Because the United States is a country of innovation it is also a country of dreamers. It should be no surprise that startups happen all the time, every day, in every city. After all, anyone can start a business. You don’t even necessarily have to have funding to start a business. The only issue is that news of success stories seems to come less frequently than the news of a new business opening.
If you’re thinking about a startup, no matter what industry you’re looking at, here are a few things you can do to increase your chances of living out your dream.
1. Creating a Business Name
Your business name is almost as important as your product. That’s because your business name is going to be the first thing your customers learn about your business. If they’re offended by your business name, they’re likely to take their business elsewhere. On the flip side, if they love your business name, they’re going to love saying it, and sharing it.
Think of names like Yahoo and Apple. While their products and services are great, the name of the company definitely helped play a part in their success.
Coming up with a name won’t be easy for everyone. Whether you’re trying to come up with catchy names for clothing line or a name for a dog grooming service, the name can make a strong statement about who you are. Enlist the help of a service such as NAMIFY to help make a list of potential names.
2. Be Knowledgeable
Just because you’ve always wanted to design clothes doesn’t mean you can one day just start doing it and expect to be a success. Have you studied the latest fashion trends? Do you own a sewing machine and actually know how to sew?
Choose a product or service that you know you possess the talent and skill to succeed. It also helps to actually enjoy being a part of that business.
3. Know the Competition
You should always know what the competition is doing. That helps you stay competitive. If you aren’t competitive, then you really don’t have any competition.
It might help to perform a SWAT analysis. If you can dig into the strengths and weaknesses of your competitors, new opportunities could open for your business.
Have you seen a rise in the number of people creating their own flared-leg pants? If no one else is including them in their season collection, here’s your chance.
4. Have a Plan
Last, you need to create a plan for your business. This is your business plan and your marketing plan. Set achievable goals for your first year, and set desires for your second and third years.
Plan to spend a big part of your budget on marketing in the first year. The first year is your opportunity to be seen and become known. If nobody can find you, what are your odds of success? What can you do to help your audience find you?
Once you’ve successfully completed year one, you know you really have a dream coming true.
Through every step of your business, remember you’re not alone. There is help. Whether it’s utilizing NAMIFY to come up with a catchy business name or learning from competitors, at every turn someone can provide you with something beneficial. Be sure you listen.
