Your passion for your startup is bound to have plenty of goals and aspirations. It better! There is a great deal of opportunity to be had if you’re quick to the market and don’t succumb to financial mishandling.
Much of the base requirements for launching the startup have been dropping in price. A greater access to the work force also changes the opportunity to grow (while remaining agile). Marketing platforms are bountiful and ripe for your startup if you put in the effort.
The following will explain three worthwhile strategies for reducing the cost of your startup without the drawbacks associated with cutting corners:
1. Accelerate Distribution with POP Displays
A point of purchase display can often be found within big retail stores, convention floors, convenient stores, and other retail locations. They are generally used to house your products but can be tailored to act as a brandable item to display in busy locations to generate impressions.
There are a few reasons why these types of items are worthwhile to a startup:
· They will allow your products to stand out from those that are merely shown on shelves
· They will allow your sales team to quickly introduce the products to a retail location
· They sometimes become collectable to small segments of your community
Your mission: Do your research into these POP displays and begin generating ideas with your graphic designer and sales team. Have your sales team reach out to locations and explain the ease of adding the product line to their stores (since it’s already good to go). For an added bonus, give these away to your community (if they’re designed well) and watch the buzz start up on the social feeds (by encouraging them to share their wins with others).
2. Reduce Growing Pains with a Virtualized Task Force
Staffing becomes a make or break element of the startup. Hiring can come at a high price depending on the need for additional help in the business. Likewise, hiring too fast without steady income and profits will put a strain on the startup finances.
As the staffing tips article here on YoungGoGetter suggests:
· Hire slow, in the beginning, so that you don’t run the risk of being overstaffed
· Allow employees to use their own devices to cut down on hardware/software costs and enable them to work from any location (thus reducing in-house costs).
· Seek contracted employees to perform low-level tasks or work with freelance teams to complete larger goals (without the need to keep them on the books).
Your mission: Discover the ways your startup can virtualize its workforce. Divide tasks based on priority and difficulty and give items that would hold back the in-house team to virtual assistants, freelancers, and contract employees.
3. Generate Perpetual Buzz within Niche Markets
The big retailers and massively funded startups have the financial backing that it’s not worth their while to target extremely small segments of the market (since they can strive to capture those at the top of the bell curve). This presents an excellent opportunity for new startups to begin gaining respectful amounts of market share one at a time (and with little to no competition).
A focus on the niche markets will allow you to find your true customers.
· One’s that will become passionate from its very first introduction (early adopters)
· One’s that will help you understand what can be improved (the user testers)
· One’s that will tell others because they’re used to being ignored by big brands (buzz agents)
· One’s that are willing to make an early investment (the crowd funders)
Your mission: Start on the local level and begin radiating outward. Leverage local SEO techniques to build a great starting point for the startup. Capture those early adopters and get them on board with building the initial buzz by encouraging them to share the business and marketing material. Then use what you’ve learned from these individuals to begin capturing larger segments of the marketplace – one niche at a time.