Strategies to Grow Your Start-up Business and Increase Profits
Self-employment is a dream that tickles many ambitious minds. Taking the dare to establish your own business, on the other hand, can be an adventure that requires extensive knowledge and a great deal of planning. If you’re a big dreamer with a small budget, a start-up company may be the best way to launch this exciting journey.
Start-ups, by definition, are new companies that start with a product or service that fills a particular gap in the market, with the intention of expanding in the future.
If you have plans for a new business setup in Dubai, UAE here are a few strategies to develop and increase your revenues:
- Strategies to grow your start-up business and increase profits
- Why establish your startup in UAE’s free zones?
- How can SPC Free Zone help you grow your business?
Strategies to grow your start-up business and increase profits
Set clear goals and realistic expectations
It goes without saying that the goal of any business is to expand and increase its profits. As easy as this goal sounds to be, increasing your profits as a startup business is not nearly as easy, and without clear, precise, and realistic goals, your business may lose it direction.
Your business goals must be meaningful and measurable, set after thorough research of the market, and based on a coherent sales strategy designed to target the right audience. You also need to set the criteria your prospects should meet to qualify as high-probability potential customers.
Effective communication with your audience
Happy customers mean a successful and prosperous business; they are the source of your revenues and the tongue that spread the good word about your services. Listening to your customers; their feedback and preferences is a great way to build a relationship, as well as encouraging loyal customers through incentives and rewards.
One strategy that many entrepreneurs looking to set up a new company adopt is cold calling, which means contacting potential customers who have had no prior contact with the sales representative to convince them to purchase a product or service. Although the effectiveness of this marketing strategy is something to be questioned, as it’s time-consuming with a high rate of negative responses, it is a relatively cheap way to reach potential prospects and generate customers.
Careful pricing for a reasonable profit margin
Pricing can be a make-or-break element of your sales strategy and a confusing task for you as a new business owner. Pricing your products or services must be preceded by a cost analysis that investigates both the direct and indirect costs of your business. A thorough research of the market that looks into your competitors’ prices and the customer’s behaviors based on these prices is also important to have a raw idea about the reasonable fees you can ask. Collecting all this data can be a bit of a tough assignment, that’s why you can utilize pricing software that automates pricing analytics, optimizes prices, and executes pricing changes to help companies make more efficient pricing decisions.
Give your customers the reasons to choose you
It all starts with a strong and compelling sales pitch that draws attention to your product or service and makes you stand out from the crowd. Your sale presentation should also be as clear as possible about its end results, the thing your prospects seek your services for after all. Each individual customer should be able to understand the benefits of your product or service to make him more inclined to purchase yours rather than others’.
Other customer acquisition strategies are free trials and freemium trials. Free trials provide customers full and free access to your product or service, typically limited by a time frame. On the other hand, freemium trials provide customers access to a free, limited version of your product or service, usually as a free plan for an unlimited time, with the prospect of upgrading to the paid plan with the growth of their needs. Both strategies have their pros and cons, but the upside is that they both are ways to attract clients, collect customer data and have feedback on your products/services.
Why establish your startup in UAE’s free zones?
With the UAE’s unrelenting endeavors to become the world’s leading country in supporting entrepreneurship and start-up businesses, more new business owners are choosing the country as a location to establish their companies, especially in its free zones that offer many benefits to help businesses expand and increase their revenues.
Some of the main benefits of free zones in the UAE are:
- 100% Foreign Ownership
- 100% Repatriation of Capital and Profits
- Fast and Easy Business Set-up Procedures
How can SPC Free Zone help you grow your business?
SPC Free Zone helps you navigate every stage of your business setup process in the fastest, most convenient, and flexible way possible.
Get your license issued in just 45 minutes, and your UAE Residency in 5 working days, thanks to our location in the heart of Sharjah with immigration services onsite.
Expand your business with our dual-license option that allows you to work from both mainland and the free zone on the same license.
We also offer a wide range of modern, world-class facilities to run your business; from coworking spaces to furnished and unfurnished offices, stores, warehouses, and retail spaces.
Get in touch with our expert team today and launch your dream business with SPC Free Zone!