My business, Something Big, works with a large number of start-ups and established businesses. We help them to focus their marketing efforts with the aim of achieving growth. Often, I draw on my own experiences, of course, gained while running our business for ten years. I’m also able to draw upon seeing how other clients get over the hurdles they face. Here are the five key start-up lessons, marketing and otherwise, I’ve learnt.
1 Have a plan
It’s an obvious one and something everyone will advise, however, you’d be surprised at how many businesses have come to me in the past ten years with a list of marketing “ideas” yet no idea of budget or likely return on investment.
Your marketing plan doesn’t need to be ‘War and Peace’, but it should contain: a detailed description of the service/product you’re offering; a profile of your target customers; and a broad set of activities that will enable you to communicate with them.
2 Sweat before you spend
In the early stages it’s easy to get excited and run down to the local agency to brief the designers on your new flashy logo, business cards, website and launch campaign, but before you dash out the door, I urge you to sweat a bit first.
By this I mean make those uncomfortable cold calls; knock on a few doors; trawl the net signing up to every free online directory; make the most of social media and bring in some business before you spend your valuable start-up budget. All of the above will help you decide how to position your business better anyway, as well as pay the designers.
3 Don’t give up your day job too soon
Many people, as I did, leave their jobs in large companies to start new ventures, which is a good plan, but don’t resign too early. In those precious early stages of your business it’s great to know you can still afford to pay the mortgage. You may feel that doing a day job holds you back from getting on with your new business, so make use of your time, whether it’s getting up half an hour earlier to do some online research, making five targeted telephone calls during your lunch hour or banning yourself from TV a few nights a week. If you have the focus and determination, you can do a lot of business planning while holding down your day job.
4 Take good advice and listen to it
This has been one of the keys to unlocking the success of my business. I might be an expert at what I do, but that’s design, marketing and print, not being a financial director, HR manager, landlord, business strategist or any of the other hats I must wear everyday. I take the “ask an expert” option everywhere I can and 99 per cent of the time it gives me an approach I wouldn’t have otherwise taken. Seek advice from people with the necessary knowledge and experience and listen to them carefully.
5 Work “on” the business as well as “in” it
This is one of the golden rules that is usually hardest to achieve. It’s easy to get stuck into the day-to-day of running your business, because that’s what your job is, but in a small business, you’re also responsible for keeping an eye on the future and that means knowing what your competitors are doing, knowing what market trend is about to hit you where it hurts and being at the forefront of your sector, so stick your head out now and again. Good luck.