7 Essentials for Start Up Businesses

Starting up your own business can be extremely daunting. However, if you have a great idea for a new business, then why not give it a try? Before you run though you have to learn how to walk, so we have developed a few simple tips that you can follow on your road to success.

​1. Create a plan for your business
Every business needs a plan. You wouldn’t go on an overseas holiday without an itinerary, so why would you start a business without a plan? You know the old saying, ‘Failing to plan is planning to fail.’ It could not be truer when starting your own business. According to the Australian Bureau of Statistics, more than 60 per cent of small businesses cease operating within the first three years. Avoid becoming a statistic by creating a SMART business plan for your business. 

Set yourself Strategic, Measurable, Achievable, Realistic and Timely goals. Be flexible, things change, so if you need to revisit your goals and make them more realistic and achievable then do so.

"Failing to plan is planning to fail" 

2.  Decide who your target audience is
What is it that you’re selling? A product or a service? Who is going to want to purchase your product or service? Is it Mum’s with young children? Is it teenagers? Perhaps it’s another business. The key thing is to identify your primary target audience and develop audience personas, so you can better understand who you need to be communicating with.

3. Identify your competitors
​Find out who else is working within the same space as you. If you’re a children’s clothing business, know who are all the other children’s clothing businesses around you. What are they doing? Do they have a website? Do they sell online? What are they doing on social media? Once you know who your competitors are and what they’re doing you can make sure you do things differently and stand out in the crowd.

4. Create a point of difference 
​It's not all just about apples and oranges. We are all different as individuals, and your business, although it may have similarities with others, it is different too.
​You can offer something else that a competitor can’t. You can provide better customer service, a unique experience, something that people won’t get with one of your competitors. 

5. Develop key relationships
When starting out with your new business you are going to need all the help you can get. Start building relationships with other businesses, networks and former colleagues that are going to be able to help you achieve your business objectives. Networking is a great way to meet other business professionals and build a rapport within the industry or community. You may also want to make acquaintances with accountants or bookkeepers, the bank manager and a marketing consultancy who can help with logo design, websites, social media etcetera.

6. Develop your brand
Your brand is more than just your logo. Your brand is the essence of what your business is about. Having a creative and recognisable name and logo is important too as you want people to remember your business and what you do. However true branding goes further than that, it is about creating a positive experience with your customers every time they engage with your business. Positive experiences mean positive associations with your brand and positive word of mouth which is all positive for your business. 

7. Promote your business
Once all of the above have been achieved, the next step is to start promoting your business. There are many ways to let people know you exist, however, as a start-up business with a limited budget you initially need to consider developing a website, creating social media pages and getting your business listed on as many business listing sites as possible. 

These are all quick wins and will help your business get found on Google. Each business is different, and there many other opportunities to promote your business once the essentials have been achieved and that’s where a marketing strategy, content strategy, and social media plan can all help. 
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If you would like any more information or help to get started feel free to contact us, or see our Start Up Marketing Packages page. We offer in house training or Skype or FaceTime consultations.
​For more information email admin@outoftheboxconsulting.com.au.

Author

Nicola is the owner and director of Out of the Box Consulting and has a keen interest in helping small businesses with their marketing and promotion. She is also the mother of two boys and loves to spend time with her family.