Starting a new business in a highly competitive industry is rife with challenges. There’s a big difference between having a great idea and creating a successful startup company, and the reality is, ‘being passionate’ and ‘staying focussed’ can only get you so far.
Hatch Quarter have experienced this challenge first hand, and much like a secret recipe, have discovered a pivotal list of skills all entrepreneurs can master, to truly fast track their startup’s journey.
Research and Develop a Detailed Business Plan
For any startup entering a competitive market, research is key. Analysing what risks come with entering a specific market, and finding your businesses’ competitive advantage against current industry leaders, enables you to position your company in the market strategically and plan convincing objectives accordingly.
Thoroughly understanding your competitors makes the transformation of an idea into a viable company, that much smoother when finally put in writing. Business plans are essential for all startups to help define priorities, develop goals, map your route to success, and a chance to showcase how your business can effectively stand out in the industry.
Build Your Support Network
Surrounding yourself with the right people and developing a team is an integral step in building your startup. Regardless of whether you prefer working collaboratively or independently, the opportunities that come from developing a strong support network far outweigh the negatives.
There are plenty of groups and forums in Victoria that provide great networking opportunities for like-minded entrepreneurs, among other benefits. We recommend looking into the IEA (International Entrepreneurs Australia) to get you started.
Become Really Good at Pitching
If you’ve never been a fan of public speaking, now is the time to conquer that fear. Pitching your business to an investor, potential client or consumer is one of the most important skills an entrepreneur will need in their professional life. And for new business ventures, the value of preparing a good pitch extends far beyond just getting a foot in the door.
While being passionate about your company is the first hook to any investor, they want to see if you know your numbers well enough. In any pitch, focus on the statistics you truly believe are indispensable to your company’s story.
Secure Appropriate Funding
Like any business venture, you’ll need adequate capital to get yourself off the ground. However, there’s no magic number that applies to all businesses. While startup costs will obviously vary from industry to industry, why not make matters easier by reading up on government funding?
Fortunately, the Australian government provides fruitful grants and initiatives supporting startups and innovation–funding that can really help transform your startup from a good one, to a great one.
Pursue Grassroots Marketing
Getting your startup’s name out into the world can be difficult, especially when on a cut-throat budget. We definitely suggest pursuing grassroots marketing by building up your social following through social media. It’s largely inexpensive, but why stop there?
Launching a crowdfunding campaign is always a good option when trying to reach a wider audience. Regardless of monetary value, it is an excellent method of gaining buzz and buy-in from possible customers as they emotionally and financially invest in your business.
In Need of Extra Help?
It’s always great help, investing in mentorship and advisory from startup incubators and accelerator programs! If you’re a Melbourne based startup, Hatch Quarter can guide you through the early stages of your journey and assist you in developing a scalable business.
Our multilingual Startup Quarter Playbook is on the road to completion. Filled with first generation migrant entrepreneur stories and business insights, this could be any young entrepreneurs key to success!