Learning the ropes of startup business strategies can be as taxing as working on the business itself. The pressure of it all certainly does little to help the half of small businesses that fail in the first five years.
But the extra strategizing can also be a savior. In the following article, we’ll be discussing the steps you should take to ensure that it is. First, however, we must look at the pitfalls lurking ahead.
Pitfalls of Starting a Business
The pitfalls of starting a business of any kind are as varied as the number of businesses that exist. They also tend to be industry-specific to a certain degree. But there are three shortcomings that will derail all companies in a hurry.
Launching Too Soon
Getting overeager and launching your business as a half-baked enterprise can doom you to failure. That’s something MoviePass, the subscription-based movie service, figured out when it offered unlimited movie-watching in theaters for the impossible price of $9.99 per month.
It was a great idea that got plucked out of its box too quickly, with a price point that few movie studios or theaters were willing to swallow. However, we know it’s a good idea because AMC Theaters are among the corporate chains that have capitalized on it (at a higher price point, of course).
Not Having the Help You Need
The wrong people can drive a great idea into the ground in a hurry. To avoid this dilemma, do as Harvard Business Review says and be slow to hire and quick to fire.
Branding Failures
Your branding is your identity. Without it, you’re destined for failure because you’ll just be one of many caught in a sea of obscure competition. You have to find a way to stand out from the pack!
1. Settle on the Right Name
Of the top startup tips, settling on the right name is probably the most important. It’s from your name that branding, visuals, and messaging will grow.
Considering the sheer number of businesses there are in the world, you can’t afford to pick something generic. And if you don’t properly vet your name, you could end up in violation of trademark laws. This puts your entire business in jeopardy!
Think it through and be able to explain why you chose the name. Also, be able to verify that the name is “in play,” or available to you. For this, you’ll want to consult an attorney to do a trademark search.
2. Get Your Visuals Right
Moving forward with your startup company plan is much easier once there’s a name in place. But you’re not quite done yet. You also need to establish the look of your business.
In other words, what will customers see when your logo pops up? This includes images, color schemes, and their underlying messages. Again, think it through!
3. Go Social
Once the name and the branding marks are in place, it’s time to start thinking about actually building a brand. That takes something more than pomp and circumstance. It requires you to put yourself out there and connect with others.
These days, what better way does a business owner have to connect than social media? Don’t think you can thrive without social media. At the same time, don’t feel like you have to be equally invested in each platform.
It’s okay, even preferable, to push the majority of your content through one or two channels. But have a presence everywhere so when people encounter your product, they’ll be able to connect with you in the way they prefer.
4. Establish a Brand Voice
Part of being active on social media is having a brand voice. This is how you present material (i.e., word choice, colloquialisms, slang use if any, and the overall tone of your communications).
Think hard in the very beginning about how you sound to others. Once your brand’s voice is established, it’ll become more natural to structure your posts in a consistent manner.
5. Build a Website Around Your Brand
Let’s say you want to start a tow truck business. What would you want your website to look like? You likely wouldn’t want it decked out in pastel colors and anime drawings.
Or, maybe you would. But before going that route, you’d darn sure take the necessary steps to ensure your audience would relate to it. That means research, research, research!
No, a better option might be to go with darker and more metallic colors, little-to-no animation or flash, and easy-to-find contact information. That’s because people who would likely need your services are looking for a quick and reliable response, not necessarily someone with a sharp and active web presence or following.
6. Tap Into Emotions
People buy based on emotion. That is, they think about how a product or service will benefit them, not about the features that make those benefits possible.
Sure, they may do a deep-dive on similar products to see which products or services have better features. But they’ll never consider you until you’ve connected with what motivates them.
7. Look to the Outside for Help
In the life of every business, the owner must decide whether he intends to grow, die, or stay where he is. Growth and sustenance require outside help.
External assistance is required for growth because there’s only so much of you to go around and you’ve got to do more than one is capable of to scale. It’s required for sustenance because your industry is welcoming new competitors all the time, and you’ll need to stay sharp with talent and outreach to ensure customers don’t forget about you.
8. But Do Not Forget About Auditing Yourself
Outside help is no replacement for self-assessment. You’ll also need to pause and look at your efforts with an objective point-of-view from time to time or you’ll end up going down the wrong paths or missing key opportunities.
9. Celebrate Others
Growing your brand is about celebrating others as well. When you put the spotlight on others, they work harder for you or feel better about your brand and are more likely to do business with you.
10. Be a Contributor to Your Community
The same goes for focusing on your community. By making your company an active community partner, you’ll build goodwill and word-of-mouth that turn into real revenue at some point in your journey.
These Startup Business Strategies Will Work No Matter Your Industry
The great thing about startup business strategies is that they’re effective whether you’re in a blue-collar or white-collar industry. You just have to know where to focus your efforts and do the work it takes to succeed.
Good luck! And for more assistance on your startup journey, check out some of our related posts on the topic.
