If you feel like entrepreneurship runs through your veins, why not give it a shot? Although statistics show that almost 90% of startups don’t exactly make it, that should not put you off from establishing a business. Yours could be among the remaining 10% that eventually attain success. Let your zeal overshadow your fears because more often than not, fear is the stumbling block between you and your dreams. With a few tips like the ones listed below, you’ll be more likely to build a successful brand from scratch.
Let your mindset be your compass
Helen Van, CEO of AIM’N, believes that the success of entrepreneurs depends on their mindsets, and there is some truth to it. When you develop the right attitude, you put yourself in a position of wanting to make things happen, and everything else will seem to fall in place. She explains that your business mindset is more or less of your compass. Therefore, identify your strengths and weaknesses, and know that each stage of the business may require different mindsets.
Business is all about dealing with people. And if you want to launch a successful business, you may not be able to do it without building personal relationships with people. You may miss out on big opportunities when you only focus on training and information without strengthening your social ties. Observe your current environment, and try to work with your colleagues; they may have some revolutionary ideas for a business that you have probably never thought of. Professional relationships are also instrumental in building startups. The earlier you start creating these connections, the better. For example, your professional networks can assist you in times of need when the market or industry appears to be moving against your every move. Form a strong team with people who have eyes for growth and don’t easily bow down to failures. These social bonds you share with other daring entrepreneurs can make a big difference in your corporate journey.
Build your marketing department
Some startups make mistakes by assigning their marketing tasks to the wrong teams. It’s better to hire marketing experts to run your campaigns than to rely on individuals who have no marketing experiences. Also, consider outsourcing your marketing tasks to specialists as This will save you some time to do other core business tasks. You may also want to allocate a fraction of your budget to professional marketing purposes. The growth of the business hinges on the efficiency of the marketing department and resourcing it means that you are investing in the engine of your development. It’s also important to note that the effectiveness of marketing strategies can change due to emerging technologies and global uncertainties such as the Covid-19 pandemic. So, scrutinize your investment by interviewing different marketing outfits to ensure that you choose marketers who are constantly evolving with the trends.
Take your business seriously from the beginning
According to Jaclyn Johnson, CEO of Create & Cultivate, entrepreneurs need to take their business ideas seriously from the start. Whether it’s a side hustle or a full-time business you are launching, give it your all. Get the necessary paperwork done and work on your trademarks. Growth can be sped up when you organize your business tools sooner than later.
Be a part of the marketing team
As a founder, you don’t have to leave every marketing initiative to the hands of your marketers. Business owners should have that authoritative voice to create hype around their businesses. You’re also the best person with information on how you want your brand to be marketed, so being on the team allows you to teach the other members. Customers are also more likely to listen to the principal business owner than the rest of the marketing team. You can design your brochures and give free business talks to help popularize your business. Design your business cards, and issue them to people anytime an opportunity presents itself. These gestures ‘humanize’ your business and make your audience feel like they know you on a personal level. So, don’t hesitate to publish articles about your brand, build your social media presence, and personally engage with customers to give them extra value.
Boost your knowledge
The corporate ladder is one that you often have to climb with competitors. As a result, a business owner is not likely to succeed as a result of lack of knowledge. You need to learn new strategies to beat your competitors. Customers want to experience unique services, but if you are not continually learning, discovering new solutions and new opportunities may not naturally come your way. Your competitors will take advantage of your ignorance and launch new products that may eventually nullify your existence. Real entrepreneurs have unquenchable desires to accumulate a wealth of information through learning. If you do so, you can make a quantum leap over your competitors.
Seek advice from experts
Successful people see far by standing on the shoulders of giants. Therefore, budding entrepreneurs are encouraged to seek advice from seasoned business leaders in their industry. If you don’t seek advice from the word go, you can make costly mistakes that can kill your business, and prevent you from reaping the fruits of your labor. Some successful business leaders may be willing to offer you their piece of advice if only you look up to them for inspiration. So, actively seek out and find a mentor who is willing to do that. Provided you show signs of your willingness to learn, senior business tycoons can open doors for you to meet new people and grow your audience as well.
When one door shuts, another opens. But you don’t want to be a founder who always misses out on significant opportunities. For example, when you get a chance to meet an influential business figure, that can be a window for you to hit the limelight by tapping into their fame. Leverage opportunities — it’s as simple as that. For example, in response to the Covid-19 negative impact on businesses, some governments are rolling out relief funds to support small business owners. If you are a smart entrepreneur who has your ears on the ground, you should be able to pounce on these opportunities as soon as they emerge.
Motivate your workers
When your staff are doing all they can to push your brand forward, let it be your moral responsibility to show your signs of appreciation for their good work done. This will motivate them to do more for the business and increase productivity. Rather than being a know-it-all, you may also want to pay a listening ear to the concerns of your coworkers, staff, business partners, and employees.
Set your business goals
You need to define your plan of action for the business and ask questions surrounding where you see the company going in the next few years. Set your business objectives and make sure they are measurable and achievable. For example, if your goal is to drive a certain amount of traffic to your website within a month or year, that is a goal that can directly translate to increased sales if you can achieve it.
Set up your business structures
For entrepreneurs who own brick-and-mortar businesses, acquiring the essential physical structures for the company is also paramount. This may mean that you have to set up your offices and expand your IT infrastructure. Having a conducive business office can create a positive impression that your startup is up to something big, even when it’s at the budding stage. For example, you may want to consider renting coworking offices to provide a flexible and cost-effective workspace for your employees during the Covid-19 crisis. Whether you’re a virtual assistant or a nomadic entrepreneur, you can empower your team to work in plush co-working spaces while staying safe from the virus. Co-working spaces are affordable for beginners. They also come with pre-installed facilities that will make your work processes much easier.
Building a great business brand takes time to pay off. Hurdles may also come your way once you kick-start your climb to the top. To emerge as a winning entrepreneur, you need to be steadfast in your efforts. When Elon Musk founded his private space exploration company SpaceX, it was not all rosy in the beginning. The company suffered a number of rocket launch failures and nearly went bankrupt. Nevertheless, Musk persevered. And in 2020, SpaceX achieved a major milestone when it successfully launched American astronauts to the International Space Station (ISS). The bottom line is that tenacious entrepreneurs who learn from their failures eventually make it to the top. Registering a business means you are embarking on a rollercoaster ride. So, get used to the ups and downs.
The bottom line is that building a successful business brand from scratch lies within your power as long as you get the right tips. Try to avoid excuses and practice taking action, learn from others, market your brand, and work with a qualified team. These will bring you closer to building a successful company.