For most founders, starting a business is a long, arduous process that involves taking risks right from the get-go – and they’re not about to drop the ball right before launch because the business landscape is looking a little more uncertain than usual.
Nevertheless, current issues such as rising living costs, wages, supply chain issues and inflation are not to be taken lightly. If you fail to protect your business from the effects of this increasing volatility, it could very well become the end of it. Instead of going in blind, read our three best tips for starting a business under less than ideal circumstances down below.
Create a Memorable, Trustworthy Brand
To get off to a good start, it’s important to catch the attention of your target audience and get them excited for what you have to offer – ideally, before you even launch officially. For this, branding and marketing is your most important tool.
You can’t start out strong if your business identity, values and core product isn’t completely clear to you yet. For this reason, you should of course be at least heading towards your final product tests before you start advertising.
Once you have your product down, you can start building your brand. Sit down and brainstorm business name ideas – the business name generator on https://biznamewiz.com/ is a great place to go for inspiration – visual identity, tone of voice, social media strategy and any other relevant aspects of your business’ marketing strategy. Whatever you settle on should perfectly encapsulate your brand’s identity, values and tone of voice – while also inspiring trust and being memorable and easy to pronounce.
Know What to Invest in…
When running a business, people will constantly be telling you to buy one gadget, niche or service after the other. With the way these people phrase their recommendations, you’d think that every single one of them is vital to your business’ survival – but in reality, many of them are deeply unnecessary and could be solved with resources you already have.
Instead of paying every problem you have to go away, sit down and take stock of your essential expenses. Create a budget and pinpoint the services that it makes sense for you to spend extra money on. For instance, many businesses make the mistake of not taking cybersecurity seriously until it’s too late. By investing in strong cybersecurity from the start, you can avoid much more costly issues down the road, which makes it well worth your money.
… and Where to Save Your Money
When creating your budget, it’s also important to look for places in which you can cut down on unnecessary expenses. As previously mentioned, not every interesting new service, trend or luxury is actually going to make a difference for your business in the long run. By saving yourself the money, you’ll have more to spend on the truly important stuff later on.
To give you a current example, many small businesses recently started renting small offices in co-working spaces. After the pandemic, many found new appreciation for the flexibility that these solutions offered, should they have to go back to working from home again – and cutting down on electricity, water, heating, interior decorating and other expenses of renting an entire office building certainly didn’t hurt either.
So, to sum up: It’s all about finding your brand identity and focusing your finances on a few valuable areas that will make a real difference for your business. This way, you’re able to get your business off the ground with your mission and values intact on a solid financial foundation.