How to Scale Up Your Start-up in a Limited Budget
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Now that you have established your start-up beyond the pen and paper form, the next important question arises how to upscale the growth of the venture? Sounds easy! But in reality a huge question needs to be answered- where are the finances or how to do so within a stipulated budget?
Let us browse through a few tip-offs which are sure to help you deal with this dilemma easily:
1. Freelance Revolution
How can you escape the freelance buzzword blooming in the economy? This on-demand workforce is readily offering specialization at lower costs. You cannot miss outsourcing jobs at lower costs and getting work done around the clock.
Ramneet Kaur, COO of Rapid Skillz, says, “By outsourcing PR work and accountancy tasks, we were left with ample time for planning and managing the growth of the unit. By delegating tasks at lower costs, we could manage work at a lower budget. Also, some freelancers working in different time zones gave us the work much quicker than anticipated which turned out to be an icing on the cake.”
Take advantage of the freelancers and make it a win-win situation for your start-up.
2. Create new customers
Endorse the correct value proposition and create the demand for your product. You have an amazing idea and a path-breaking product. Make sure you are able to create a demand for it and let the customers identify with the brand proposition.
“There was a need to make the customer understand the features of the latest variety of products we had started manufacturing. It was only after being told the utility and longevity of the new products that the demand escalated,” says Dhruv Trehan, CEO of Shree Ram Wood Industries.
How about venturing into new horizons, exploring new markets and exporting to new customers? Dhruv emphasizes expanding the scale by increasing the customer base and periphery of the sales area.
3. Marketing efforts
The big bang internet boom and the easy access to a plethora of social media have made it possible to expand the volumes of business within a limited budget.
Rajat Bharat, CEO of Geekay Bikes suggests, “It was because of social media marketers that we expanded the sales of the newly launched eco-bikes in a short time. We could easily connect to a wide network of fitness enthusiasts via social media channels and endorse the product easily.”
Ramneet suggests the capacious use of this new mode of marketing which involves low budget and maximum reach. The channels of YouTube, Instagram, Facebook and Twitter have extensive reach and within hours, you can reach millions of people using them.
4. Network establishment
Who says having a strong network of friends and mentors and having a lot of connections doesn’t help? Join big business groups and business associations and encash the links when possible. It is easier to scale up your business if you have a sound network of mentors and people who can guide you in the right direction.
As Lavish Mahajan, CEO of IGEN Solutions says, “A bullet-proof way to manage your start-up without looking back is to take sound advice from your mentors. Be it financial decisions or crucial marketing plans, your mentors will always be eager to help.”
Rajat also supports the case of joining big business groups relevant to your line as they are supportive in times of crucial Government policy changes as well they endorse each other in a positive way.
Think about it: It is actually your desire to win that makes you a winner. If you are a hard worker and you think in terms of the long run, nothing can stop you from reaching the zenith of success. Follow your heart’s true calling, take into consideration the wave of the market forces and aptly utilize the enormous world of social media and you’ll surely take your start-up to heights.