At theanswercentre.co.uk we know that new start-up businesses are created every day. Unfortunately, the failure rate is around 50% for most new start-ups within the first five years of business. However, you shouldn’t be discouraged by these figures, because for every single business failure, there are many more that do go on to succeed!
Let’s take a look at some foolproof strategies to ensure your start-up is given the best start and is set up for growth right from the beginning.
Learn by other’s mistakes
Many new start-ups launch full of promise and expectation without first checking to see if they have got their positioning right. Starting a new business to simply end up repeating the exact same mistakes that others have made going before you isn’t a good move.
Take some time to do some research into the history of other businesses in your sector or niche to see what mistakes they made early on, and how they fixed them for better practices. See what they do well and mimic their strategies to help you gain your first successes and establish a positive foundation to work from.
Is your product or service easy to understand?
There is great value to be found in simplicity. Never underestimate your target audiences patience. You may think your product or service is the greatest thing since sliced bread, but that is because you already have a very deep understanding of how it works. Your target audience will not have the first clue about your product or service when you launch it, so you need to be able to quickly and effectively explain the ‘why and how’ of it for them to get it.
Try not to overcomplicate your message or language to try and come across as sounding clever. People are busy these days, so they appreciate easy to understand information delivered as quickly as possible.
Make friends with influencers
Going it alone from scratch can be extremely hard work. Many savvy new enterprises will kick off a new project by piggybacking off the success of others. By using your industries influencers and authority figures to your benefit, you can use their massive platforms to push your product or service and really get your name out there and recognised.
Be prepared for a wild ride if you succeed with this. Struggling alone when new is difficult because no one knows who you are. With the support and backing of a well-known influencer, you can quickly build trust with your target audience and demand can suddenly increase because you will be seen as the latest thing to have – as endorsed by someone they trust and are loyal too.