There are two ways to live life: either you become an employee or you become the boss. If being an entrepreneur is your choice, then read on. Being the king of any industry is a far thought but not an impossible one. Nevertheless, business startups should focus on practicing correct strategies to do three most important things: a) entering the market without any obstacles, b) growing in the market without falling, and c) sustaining your business above the expected benchmark. The big question now is: how to do this?
At the very beginning, think about the purpose of your business. What does it stand for? If you are clueless right now then you won’t be able continue the journey. The story of Eli Lilly, the founder of an American Fortune 500 company, is inspirational in this context. Colonel Lilly, a chemist, was 38 years old when he became frustrated by the ineffective and “poorly prepared medicines” being sold in the market of his day. One day he made a commitment to himself that he will produce great medicines in order to help people. With this determination, the man endeavored for years to make a world renowned company. When there’s a will, there’s a way!
Another preliminary concern is target market research. A business without customers cannot exist. Obviously if you want to start a business, you are doing it for somebody. This is why it’s essential to conduct a thorough market research and find out who is interested in what you’re selling.
Additionally, you must know about your corporate competition. Making plans without research is undoubtedly a foolish thing to do. Since you are living in this world with others, you need to know what they’re doing. Even if your idea is like Sony’s Walkman or Apple’s iPod, you still need to know about your competitors.
After thorough brainstorming; imagine a world with people having no names, faces, and contacts — strange and scary, huh? It’s surely odd to even think about such a scenario. Thus, it’s crucial to give a skeleton and mass to your business idea and plan. Co-founder of General Electric, Thomas Edison once said, “The value of an idea lies in the using of it.” So it’s time to put your idea into action!
Don’t be overwhelmed, we’ve got a shortcut for you. Get inspirational tips from these carefully chosen infographics on how to start your business:
Find sources to fund your business
David S. Rose, founder of Gust, writes “2015 is shaping up to be a strong year for the startup and early stage investor ecosystem”. Thus, make this year yours and start looking for investors. Learn about funding options best for you and how to work things out.
Pitch your idea to investors
The key to receiving funds lies in your idea and its presentation. Watch Dragon’s Den, a program aired on BBC, for inspiration about idea presentation and what investors are looking for. While you hunt down the next episode, check out these successful idea pitching tips.
Make your business a brand
A name will make your business a brand. Thus, it’s important to create an impactful, memorable and unique name for identification and distinction. See how you can form a business name that’ll help people recognize you.
Select apt brand identity colors
Colors possess the power to evoke positive and negative reactions. Color coordination is essential in design as it intensifies brand recognition by 80%. Study their importance now.
Create a logo for your business
A faceless name has no value in this world. Startups spend thousands of dollars to get a professional logo designed. Make sure it’s distinct, attractive, and connects with your target market. Here are ways to spice up your logo design.
Project brand identity with stationery
After the logo, create supplementary branding stationery to effectively communicate with your clients and stakeholders through print and digital means. Learn why this step is crucial.
Create a compelling website
In Europe, e-commerce is on rise. Sales are expected to reach £185.44 billion in 2016. Over 570 websites are made every hour! Many are responsive and trendy – see how yours can be too.
Choose a good domain name
Your domain name should be exclusive and protected, as it helps users reach your website. The “.com” domain is popular and is used by 50.4% websites. Discover the key lessons with these infographics.
Establish your social media presence
As of August 2015, Facebook has over 1 billion registered accounts followed by Twitter and Google+. Engage with your customers and boost business recognition, loyalty and growth. See how.
Maintain a blog for your business
There’s an increase of 97% links to websites of companies who blog. This is because when you market reliable and insightful content to your visitors, it pays off. Discover the benefits.
Develop a marketing strategy
Internet sort of rules 21st century — 23% of online marketers in USA spend “50 to 75% of their total marketing budget on digital marketing”. Create awareness about your business in the ways mentioned below.
Advertise your business to sell
While traditional advertising means are still used, internet has gained much popularity. Worldwide digital ad spending in 2016 is expected to be $197.48 billion, a 15% increase from 2015. Learn about the trending facts.
Evaluate your finances
The existence of your business depends on monetary considerations such as: a) hidden costs – system upgrades, and renovation; and b) taxes – property, income, and sales tax. See the details under.
Get your business location listed
With more than 760 million GPS-supported smartphones— customers use local business directories to locate offices, stores and institutes etc. Getting registered on these sites is helpful. See why.
Buy appropriate equipment
Equipment choice depends on the nature of your business, and on the funds you’ve allocated for this purpose. To help you start a business, many options are available – check them out.
Hire professional manpower
A business is as unsuccessful without teamwork as a game is. However, employee hiring depends on your finances and availability of skilled workers. Learn the tricks to build your dream team.
Protect your business
Legally protect your business ideas and identity. For example, Community Trade Mark gives “owner protection for all EU Member States” in single registration. There are many more ways to guard your business, here is a list.
Avoid theft of your data
An online socializing portal, Ashley Madison, got hacked recently. Both the owner and clients had to bear the loss of data. To avoid this scenario, protect all your important and legal business information in the following ways.
Sustain your business
Memorize these precious tips because they will always help you. Keep revising strategies for better results and always make room for improvement.
Share your startup strategies with us, comment below.