Domestic startups raised US$212million worth of capital in 2022 – an all-time record, the Ghana Innovation Ecosystem Report 2022 has shown.
In UK, between March 2021 and March 2022, more than 750,000 new startups were founded in the country, and the most successful sector for startups in the UK is fintech. However, there have been challenges in the startup market, with nearly 40% of startups failing because of poor financial management. Other factors that impact startups include lack of brand awareness and ineffective time management. Today’s article by SamBoad Business Group Limited will look at these areas and provide helpful advice on improving them.
LACK OF BRAND AWARENESS
Marketing is a crucial part of any successful business, regardless of the industry you’re working in and the size of your company. It would be best to have an effective integrated marketing campaign to increase your reach and frequency amongst your target audience. That means depending on your market sector you may want offline strategies, such as passing out brochures or business cards, and online strategies, including building an online social media presence. Without these all or some of these things, you’ll fail to gain brand awareness, loyalty, and a competitive edge.
With that said, marketing doesn’t have to be complicated. Sometimes, exposure can come from little things, such as brand personality or name. A unique and creative business name can help you stand out from your competitors and keep you at a consumer’s top of mind. If, for instance, you’re worried you can’t come up with something creative enough, you can get ideas from a business name generator. A business name generator is an AI-powered tool that lets you type in relevant keywords to your business, creating thousands of combinations for you. For example, if you want to create a gaming startup, you can type in keywords like ‘gaming’ or ‘esports’.
POOR FINANCIAL MANAGEMENT
Marketing can be a big challenge for startups, as can financial management. One of the biggest reasons new companies fail is not only because of a lack of brand awareness and engagement; people also need to pay more attention to how much revenue they will bring in than their costs. In other words, when a startup’s costs are higher than the revenue it’s bringing in, the chances that the business will remain afloat are low.
However, this can be avoided by ensuring you understand all the potential costs your business will incur. To make a profit, you must also have an acceptable price strategy. Again, this goes back to marketing and ensuring you’re following the four P’s: product, place, price, and promotion. Another helpful tip for financial management is creating a cash flow forecast, which will help you predict your profit, sales, and loss. It will surprise you to know SamBoad can assist your brand with these at a very less cost. WhatsApp SamBoad by Clicking HERE
INEFFECTIVE TIME MANAGEMENT
Lastly, time management can make or break a startup. While the steps you take when launching a business can be subjective, it’s also helpful to follow a hierarchy to know you’re completing the most critical tasks before moving on to the next thing. For example, when you’re so concerned about other things, such as creating cash flow forecasts and launching marketing campaigns, it’s easy to lose track of what you need to do at the exact moment to ensure success. It’s possible to manage your time yourself, but if you find that this is something you’re struggling with, you always have the option of outsourcing. Outsourcing tasks means giving specific tasks, such as building your website, to a third party who will do it for you.
DON’T STOP BELIEVING
Creating your own business is an admirable venture. It takes a lot of time, commitment, and hard work like SamBoad in existence since 2014. While it’s never guaranteed that your business will get off the ground, you can increase your likelihood by ensuring you develop brand awareness and have effective financial and time management.
SKB Journal appreciate you a lot for reading! If you enjoyed this piece by Samuel Kwame Boadu, kindly hit the share button and help others to also see it. You can also like our Facebook page, so you know when we make new posts or Click to JOIN our Telegram Channel where we post JOBS + TIPS