Startup Strategies That No Entrepreneur Should do Without
Many aspiring entrepreneurs come locked and loaded with a sharp business plan, unstoppable ambition, and a vision for the future of their business. Unfortunately, a vast majority of these eager minds never grow their business past the first few stages because they’ve neglected to address a few key components of business startup and management basics. Here are ten things you must do to launch a business successfully.
Build an online presence
No matter how small or large, every business needs an online presence to be successful. Building a website that’s user friendly, expresses the core values of your business, and details the service you provide is a great way to gain crucial exposure in the early launch period.
Combine this online presence with a thoughtful social media marketing campaign, and you’ve got yourself a great recipe for some first-time customers.
Solidify your Unique Selling Proposition (USP)
A unique selling proposition distinguishes your product or service from the competition. It also lays the foundation for branding and subsequent marketing campaigns.
When coming up with your USP, think less in terms of the product’s features and more in terms of its benefits. For example, you may be selling computer software, but what you’re really selling is efficiency and productivity; you may be selling a vacation, but what you’re really selling is rest, relaxation and fun. Solidify your unique selling point and make sure your whole team is on board with it.
Focus on one thing at a time, and do each one damn well
In an effort to expedite the growth of the business, too many entrepreneurs try to tackle as many things as they can. While this drive to excel is essential, spreading out one’s efforts too broadly actually diminishes the quality of each undertaking.
Focus on one aspect of building the business at a time and make it as thorough as possible. And don’t forget to delegate tasks to the capable hands of the people around you. You can even save time and lighten the load by outsourcing work to freelancers.
Have a deep passion for the service you provide
You can’t simply launch a business with only monetary rewards in mind. The obstacles facing new businesses are far too great to be motivated by money alone.
The passion you have for the service you provide is what will carry you through the first, and often most trying, stages of business. This fiery spirit will also materialize into the service itself.
Surround yourself with people that share your passion and ambition
You may have an unrelenting ambition to grow the business and accomplish your goals, but if the people who’ve joined you don’t share this same drive, your business is likely to fizzle away. Make a point to recruit people that share in your dream and in what you’re willing to sacrifice to make it a reality. Also, consider investing in the services and guidance of a good business coach.
Cut costs to gain more leverage for growth
Often, money is either the main hindrance or the main benefactor to exponential growth early on. The more capital you can reinvest into the business the faster your operation will progress. Cut costs wherever possible; on supplies, transportation, facilities, and even coffee if you have to (well, maybe you can file coffee under “essential resources”) in order to gain more leverage for growth.
Know your target market from the inside out
It’s no use chaperoning a product into the market if demand is as dry as the Sahara. Take the time to create complete buyer personals and use that online presence you built in the beginning to test ideas, communicate with customers, and launch products and services that are tailored to the desires of your target audience.
Know your competition and strive to be different
What can you offer that your competitors can’t? How can you present the benefits of your product or service in a way that makes it stand out?
You need to be a different kind of company offering a different flavor of business. Don’t be afraid to experiment and step outside of your comfort zone. It’s a part of market research and will help you determine the most profitable funnels.
Brace yourself for failure
You will launch products that won’t garner any sales. You will attempt marketing campaigns that don’t pan out. You will fail time and time again. But with each failure you will also learn and grow from it. The difference between the businesses that make it and ones that don’t is in how they rebound. Prepare for this and nurture a culture early on that embraces failure.
Become an expert in your industry
Experts are trustworthy, and customers that trust your business will purchase your products over your competitor’s time and time again. Include in your business plan a strategy to develop expertise in your industry. This means creating content that’s valuable to readers, free e-books and seminars with the sole goal of transferring knowledge, and being the source for trusted information and guidance. Don’t do these things in order to increase sales, but as an unconditional service to thank the people that support the existence of your business.