You’ve finally got that great startup idea you’ve beenwaiting for! Your ready to make a ton of money. But before you dive into the abyss that is the startup game, you should take care to avoid some of the big mistakes that new startups tend to make. Here are a few of those major pitfalls, and the steps you need to take to avoid them.
Find Your Niche
If you try to be everything to everyone, you may end up being nothing to anyone. Don’t go in trying to be the next Facebook. Facebook didn’t even know it was going to be the next Facebook, it just wanted to be a simple yearbook service for college kids. Your company may evolve into something different down the road, but to start off, you should specialize in something. Find a place where you fit in easily, and then find out where you can expand as you grow your business. A big idea is great, but there’s no shame in starting with a smaller scope. This will help you stand out from the crowd and build your brand.
Prepare, Prepare, Prepare.
Even though you are starting with a small scope, that doesn’t mean you shouldn’t see all the angles. Make sure you master your niche, and plan out a strategy that is detailed and exacting. A lot of the work is done when writing your business plan, but you should also make sure you are prepared for everything that could go wrong should a storm cloud or two come your way.
Part of being prepared is knowing which opportunities to throw your money at. Do a ton of market research, and find out what works for your industry. A lot of marketing dollars have been wasted on expenditures that do nothing to grow a brand, and as a fledgling startup, its doubtful you can afford to blow much cash. Know full well that your getting the most bang for your buck. That doesn’t mean you can’t get creative, but you should know the rules before you decide to break them.
What do you want your brand to convey? Does your logo and brand name compliment that vision? Finding the right name and logo for your business are pivotal factors in building a brand that people want to engage with. You want to stand out, to have customers see you, and see you the way you want to be seen. Trying to do this yourself is like trying to learn the violin in an hour. It is a futile and often frustrating endeavor. If you want to get it right, you should let the pros handle it! Visit Brandbucket today and see what we have to offer. You won’t regret it:)