1. Ensure there is a market for your product or service
It’s common habit by aspiring business owners to assume that customers want the product or service they’re offering. Rather than falling into the trap of assuming, use the feedback of your customers to identify their needs and develop a product or service that is tailored to the needs of your market. Undertake extensive research, ask likely the prospects of whether they would buy what you intend to offer, and how much they’re willing to pay.
2. Know what makes your business unique and create an emotional connection
With such heavy competition among start-ups, there can be a lot of pressure to do what the others are doing to stay relevant. Identify what your unique selling proposition is, stick to your differentiated value statement, and do it better than anyone else. A key way to distinguish yourself in a crowded market is to align yourself with a strong emotional connection to your target market. Products can easily be copied, however marketing to an audience that feels like you understand them is a lot harder for competition to replicate.
3. Plan, plan, plan – but be adaptive
Failure to plan is like planning to fail. Plans change as you learn more about your customers and the market, but starting with a reference guide will help you stay focused and head in the right direction. Starting and building a business is no small feat and you want to ensure that everything you are doing is manageable. Monitor what does work within your plan and be adaptive by refining your approach to reflect these results.
4. Turn your mistakes into learning opportunities
Building a successful business does not come without a rollercoaster of failures and making mistakes are inevitable. Look at each setback as a stepping stone to improve your business and turn hiccups into successes by considering what you can learn and adapt from moving forward. Mistakes are priceless; study them, learn from them and profit. Take risks, because you won’t know the outcome unless you try them.
5. And, never stop learning
Seek out mentors, join groups with like-minded people, and learn all you can about your industry and what it takes to get where you want to be. The market is always evolving, and customers’ needs are always changing. Keep your eyes and ears open to new things. Is there a new and better way to market your product or service? Is there a customer that you should be targeting? Expose yourself to industry news and listening and receiving feedback from your customers. And at the end of the day, demonstrate the value of your customers and partner by giving back to and rewarding the networks that have helped in building your success.
Melissa Haywood, Head of Vistaprint Australia
