Updated: Nov 27, 2022
Starting a new company from scratch can be one of the most rewarding things you can do in life. But did you know around 90% of start-ups fail? But don’t let this put you off we’re going to go through some of the key points you need to bear in mind in order to be successful.
This is the beating heart of your business. It will tell you how to market, who to partner with, where your customers are, and to your competition is. So take time to dissect your value proposition, compare it to your competition and really boil it down to an essence.
Aim to grow at a sustainable rate.
Shooting for the stars is great but don’t get ahead of yourself. There are companies with big offices and many members of staff who struggle to grow the monthly revenue and there are part-time one-man band businesses that do 100K per month, MRR. Grow in a controlled way, grow intelligently, grow sustainable, and lay the foundations for the future
Make use of what’s available to you financially.
Every country and every city will have something set up to help new businesses, whether it’s a bank offering reasonable interest rates, a local grant for businesses, or a privately run Excelerator program, there’s always something available to you. But beware of borrowing money or giving away a slice of your company, it can come back to bite you.
Have a plan.
Most people see a business model canvas as old school. It may well be, but it’s an excellent way to properly. Understand your business. make one, study it, and build a three-month, six-month, and 12-month plan. If at some point, you get lost, you can revert back to your goals and get back on the right path.
Be around amazing people.
These days there are thousands of groups, slack channels, LinkedIn pages and just people to help. When it comes time to make your first hire, choose wisely as these decisions will dictate your future. If you see toxic behavior, think long and hard about if you want that in your business. Make your company culture, strong from the beginning and lead by example.
After having your initial business idea, building your project, and maybe even securing investment, your next logical step will be to hire a marketing team. Any good marketing person worth their salt will tell you that revenue is the north star metric for marketing. And every start-up will turn its thoughts to revenue almost immediately. Outsourcing is an excellent way to save on costs. Make sure that the agency or consultancy are hands-are emotionally invested in your idea, and has chemistry with you. However you choose to do your marketing one thing is clear, you must lay the foundations for SEO from day one.
99.9% of start-ups will need some kind of website. These days, it’s getting easier and easier to do it in-house, sites like Wix, Webflow allow for a dragon, drop website to be built relatively easily. But don’t be fooled by the ease of drag-and-drop sites, you’ll need to pay a lot of attention to CTAs, blog posts, pricing, and many other factors that may stand in the way of a potential client converting on your site. Site conversions should be the end goal with most landing page strategies as it requires no external input and coupled with SEO providing the traffic you can set up your business to be a nice automated Cashcow.
Set up something that works and then ask yourself can it be automated? You must lay the foundations for scalability these days. Everything can be automated from sending emails to product walk-throughs. If something can’t be automated natively, there are many products on the market that will help you automate (integromat, zapier). A good exercise is to imagine if one day all of your staff were taken sick, how long would your business last? Will you still generate leads? Will you still make sales? Will your platform continue to serve your customers?
Starting a business is probably the most exciting thing you can do. If you’re a tech start-up, SaaS product, platform, or marketplace you’ll need to pay special attention to marketing. B2B marketing has many intricate nuances and special attention needs to be paid. For help with marketing, feel free to reach out for a casual chat about how we can help.