Everyone wants their idea to succeed and be exceptional. However, there is more to success than having an exceptional idea.
Even armed with one that has the potential to change lives, the business you set up behind it will need to run smoothly and run well for many years to come, if you have a hope at all to reaching your goals.
Here are the seven rules you should implement into your business strategy, in order to make it a success:
Choose the right business entity
Rule number one is to choose the best available company formation option for your idea. There’s no use building up a company that’s unmanageable, registered incorrectly or has a weak internal structure. Here are several common business entity types for startups to choose from:
- Sole proprietorship
If you want to have your business entirely in your hands, this one’s for you. You will register the company in your name, pay the payables from a personal budget and won’t have to answer to anyone when it comes to how you mange things.
That can be both an advantage and a disadvantage, as you will be relying solely on your own experience and knowledge.
Choose this type of business if you are starting small. If you can guarantee that your own pocket is always ready to pay for any of the company’s unexpected expenses, you can go for a sole proprietorship.
A partnership is a very common business entity type. Ownership is divided between two or more individuals and requires a written agreement between these partners. You’ll be able to raise money by selling partnership interests too.
This is a great option if you know who you would like to share the burden with, but it can also be limiting, in the sense that you will always have at least one other person to answer to.
- Limited liability company
If you don’t want personal finances interfering with your company’s budget, you can choose to become an LLC. The reason why entrepreneurs choose this option is that it differentiates between personal and business budgets.
The worst thing that can happen if a company goes under is the loss of your investment in the company – your personal finances will not be placed in harm’s way.
Setting up a limited company is rather straightforward, so you should have no serious issues with putting your ideas into action.
Engage with your audience
Your audience is the basis of your success. Your principal task should be building and growing a relationship with your audience. They have the power of making your business a success and ruining it as well, after all.
- Build your social media pages – Social media platforms have over 2.62 billion users today, so start posting relatable content. Attract new followers and readers and awaken the interest of those who are not your potential buyers yet. Make good use of this free advertising channel, which can do a lot in terms of growth at the very start of your operations.
- Run email campaigns – Give your audience the information it wants. Give them a chance to subscribe to your mailing list and provide them with valuable material they could not access any other way.
- Start a blog – Another great way to provide your users and interested parties with information, and nudge them to make a purchase.
- Create explainer videos – explainer videos can help your clients learn more about your products or services. They don’t have to be expensive to produce, and you can easily share them across different networks.
Fill your marketing team with different professionals
Find a great SEO expert who will help you build an online reputation. They can work alongside your website developer to make your company more visible to search engine users. You can also employ someone who specializes in paid ads.
You will also need a copywriter and potentially a content writer. Don’t underestimate the power of words. These two individuals can do a lot in terms of brand recognisability and make sure the message you are trying to put across appeals to your target audience.
Sponsor an event or host a conference
Another great step to take is hosting an event or an industry conference. If that seems like too much work, you can also decide to sponsor an event. Your logo and name will be featured within the event marketing materials, helping you attract more lead.
If you choose to do your own event, make sure to use plenty of branded materials on the day, but don’t make it too much of a promotional stunt. While the aim may be to sell more, you need to dial it down a notch, and appeal to people more from the industry expert than the pushy salesperson standpoint.
Build a company culture
Successful startups are beautiful from the inside. By creating an organizational culture, you’ll be able to build a specific character for your company. Not to mention, people will want to work for you and give their best to meet the goals you have set. Include some perks, like flexible hours, maybe implement a pizza Friday or plan trips for the team.
Don’t let the perks and the fun outweigh the business aspect of things though. After all, that’s what the company is all about, not breaking the state record in bowling.
Make your goals and analysis visible to the whole team
Do a SWOT analysis of the market, yourself and your competitors. Once you are armed with all of this valuable info, make sure the rest of your staff are also aware of it, and know how to best deal with all the info you have provided.
Make it a point to work on the weaknesses, and make the most of your strengths. And never forget to involve your team. After all, you may not always know best, and someone else might have a brilliant idea how to achieve your next milestone.
Diversify your team
And finally, make sure your team doesn’t consist of the same 5-6 individual. Try to hire different types of people, people who will complement each other and the role they have been hired for.
If a task needs an eye for detail, than make sure the person tasked with it is not someone who does things haphazardly. Before making a new hire, try and see how that person would fit into the team as a whole.
Hopefully, these seven tips will have helped you create the business of your dreams, and share your ideas with the world. Have fun!
Michael Deane is one of the editors of Qeedle, a small business magazine. When not blogging (or working), he can usually be spotted on the track, doing his laps, or with his nose deep in the latest John Grisham.