Being in business is tough work. Start-up businesses have an additional challenge: how to keep growing while trying to stay afloat especially through the traditional Australian holiday period of late December to mid-February.
With that in mind, here are some tips to stay ahead:-
- Conserve credit! Lay off on unnecessary spending well before December.
- Be ready to grab new opportunity. Don’t be scared into retaining all your credit and never spending a thing. Watch the markets and go where they go.
- Keep some reserves to move into new markets should your start-up not be growing as it should. Ask the hard question consistently – is your start-up market assumption still valid?
- Don’t rely on advertising. If your start-up relies heavily on advertising revenue, don’t exclusively expect it to keep your business afloat. When there’s less consumer spending, advertising declines.
- Consider selling to businesses. While it’s harder to sell to businesses than individual consumers, you’ll be rewarded with hopefully slower client churn and predictable margins.
- If you want to sell to a business, make yourself credible. No one will trust a start-up with little experience, so partner up. Join a business with proven sales experience. You’ll probably give yourself a better chance of selling your products or services than if you worked on your own.