How Do I Create a Successful Start Up?
Starting Off Right
Like most processes – beginning a start-up is by no means straightforward. There are many factors that can affect whether or not your start-up may be the next huge thing to conquer the market. Whilst there is no ‘right way’ roadmap of instructions, there are things you can do as a new entrepreneur to give your business a good start.
Understand Your Consumer and do your Market Research
Think of your consumer as your best friend – because ultimately the customer buying your product or service is the turn point key for a successful start-up. Get to know everything about who your target market is, their likes and dislikes, needs and wants. Understanding these things as well as gaps in the market can provide solutions that help you to create start-up where you solve a problem for your customer or create an innovative new product or service.
There are a few questions you should ask yourself, such as “am I meeting a customer need?” Thinking and researching about what your ideal customer wants or needs will give you an idea of the demand for your business. You should also think long term and consider whether the demand for your product or service can quickly dry up or become dated.
If your research shows that people are actively searching for a product or solution and your start-up fulfils their needs, you’re on the right track. Understanding your consumer and modelling your research in a business plan will help you make better decisions as to the future prospects of success for your business.
How do I attract my target audience?
Once you understand your ideal customer, you will need to consider how you are going to reach these people. Think about the platforms available to you where these people are likely to engage in – for example, if your target market is a younger audience it might be a good idea to endorse an influencer that younger demographics are likely to follow on social media.
A new business will often have to rely on direct marketing or social media in order to get initial brand recognition. Direct marketing may involve the collection of personal data in order to generate new leads for consumers, such as using an email newsletter to target your subscribers.
All successful start-ups become vulnerable to copycats – you may find pop-ups suddenly imitating your start-up. It is important to ensure momentum by standing out from competitors and remaining unique in the marketplace. The best way to protect your name or brand is to register a trade mark to ensure legal protection for your brand identity and secure your legal right to stop others infringing on your name, goodwill and reputation in the market.
Take away points
- Like most new ventures – beginning a start-up is not easy so you need to plan well
- Think clearly about what your business really is and how it will serve the market so that your start-up has a clear vision and purpose
- The more customers that want or need what you are offering means more business and profit
- Understanding your customer and structuring your research in a business plan will help you make a better decision as to whether your start-up will be feasible, profitable and successful
- It is important to ensure momentum by standing out from competitors and remaining unique in the marketplace
- Register a trade mark to protect your brand name
- Have fun, stick with your vision and don’t forget to enjoy the process!
Lara Alexandra, Legal Assistant and Trade Mark Administrator
We are a team of trade mark attorney and IP specialists based on Gold Coast and Sydney. If you need any assistance with your trade mark, please contact us on 1300 77 66 14.
Disclaimer. The material in this post represents general information only and should not be taken to be legal advice.