While entrepreneurship has been around for centuries, the word “startup” is a new term for a new approach. Unlike other small businesses, a startup is highly scalable, with a focus on rapid growth. Statista reports that there were over 12,000 startups acquired by U.S. companies, with the number growing each year. If your aim is to bring a new product or service to the market and expand fast, then here are a few key decisions you need to keep in mind for your entrepreneurial journey.
What do I name my business?
While it does sound fairly simple, learning how to name your business is one of the tougher first steps to getting it off the ground. Startup names are catchy and concise, with an appeal that can't be replicated by other businesses. Finding the right name that can achieve this isn't always easy. This guide to registering as an LLC outlines that your business name needs to be unique, and also cannot have been previously trademarked. You'll also need to have some iteration of "LLC" or "Limited Liability Company" in your name. Corporations largely have the same restrictions. This can narrow the pool somewhat for startups, but once you've had your "Eureka" moment and found the right name, you can hit the ground running.
Who is my target audience?
The next thing you'll need to do is to figure out your target audience. There are over 500 million entrepreneurs worldwide covering a wide number of niches and markets. Finding just the right approach to capture a precious market isn't always easy. According to a guide by Inc, you'll need to do some prior research on who your competition is and what sets your products and services apart from the rest. Besides that, you'll also have to look at your current customer base and analyze what's working and what isn't.
Do I really need a mobile app?
A lot of startups are known for their links to technology, and key to this is the mobile app. But does your startup really need one? As the world grows steadily more and more digital, the answer just might be yes. If you're worried about how to get started on building your own app, you don't need to fret. We at Applify offer a quick and easy app development service, with great design and functionality as our top focus. We can take the burden of building an app off your hands, leaving you with more time to grow your business.
Is social media marketing still necessary?
The short answer is, yes. A list of statistics compiled by SmallBizGenius reports that 3.5 billion people in the world use social media, with 11 new people being added every second. That's a huge market that every business needs to take advantage of, most especially startups. Social media marketing has become the standard because it fulfils so many roles — it's a hub for information, a link to customers, and can on some occasions even become an ecommerce tool.
How will my business adapt to new technology?
Startups are defined by how well they adapt to a quickly changing world. However, that can be easier said than done. If you're afraid that your startup might fall into a rut, you can take a look at Entrepreneur's article on the subject. It touches on helpful tips like encouraging skills growth and education, thinking ahead, constant measurement and optimization, and much more.
Learning is a constant process, and you need to foster an environment in your company where that's the norm rather than the exception.
