Building a booming business

Never before have so many people considered going it alone, and taking the plunge into entrepreneurialism to carve their own career path in a world of austerity and increasing unemployment.

Having a great idea is fantastic; but making that idea materialise is something many people fail it. Start-ups exist in a dangerous, exciting, and highly competitive world, ergo entry isn’t for the faint of heart. It is well known that many business moguls are thought to have psychopathic tendencies: lack of empathy; stubbornness; the inability to accept criticism, etc. But consumers and citizens are increasingly expecting the organisations they deal with to have a softer air through the escalation of CSR commitments. The personality of business is changing, and therefore the character of those creating businesses needs to follow suit and be kind, considerate, and aware.

For those of you that are dead set on entering the business world from the bottom up – here are some great tips to consider to get you started…

1)      Get familiar

You may think you have already done this, but think again. Knowing an industry as a consumer, an outsider, is very different to looking at the sector as a potential player. Pick two or three companies that you aspire to be like (one small, one medium, and one large would be good) and investigate their history, their practices, and get to the core of the company identity. Pretend you were going to have the world’s toughest interview for that company, where you will be quizzed on every facet from figures to infrastructure; brand to staffing.

 

2)      Get practical

The practicalities are often the hardest part of starting up, it is monotonous, time consuming, and usually expensive. First, decide on a name; check for others with the same/similar name try and get something original, ensure that your name isn’t also the name of an unsavoury business you wouldn’t want your brand associated with! Then purchase the URL, register the name, write a business plan, practice a pitch, get all the legal bits needed (licences etc), consider financing (look at investors, setting up a business bank account, how much money you need to make etc.). More info on the practical stuff can be viewed on Company’s House website.

 

3)      Get creative

It is time to start thinking if your company was a person – what would she look like? Sound like? Dress like? Think like? This is the fun part. It is important that you have a strong concept early on for your brand identity, as this is the crux of what will make you stand out from an ever growing crowd of start-ups. Here is where you really need to consider your target audience/consumer, and where some market research would be very useful. Even if you have a limited budget – the internet is great for polling, social media scanning, and searching through other’s research. Decide on a font, a colour scheme, business card, create a logo in a number of formats so that it is adaptable for all social media platforms (cover photos, background photos, etc. which are all somewhat unhelpfully different sizes and formats!). Get the website working, and looking beautiful – DO NOT settle for one or the other.

 

4)      Get financial

As a start-up, for the first few months you probably would have been winging the finance side. Using savings, parents, and making the most of free resources which is a necessary process but once the foundations of your company are secure and you have a workable concept you need to start thinking to the future. Consider partnerships with more well established business, exploit your personal networks and search for potential investors, and start to think of alternative sources of revenue in addition to your product/service such as website advertising space etc. Search Engine Optimisation figures start to become important here, which is where the next two tips come in.

 

5)      Get social

Now your business has a personality, a brand, an image, and a market context, it is time to promote all this through the channel of social media marketing. As a busy business mogul this is something that is cheap and easy to outsource even if it is something you feel you can do yourself. There is more to it than first meets the eye. You need to be seen to be an active voice within your target market, and within your industry. Blog, tweet, and post about things above and beyond your product and/or service to raise your SEO and your reputation as an industry leader. It is important to create synergy across your whole web presence.

 

6)      Get connected

As well as the online stuff you need to get out there and get seen. Grab your business cards and visit every event or occasion relating to your business or industry possible. Exploit your personal connections, and make sure those you already know if your field are well aware of your endeavours. This is where personal social networking (both offline and online) becomes key. You as the CEO are the physical embodiment of your company person and so when out and about you need to be the brand you’ve worked so hard to build.

 

7)      Get real – don’t lose site

When things really start to get off the ground you may lose track of who you are, why you started this, and where you are going – well don’t. Always remind yourself of the day you dreamt all this up in your bedroom, when it was all just a pipedream. Like I said at the beginning of this piece ‘the psychopath’ mantra of the business entrepreneur is outdated. Although you need guts, gusto, and gumption to succeed, you also need to stay grounded and not lose site. Stay true to who you are, and your morals.

 

8)      Get growing

As your enterprise expands, make sure you grow with it. Whilst staying true to yourself, you must adapt to the changing environment and customer needs. You will continuously need to expand your team and your resources and make sure you do this with maximum efficiency. You’ve got the brand, the image, the personality, but the growth trajectory is what will create your corporate culture.

 

9)      Get loud

As well as networking, you must start to consider the use of external PR and marketing avenues. Get other people to want to shout about your good work for you. As a start-up entrepreneur – your story provides a good hook for journos – so use it! The more people you can get talking about you with minimal input the better. Social media competitions can also be a good way to do this.

 

10)   Get a drink!

Then it is time to sit back with the champers and take it all in! Although starting a business is a 24/7 mission, remember to take some time out for yourself and take stock of what you have achieved. If you don’t you will hit a breaking point, and end up breaking the business you’ve fought so hard to build and protect.