With a smorgasbord of new businesses setting up in Toronto, where more than 1000 new companies were registered at the Mississauga Chamber of Commerce in the first half of 2016, it may appear that everyone can launch a company- which is mostly true. Hearing about great success stories of startups and the glorification of entrepreneurship today through movies and media, it can be very tempting to quit your day job and be your own boss, without understanding what it truly entails.
The harsh reality is that only 15% of budding entrepreneurs will succeed, and so, the key question here is: “What increases the chances for my idea to do well in the business markets?” While some rely mostly on luck and others on experience, there are a few things that we can teach you, which will enable you to move forward with confidence:
1. Identify the “Need” that must be filled:
Arguably the most important reason in starting your own business is being passionate about your idea, and translating that message into why you do what you do to a consumer audience. Bearing in mind that profit is the key purpose of a business, what is the uniqueness behind the idea you are bringing to the business market? Being an entrepreneur can be one of the toughest jobs you will ever do. Passion will help you go through the daunting times. As Steve Jobs once said: “The only way to do great things, is to love what you do” it holds the secret to success for many. Whatever that Passion, it needs to be the driver of the reason you are going into business, for it will fuel the journey ahead.
On the other hand, identifying “need” will be your defining factor, as building a brand is about establishing your story to connect with target market based on their needs. Whatever your brand, it will need to connect on a human level, where feelings and emotions take over buying decisions. Be honest and tell your story, get connected to your consumers.
2. “Research, Research, Research!!”:
Researching and learning your market is undoubtedly one of the most important phases, which lies as an essential platform in the branding process. Quite often, it is overlooked by the over-confidence in one’s own business idea, but the as many entrepreneurs in the past have learnt the most important rule is: “RESEARCH”.
3. Give your Brand Personality:
Marketing your brand is not only about your logo. It’s about interpreting your “why” and findings from your research into how your brand looks, sounds and feels like. Tell a story, from brand reasoning and tone of voice to logo, colors and fonts, which sometimes require a professional eye. As an entrepreneur, to optimize efficiency and get the best results, you will need to work in a team, where everyone will concentrate on what they know and do best and how to develop your brands personality.
4. Spread the Word:
When you are done with the planning, research and development, it’s time to release your brand onto the world. Developing a successful advertising & PR strategy is vital in getting your business on the consumer map.
Telling consumers is more than writing a press release, so make sure you develop a well-diversified, integrated plan, which will include offline and online tactics tailored to your business needs. (Facebook, Twitter, Instagram, Linkedin, Blogs, websites etc) Based on your prior Research you will have by now identified your consumer segments and if you do everything in this Advertising area correctly, your key messages will be placed directly in front of the eyes of the right people at the right times.
5. Don’t wait around:
Last but not least, starting and running a successful business is about continually innovating, changing, and adapting to new market demands and consumer needs. Nothing is ever constant, except change! Research will never stop which enable you to listen to your consumers and adjust accordingly. There will always be a confusion between when to change or how much to change, yet your core reason “Need” will help you to make the right decision to continued success.
The above article of enabling an idea into a business is a summary of the process of business development which will be elaborated on in future articles. Next month’s article will cover the topic of “First Steps”
For more information or a consultation with ICL Rezolve on how to help you start, develop or grow an existing business please book an appointment online at www.iclrezolve.ca