Your Business Name and 4 Other Factors That Can Make or Mar your Start Up

by Susan Paige on November 12, 2018 · 0 comments

Starting a business requires understanding of different factors and to what extent these factors could impact on the business.  In fact, this should be your starting point as an entrepreneur who aims not only to make a profit, but build a brand in a constantly changing environment.

In the United Kingdom, the start-up revolution shows no sign of ending.  In 2016 over 650,000 new businesses were established. This fact alone presents a competitive marketplace that requires excellent strategies and execution to stand out among the crowd.

No one wants to start up a business only for it to fold after some months but this still happens every time. Only 50% of startup businesses in the UK survive past five years before folding up. This article will help you focus and direct your resources to the areas that are most important for the growth of your startup.

Your Business Name: Your business name is your brand and your voice in the market; it is also one of the things that separate you from other related businesses. While this may look simple, it could as well be difficult and have a negative impact on your business if not properly developed. The scary truth about this is that 77 percent of consumers make purchases on the basis of a brand name, so a great name can make a real difference for you.  In building a name for your business you must think of the message you want your product or service to convey and the vision behind it, who are your target audience, make the name simple and easy to communicate and be sure no competitor is using the name.

Location: The importance of location to the success of your business cannot be overemphasized as this goes a long way in determining your performance level in the market. It is also one major factor you need to consider during your feasibility study when starting your business, especially if you are thinking of brick and mortal; that is an offline mode of operation. When looking out for your location, consider asking yourself the following questions:

  • Is this location close to my target audience?
  • What is the total cost of operation in this area?
  • What are the rules and regulation related businesses in this area?

Your genuine analyses and answers to these questions will determine if the location is the right place for positioning your business.

Security: Another factor that could determine the success of your business is the level of security you have built as a foundation for your business. One of the ways in which you can achieve this is by insuring your business through public liability insurance which covers important areas of your business thereby securing your business against unforeseen circumstances.

Financial Strength: Many go into businesses without proper financial projection and planning of their financial strength against the future so they crash along the way. This projection involves number of sales, income statement and balance sheet, return on investment and so on for a period of time. Your ability to analyze this factor will go a long way in knowing the viability of the business.

Marketing: Your marketing strategy is another factor that determines if you will succeed in the market or not. This is your positioning and most times it determines how your target audience will perceive your brand. While there are different marketing strategies out there, it is important to note that not all will work for your brand. One of the best ways to successfully carve out a marketing strategy for your brand is by studying top players in your industry and market and understanding their tactics in reaching out to their customers.

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