Building a company from the ground up, no matter how small it is, is a difficult process that can trip up even the most experienced entrepreneurs.
Startups are well-known for their unique ability to suck your energy and resources and then leave you with feeble results in the end. That’s one side of the coin.
The other, of course, is that you start to see results if you’re persistent and you have some sort of plan in place if things start going south.
In this article, we’ll give you three crucial questions you want to ask yourself to ensure your business is not going to fail prematurely. Of course, you never know what can happen out there on the market, but if you happen to answer all three of these questions to yourself favorably, chances are – you probably have a sound startup proposal to work with.
Here’s the deal.
1) Do You Have a Plan in Place?
One of the best ways to mess up an otherwise fine startup idea is to fail to concoct a plan that will take you to your destination, so to speak.
The thing is, one of the worst threats to a new startup is mounting expenses without any real market success on the horizon coming soon.
That said, one of the best ways to prevent such terrible turns of events would be to make a plan you can follow throughout your startup process. While this plan will differ from individual to individual, the important thing your plan should do is limit the expenses, assess the market, and set realistic goals you can follow.
One of the things you want to spend money on immediately is setting up a company website. No matter how small or how local your startup business is, having a website in place is going to help with the initial (as well as with the subsequent) sales immensely. Simply by setting up a company website, you can increase your sales twofold in a relatively short window of time.
Image Source: Diggity Marketing
2) What Makes You Different?
Simply copying and pasting someone else’s idea is not going to cut it in the world of business.
First of all, you may get sued and then you can forget about developing your startup in its initial form. But even if you don’t get sued by some other company, unoriginal startup ideas tend to fall off the market’s bandwagon fairly quickly, so to speak, so what you need to do before you set off on a journey of promoting your business would be – how am I different from everyone else?
Of course, adapting someone else’s idea but putting your bend to it is also fine, but you do need to have something to make yourself distinct from the bunch. Whether it’s the type of product or service you’re making or offering, the way you make the products (handmade vs. machine-made, for example), or the packaging, differentiating yourself from the bunch is a great starting point for any business.
3) What is Your Target Customer Base?
While being able to pitch your products and services to everyone out, thereby not limiting yourself to a single area and being willing to ship worldwide, is a great hypothetical scenario, it’s not always possible – nor is it always needed for success.
What you do need, however, is some idea of what your customer base is. You may want to do some research into the demographic of the folks you’re selling to so that you can tailor your marketing strategy accordingly. Once you figure this out, you can start utilizing that website you’ve built as well as other online assets to build a following and in time – your brand.
Along the way, you may want to hire the help of an SEO agency to help you with search engine rankings, which are fairly important for business promotion online. For folks from Australia, for example, businesses such as this Sydney SEO company can help you out with this.
All in all, as rough as running a startup is, it can be immensely rewarding if you approach it the right way. By asking yourself some fairly simple questions, you can save a lot of time, energy, and money because you will be able to recognize what startup idea might work and which one should be scrapped.