Starting up your Startup

The arrival of Covid19 has disrupted many markets and sectors, displacing a huge amount of the nations’ workforce. This has left many people questioning their values and reassessing their priorities.

Despite the looming side effects on the economy due to the pandemic, it might be for some the best time to take their destiny into their own hands and go it alone. However, what are some of the most common problems that a startup can face? and what can they do to future-proof themselves in the early days.

Facing fierce competition.

The world of start-ups is a dog-eat-dog world, and one that you need to make sure you enter with open eyes.

‘Making sure you have assessed your market and sized up your competition, it is crucial to be able to adequately position your business within the marketplace.’

Brand positioning can help set you apart from your competition. It allows you to define what your core values are and enables you to better strategise how to communicate effectively with your customers. Knowing your position within your chosen market also empowers you to develop a unique identity, one that better targets the kind of customers you want to attract.

Managing your expectation.

Managing your expectations can be a hard task, as a start-up you must gauge how well your business is doing, especially following a period of success.

‘The key is to remain humble, but also to know when to shout about your achievements.’

Something to remember also is that success is often short lived, and expectations need to be measured – and realistic. Having a well-thought-out marketing plan and strategy in place helps you be consistent and aids growth, allowing you to be able to ride the wave, but also able to measure your successes.

Gaining the trust of your audience.

Evoking brand loyalty with your audience can feel like a long and arduous task and getting people to buy into your brand can be tricky.

‘It’s easy to think of what kind of person owns a Harley Davidson, or what kind of person drinks RedBull energy drink – but trying to attribute the same model to your own company can feel difficult.’

Establishing brand personality allows you to give your company a voice and to tell your story, which, in turn, will help you resonate with your audience.

Having a distinct set of core values allows your potential new clients to align their values with your brand.

Never neglect marketing.

Let’s face it, your product isn’t going to sell itself, and relying on word-of-mouth often can be a sporadic and scattered approach.

Ensuring you have allocated enough resources to your marketing efforts will provide you with a more measured and analytical approach.

Making sure you have clearly defined targets and achievement milestones is important. Once you have a goal, this will help determine where to focus your strategy.

Trusted partnerships are key.

Trying to go it alone is a hard path to walk.

This needn’t be the case.

‘Striking up trusted professional partnerships is key to accelerating your growth. Finding the right partner, however, can be a difficult task’

The key to the riddle is to form working relationships with professionals that care about your product/business, and not just looking for a paycheque.

‘People want to work with people’

Forging a trusted working relationship – one that will keep you on a positive track for the long-game – can pay great dividends when working towards a common goal.

Scaling up.

Providing you make sure the foundations of your start-ups brand are solid, you can future-proof your brand and its longevity amongst its competitors.

Having a consistent brand DNA, with a distinctly defined persona, will ensure that every multi-channel touchpoint your business is placed, offers the same experience for the end user, i.e., your audience or potential new client.

This level of consistency enables a more cohesive and considered approach and will aid the transitions of growth when scaling your businesses successfully.

Be brave.

As the owner, often building a business can feel like you’re wearing many hats to just get through the day-to-day running of your company.

Many new business owners step out of their comfort zone when approaching the marketing and branding for the business. More often than not this process creates a pressure, and a caution to be less brave – ultimately forcing them into putting less emphasis on the importance of these crucial business actions.

Implementing a marketing and brand strategy can feel like a daunting task, but in actuality it is a fun and engaging process that provides you with full control over the destiny – and personality – of your business.

In summary.

Taking the big leap into running your own business is sometimes a decision, and sometimes a forced cause of circumstance.

It is a scary prospect, sure. Is it stepping into the unknown, sure.

But it is liberating to be in control of your own destiny, and there will always be others who are willing to guide you on your journey – so don’t be afraid to reach out. We were all at the beginning once.

Make your mistakes and learn from them. Never doubt yourself, and always see the bigger picture.

Here at Designmc we have worked with lots of startup businesses over the years, helping clients to establish their newly formed business within challenging marketplaces.

If you’re a new business owner looking for guidance or support, get in touch with our team today by emailing us at designmc@live.com – one of our team will get back to you to discuss how we can help grow your brand.

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