Hitting upon an innovative product or business idea and having the enthusiasm and motivation to see it through is the foundation of start-up success. But there is so much more that needs to be considered to save you from falling at the first hurdle. Take a look at our top 8 tips.
1. Spot the gap in the market
With a cluttered business field, it’s advantageous to find a niche and draw on the unique selling point you have to offer, to make your start-up stand out from the rest. Timing is equally important, responding to your customer’s needs for a fix to their problem at just the right moment.
2. Know your audience
It’s crucial to gather as much information about your target audience as possible by conducting a competitor analysis and doing your own research. This will allow you to shape and mould your offering to differentiate your business from your competitors and enhance your product to be even more helpful to consumers.
3. The importance of a watertight business plan
Putting pen to paper to create a solid business plan will ensure that you think through all elements of your business. This will help you to maximise the potential from the funding you’ve sourced and plan out the logistics of all elements for the smooth running and growth of your company. Download this handy business plan template from the government website as a guide to get you started.
4. learn from others
There is so much that can be learnt from others’ successes and mistakes, and often it’s a comfort to share the experience with fellow start-up leaders for moral support. Coworking spaces are ideal for networking and absorbing wisdom from fellow business professionals. It’s also a good way of putting your brand out there and making connections. You could also find a mentor who can guide you through this daunting process.
5. hire THE RIGHT experts
Your staff will is the backbone of the company. Hire freelancers with specialist knowledge to help get your business off the ground. With this in mind, it’s important to choose your office location carefully so that you attract the right talent. Choosing colleagues who you click with and align with your company culture is equally vital for the sake of employee morale, with 70% of workers saying that having friends at work is the most crucial element to a happy working life. And a happy, united workforce means enhanced productivity, which is ultimately a huge benefit to you.
6. Location is key
Consider carefully where you situate your business, to ensure that you’ll be accessible to customers and clients. Factor in manufacturing and amenities available in the locality, as well as ease of commute for your workforce. It is also essential that you’re sure the office space is fully set up for your needs with the necessary infrastructure. Discover the ins and outs of the importance of location in our blog.
7. Spend carefully
Though you’ll have funding to support your venture, it’s important to be frugal and ensure you’re not pumping out so much into overheads that you’re dwindling profits. Virtual offices and coworking spaces are ideal options for keeping expenditure to a minimum, whilst giving your company the legitimacy of a business address.
8. Don’t forget to make your brand known
Ensure visibility to your target market as it's one of the most important factors for company growth. Utilise the platforms where you know you’ll reach your desired audience and create content that is useful and informative. By positioning yourself as an industry expert and building a digital presence people know and trust, your brand will develop to one that your customers will engage with and recommend to family and friends through word of mouth.