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5 of the Best Proven Growth Hacking Strategies for Your Business

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best growth hack strategies for your business
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Tough competition can make growing a new brand seem near impossible, despite the hundreds of new companies that are created every day. Creative solutions offer the answer, allowing you to move in a positive direction with your brand start-up at an affordable investment. To achieve this, speed is the key. Growing your user base fast will allow profits to come in fast, too. This is what growth hacking is all about. 

Read on for 5 of the best tips in the game on growth hacking:

1. Knowing your goals

Of course, you want your business to boom – who doesn’t? But clearly, knowing you want something isn’t enough, because if it was, we would all be successful business-people. 

What’s important is being specific in what you want. When do you want your finished product to be complete by? How many subscribers do you want at the end of the month? What do you want to expand your inventory with?

Knowing your goals clearly means you will start doing what it takes to achieve them. Only one in a hundred high-achieving people actually write their goals down and visualize them regularly. 

These are the people who soar above the rest. It’s also alright to set goals that seem too big for you to complete right now. Most of your goals will be since they’re not things that will happen overnight. When setting your goals, also set out how you plan to achieve them.

“If you want to be happy, set a goal that commands your thoughts, liberates your energy and inspires your hopes.” – Andrew Carnegie

2. Self-promotion

A brilliant way to understand your customer audience is to ask them about themselves. Through blogging, you can experiment around with readers. Use questions to get them to show you things about themselves. This can be experimental, such as asking questions about scenarios to find out what really matters to them.

People like to see a balance of emotive visuals, with facts and figures. Combine the two for the most potent effect. Conduct some market research to spot trendy topics that are relevant to the product you’re selling. Base your images on factual information. Next, build accompanying stories with the images that incorporates compelling language. You’ve done great! Share your creation on as many platforms as you can.

3. Build an effective email list

Emails are by no means out-dated. It still stands tall above social media in terms of marketing strategies. Your email list will be essential to your company, so it’s important you craft useful and compelling messages that will lead potential customers to keep clicking your links.

Having been around for decades now, emails are trusted and come without some of the complicated analytics involved in social media (though, get to grips with these too). Having a subscribe button at the top of every page on your website will increase the chances that customers enter their email.

Exit intent popups appear on-screen whenever a visitor wants to click back, or navigate from your website using their bookmarked tabs. These are a highly effective strategy to implement on your website. 

Another tip to consider is asking for visitors’ names with their verified email addresses. This makes it easier to personalize messages later and build a better relationship with your customers.

“Why waste a sentence saying nothing?” – Seth Godin

4. Developing trust with your customers

Referrals and reviews are potentially risky and potentially brilliant keys to success. If you focus on perfecting your product, they will help your business grow rapidly. Though, if your product is mediocre, at best referrals and reviews will be few and sparse. With a good product or service, there will be a point you get to where they begin to sell themselves. This is trusting your customers. 

You can also allow your customers to grow to trust you, with a reward program. You can implement this from the moment they subscribe to your email list, by offering a special one-off discount for example. 

Once you have loyal customers, it’s an easier job to keep them with some effort. Ensure you know what it is that they like and want through research such as polls on social media. Show that you have done this by using the data you obtain directly.

5. Form partnerships with other brands

Let this be a goal you incorporate after developing your platform and email list. The other brands you build a rapport with do not have to be like your own. Instead, they must appeal to what your customers want. 

For example, if you discover through research that your customer audience like free food, but you sell headphones, try to partner with a food delivery company.

This may mean your customers get a discount for food delivery through purchasing your website’s headphones. This is a benefit to both companies through publication, purchase and peer referrals. Be inspired by online influencers – they partner with affiliate partners as part of their work.

Through guided steps and creativity, growth hacking is a cost-effective and trusted method of company enlargement. Though, applauded by many and most brands out there in the online marketplace today, ensure you give yourself time and patience. 

Traction comes before growth, and for some this can seem like a slow process. What you need to hear is that this is the most potent time. Use that slower period of expansion to really get to understand your customers and perfect your product.

Overall, growth hacking can be split up into five important P’s:

  1. Platform – Having a suitable place to market your product is the first essential.
  2. Product – Allow customers to try your product. This can be paid or unpaid, or with special discounts. This is the traction stage of slowly getting bigger. 
  3. Partnership – Developing long-running consumer-supplier relationships with customers is key to having constant business.
  4. Promotion – This is how you get heard about beyond the limits of self-promotion. This is when your growth stage will begin; without proper foundation, your product won’t truly stand out when it becomes better known, so it is crucial that you focus on perfecting your product before the promotion stage. 
  5. Permanence – Develop methods for constant self-referral. This way, your business will continue to grow effortlessly.

Have you tried growth hacking? If so, what tips and suggestions do you have for the people starting out? Let us know below!

Aimee Laurence began her speciality in start-up marketing six years ago at State Of Writing and later expanded to Top assignment service, where clients seek her advice for their brand growth. She also likes to write for Australian Help about other people in her speciality to grow her knowledge base in the field of marketing.

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Entrepreneurs

How Entrepreneurs Are Harnessing LLCs to Launch Successful Startups

LLCs have unique advantages for starting up and growing a successful business

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why you should set up an LLC

In my entrepreneurial journey, I’ve learned that LLCs have unique advantages for starting up and growing a successful business. But, before delving into the advantages, it’s essential to grasp the fundamentals of what an LLC is and how it operates. 

What is an LLC?

An LLC is a hybrid business entity that combines the liability protection of a corporation with the pass-through taxation of a partnership or sole proprietorship. This unique blend provides entrepreneurs with the best of both worlds: personal asset protection and simplified taxation.

One of the most significant advantages of an LLC is its limited liability feature. This means that as the owner, my personal assets are shielded from any liabilities or debts incurred by the business.

In the event of lawsuits or financial obligations, only the assets of the LLC are at risk, offering me peace of mind and protecting my personal wealth.

Advantages of Forming an LLC

Flexibility in Management and Structure

Another aspect of the LLC that appealed to me was its flexibility in management and structure. Unlike corporations, which have rigid hierarchies and formalities, LLCs allow for a more relaxed approach to governance. As the founder, I have the freedom to structure the company in a way that suits the needs and goals of my startup.

For instance, LLCs can choose to be managed by their members (owners) or appoint a manager to oversee operations. This flexibility enables me to maintain full control of the business or delegate management responsibilities to trusted individuals while retaining ownership.

Additionally, LLCs are not bound by strict meeting requirements or extensive record-keeping obligations, reducing administrative burdens and allowing me to focus on building and growing the business.

Pass-Through Taxation and Financial Efficiency

One of the most attractive features of an LLC, particularly for startups, is its pass-through taxation. Unlike corporations, which are subject to double taxation (taxation at both the corporate and individual levels), LLCs pass profits and losses directly to their members’ personal tax returns.

This tax efficiency not only simplifies the filing process but also allows for greater flexibility in managing cash flow and reinvesting profits back into the business. As an entrepreneur, minimizing tax liabilities and maximizing financial efficiency are critical components of long-term success, and the pass-through taxation feature of an LLC aligns perfectly with these objectives.

Enhanced Credibility and Professionalism

Establishing an LLC can also enhance the credibility and professionalism of a startup. Unlike sole proprietorships or general partnerships, which may be perceived as informal or less legitimate, an LLC provides a formal business structure that instills confidence in customers, investors, and partners.

By operating under the umbrella of an LLC, I can present my startup as a reputable and established entity, which can open doors to opportunities such as securing financing, attracting top talent, and forging strategic partnerships.

This enhanced credibility can be a significant advantage, particularly in competitive industries or when seeking to differentiate my startup in the market.

Protection of Intellectual Property and Brand Assets

For startups built around innovative ideas or unique intellectual property, protecting these assets is paramount. An LLC offers an additional layer of protection for intellectual property and brand assets, safeguarding them from infringement or unauthorized use.

By registering trademarks, copyrights, or patents under the name of the LLC, I can establish legal ownership and enforce my rights more effectively in the event of disputes or infringement claims. This protection not only preserves the value of my intellectual property but also enhances the overall stability and longevity of the startup.

Steps to Form an LLC

Let us now look at the general steps to form an LLC for your business:

Step 1: Choose a Name for Your LLC

Selecting a unique and distinguishable name is the first step in forming an LLC. Ensure that the name you choose complies with the rules set by your state’s LLC division. Typically, the name must end with “Limited Liability Company,” “LLC,” or an abbreviation of these terms.

Additionally, the name should not infringe on the trademarks of existing businesses.

Step 2: Designate a Registered Agent

A registered agent is an individual or entity appointed to receive legal documents, such as lawsuits or subpoenas, on behalf of the LLC. The registered agent must have a physical address within the state where the LLC is formed.

For instance, if you are forming an LLC in Texas, ensure that your registered agent has a physical address in Texas.

This role is crucial for ensuring that the LLC remains compliant with legal requirements and maintains good standing.

Step 3: File Articles of Organization

The Articles of Organization, also known as a Certificate of Formation or Certificate of Organization in some states, is a document that formally establishes the LLC. You’ll need to submit this document to the appropriate state agency, usually the Secretary of State or Division of Corporations.

The articles typically include basic information such as the LLC’s name, address, registered agent details, and the purpose of the business.

Step 4: Create an Operating Agreement

While not always a legal requirement, drafting an operating agreement is highly recommended for LLCs. This document outlines the ownership structure, management roles, voting rights, profit-sharing arrangements, and other important aspects of the LLC’s operations.

Even if you’re the sole owner of the LLC, having an operating agreement in place can help clarify expectations and prevent disputes in the future.

Step 5: Obtain an Employer Identification Number (EIN)

An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your LLC for tax purposes.

Even if your LLC doesn’t have employees, obtaining an EIN is necessary for opening a business bank account, filing taxes, and conducting other financial transactions.

Step 6: Obtain Necessary Permits and Licenses

Depending on the nature of your business and its location, you may need to obtain various permits, licenses, or certifications to operate legally. These requirements can vary widely from one industry and jurisdiction to another. Common examples include business licenses, zoning permits, health permits, and professional licenses.

In my entrepreneurial journey, the decision to establish my startups as LLCs has been instrumental in mitigating risks, optimizing financial performance, and positioning my ventures for long-term success.

By harnessing the advantages of the LLC structure, I’ve been able to navigate the complexities of entrepreneurship with confidence and resilience, laying the groundwork for a bright and prosperous future.

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Entrepreneurs

Build a Strong IT Team with These Smart Hiring Tips

Without dedicated IT staff, your company may not be able to function as efficiently or effectively

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Hiring tips for tech industry

The role of IT staff in your company is not only essential but also ever-evolving. As your business grows, so does the need for qualified IT staff and more robust recruiting solutions.

After all, from maintaining and troubleshooting the computer systems that keep your business running smoothly, IT staff also help employees stay connected and productive by providing technical support at all times. (more…)

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Entrepreneurs

5 Important Legal Tips Every Entrepreneur Should Know

With a firm commitment to legal knowledge, you pave the way to grow your business sustainably

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legal tips for entrepreneurs

Embarking on the entrepreneurial path is a courageous venture that calls for a diverse skill set to achieve enduring success.

While creativity, drive, and strategic vision are paramount, integrating legal insight into your entrepreneurial toolkit can be a game-changer.

This comprehensive guide delves deeper into the five critical steps that can empower you to navigate the intricate legal landscape and propel your venture toward prosperity. (more…)

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Entrepreneurs

6 Hacks to Boost Your Productivity as a Business Owner

To improve how much you get done each day, it’s smart to establish routines and use careful planning

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productivity for business owners

Entrepreneurs are always looking for ways to get more done with the time and resources they have. Business owners can use clever productivity tricks to break these limits and make the most of their projects. (more…)

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