Did you know that of the 100 million startups established, 90% fail to survive every year? The lack of the right growth strategy is the main reason for their failure. So, taking a startup to the next level is a challenge to which startup owners should be fully committed.
Startup growth stories are out there galore, and we all know about them. However, many myths about the startup world still exist. Some myths that need to be busted:
| Myth | Reality |
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The freedom to design your schedule |
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| Startup owners are not bound by a work schedule. They take time off whenever they want and do things they always wanted to do. | In reality, startup owners feel the most burnt out. They work more than they can and are constantly juggling between endless amounts of work and not enough time to finish. |
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The potential for an unlimited amount of money |
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| Startup owners will make a tremendous amount of money. They take a risk, but success isn’t far away. | In reality, startup owners earn far less than freelancers in the initial stage of the startup. In fact, startup owners risk risking their reputations if the idea does not succeed. |
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The ability to do what we love |
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| Startup owners have the freedom and control to develop whatever they want to. They focus their entire energy on it. | In reality, startup owners often spend most of their time doing stuff they don’t like. |
Don’t make the mistake of falling for the myths. Know the facts, evaluate and understand things before devising a growth hacking plan for your startup.
What is Growth Hacking?
Startups use growth hacking- an experimental technique for rapid and effective growth of the company. They implement growth strategies and hacks, a combination of methods to achieve long-term goals. Growth hacking ideas are proven elements of success, but only some startups have been able to execute these hacks in the best way.
Why Growth Hacking?
Growth hacking is a quick, cost-effective, innovative method to attain growth rather than conventional processes. A growth hacker ideally throws out traditional ways of marketing and replaces them with testable, trackable, scaleable and sustainable modes of growing their business.
Spiked your interest in leveraging these strategies for your startup? Read next to learn the 5 very easy hacks you should follow to grow your startup 10X in one year.
- Creativity and innovation: One can have an innovative mind but not be creative. Or one can be creative but not be innovative. But to be in the market ahead of all the competitors, you need to have both of them simultaneously. Being creative helps to conceive new things. Being innovative is the implementation of a creative product which brings value to it.
- Leverage cloud computing to boost your startup: Use cloud computing for your startup to get 24×7 access to data and services and provide security to protect sensitive data. Get an active internet connection to access the data and all the applications from anywhere in the world.
- Use social media: Social media platforms like LinkedIn and Twitter drive more traffic. Reach a broader audience base through social media marketing. Produce blogs to market your startup and effectively utilize SEO and content marketing strategies to grow.
- Maintain a proper budget: It is impossible to make a plan at once and copy it yearly. No matter how stable the work is, there will still be changes. Budgeting helps to plan the most optimal use of the resources to maximize the earning potential and make informed financial decisions.
- Develop a growth mindset: A growth mindset is similar to what it sounds like: a tendency to believe that you will grow. A positive attitude is crucial to change and attain success. View the challenges as opportunities and try learning different tactics.
Growth hacks don’t show the result in an instant. For significant results, be patient, and it will soon show the best result.
