If you’re the owner of a young startup company, you’ve probably heard the statistics many times before: more than half of all startups fail within their first year or two. But while there are plenty of challenges for owners of new companies, there are definitely ways that entrepreneurs can increase the likelihood of success early on.
Here are a few simple steps that could help you to find success with your startup:
- Know your exact place in the market. How is your product different from potential competitors? What do you offer that other people don’t? What kinds of people will you be able to reach? Success begins with a clear idea. Everything about the way you brand and market your company flows from this idea that you develop.
- Know your mission. What is the biggest goal that you have for your company? Why does your company exist? The most successful brands typically have a bigger vision that keeps them on track and offers them something to shoot for over time. If you are able to project this mission to your customers as well, you will find that they’ll be more likely to give you their loyalty.
- Define your target consumer. One of the biggest mistakes that new companies make is that they try to appeal to too many people at once to start with. You need to narrow your target audience to avoid having to spend too much on marketing and to create a strong appeal with a dedicated group. Focus your efforts on your ideal consumer to start with, and move on to bigger audiences later on once you’re truly ready.
- Don’t ignore finances. You need to be able to track your finances well so that you understand exactly how viable your business is. A lot of business owners let themselves get behind in bookkeeping and financial metrics because they’re one of the most boring aspects of owning a company, but you need to be able to understand how every decision you make financially impacts your company.
- Have a strategic plan. The more detailed your plan, the better. This should be a physical document that you can present to customers, potential investors and employees.
Need more tips on branding your startup and finding more success? Contact the team at Spin Creative today for assistance.
About Spin Creative
Spin Creative is a creative agency specializing in brand storytelling to engage, inspire and activate audiences. We design each project to engage viewers, increase audience reach and ultimately help power the success of a campaign, idea or brand.
If you need high impact advertising, digital and social brand storytelling to propel audience engagement, shoot us an email at email@example.com or call us at 206.686.6278 (Seattle) or 415.767.3645 (San Francisco). Our offices are in Seattle and San Francisco but we travel all over the world for our clients.