The true definition of ‘startup’ is disputed amongst many, but the real meaning, and our main goal at Fenetic Wellbeing, is turning your business idea into a reality. The title of startup doesn’t expire, but it isn’t one that many entrepreneurs want to retain for too long. If your startup is a success, you have a trusted business method which works, and you have sourced the very best products, your startup will graduate to become a company.
Between March 2020 and February 2021, there was a significant 50% increase in Google search volumes for the term “start a business”. With so many of us wanting to begin a new venture, Yorkshire based Fenetic Wellbeing wants to help you turn these great ideas into successful startups.
We created a useful guide exploring the basics, advice, and how to protect yourself and your startup with the aim of helping you to navigate the great wide world of business.
Prior to doing absolutely anything, set aside time to undertake extensive research, analyse to find potential product gaps in the market and establish if there any market competitors who offer an existing, successful solution. Having this vital information will help you to lay solid groundwork and increase the chances of your success.
Whether or not your startup comes to fruition is dependent upon two things.
The first is you. You must have a strong work ethic and resilience; you’re battling against thousands of other startups for funding and market-leading expert backing. Have belief and confidence that your business will succeed, and this will resonate with those you’re pitching to. Remember, they’re buying into you as a person as well as your business idea.
The second is the idea. When thinking of a new business idea, undertake extensive research, analyse to see if there are any gaps in the market where a consumer’s needs aren’t being met. Also look to see if there any prospective competitors already offering a solution. If you find a gap with no competition, it can make the process a lot smoother overall. But, if there is, it doesn’t mean that you must leave your business idea dead in the water, but rather find the USP – unique selling point – and lead with that. Tell others why yours is superior and how it’s different to what’s already available.
Protect everything. It is vital that you have a clear and structured operational and legal strategy. Intellectual property encompasses the subjects of trademark, copyright, patents, and trade secrets. This means that uses of registered designs, trademarks, certain elements are protected by law and should anyone use it without the owner’s permission, it is a criminal offence.
Who and what you surround yourself with when creating your startup is very important. The reason being your idea is unique, and should there be a team conflict, one party may attempt to steal the idea and market it before you do. It is therefore very important to ensure you take all the legal action required.
Forbes highlighted their top 25 tips for a startup, and we have handpicked what we think are some of the most notable.
- Have a clear business roadmap from the outset
- Form strong relationships with suppliers, delivery companies, manufacturers etc.
- Choose your team wisely as they play an integral role in the success of your startup
- Solve real world problems with your product. Always remember to ask yourself ‘why would the consumer want this product?’ ‘why would they care?’ at each stage, as this will help you to narrow down to your key message and purpose
- Trust yourself, be patient and enjoy the process. You have worked so hard to get to this point, so it’s a privilege to watch it unfold before your eyes
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