With a plethora of new businesses setting up in the UAE, it may appear that everyone can launch a company.
This is, in fact, not entirely true.
Hearing amazing success stories of startups and the glamorization of entrepreneurship, it can be very tempting to quit your job and be your own boss.
However, the harsh truth is that only 12% of first-time entrepreneurs succeed. The key question here is “What raises the chance for my start-up to do well in the market”?
While some rely purely on luck and others on expertise, there are few things we can learn from branding industry, before moving forward with confidence.
Finding the Why
Perhaps the most important ingredient in starting your own business is being passionate about your idea and translating that message into why you do what you do to a greater audience.
Bearing in mind that money is just the result, what is the fundamental purpose of the project you are bringing to the market? Being an entrepreneur can be one of the toughest jobs you will ever have, and passion will help you go through the most difficult times.
For those struggling to find their passion, understand that it doesn’t have to be a hobby that makes you happy today, but something that is deep rooted in your childhood or an experience that can now be channeled as the key driver of your business.
Finding the “Why” will be your key-differentiating factor, as building a brand is about establishing your story to connect with a target market. With Gen-Z on the way, your brand will need to connect on a human level, where feelings and emotions take over buying decisions.
Observe. Observe. Learn.
It may sound obvious, but research and understanding your market is one of the keys and most important phases. Quite often, it is disregarded by the overconfidence and passion in one’s idea, but the golden rule is: “Observe. Observe. Learn”.
To shortlist the key research angles, first, look into your competitors. And that doesn’t mean just locally. Observing your rivals and peers around the globe is your first step to success. That will help objectively evaluate your idea, as well as provide insights into ways to stand out.
Analyze your consumer and market trends, from simple Google search to mystery shopping. If you are on a budget, this doesn’t mean investing in hiring a research company but deep dive yourself into existing customer experiences to find a gap to exploit.
Express your brand
Expressing your brand is not about your logo. It’s about translating your “Why” and findings from your research into how your brand looks and sounds like.
As many entrepreneurs that might be something you would incline to put on a DIY list and unless you are coming from a branding background, that may not produce optimized results a professional firm can give. Expressing your story, from brand positioning and tone of voice to logo, colors, and fonts require a trained eye.
Once you are done with the planning and the development stages, it’s time to introduce your brand to the world. Developing a successful PR strategy is fundamental in taking your business to the next level. It is one of the most cost-effective methods to raise awareness about yourself and what you do, as well as generate positive publicity and effectively manage crisis situations.
PR is more than writing a press release, so make sure you develop a well-diversified, integrated plan, which will include offline and online tactics tailored to your business needs. If you do everything correctly, your key messages will be placed directly in front of the eyes of the right people.
Don’t stand still
Last but not least, running a successful company is about continually innovating and adapting to new market demands. Nothing is constant but change. You research phase shall never pause, listen to your consumer and adjust accordingly. There will always be a struggle between changing too much or too little, yet your core reason “Why” will help you to make the right decision to success.