When it comes to starting a new business, following a one-size-fits-all strategy is unlikely to be the solution for your success as every business is inherently different, however, there are simple steps that every entrepreneur can hone in on to ensure that the basics of launching a start-up are covered. Below are 5 important do’s and don’ts for start-ups and new business owners to consider when kick-starting your company:
Share Your Knowledge And Passion, Not A Sales-Pitch.
Potential prospects and customers are already aware that you’re selling something, the trick is to make them feel like they are not only buying into the product/service, but your knowledge and passion about the solution you’re providing too. By doing so, you have the potential to connect with them on a more personal level and gain a deeper understanding of your “ideal” market. People are always more likely to give their business to the companies they trust and have a personal connection with.
Do: Offer your knowledge to and show genuine care in your customers needs and wants, and have your passion for what you’re offering give them an experience beyond the sale.
Don’t: Give them a sales pitch that feels impersonal and irrelevant to their needs.
Solve Actual Problems.
Often in the business world, we see companies start from problems that aren’t necessarily relevant to a large enough market to justify the need for them. When developing your business strategy, it’s important to do extensive research into the product or service you want to offer to ensure that there is a genuine need for it.
Do: Offer a solution to a problem that is not only relevant to enough people to justify it having purpose, but one that has longevity too i.e. will your customers need to come back for it again and is it a long-term solution to the specific problem/industry.
Don’t: Create a business based on a solution that could be considered a “quick-fix” whereby your customers are left needing a different service or solution thereafter, or something that is only relevant to a small group of individuals that does not have the potential to increase.
Understand Your Market.
How do you know if your business is going to succeed if you lack an understanding of who you’re selling to? Before launching, it’s vital to do research into the market you’re trying to break into. What tone will this market respond best to? Will this product appeal to them in terms of branding and functionality? How do you talk to this market in a way that draws them in and puts them on your level? These are all things you need to consider when developing your business and marketing plans.
Do: Do everything you can to understand your market fully before launching your business and make sure you have your brand-voice nailed down to the finest detail.
Don’t: Go in blind and just assume that your ideal customer will pick up what you’re putting down.
Marketing Strategy Is NB
You could quite literally have the best product or service available, however, the way you market yourself will be the make-or-break of how well your company performs. Marketing strategy and execution is undeniably one of the most important parts of running a successful business, but is often the area which gets neglected and left to the last minute.
Do: Allocate enough budget and planning time to your marketing strategy to ensure that you get the best possible results. If needs be, outsource professionals to guarantee that your KPI’s are being met through all forms of media (paid media, Google Ads, email marketing, social media platforms etc).
Don’t: Leave the marketing to the last minute, set aside an unrealistic budget due to wanting to save capital or spend unnecessarily.
Also read: The Best Free Online Marketing Channels
Work Hard Despite The Low Points
Nowadays, it’s easy to get caught up in the rose-coloured side of owning a business due to the digital age being so prominent in our lives. Often, we see people leaving their 9-5 jobs to venture into their own business, only to be shocked by the 24/7 work that comes with it. It’s vital that you stick with it and maintain your work ethic during the low points, and learn from them as much as possible as and when they happen.
Do: Learn from your mistakes, but don’t let them discourage you from pushing through. Hard work pays off and failure is only the end of something if you let it be.
Don’t: Give up at the smallest inconvenience – there will be a lot of them.
Launching a business is not as glamorous as one would perceive from online entrepreneurial-influences. Research shows that 21.5% of startups fail within the first year of launching, 30% in their second, 50% after 5 years and about 70% at the 10 year mark. This happens mainly due to a lack of planning, as well as a loss of determination through the heavier moments. As a company who funds SMEs, and are constantly reminded of what it takes to build a successful business, we are passionate about helping businesses grow and understand the importance of resilience in the business world. It’s important to put your best foot forward from the get-go, and covering the basics is one of the best places to start.
Does your business need that extra bit of funding to help it grow? Explore our website, get in touch with us and apply here.