5 tips and tricks for a startup business to make more money

Regardless of your industry, one thing will be always true:

There will be that one competitor of yours who will be making more money.

Want to catch up with them? 

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There are two ways you could do that. First, hack into their computers, steal their marketing strategy and (provided you get away with it) implement it. In the meantime, pray that nobody gets a clue that you were behind this plan. 

Conversely, if you, like most human beings, find the idea of spending the rest of your life behind bars disturbing, adopt these 5 tips and tricks for your startup business to make more money than ever.

1. Share Clients

Does your business has an overabundance of clients? Want to hold on to them but don’t have the workforce to do so? If your answer to both these questions is in the affirmative, only then should you resort to client sharing.

As suggested by its very name, client sharing involves the partaking of clients with another business. In exchange, the donor business gets a cut of the profits. For instance, if you’re a marketer who charges $3000 for a website – but don’t have the time to take on new clients – you can refer your customers to a third party which does the job for $2000, giving $1000 to you.

Having said that, client sharing is risky, since you cannot control how the other business would treat your customers. Therefore, to prevent any untoward situation, it is imperative that you partner only those businesses which are the best out there.

2. Give Free Offers

Depending on the type of startup business you run, you might be able to lure customers into making a purchase by offering them initial free offers. For instance, if you’re an attorney, you can hook new clients by offering them free case consultations.

Provided you want a better example, Netflix comes to mind. See how it attracts new customers by offering them a free month? Just like Netflix, and provided you’re sure that your product has the ability to force the customer to come again, you can also create such offers. 

Or, if your business is in dire financial straits and you cannot afford to give away anything for free, try offering products or services on discount. Most clothing brands these days have adopted this strategy and are benefitting from it.

3. Advertise from multiple sources

When compared to, say, 20 years ago, the marketing landscape has undergone a 180degree turn. Back then, without any internet, TV, and newspaper were the only source using which businesses could let the potential clients know of their existence. 

Nowadays, we have SEO, social media, content marketing, blog influencers and much more to market our products and services. It’s recommended that you test not one but a combination of all these tools to see what works. 

For, when your customer will see your business on social media, hear about it on radio and find it mentioned in a blog post, they’ll automatically start thinking of your business as a brand. That, in turn, will make sure that whenever they need a product that you’re offering, it is the name of your business – and not that of your competitor’s – which will come to their mind. 

4. Do some PR

Never before has done PR been as easier as it is today.

Want to have an article mentioning your business published on a top website? Find a freelance writer offering similar services. Looking to put a face behind your product? Search social media influencers in your area, and they’d do your bidding for money.

What’s more, unlike traditional advertising, there’s no expiry date for PR. You can continue to use the same age-old video of that influencer – or an article in, say, Wall Street Journal – for years to reinforce the credibility of your business. 

5. Search for Affluent Clients

As long as you aren’t producing matchboxes, chances are that some of your clientele would be affluent. Make sure you identify them for doing so would allow you to increase your profits without putting in the extra effort. 

How? Wealthy clients want high-quality goods that stand out from the riffraff. To attract them, you need to convince them that in some way, your brand’s products are not only well made but also exclusive. That doesn’t mean that you need to jack up your brand’s prices.

Instead, the best you can do is create an exclusive section within your business to serve these wealthy individuals. To justify the prices in this section, it should not only have high-end items but also sales professionals with years of experience in the luxury niche. Only then could you reap the immense rewards that come with affluent clients. 

Conclusion

Sales is like a marriage; people only do it with whom they have trust. Therefore, in addition to applying these tips and tricks to make more money for your startup, you need to craft a bonding with your clients. Do that, and the chances of these tricks bearing fruits will grow manifold.