About 476 000 new businesses created each month according to reports. Many will “fight” in the early years and half will fail.
On the other hand, the other half will succeed.
Knowing what divides, those that achieve success and those that fail, can make the difference in life expectancy of a startup. The driving force within a company and promise to its customers are the ones that drive the business forward and keep it on track, so they are essential to the success of a business.
But it is not as easy as it seems. “We will be the company that takes care of you.” There are 30 million companies in the US alone. Each with its own trademark. How can I find a place for your new business all this? How could identify people be?
While each brand is different, has a similar path to successful companies find their place.
1. Clearly define your business idea
You should have a clear niche in the market. Think about what makes your product or service different to others on the market. Once you clarify what you will offer, you should focus on how you can do it in a superior way.
Cinnabon began in 1985 with a very clear idea: “To become cinnamon-the best in the world.”
Now they are a global phenomenon.
Everything begins with a clear business idea and a superior offer.
2. Having an ‘ideal’ for your business
Successful brands are typically grown from a vision or a great ideal addition to financial success. An ideal serves as a guide that will keep your business on track and will help it to become a brand, rather than another product on the market. This will help create a lasting loyalty with customers. To find this for your business, fill in: “We exist to _______.”
3. Identify your audience
Your product will not be displayed to all customers in the market because it can be very expensive to do so. An audience of well defined will help you build a good product and go with the best idea. Create a clear picture of your target ideal customers and focus your efforts on them.
4. Understand your business mathematics
You need to understand basic mathematics that determines how stable can be your business. You should be able to answer simple questions like “What is the production cost of a product?”, “How much should I sell to cover the costs?” And “How long will it take to pay off debts? ”
A successful business is one that creates value and generates profit.
5. Make a plan
To a composing your plan, then a physical document that describes what you want to achieve with your brand, what will you offer, customers who want to withdraw, how will you achieve them, how much money you make and how you will measure success.
This will not only bring discipline in your business, but also will become the business plan to be shared with potential investors.
Do not forget that of creating a brand is similar to interactions with humans: We become known, we buy their goods or services, we decide whether we like it or not and then begin to have or not a relationship, deeper and more rewarding.