Are you considering building your start-up anytime soon? Or, have you set up your start-up and are looking for the best strategies to take it to new heights? Whatever the scenario is, we congratulate you for saying a big YES to your passion and taking the boldest step to do something of your own. Starting a start-up is no easy job. And, taking it to a new height is another challenge.
Let’s look at some of the statistics about start-ups- Most start-up companies started as home businesses. The birth rate of start-ups ranges between 11.9% and 14.6% between 2015 and 2020 in the UK. Only 4.3% of these start-ups show high growth. And, the average 5-year survival rate of UK start-ups is around 42.4%.
Here’s an eye-opening scenario - the majority (almost 80%) of businesses fail within the first two to three years. So, it clearly shows that only going with the flow of your inner desire or passion won’t help you to become successful. You need to be proactive and open to learning and identifying the strategies to generate high revenue.
Don’t be among the 80% of start-ups that fail. Instead, start by spending 8-10 minutes reading this blog. You will be equipped with tried and tested business strategies (from over 20+ years of business experience) to help you 10x your business growth.
You already know that we can’t promise to bring success to your start-up. However, in this blog, we will give you valuable insights and practical result-driven guidance from our business storytelling coach. We’ll explore the pivotal role of storytelling for start-ups and how it can forge deeper connections with your customers and pave the way for growth and business expansion.
Let’s Explore the Reasons why Start-ups Fail
Money ran out - This commonly cited argument doesn't really explain why a start-up failed. Entrepreneurs must identify why money stopped pouring in and why the cash flow dried up! There could be a plethora of reasons behind it. Maybe this happened because of ineffective cost management or insufficient sales. Well, there could also be instances where entrepreneurs fail to secure finance or additional financing required to operate a firm, especially in the early stages.
Failing to understand the Market - No doubt, this is a vital reason that either helps a business thrive or fail. Why? Because most of the time, start-ups fail to understand the fact that not everyone is their ideal target customer. Moreover, they don’t know how to filter the right audiences and target them with a highly attractive personalised customer message.
Lack of research - Many start-ups fail because they don’t meet the expectations of customers. There are entrepreneurs who have pre-set belief systems that tell them that they have great service or product to offer. But they fail to understand what customers want. Your business can only thrive when you address the pain points of customers while providing the right solutions. That’s why it’s important to talk to business storytelling coaches or experts who can help break the preset mindset and help you think from a customer viewpoint. You need to do lots of homework and research about customers, their behaviours, pain points, demographics, etc. before you land your offer in the market.
Not approaching a business coach: Too many entrepreneurs start their businesses out of their passion or desire to become a big name in the industry. They don’t have a clear idea of how to build a successful brand story, and how to show that they’re better than their peers. Only an experienced business storytelling coach can help in this context. Why? Because they are professionals with years of experience in various types of business skills and real expertise. Approaching one of these storytelling coaches can be a true game-changer for your case.
What Should Be on Your To-do List to Avoid Failing
Have Goals - If you don’t have a goal and a timeline to achieve it, you will never know exactly where you need to be and where you want to be at a specific point in time. When you have goals, you will be clear about the things to do to achieve the goals.
Choose the right target avatars- It's tempting to appeal to everyone, but this approach often leads to diluted messaging and inefficient marketing. Targeting a specific audience allows you to use your resources more efficiently. You can focus your marketing efforts, budget, and time on the people who are most likely to convert into potential customers.
Learn the game of personalisation: Tailor your products, services, and marketing messages to a specific audience. This enables you to speak directly to their needs and preferences. How can you master the skill? Reaching a storytelling coach for start-ups will be the right move. By understanding your niche market better than your competitors, you own a competitive edge. You can develop storytelling techniques to devise messages and build a reputation as a go-to provider for that specific customer group.
Conduct Research - Conduct in-depth market research to understand your industry and identify gaps or opportunities. Look at your competitors and analyse their customer base. Learn about the demographics, interests, pain points, and behaviours of customers. This helps you visualise and empathise with your target audience. Once you've created personas, segment your target audience based on common characteristics. This segmentation allows you to tailor your marketing efforts to each group's specific needs. Continuously test and refine your target customer strategy based on feedback and data.
Identify Unique Selling Proposition (USP) - If you want your business to distinguish itself from others, you need to understand your USPs. You should develop a concise and clear statement that demonstrates your USP. Using the power of storytelling will help you resonate with your target audience and highlight the unique benefits they'll receive. Weave your USP into your brand story. Share why your business exists, what problems it solves and the impact it has on customers' lives. You can also showcase positive reviews and testimonials from satisfied customers who have experienced the benefits of your USP.
Don’t Quit- You will experience downtimes no matter how successful your start-up is. There will be times when things seem to drag on and you question your decision to take this path. Just don’t quit. Set up 1 to 1 time by consulting a business storytelling coach or take a step further and enrol in a business storytelling training course.
In conclusion, we hope it is very clear to you that you need to unleash the power of business storytelling to empower your start-up to identify profitable target avatars, devise personalised messages, and communicate and demonstrate distinct & unique USPs to drive growth.
Next Dimension Story is here with an exciting series of free webinars for entrepreneurs who are willing to turbo-charge their business growth. Joining one of these free LIVE webinars from Next Dimension Story will expose you to the practical techniques to drive 10X business growth.
What will this webinar offer?
Understanding the foundations of marketing and branding
Identifying the target avatar who wishes to hear from your brand
Deeply bonding with your avatar via emotional tension identification
Identifying USPs that entice your avatar to buy from your company and subsequently become brand advocates
Opportunity to UP-SKILL and master top marketing & branding techniques via online courses
Click Here and choose a date and time for this webinar and sign up for FREE.
After you complete this webinar, you can take 1-to-1business storytelling training to get tailored suggestions and practical solutions to take your business to new heights.