2020 is a year of a pandemic where we can see people observing from social distancing to saving money. Due to sudden outbreak, many businesses came to stand still, and the employee had the worst hit. Many were told to resign while few were said to work from home on half-pay.
When everything is happening, there is one thing that has to go on, that is businesses, people released they can also start-up new business setup instead of depending on others. But as it looks easy to set a business, it also requires a lot of pre-start homework.
Just as a doctor, lawyers know every aspect about their profession even entrepreneur should be aware that it is not only about money which is required to start, but there are many other aspects in the loop.
The massive challenge for start-ups and medium scale businesses is to overcome the mentality that says one does not require branding.
In reality, building your brand from the moment it is born, and you start asking people to support you. A lot of start-ups fail to reach their capabilities because they do not take the full time to understand and communicate the critical meaning behind their brand
Hence there are five essential questions which you should answer as a start-up before actual execution:
1. What is your business plan?
Just like before starting anything, we need a predetermined course of action same this applies for your start-up. You honestly need to have a unique value proposition of your product, service or experience.
Research and check what it is with your brand that others don’t have your competitive advantage. If there is not crystal clarity in this stage, then you should stop there and rethink on your idea of starting a start-up.
2. What is your brand moto?
Moto is a statement of purpose and belief; you analyse your relevant moto towards starting up a new enterprise. It acts as your guiding principle and spirit of the cause you are advancing. If your answer is to this “I don’t know” it’s a dangerous situation.
By defining what you believe in, trust and encapsulating those beliefs into a brand motto, it gives you, your employees, and your customers an inspirational idea to rely on.
Examples- Facebook’s “Move fast and break things.”
Harley Davidson “Live to Ride, Ride to Live”
3. What is your Brand story?
You know there are so many competitors in your industry, all ensure to produce the best quality, customer relationship, and many other physical elements. How will you distinguish your presence in a market that is with your brand story?
The brand story acts as the best way to connect the audience emotionally with facts and feelings which inspire and motivates people to stay connected with your brand. It can be traditionally run business, the origin of business, doing good to society, generating employment or farm-fresh many more can be a brand story.
It would help if you analysed what is your emotional brand story and then get started when you get relevant answers.
Example: Brand Nike – Equality Campaign
Brand storytelling connects with the target audience, by inviting them to become an active part of a collective movement by wearing Nike products, or by engaging on social media, such as sharing one of the brand’s always inspiring videos.
4. What are your strategies to grow?
Every business ensures to follow a path, and that path will have various problems as per the nature of the company. Are you aware of competition and market related to your industry? The marketing strategy has to be at its best to make a mark and attract the required stakeholders.
The founders and leaders need to have a streamlined vision that needs to manifest in the marketing of the business.
Do you know who your target audience is and what the various ways to reach them productively are? Strategies are a very critical part of all your executions you just one-day can’t open up a business and start running it and gain revenues. It requires a lot of hard work, research, technical and feasible strategies to make the business a success.
5. What will make you succeed in a competitive world?
Analyse what exactly you want and where you want to reach, ensure authenticity and discipline always remain on top priority. You should understand the role of factors which play an essential role in success.
You can’t have a vision, but no discipline or authenticity you require all three together to gain effectual real-time output. Ensure qualities such as determination, passion, patience, and hard work are very mandatory features to stand out in the market.
Ensure you have a well-planned revenue model of the company, which will determine how the company manages its expenses and generates profits.
CONCLUSION:
It is quintessential for every start-up founder to have a contingency and versatile plan in place before establishing his new venture. I am sure it’s a very precious feel of many people who passionately start-up business all by themselves but as a founder who has his or her answers ready about their start-up as discussed above will show how well-prepared they are for this pursuit.
Having a clear idea of every aspect of your company is a sign of likely success. If you are still not sure and confused, then you can connect DesignerPeople who will help you in planning all the above and few more other relevant data for starting up start-up businesses.
