When it comes to opening a business, every single step of the process takes both time and money. Forty-two percent of startups fail within the first four years and one of the most commonly cited management mistakes is underestimating time requirements.
The resources of startups are stretched thin with a small team managing accounting, financials, marketing, sales, product and design services, logistics and supply chain management, and more. With your focus getting pulled in a million directions, it is nearly impossible for the team members at a time-poor startup to bring in hot leads.
What is a Lead?
Running a startup means you rely on leads to grow, develop, and maintain your business. By definition, a lead is “a person who has indicated interest in your company’s product or service in some way, shape, or form.” So rather than a call from a telemarketer, a lead is a call you make after you get a request for a price quote. This sounds simple, but a hot lead isn’t as easy as checking your voicemail messages.
There are multiple reasons why startups fail, running a business doesn’t give you much free time to generate leads. Most business owners have every intention to follow-up, attend networking lunches and even sponsor community events, but simply cannot invest this time in lead generation.
How Does a Startup Owner Generate Leads?
Just like the number of leads you need to stay aboveboard varies, so will the way you generate them. In real estate for example, lead generation should not look the same in regional Australia as it does in central Sydney or Melbourne. You might make a sale thanks to a Facebook campaign, but a genuine connection could occur via a family friend, a community connection, or an event you attend. Common lead generation tactics are:
- Managing social networking accounts
- Visiting industry conferences and events
- Creating white papers
- Attending local networking events
- Joining or participating in a community group
How Many Leads Are Enough for a Small Business or Startup?
There is no universal solution for lead generation. Some of the factors in determining the number of leads you need to keep going are: the value of your leads, the quality of the potentials generated, and the number of repeats one lead brings in.
In addition, the cost of lead generation is never stable, even within one industry. Again, using the real estate industry as an example. One lead for the average agent in regional Australia would be very different than the cost of a lead in one of our capital cities.
Reducing the Startup Failure Rate
The only way to make it as a startup is to generate either more money or more time. Because one often is associated with the other, using the right tools for maximising your time really is what keeps your business going through challenging times.
The Sticky Handshake just launched a social networking tool for companies in Australia and New Zealand. The platform is specifically designed for small local businesses looking for lead generation and more referrals from local clients.
Different Than LinkedIn
The biggest business networking platform out there, LinkedIn, simply isn’t about networking at all. The Sticky Handshake’s new social network is solely focused on genuine connections. More than anything, this large network is not locally based. Much like you’d want to connect with neighbours about what is occurring in the neighbourhood, this new social network does the same for professional connections.
The Sticky Handshake to Generate Leads
Growing a small business isn’t easy. Clients are difficult to find, especially when you are busy keeping afloat. Rather than relying on one-size-fits-all solutions like Google ads that will exhaust your limited marketing budget in a very short space of time, The Sticky Handshake connects people in Australia and New Zealand and helps them to make genuine business connections for leads and referrals. The best thing about it is that this tool is completely free.
CEO and Co-Founder of The Sticky Handshake | The Solution for Professionals looking for better local connections & Leads