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Tips and Tricks for New Startup Businesses

by Olufisayo
Tips and Tricks for New Startup Businesses

Starting a new business can be as daunting as it is exciting. Though starting a new business can be thrilling, there are challenges. Whether you are a seasoned businessman, or on your first startup, these tips and tricks can help you through the early stages!

Determine whether the business idea is worth pursuing

Before you invest a significant amount of time and money into an idea, it is worth making sure there is a market and demand. There are already several uncertainties in starting a new business, so finding out if the idea has any legs is a fundamental step. There are a few things to check when determining whether an idea is worth pursuing.

Find out who your target audience is, and whether they are interested 

Online research is one of the easiest and quickest ways to determine whether you have a target audience that would be interested in your product.You can do this manually or by using a tool. Manually, you can Google the problem that you are providing a solution for. If the search produces few to no results, it may indicate that your solution, service, or product is not in demand. On the other hand, if the search yields numerous businesses and responses, it indicates that there is a market. However, this raises the question of whether your idea has a unique selling point that sets it apart from existing solutions. Other tools, such as Answer the Public can also be used to aid in this search as they give insights into how people are searching, and whether their intentions are informational or to purchase. Likewise, the marketing tool SEMrush can provide similar insights.

What would your target audience be willing to pay for your product or service?

The next fundamental step is to find out how much, if any, people would be willing to pay for your product. One way to find this out is to look at the options already on the market. Are there free existing services or charities that offer solutions to the problem, if so, how accessible are they? If there are options on the market that do charge, check their price ranges. Usually, you can even check if customers think the set price is fair by checking the reviews. If people think something is expensive, they will usually tell you!

Another way of finding out whether people would be willing to pay is to ask. It sounds simple, but family, friends and acquaintances are often happy to help if things are kept quick and easy. Create a questionnaire with an initial paragraph discussing your product/solution and its purpose, and a following list of questions. Ask whether people would be interested in the product, what they would want from it, and how much they would be willing to pay. With this information, you can gauge whether it is worth moving forward with the idea!

What is your USP

Now you know your idea is worth pursuing, it is time to find your USP. Finding your unique selling point (USP) can be a challenge, but it is worth doing if you want your business to succeed. A unique selling point is essentially, the thing that makes your product or service stand out from other competitors.

There are some tips to help you find your USP. Firstly, find out what customers value about the existing solutions or products. Then rank your idea against these criteria, identify where you do well, and where you do less well. If there is somewhere your product will clearly rank well, where your competitors do not, this is your USP!

Make a business plan

Making a solid business plan is crucial for creating a successful business. Sufficient finance management is critical; create a realistic plan with realistic budgets. Don’t be afraid to get expert help if you need it!

Look into loans and start-up schemes

Keep an eye out for loans and start-up schemes to help you get your business off the ground. Many people work to support and help new start-ups. For example, in the UK The Prince’s Trust offers support, advice and sometimes with a water-tight business plan, funding and grants.

Create a buyer persona

Creating a buyer persona is a great way to develop your future business tactics. A buyer persona is a fictional/example character that represents your ideal customer base. This helps you target your branding, website, and marketing to attract the desired target audience!

Focus on customer experience

Customers are the foundations of your business. Strive to provide exceptional customer service and create a memorable experience for them. Listen to their feedback and use it to improve your products and services. Happy customers are more likely to become repeat buyers and may even advocate for your branding.

Stay Focussed

It can be easy to get distracted as life gets busy. However, if you are serious about starting up a new business keep your long-term vision in mind and stay focused on your core goals.

Regularly revisit your business plan and adjust your strategies as needed to stay aligned with your vision.

Seek Advice

Don’t hesitate to seek guidance from experienced entrepreneurs and industry experts. Mentors can provide valuable advice, help you avoid common mistakes, and offer support during tough times.

Visit trade shows for more information

One of the best ways to stay on top of your business plan is to regularly visit trade shows! Trade shows are often free, and give you access to knowledgeable speakers. Across the UK there are many trade shows targeted at new or growing businesses. The Business Show 2024 is a must-visit; taking place on the 13th – 14th of November 2024.

Shows like these are great for gaining insights, tips & tricks, building networks in the relevant fields, seeing the best exhibition stand design, and talking to industry experts! This is important when starting up a new business as you can gain insights to update your plan, making it as successful as possible.

It is also worth looking into shows relevant to your new business, as you may want to exhibit yourself, to create brand presence or showcase your brand for the first time!

Conclusion

By following some of these tips and tricks, you can lay a strong foundation for your new business. From evaluating your idea and creating a solid business plan to focusing on customer experience and seeking expert advice, each step will help build your success.

Additionally, attending trade shows and staying focused on your long-term vision will help you stay ahead in the competitive business landscape. By incorporating these strategies and remaining adaptable to change, you can increase the likelihood of achieving your business goals!

Photo by Jonny Gios on Unsplash

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