
When trying to start profitable startup businesses, it’s important that you don’t sit on an idea for too long. Startups have an expiration date. What’s in one minute can quickly disappear. You have to pick a worthwhile pursuit and follow that through with as much of your being as possible. That’s why startup businesses are so passionate about what they do.
Technology can become obsolete and so can a business idea. The best business plans can fall apart if you are indecisive and take too much time to get something off the ground. You don’t have to do it all overnight or go too big for what you can afford, but you can take baby steps right now to get your startup off the ground. It all starts with a business plan and people who believe in your idea.
2. The Law of Subtraction
You have to be selective and form a business idea that is simple yet modern. You also don’t want to do too much at once. By deciding on a focus and being selective about your team, you’ll be able to do something truly valuable for your customers and business partners.
While forming profitable startup businesses, subtracting is key to deciding on what works and what doesn’t. You also want to make sure that you are doing what you love and design a business plan that is almost guaranteed to be profitable. Of course there are always risks, but eliminating those risks is a part of creating a simplified business idea.
3. Your 90 Day Free Trial
Your marketing team will likely come up with a variety of ideas that are supposed to boost your brand awareness and sales. Whenever you have multiple choices for your business, you must pick one and commit to its success. You can follow this plan through for 90 days and see what results you get.
If you aren’t getting the kind of results that you want or you want to switch to something that is more in tune with your business plan. For the most profitable business ideas, a 90-day trial period gives you time to test and decide what works best for you.
4. Marketing Done Right
In today’s digital age, information is free and quite valuable. If you can give away e-books, merchandise, services or anything that doesn’t cost you much, then you will gain the trust and attention of your customers. It’s also important to give back to business partners and your industry.
As you market your startup, you should always be looking for ways to make your advertisements stand out and also ensure that you are setting up your business site for success. The most profitable startup businesses always have a fantastic user experience with email subscriber links, active social media and freebies to make their customers engage with them on every level.
Your marketing team should also be following all of the latest algorithm updates and focusing your SEO to drive traffic every day to your site.
5. Tailor Your Products
Everyone likes to receive something that is totally customized for their interests. If you think about some of the most profitable startup businesses like Pandora or Grooveshark, it’s all about offering personalization to your users. Everyone wants to feel like a product or service is their own. If you provide some form of customization with your business, you’ll place your company in a better position to appeal to users and become the next big thing.
“Your reputation is more important than your paycheck, and your integrity is worth more than your career.” – Ryan Freitas, About.me co-founder
6. Always Be Sincere
Nothing ruins relationships with affiliates, partners and customers than a lack of trust. To build that trust, you have to be genuine voice of your startup company and make promises that you can actually fulfill. You should always pump up your company and talk about what you want to do next, but you do won’t to offer false promises or try to take advantage of your customers.
It’s not pretty when customers find out about poor products and services. The Internet is an open forum, and you’ll quickly find your startup getting bad reviews that will likely tank any business growth.
7. 1,2,3 ENGAGE!
Today’s customers are engaging with business owners all over the world. They are chiming in on Twitter, sharing experiences on Facebook and leaving reviews on Google. You have to be at the top of your social media game and constantly put out content that your users want to see.
It’s important that you always communicate and comment to our users while also providing fresh tidbits, authoritative information and entertaining videos to continue engaging with your target audience. The key way to really engage with your customers is to understand more about what they like and where are going to get information. Once you understand what your users enjoy, you’ll be able to really provide content that makes them want to subscribe and return to your site every day.
8. Give a Good Speech
Public image can make or break profitable startup businesses. You have to learn how to talk in front of a large audience about your products and services. Not only will this help get the attention of your customers, but it will likely open up partnerships with business leaders as well.
Some of the biggest CEOs have been very successful because they are in the public eye and able to communicate their ideas effectively. One of these individuals was Steve Jobs, but by watching the most popular TED Talks you can also see how all kinds of business owners are able to talk about their businesses and keep their audiences interested.
9. Target Multiple Niches
The top profitable startup businesses of today didn’t get where they are by looking at one group of people. They thought about several niches. Whether it’s education, media, enterprise or any combination of niches, it’s important to provide features that will target a variety of sectors. You don’t have to target everyone, but you definitely don’t want to isolate your business too much from markets that may be interested.
10. Emphasize Team Collaboration
It’s rare to find profitable startup businesses that don’t exhibit excellent teamwork and collaboration with business partners. A hands-on working environment with open communication and lots of shared tools offers so much more than separate cubicles and a cold atmosphere. Everyone must work closely with one another.
Engineers, designers, researches and others in your team should all be aware of projects and look for ways to help. It’s also important for CEOs to stay in the loop and always continue to learn about different processes so that they can be apart of collaborations as well. Just take a page from Prismatic’s CEO Bradford Cross who learned web design in order to get more involved in collaborations with his company.
While there is no such thing as one big recipe for the most profitable startup businesses, you can ensure that your startup has more success than others by following some of these tips. There is a great deal of information out there on entrepreneurship and how to create a startup that will actually last.
You can also read about some of the most successful profitable startup businesses in the last few years like MapMyFitness, Apartment List, ShoeDazzle, Gett and Voxy. All of these companies have grown so much and become widely popular because they chose to follow some of these tips.
Would you like to share your own tips for creating starups? Feel free to do it in the comments!