Tips for growing your fledgling startup
Launching a brand-new business into the market is always an exhilarating, yet intimidating, time. Great opportunities and unforeseen obstacles dot the economic landscape, and fledgling startups must navigate this welcoming yet treacherous space. Although companies seeking startup financing operate in a vast array of industries and sectors, providing a diverse offering of products and services, there are thankfully a few fundamental rules of thumb that all new owners can incorporate into their business models to ensure they find and stay on the road to success.
Reaching out and building a circle of trusted networking associates should be one of the first steps for any business. Build a rapport with key industry influencers and other peers in your sector. These individuals are crucial for obtaining new information and referrals, Entrepreneur contributor Kelly Bolton noted.
Engaging loyal and potential customers on social media is a must for every business today, no matter how big or small, new or old. Using Facebook, LinkedIn and Twitter is not only a great way to connect with consumers, but for a majority of people, it's the most popular way to contact the company for customer service. According to a recent survey titled "The Omnichannel Evolution of Customer Experience," published by Spider Marketing and commissioned by Altitude Software, consumers are increasingly turning to a variety of platforms to contact brands. Due to their expectations on other fast-paced aspect of modern life, when these customers and clients do reach out to a company via social media, 47 percent expect a response within an hour, while 84 percent say more than a day is too long to wait.
Pace for the funding cycle
Many startups are only operating due to an injection of venture capital investment. This funding source can provide many benefits for these companies to help them grow and reach new markets. However, it's important for owners to understand the timing of the funding cycle and prepare for both feast and famine.
As noted by SmartHustle, funds typically have a preset pace for capital deployment, say an A-series deal once a quarter or twice a year over a period of time. Once these funds are fully utilized, it can take additional time to go through the process of meetings to set up another funding round. Owners should take note of the number of investments funded and when that capital will be deployed.
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