Start-ups face a lot of problems, after they have set up their basic structure. One of them, is finding and retaining new clients. Being part of an education-tech start-up, in my 20s gave me an in in the industry, at a early age than most. It also made me acquaint myself with the way, a new business scrambles to get its clients.
1. Subsidiary- Tie up with another company with inroads into the industry, you want to get in (become a supplier to an already established company while learning) – This approach is not very glamorous; it will eat into your profits, but it pays with steady work and regular clientele. On the even more important note- the valuation of your start-up will shoot up like a weed (120-300%).
2. Be an alpha – Attraction is always strongest towards those, who follow no rules. – Most people want safety and security of making sure that their investments are secure, which is the real reason why out-house consultants are consulted. They are specialists and improve existing strategies which the in-house consultant can’t. They are also fault finders. If you want to stand out, then do STAND OUT.
3. Chew and keep – Keep only well paying and well adjusting clients. Most clients are not worth their money- if you have to suffer with them, charge them extra. The former will keep the company growing at a steady pace and sometimes turn into life long friends. However, if you want more money, you can always take slimy clients on a one-off basis. These need to be quickly dealt with and forgotten. They may be good money, but they are not good business.
4. Nice is not that nice – This is the category of the people that you need to watch out for. These are the people that offer too good to be true deals. Don’t take them... Chances are it was too good to be true; after all is said and done.
5. Use common sense – Mingle among the crowd and trust your gut. Run a business, like you are leading a war (which you actually are).
Happy Hunting ! 😀