If you are tired of working for someone else and want to take charge of your financial destiny, then starting a business is a great idea. It is hard work building a successful business and making your startup a unicorn is not for everyone. Unfortunately, over 50 percent of new small businesses will fail within the first four years. Your main goal should be doing all you can make your startup a success story, and of course, having fun along the way. Read below to find out some tips on how to make your new business venture successful.
1. Do Your Research
While many companies may emerge from a founder or team of founders solving a problem they are experiencing, that tunnel vision is also how many businesses will fail. By doing the research up front, you will quickly find out whether you have a real business idea, or are even if you are heading in the right direction. Often it is missed that there are other successful businesses already doing the same thing, or you don’t understand the many different facets involved for your customers.
A popular delivery app in Austin, I learned created a lot of stress early on by not understanding how restaurants worked, as they hadn’t had experience before they built the product and put it in the market. They then spent a lot of time learning how restaurants function and needed to rebuild aspects of their system to make it more restaurant friendly. If they hadn’t, they would lose the side of the business their customers came to them for. The lesson, as many will tell you, spend the time talking to 100, even 500 different people about your idea and listen to their feedback. Don’t take all of the advice, but if you hear trends emerging, pay attention. Once you’ve done your research, take that feedback and start building a minimum viable product.
2. Develop a Unique Narrative for Your Business
Creating a memorable brand is one of the first things you need to focus on as a new business owner. Over 90 percent of consumers claimed that brand authenticity was the driving force behind their decision to use a particular company. Clearly defining what your new business venture is can help you attract new customers with ease.
If your marketing campaigns are too vague, you run the risk of confusing prospective customers. Being honest and upfront with your brand narrative is a great way to make it easy for new consumers to put their trust in you.
3. Don’t Just Sell… Engage Your Audience
One of the biggest mistakes new business owners make when pitching to new customers is to come across as salesy. While using this type of language in calls to action are a good idea, you will need to focus more on engaging your audience. Using social media as a tool for customer engagement is not only a great idea, but is becoming a necessity for companies of all industries. People want to connect with a brand, and social media allows everyone to join the conversation on all platforms. There are over 2.3 billion users on social media, which means tapping into a fraction of this audience can make your business venture wildly successful.
4. Work on Building Credibility
Establishing credibility is also a key component when trying to take your business from startup to success story. Doing things like promoting your achievements in the industry or showcasing customer reviews on your website can be very effective. A prospective customer’s perception of your company can change drastically when presented with this type of information, which is why it is imperative to make it accessible.
5. Embrace the Power of Content
When trying to drive traffic to your business website, using the power of content is a great idea. Creating informative and engaging blogs that are rich with relevant keywords can make your website rank higher in Google search results. To make your startup a success, telling your story, sharing your insight and providing thought leadership can be an incredible asset for building a customer base. Additionally, content will help you build a brand and give your audience insights into the way you work or think, whether you are selling to other businesses or direct to consumers. Having a solid content strategy will help you achieve these goals.
Allowing The Pony Group to audit your existing business idea, startup, or help you design your go-to-market strategy can allow you to access experienced entrepreneurs and help you improve your chances at success.