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How to Grow Startups in the UK

How to Grow Startups in the UK

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Startups have been the talk of the town for the past few years. During this time, new ventures have seen phenomenal success and have given rise to a new generation of entrepreneurs who believe in turning their innovative ideas into reality.

However, most of the entrepreneurs and founders of such new and exciting startups get overwhelmed with the actual process which leads to stunted growth later on despite incredible initial success. 

The UK is one of the leading startup nations in Europe. But there are way too many factors to consider when it comes to running a startup in the UK, and all the young entrepreneurs need to learn how to consider them as soon as possible.

Whether it is access to personal self storage near me, the reach to a bigger market, or on a bigger scale. Prioritizing the social impact over financial gains, it is essential to know these things beforehand. It will help you make the right move at the right time to boost your startup’s growth.

The critical thing to understand here is that your startup in the UK won’t grow just because your idea is incredible! You need to strategize according to the local conditions in the UK to make it grow because the competition is fierce. 

Let us suppose you have a personal self storage for university students’ service business idea that offers storage near me at an affordable price with many additional perks such as pickup and drop off of the items, and you are planning to open one of your storage outlets in London. 

In that case, you need to offer discount packages for students to attract the huge student community of London.

Devising services that save the time and money of the students looking for storage near me will help you grow at a faster pace instead of relying solely on the originality and brilliance of your idea.

Here are a few strategies that identify the foundational elements on which growth relies and will help you achieve the long term stability of your startup without jeopardizing its short term success in any way.

Think beyond financial gains

In the long term, the growth rate is what will define the success of your startup. For achieving a high growth rate, maintaining a steady pace with perseverance is necessary.

However, most startups tend to forget that growth is not all about financial gains or profit maximization. It goes well beyond that. Increasing profits should be a goal, but it is more important to define a set of values for your startup that gives everything a sense of purpose.

These set of values are the driving factor for the companies to keep going in the right direction. Putting the mission ahead of monetary gains will help your startup attain significant progress in the long term.

So, for your startup’s growth facing tough competition in the UK, it is vital to put the social and other benefits before everything related to finance.

Prepare for the future

Here is another thing most startup owners in the UK keep forgetting. Your plans for future growth need to be solid right from the start!

With the ever-rising rent prices in the UK, it is not viable to rent out an ample office space for most startups. At present, your entire office would most likely be in a room or an apartment at best. In addition to that, extra space for keeping your inventory or other items is a must.

Just to take an example, if your startup is an online business, very soon, you will be on the lookout for storage near me or personal self storage outlets to deal with your commercial storage needs. It is strongly advised not to wait for the need to come.

You do not want to waste your time searching for “storage near me” or “cheap self-storage outlets” when all your time should be focused on the growth of your business. 

Right from the beginning, think like you need a bigger office space or warehouse storage near me immediately. This will help find a suitable option before it is actually required and save you money alongside physical effort and stress.

 How to Grow Startups in the UK

Seek advice from a mentor

According to research, a big number of startups fails because they do not seek mentorship at their early stage to plan their growth. Between 2018 and 2019, more than half a million startups vanished off the market space, with 60% of them being in their very first year.

In such tough circumstances, it is recommended to seek advice from a mentor who has experience dealing with startups before.

Mentors can help you develop ideas and implement them effectively to aid your growth. This can be done by sharing their advice, experience, contacts, or expertise.

Work on the user experience

Always remember that customers are your greatest strength. Your growth is directly proportional to the satisfaction of your customers. For that, it is crucial to work on improving the user experience and customer services.

Your startup service should offer the most straightforward interface possible, easy to understand for a variety of users. 

For example , if you are offering personal self storage facilities, the convenient thing would be to allow the users to book the unit over a call and offer them a pickup service for transportation of their stuff.

For a customer, a better user experience and customer service can convince to opt for a storage service far from me instead of “storage near me”. 

Develop your services

Evolve yourself! Always be eager to adapt to the changes happening in the real world and roll out new products and services accordingly. By catering to the demand, you will be contributing significantly to the growth of your startup.

For example, there exist a lot of personal self storage facilities in London, UK, just because a lot of students are always on the lookout for self storage near me. A storage company, STORED, came up with an exciting proposition in such a competitive business environment.

Their storage solution was much better than the other personal self storage services. They offered an all-inclusive service that picked up stuff from your home and dropped it at your personal self storage unit without charging an extra penny. 

As a customer, we would definitely opt for the services of STORED instead of any self storage near me because it saves me from the hassle of packing and transportation of my stuff. which is a huge advantage. This addition led to their success in the market.

This is a perfect example of how a startup can make changes to its existing business model and come up with a more convenient solution for the customers, eventually leading to their growth.