According to a recent article in the Independent, 70% of would-be entrepreneurs are daunted by the possibility of not succeeding. Fear of failure is understandable, but mistakes are inevitable when starting a business. In fact, some of the most successful entrepreneurs out there believe that their past failures actually put them on the road to success.
Trial and error is the best way of finding out what works best for your business and, with the right support, it is possible to weather the storm and come out stronger. Could it be that British entrepreneurs are afraid to start up an SME because they do not have the correct support through the good times and the bad?
Starting up a business is a daunting prospect for anyone – and the current economic uncertainties post-Brexit aren’t making things any easier. As an entrepreneur is it easy to focus on the difficulties you stand to face when starting up a business; the sleepless nights, the time, money and resources invested. But such drawbacks don’t have to mean the end of the dream.
What today’s start-ups need is the right team of experts around them. A crucial factor in any SME’s long term success lies in the public’s perception of their brand. The first few weeks and months are paramount; mistakes in the first few months of launching could make the road ahead significantly harder, as you struggle to win back public support.
All new businesses need to think carefully about where they spend money, and, more importantly, where they can save it. There are some things you can do yourself to cut costs as a new business; working from home as opposed to renting an expensive office, engaging freelancers instead of full time staff, or hiring IT equipment rather than buying it, for example.
Other things, however, really ought to be outsourced to specialists. When you start out, you need to be sure that you are producing sharp, engaging content from the outset. Your website needs to be easy to navigate with your product or service clearly explained on the homepage. Your marketing material needs to get straight to the point in an interesting and engaging way. Unless your business is communications, these jobs should be outsourced to communications professionals, who can take the burden off you.
Once your site and marketing material is up together, it’s time for you to go public. Engaging a PR team, with contacts within your target media, will result in your new business getting noticed by the right people, and it is the job of your PR team to manage the way your brand is perceived by them. Whenever you see an article about a new product or business, the odds are there is a PR team behind it, crafting the messages to ensure their clients’ voice is heard.
Many start-ups today are also keen to get themselves a good social media following – and quite rightly so. There is still room for traditional PR for SMEs, but that doesn’t mean that new businesses should shy away from social media platforms. Almost all PR agencies today have a social media specialist on their team, who can advise on tactic and run feeds on their clients’ behalf.
You’ve taken the plunge and launched a business – already you have shown the courage that many others haven’t yet found. Communication from this point is vital: if you have an amazing product, make sure it’s heard about in all the right places, in all the right ways.