While it is true that some people manage to become very successful on their first attempt, this is more of an exception to a rule. In fact, comeback stories are far more common than those of overnight success and even some of the greatest businessmen of all time, like Walt Disney and Henry Ford, failed on their early business attempts. Of course, each failure should be a lesson but in the age of information, there is no need to learn from your own mistakes when there are so many examples of other people’s failures out there. That being said, here are a couple of tips that might help you prepare better for your first business launch.
Analyze your competitors
Thoroughly analyzing your competitors before launching your company may bring numerous benefits to the table. First of all, by researching someone in your own industry, who has the same capacities, you can make a pretty decent estimation of your performance in the early stages of your business. Needless to say, this will help your budgeting efforts by quite a bit, but it isn’t reliable 100 percent.
Furthermore, by examining their corporate structure, you can perhaps find an easier way to resolve some logistical issues you would later have trouble handling. Finally, by observing their presence on the market, you may be able to find a new angle that will allow you to get ahead. In other words, it will help you discover that unique offer that will distinguish you from the rest of the market.
Come up with a brand
The next thing you need to keep in mind is the fact that your brand should start living the life of its own as soon as you launch it. This is why you need to come up with its features before that. For instance, the name of the company may play a vital role in its future SEO attempts and may even be used as a domain name of your website.
As for your logo and corporate colors, you need to try and envision them in different environments. For instance, apart from looking good on your website, the office wall and product packaging, your logo and colors also need to be attention-grabbing when printed onto your branded products. Therefore, you need to put a lot of effort in coming up with a winning combination.
Make a business plan
While you may have an idea of what your business is supposed to be like, you won’t know just how solid your plan is without putting it all to paper. At the very least, this plan needs to consist of the executive, the management, the product, the industry, the marketing and the financials section. Only after successfully addressing each of these issues can you say that your business plan is ironclad. Still, as famous Prussian General Helmuth von Moltke the Elder once said: “No battle plan survives contact with the enemy”. On the other hand, it is far worse to go into battle unprepared.
Survey your demographic
Perhaps the most important aspect of appealing to your audience lies in your ability to find a suitable voice. Nonetheless, this suitability usually depends on the listener, which is why you should first focus on finding out who you are talking to. Different demographics have different needs, which is why there are no one-size-fits-all solutions that are 100 percent efficient. Furthermore, each demographic has its own preferred channel of communication, which means that doing this survey properly may save you a lot of effort and allow you to allocate your resources accordingly.
Establish a strong web presence
The next thing you should keep in mind is the importance of forming a strong web presence. Once you’ve handled the issues like your brand features, you need to fully dedicate yourself to making a good-looking, responsive website. According to one shocking statistic, about 50 percent of small businesses still don’t have a website. Needless to say, in 2018, this kind of attitude is simply unforgivable. Also, establishing a strong web presence may put you in the top half of your niche on its own.
Once you have a website, you might want to think about starting a digital marketing campaign. In the previous section, we already hinted at the prospect of an SEO campaign, however, you should definitely not stop here. For an aspiring business, a well-timed PPC campaign may yield an overwhelmingly positive ROI and facilitate future growth.
At the end of the day, the fact that 90 percent of all startups fail in the first five years may seem quite unfavorable, but it is in no way discouraging. You see, 10 percent is a decent number especially for someone who goes into this endeavor well-prepared. Needless to say, adhering to the above-listed tips, rules and principles is, on its own, enough to place you in the top-bracket of any given industry. However, enforcing some of these methods on your first attempt might be quite difficult. With this in mind, your inevitable success or your demise will, most likely, be determined by the amount of effort you invest in your preparation stage.
Emma Miller is a digital marketer from Sydney. Works as a blogger, Senior Editor for Bizzmark blog and a guest lecturer at Melbourne University. Interested in digital marketing, social media, start-ups and latest trends.