Something I have noticed over the years of starting up my own businesses from my own experience, and also while helping clients build their own brands, is that the reality is slightly blurred about how long a business takes to get going.
We are such beautiful creatures that are highly skilled within our specific industry, but sometimes we fall short in other areas of growth (naturally! Why would we know everything?). These areas need support, welcomed advice, critique, and investment; naturally acquiring that information takes the longest time. It's a steady process of building a business worth having for the long term, and we must treat this with as much respect as we'd treat anything else.
At the moment, for any startup, the income needed that we feel is 'super urgent' isn't as important as the business plan - if you fail to plan you'll plan to fail! What is important is building a key understanding of your business model, vision, and mission to what it is you want to achieve. You should be able to explain your business model on a post-it note for everyone to understand. Business is simple, but it takes time and cannot be rushed. Over the years, I have seen businesses rise and fall very quickly where it is clear that a business model hasn't had the thorough run-through it needs.
I hope this article can help others find support from the following thoughts I have put below to help new businesses look more deeply into their brand, away from looking immediately at the return on investment (or no investment at this point, so no return!?). That can come later once you understand your value. Once your value is understood by others and not just you, you will be in a position to research and develop your costs. Don't fight in the ocean of price - focus on your values, USPs, and offered benefits before choosing to follow the rest and price your offering too early (usually too low). I heard that from a friend recently and it's well and truly stuck.
Good luck with your new venture!
Jack Dicker Founder of CoWorking Devon
How to Make a Startup Business Successful introduction:
Starting a business can be both exhilarating and daunting. In this blog post, we'll explore key strategies to help turn your startup idea into a thriving business venture.
Before diving into the details, take the time to define your vision for the business. What problem are you solving, and what sets your business apart? Having a clear vision will not only inspire you but also guide your decisions and actions moving forward. When defining your vision, consider your target audience, the value you aim to deliver, and the impact you aspire to make in your industry.
Example bullet points:
Define your unique value proposition.
Identify your target market segments.
Articulate your long-term goals and objectives.
Effective marketing is essential for attracting customers and generating revenue. However, many startups struggle to develop a cohesive marketing strategy. Start by understanding your target audience and their needs. Identify the most effective channels to reach them, whether it's through social media, content marketing, email campaigns, or partnerships. Create engaging content that resonates with your audience and builds brand credibility. Implement analytics tools to track your marketing efforts and make data-driven decisions to optimise your strategy over time.
Example bullet points:
Conduct market research to understand your audience (know three competitors off the top of your head, instantly).
Define your brand messaging and positioning.
Implement a content calendar for consistent communication.
Success isn't achieved overnight. It's essential to understand the long-term growth roadmap for your business. Break down your goals into manageable milestones and create a roadmap outlining the steps needed to reach them. Consider factors such as product development, customer acquisition, revenue generation, and scalability. Regularly review and adjust your roadmap as needed to stay aligned with your vision and adapt to market changes.
Example bullet points:
Set SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound).
Develop a timeline with actionable steps for each milestone.
Establish metrics to track progress and success.
4. Manage Your Time Wisely:
Time is a precious resource, especially for startup founders juggling multiple responsibilities. Prioritise tasks based on their impact on your business goals. Delegate tasks that can be handled by others, allowing you to focus on high-priority activities. Use time management tools such as calendars, to-do lists, and project management software to stay organised and focused. Remember to schedule regular breaks to avoid burnout and maintain productivity.
Example bullet points:
Use the Eisenhower Matrix to prioritise tasks.
You could try to implement the Pomodoro Technique for focused work sessions if you struggle with focus.
Outsource non-core activities to freelancers or virtual assistants. Take support and take help where-ever it presents itself.
5. Access Necessary Investments or Funding:
Launching and growing a startup often requires financial resources. Explore various funding options, such as grants, loans, or investment opportunities. Before diving into getting a credit card with no business plan (common!), see what funding is there, I'm sure there will be something for you. Research government programs, venture capital firms, and crowdfunding platforms that cater to startups in your industry. Be prepared to pitch your business idea confidently and demonstrate the potential for growth and profitability. Even if you're bootstrapping (a lot of us!) your startup with limited funds, consider creative ways to leverage resources and maximise your impact.
Example bullet points:
Research startup incubators and accelerators for mentorship and funding opportunities.
Explore crowdfunding platforms like Kickstarter or Indiegogo.
Consider alternative funding sources such as peer-to-peer lending or revenue-based financing.
6. Focus on Awareness and Engagement:
Many startups make the mistake of jumping straight into sales without building awareness or engaging their (soon to be) audience. Take the time to create awareness around your brand and engage with potential customers through valuable content, social media interaction, and community building. Establish your presence on relevant platforms where your target audience spends their time. Share informative content, participate in discussions, and actively listen to feedback from your audience. By creating meaningful connections and providing value, you'll build trust with your audience, ultimately driving customer engagement and loyalty - if there is clear value, the price will follow.
Example bullet points:
Develop a content marketing strategy to educate and engage your audience.
Host webinars or workshops to showcase your expertise and interact with potential customers.
Actively participate in online communities and forums related to your industry.
Conclusion:
Building a successful startup business requires careful planning, strategic execution, and perseverance. By defining your vision, developing a solid marketing strategy, understanding the long-term growth roadmap, managing your time wisely, accessing necessary investments or funding, and focusing on awareness and engagement, you can set your startup on the path to success.
Ready to take your startup to the next level? Schedule a 20-minute consultation with me to discuss how we can help you achieve your business goals.