Starting a business is full of excitement, apprehension and fingernail biting. At Fifth Avenue Lifestyle, we have guided countless startups into thriving, stable businesses. Throughout our years, we have learnt some real-world lessons. We believe these six guidelines are the backbone of all successful startups.
1. Don’t just sell a product, solve a problem
The greatest measure of success is whether your business is solving a real problem that your consumer is facing. All businesses should meet a need and solve a problem for their consumer. Ask yourself two questions:
- What is a problem faced by my consumers?
- How can my product or service fix this problem?
2. Know your market
Before you can address the needs of your consumer, you have to understand your consumer. This means researching and engaging with your audience, your competitors and the industry. What are you offering your customer that your competitors are not?
3. Hope for the best, plan for the worst
This probably isn’t what you want to hear, but the one thing you can be certain of in startups is something will go wrong. This is why you should hope for the best, but be prepared for the worst. That means two things: getting insurance and doing your paperwork.
Taking out insurance minimises risk and helps to protect you and your business. Consider insuring your company, your income and workers’ compensation if you have staff.
Paperwork might seem like overkill in your business’s early days, but it can make or break a startup. There’s nothing wrong with taking precautions. You should formalise all agreements with a signed contract. This protects both parties from any arduous legal fights, which you will pay for in both time and money.
4. Location, Location, Location
If your business requires a storefront, it’s vital that you consider both accessibility and brand consistency. Many business owners give thought to how central and accessible a tenancy is, but they often forget to consider whether the suburb matches the style and image of their business. These factors are equally important.
5. People should be the heart of your business
The lifeblood of a business is people: you, your staff, your mentors, and your customers. The vision for your company may be ultimately yours to decide, but you’ll need help to make it happen. Your venture may be in its early days, but who you choose to surround yourself with now, is just as important as ever. Even if you only require a small team, carefully hire and collaborate with people who understand your business and fit into your company culture.
6. Have a marketing strategy
If you don’t have a marketing plan, you may as well be shouting into the void. How you package and market your business matters. Your startup will need a strategy about how, when and where you will launch your venture. You should consider calling in the experts and approaching a marketing agency for advice.
Kick-start your startup
Starting a business may feel like a maze of legal issues, financing, marketing and paperwork. At Fifth Avenue Lifestyle, we can help guide you through that maze and lead your company to success.
Our Lifestyle Hubs are the ideal home for your venture; we customise our business spaces to suit your company’s needs. If you want to make your passion your career, talk to our team and kick-start your startup. Contact us.