How to Give Your New Business the Best Chance of Success
Okay, so you’ve decided the stars have aligned and it's finally time that you launched your own business. You immediately have hundreds of fears, worries and doubts swimming into your head: What if I fail? Am I ready? Will I be a success? For some people, including up to 627,000 people a year in the US alone, working for yourself and running your own business is preferable to working for someone else. This is understandable and can help boost the economy by bringing growth to communities that the business operates in, offering alternatives to larger corporations. But what can you do to give yourself the best possible start in developing your own business?
Firstly, your business idea is critical to its success. Many have gone before with stellar ideas that have simply been cannibalised by competitors - so choosing a niche idea that hasn’t been done the same way before is imperative. For instance, Airbnb and Uber are strong examples of how the property rental and private hire businesses were turned on their heads with completely new ideas that involved leasing out existing properties/taxis, which enabled more people to also gain from running small businesses under their umbrella. Another such example is Trussle, which provides a remortgage calculator on its website alongside a greatly simplified remortgaging process. The move came after the startup identified that the existing remortgage process was too lengthy and complex.
Market It Well
A great idea can fall at this stage if the right methods aren’t employed to market your business. Thanks to the internet, the ways in which you can market business are plentiful. For instance, American frozen meat company Steak-umm developed a strong Twitter presence by showcasing their personality, a move that many other companies have tried to copy since. Indeed, UK bakery Greggs utilise quick PR wins to keep their business in the forefront of people’s minds, such as turning their sign around so it reflected the aesthetic of Fenwick’s Christmas window display, offering a lucky couple a romantic pasty for two, and replacing the baby Jesus in the nativity with a sausage roll. Meanwhile, brands like Boohoo and ASOS use the latest influencers to drive attention to their clothing brands.
Many businesses have had killer ideas, but have fallen by the wayside when their ideas haven’t reflected what the public wants. Department stores that have fallen into liquidation and brands who have found that their audience has outgrown them are some examples of how important it is to constantly grow and scale up your business. One prime example is Kodak, whose reluctance to adopt the digital methods of photography rendered them redundant in their field. While the company continue to work B2B, they are the standard cautionary tale in the business of ensuring that you keep moving and improving. Starting a business won’t be easy, but by ensuring you have the correct plan in place, you are giving yourself the best chance to succeed. Come up with a strong idea, market the idea well, and know when it’s time to scale up and grow.
