More than ever enterprise is an integral part of commerce, and the recent state of our economy has accelerated the emergence of knee-jerk ventures. However the reality is that a significant number of start-ups are flawed from inception or that entrepreneurs are unable to convert their ideas into successful businesses. Undoubtedly the formula for start up success is not set in stone and specific beneficial actions may vary due to the industry of the start up. However here are a few tips we deem generally applicable:
Pinpoint your target demographic.
In commerce customer identification is crucial. It is important to conceive your audience in order to maximise the effectiveness of the placement of your product or service. Take time to understand their needs and subsequently the function of your product/service in solving the common problem among your audience. Discovering your product is not viable after launch will no doubt be costly and problematic, possibly causing the demise of your venture.
Work with the right partner(s).
Ensuring you surround yourself with appropriately skilled and hard-working individuals is essential to start up success. Often when beginning a venture you will need to bring on board people to fulfil tasks you are unable or do not have enough time to do yourself. If others are unwilling to join you in your venture it may indicate that your idea needs a re-think. Choose wisely.
Choose the right name.
Naming your business is a vital step in the formation of your venture. Now, not saying that it is something that should slow down your businesses move into commerce, but appropriate time and consideration should be given to the issue. It is important to consider your brand image and the perception you want to create among consumers when naming your company. For the most part the name is the first thing potential customers will know of your business. Make it count.
Utilize social networks.
Many small businesses incorrectly think that social media is insignificant to the success of their ventures. They could not be more wrong. Advertising and promotion can be costly when using more traditional media, whereas the basic usage of Facebook, Twitter and other social media accounts for promotion is FREE. Considering that asserting a presence across social media platforms is one of the most effective ways of asserting a presence on the web, it should be integral to more start up’s marketing strategies.
Though it may sound obvious this is an essential tip. Ensuring your product reaches your target as soon as possible and that the finished product is to a high standard is imperative. The longer you take to launch, the more likely a competitor is to beat you to your market. You will probably need to quit your ‘day job’ if you are serious about making your venture a success. Due to the variety of tasks launching a start up company requires entrepreneurs to fulfil an unrelated job is often not an option.
Starting a business is not for the faint-hearted, but implementing these and other applicable points into your strategy will help you to avoid some common pit falls.