So, you have decided to join the ever-growing list of startups? Welcome to the club. But what’s next How will you guarantee the success of your startup brand? How will you make sure it grows by leaps and bounds in the years to come and doesn’t fade from public memory? Here are some sure-fire tips to help you build a great startup from the ground up.
1. Be sure-footed.
The decision of building a startup from scratch can be quite unnerving. But this happens only when you don’t do your research thoroughly or don’t have a game plan.
It is important that you are sure-footed before beginning any new venture. Start by knowing the market niche you are going to target. Get answers to some basic questions like:
- Who is your target audience?
- Who are your competitors?
- What is the scope of growth in this niche?
- What are the cost factors involved?
The answers to these questions will prove to be a scaffold for you when you are trying to find a foothold as a startup in any industry.
2. Plan your budget.
Drafting a budget for your startup will help you figure out all your expenses. This includes how much you will have when you begin, the funding amount you will need from investors, the marketing expenses, employee salaries and so on and so forth. Also, your investors may ask you to show your budget plan when asked to invest in your startup.
Start with an estimation of your startup costs, followed by the funds required for resources such as labor or materials, the cost of operations, revenues required to support the startup, expected profits, etc.
Using these figures, you can create both short-term and long-term budget plans and make changes to the same as required.
3. Choose your investors wisely.
There’s nothing like it if you already have all the funds you need for your startup. But when you aren’t born with a silver spoon or don’t have the capital to fund your venture, you need to find the right investor.
But then, fundraising for a startup is never easy, and more often than not, first-time entrepreneurs have no clue about how to pitch their business ideas to potential investors or where to get in touch with them. This makes it all the more difficult to procure the necessary funds for their startup.
So, how do you make an informed decision when it comes to choosing your investors? Here are some of the points that you may want to consider.
- Investors are more comfortable with the idea of investing in firms whose business models, market niche or processes they are familiar with. Identify and find investors who will have same goals as you, and connect with them for long-term goals. In other words, find an investor who shares your vision, your passion for the startup and believes that being associated with the startup is going to be profitable.
- Before connecting with potential investors, do a bit of background research about them. Take your time and screen them before striking a deal. Go ahead only when you have complete information about the investor, especially the project(s) they were associated with formerly. It is advisable that you choose investors who are a part of your targeted market.
- Establish a relationship with an investor who not only funds your startup but can also bring to the table some value in the years to come and help in the growth and expansion of your company. Investors with experience in funding startups tend to ask the right questions and their insights and business acumen will guide you towards success.
- As important as it is to listen to your investors, you shouldn’t end up being a mere puppet. Voice your opinion from time to time, especially when you are sure about your decision. This will help you come to a conclusion that is mutually beneficial.
4. Focus on building a great product.
Building an outstanding product for the masses is the tell-tale sign of a great brand in-the-making.
Remember, you may have the world’s greatest marketing strategies lined up for your product. But if your product or service isn’t anywhere close to your potential customers’ expectations, then they are eventually going to snub it.
Focus on your product- make it flawless and appealing to your target audience.
For this purpose, know your target audience’s tastes and preferences, as well as their expectations and experiences with similar products on the market. Learn what works and what doesn’t by going through case studies of your competitors. Also, study your competitors’ moves and come up with brilliant marketing and branding solutions to one-up your competition, which takes us to the final tip...
5. Build your brand like a boss.
There are no set of rules for brand building. It is up to you to follow the best practices and slowly and steadily build up your brand. Some of the best practices, which will help you build a brand like a boss include, but are not limited to:
- Choose a great moniker. What is there in a name? I’d say, everything. An appealing name for a startup can be a fortune-turner. Skip the nonsensical portmanteaus or exotic names that only seem to baffle your target users or put them off. Instead, settle for something that is short, catchy and stays forever with the public.
- Create a perfect logo. The logo of your company is as important as its name and plays a crucial role in its branding. Use professional help and create a logo which people can recognize easily. Here are some brilliant logo designs, which you can draw inspiration from.
- Aim for perfect content. In this digital era, everything depends on the content. Since there are endless amounts and varieties of content that are being circulated on social media, websites, blogging platforms, newsletters and elsewhere, you need to make sure that your content gets the attention that it deserves.
- Be unique. The crux of creating a brand is exclusivity. Incorporate innovation and work on creating a unique value proposition, which your target audience can relate to and sets you apart from the competition.
Calling it a day
Building a startup requires days, weeks, months or even years of dedicated efforts. Get started towards your goal by following these tips to amp up your startup game!