Hiruy Amanuel’s 5 Tips That Will Help Entrepreneurs Increase Startup Revenue
Creating a startup can be difficult, and turning a profit can be even more difficult. However, there are a few tricks and methods entrepreneurs can use to help them along. In this article, Hiruy Amanuel gives entrepreneurs his 5 tips for increasing their startup revenue.
Get as Much Feedback as Possible
With any new venture or business, feedback is necessary. Often, entrepreneurs think they know what customers or the market wants, but this is not always true. Getting feedback from customers, potential customers, or members of your business’s community can help inform you. In doing so, you can adapt your product, service, or marketing and increase your revenue.
Focus on Just a Few Things
The most common trap for entrepreneurs is to become consumed with chasing new ideas or products. Starting a business is exciting, but beware of getting caught up in thoughts about the future and what your business can offer.
Instead, in the early days of your startup, it is better to focus your time, energy, funds, and other resources on just a few key ideas. You want to create and market a well-thought-out product or service, not something half-finished. By refocusing on just a few ideas, you can make the most of your time and effort, which will more than likely increase your revenue-generating potential.
Track and Look at Numbers and Stats for Guidance
To improve your business’s revenue stream, you might have to do some troubleshooting. You need to figure out which metrics are the most vital to your operation. Once you do that, you can track and record them and make improvements in your process when necessary.
Sales numbers are just one part of a business. You have to focus on other numbers, like marketing metrics, to improve sales. For instance, if social media is a large part of your business, you need to be tracking your engagement metrics. If people are not connecting and engaging with your business on social media, you will not see the sales numbers you desire.
Work with Others
Sadly, one of the biggest mistakes an entrepreneur can make is trying to do everything themselves. Here’s an explicit warning: You cannot do everything yourself. To be successful, you will need a team. Trying to take on everything may lead you to burn out before your business ever makes a sale.
Working with other companies or other people can inspire you, open doors, expose your business to new markets and customers, and so much more. Collaboration may not always be easy, but it is almost always worth it in the end.
Automate If You Can
Generally, startups do not have a lot of loose cash or funds available. That being so, to minimize operating costs, automate whatever you can (if you can). The more tasks and responsibilities you can assign to a computer or a program, the more time and money you can save. It will also streamline different processes and workflow, which can help increase overall productivity.
About Hiruy Amanuel
Hiruy Amanuel is a devoted philanthropist and investor. He has invested in several educational and technological efforts in East Africa. Through increased access to quality education and technology, Amanuel believes there will be a rapid development of new technologies throughout the Horn of Africa.