So, you have had an great idea for a new business. If you want to give yourself a better chance of being a success and building a business that offers longevity and a good return on investment, read on. We have seen hundreds of start-ups that have failed within the first 12 months, and whilst there are a variety of reasons this happens, we have identified three that are common to almost all.
1. Expecting Miracles
When you come up with that mind blowing idea, it is easy to get caught up in your own excitement and enthusiasm. It can be the best idea in the world, and over the long term will provide you the successful business you have been seeking, but do not expect miracles.
Not everyone will jump up and down with delight and order 500 units when you share your plan. Building a business is a long haul. Very occasionally a business does spring up from nowhere and storm the globe, however, for most businesses time is needed. Don’t get frustrated when your Facebook advert generates some interest but doesn’t lead to any orders. You need to build up trust and reputation. Go ahead and build your audience by sharing related stories, or write on the subject and get your name out there as an expert, and then start to slide the direct marketing in.
Quitting after a couple of months because you don’t have interest could be the worst mistake you make. Work hard and give your business time and space to grown. It cannot happen overnight.
2 Forgetting to Research
When a business follows the plan and still doesn’t seem to fly, people get really down. However, when we have gone back over the start-up stage with them, one key factor was missing. Research. You need to identify your target market. What are you offering and who is likely to want such a product? You can spend thousands pitching your idea, but if you do not understand who your target market is, you could be pitching in the wind.
Whilst you are building an audience organically, by sharing relevant material, you have the perfect opportunity to add in some market research that helps you better understand where you are aiming. Do not assume that you know the target market because the product was your idea. Let people identify themselves to you. You can do this in a number of ways: you can talk to people, you can post surveys or you can build interaction on your social media pages.
Good research will prevent poor targeting.
3. Premature Launch
In their hurry to get their great idea to the market, people often launch with Beta products. That is to say a product that is not quite ready. This has worked for some people, however for most of us it could be a damaging step. Customers have a habit of remembering the bad over the good, so if you launch an almost there product with flaws, you could be doing a lot of damage over time. Make sure that when you launch get feedback from your customers on what is working for them and what is not. If you have a current list of customers or people you can trust, ask them to beta test the product for free for a period of time or offer a discounted price for them to “test” the product for you and ask for genuine feedback.
You don’t have to wait for the product to be 100% finished, polished and tested before releasing it to your audience. As you can see above there are plenty of things you can be doing, and by all means you can talk about what is coming when you do launch. But wait for it to be as close to perfect before you release it. We find that, especially websites there is never a 100% perfection, tweaks and changes happen on an ongoing basis
Taking the time to ensure you have covered these steps really can make the difference between sink or swim. If you would like to discuss creating your online presence or setting up your e-commerce portal, give one of our team a call.