Today, most startups fight for survival, and they face bitter odds. There is insufficient venture capital to get you through early stages of development and a decreased amount of consumer money to propel your growth. Still, some small businesses hope to hit big in a short amount of time, and see their profits going through the roof. Instagram managed to attract millions of users and become one of the fastest growing social networks on the globe. Facebook was the most determined to get a piece of that success and made a 1 billion purchase of the photo sharing service.
Whether investing in top talent, new business location or another company, small business owners must make sure they get what they are paying for. A bulk of startups operate on a tight budget, and money spending must be proportionate to gains. Instagram's example proves that you can get the business off the ground with a small team. There is no need to fill the head count, but the trick is to ensure that you hire proficient and passionate people.
One in many
You may be a jack of all trades, but your company is better off focusing one thing it does best. Master one component of your business and don't spread yourself too thin. Both Facebook and Instagram started with a single service and expanded on the go. Instagram offered its users a chance to share the most interesting parts of their daily lives with millions of other online users. When scrolling the wall, you know exactly what you can expect- a plethora of carefully chosen and crafted photos.
A company is not always a well-oiled machine, and it is composed of more than just products and services. There is quite a bit of legal work and planning involved, and daily operations require the knowledge of marketing and accounting. You also need to be a proper captain of your ship, so invest in yourself and make good use of online tools. One of the great resources for business advice is Pro Opinion community that provides insights on how to get into office politics.
One way or another, some mundane and annoying posts always creep into our social media streams. Facebook recognised that photo sharing is one of the strongest value propositions social media can offer. That is why they fell for Instagram as a provider of quality visual content that draws you in and is easy to consume. This is a great lesson that can be applied to almost any business, especially those online-based ones.
Instagram cofounders started with a check-in app, but realized that people were more interested in photos than info about the location. They decided to listen to the users and pivot to a photo sharing platform. They snatched victory from the jaws of the defeat and the result was 25,000 uploads in the first day alone! Some people still overlook Instagram as a digital communication platform that solves real life problems. It enables people to upload and share photos quickly and make them appealing using simple tools like filters.
A leap of faith
Instagram’s success story is spectacular enough to make your head spin, but it is based on facts and figures more than luck and chance. It is easy to cook someone’s goose, but to follow in the footsteps of a dwarf that became a giant is another story. To prove that you are here to stay too, engage in proper team building, and tighten the belt. Spending money like it is going out of style is a fast track to business ruin. Feel the pulse of the customers and be open to their feedback. Always strive to provide service excellence and remember that the constant improvement is what enables you to make business leaps and bounds. This article was written by Oscar Waterworth.