Although it’s never been easier to set up a business, to make it profitable isn’t straightforward. Typically, a startup has to go through a year or two of hardships before they come out the other side. Even then, the profit margins are by no means guaranteed. Lots still struggle to break even.
The idea of being able to bypass the hassle in two-weeks rings alarm bells, and it should. However, the concept here is to tweak the things which allow businesses to stand out from the crowd. Think of it as supercharging the strategy and shaving off the excess days.
These are the things to focus on as the CEO of a startup.
Be Unique, Stand Out from the Crowd
Over the months and years, companies often come across their lane. Suddenly, it dawns on them how to appeal to a niche audience and make more money. So, all you have to do is work this out in advance. Start by concentrating on the product or service as this is what will sell. What makes it innovative? After all, customers are looking for creativity above everything else. Next, move on to standing out from the crowd. What solution are you providing which isn’t available yet? If the answer is none, then how can you fix this?
Be Savvy About Trademarks and Copyright
One of the main reasons businesses fail, apart from a lack of resources, is predator tactics. Big firms with lots of money see what you have to offer and copy it and put it on sale. Because they have the reputation, their sales are bound to outstrip yours.
The first thing to do is to apply for a trademark. If the idea is golden, then there is no point in taking a risk. Also, make the patent and trademark as specific as possible. Dyson has technology which is impossible to replicate without infringing their rights thanks to their paperwork.
Leap For Help
You’re new to the industry, so don’t pretend as if you know everything. In fact, it’s better to do the opposite as you’ll soak in more information. Remember that knowledge is power. There isn’t always a mentor to lean on, but there are companies such as LEAP with their two-day kickstarter. Because it’s only 48 hours, it’s a small chunk of time yet it’s filled with info on how to set up and what errors to avoid. Thrifty startups can use YouTube and online resources as the foundation of their understanding.
Emerge As A Butterfly
Traditional markets are accessible because of the ease of understanding and the fact the basic tools are everywhere. Think about a retail store, one which you can run from home via eBay.
However, the competition is too great and that impedes your bottom line. To make a quick and lasting profit, the emerging markets are much better options. The potential for growth is huge and they’re cool enough to create a buzz. The vegan fast-food industry is a prime example.
Do you think it’s possible? Are you going to give the two-week test a try?