Start a business this year? Here are a few things to consider before making this leap in faith.
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December 27, 2020 4 min read
The opinions expressed by the entrepreneur’s contributors are their own.
In this pandemic economy, building a business requires resilience and tenacity more than ever. Even so, building a business is an exciting task that deserves congratulations. Here are five things you need to define in order to build a company that will stand the test of time, from branding to marketing to scale-up plan. Look here.
Define a clear brand identity
A brand identity can be defined as how well you deliver your brand’s core values to customers. I have already written that a brand identity is important because aligning your brand communication with the company’s core values helps build trust. Examine your target audience, the core values of your company, and how you can combine the two. There you have it: your unique brand identity.
Build a culture of collaboration
If you are a sole proprietorship, prioritize and outsource your tasks to free up time for the most important tasks. If you have employees, assign tasks and create a system of accountability to keep the project moving as smoothly as possible. If you have employees, keep in mind that it is a habit to speak to your employees in the early stages of a startup. Once the startup is growing rapidly and you reach the C-suite, day-to-day operations are less important than leadership skills. Inundated with your new responsibilities, you may be missing an important mark from your employees that could either fail or fail your business.
Managers and team members should come together to discuss the case and the results of the conversation should be reflected in the final decision. Democratic choices help leaders understand the challenges facing employers, and employers understand leaders’ weaknesses. Ultimately, it helps to build a culture of collaboration.
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Consolidate your product’s competitive advantage
Let’s get to the core of the product. Are you selling a product or service? What are the production cost and the selling price? Who are the target customers and where is your market? What values does your product deliver to customers? What is your elevator distance for the product? How would you describe it to someone who has never seen it? By answering these questions you can define the core of your product, your brand identity, and your marketing strategy. Optimize the competitive advantage of your product and work on the strengths of your product.
Related: 50 Steps Every Entrepreneur Must Take To Start A Business
Discover the keyword-based marketing strategy
With the world of the internet being more segmented than ever, you need good keywords and long-tail keywords to reach customers. How do customers find your company? Do they tend to come across your business on social media? Or do they end up on your website almost exclusively via online search? If it’s the former, then most of your marketing budget should be spending on social advertising. You can also expand your storefronts with Facebook and Instagram shops. If it’s the latter, then you should be spending a lot more on paid search.
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Build with growth in mind
To grow a business over time, you need a growth strategy. How do you want to grow your business? What are the most important innovations your company brings to your community? What is your competitive advantage and how would this help your company accelerate the market?
Some things to consider in the early stages of building a business are defining a growth strategy in your own words. Then, consider whether you are envisioning the company scaling up vertically, adding more functionality to your product or horizontally, replicating your business model in a new location, or launching a completely different product. Start building so that in due time your growth strategy gets to the point and streamlined.
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