The Covid-19 pandemic has touched almost all our lives and has brought many things to a standstill. What has not stopped, however, is innovation. Businesses continue to innovate, and new companies are popping up every day. According to Sky, 2020 was a record-breaking year in terms of the number of startups launched.
Are you thinking of forming a business? MyHalo, the UK’s digital information vault, is set to launch later in 2021, and this article offers five of our learnings to date.
1. Got a Problem? Solve It
Many of the best business ideas are born from entrepreneurs realising that no product or service caters for a problem that they are experiencing. A solution is subsequently created.
In our case, there was a systemic problem that our information is cluttered in the digital world. We no longer store our documentation in filing cabinets as we may have used to. We store information on our laptops, on e-mail, scribbled down on a piece of paper, or in a letter received through the post. In short, we are often unaware of where the vital documents are, and this can create both pain and frustration. Our solution, in response, was to create a digital information vault that would not only store the information in an ultra-secure manner but would apply logic to help users plan for the future whilst saving time and money.
By solving a problem, you are placing your customer at the heart of your business – the way it should be.
2. Mistakes are Good, Learn from Them
Mistakes will happen, and this is not something to be concerned about. They are a growth opportunity, a chance to gain valuable insight into what works and what does not.
Errors give us a chance to reflect and adjust our behaviour. They are only a problem if we fail to recognise and learn from them.
3. Build a Successful Team if You Want to Succeed
Successful business owners will quickly realise that they are unable to do everything by themselves. Aside from the sheer workload, one person cannot be an expert in all areas.
A diverse team is required. Hiring people who think similarly can prevent important decisions from being challenged, leading to strategic missteps.
Startups are often cash-strapped, and as such, do not have access to the vast sums of money required to build a team. Giving away equity is an excellent way to bring people on board without hurting your cash position. Further, bringing employees on, who see this as a short-term sacrifice, but a long-term opportunity will be invaluable in growing your business.
4. Feedback, Feedback, Feedback
You and your team will be investing blood, sweat and tears into developing the business. Critiquing it and finding problems can be a difficult task for most owners.
Reaching out to non-biased connections or target customers to request feedback is important. This should happen regularly, too. The last thing you want is to build a finished product/service that does not cater for the customers that you built it for. Frequent feedback allows you to spot problems early and continuously improve your offering.
5. Stay Focussed
Create a vision statement: what is the purpose of your business? Everything you do moving forwards should be building towards this. Simultaneously, create a mission statement that sets out a roadmap to achieving this vision.
Both statements help to keep business owners honest and focussed on the task at hand. Do not let your idea snowball. Keep it simple and build something your customers will love.
About the Author
Fraser Stewart is a Digital Marketer based in London, UK. He has a strong commercial background with experience in sales, marketing, and revenue management. He currently works for British Airways but is moving to HSBC in August to fill the role of Digital Acquisition Manager.
In addition, he is studying part-time for a Global MBA with the Alliance Manchester Business School, part of the University of Manchester.
He sits on the Advisory Board of MyHalo, the UK’s ultra-secure, digital information vault, helping users save time, save money, and plan for the future. The platform is set to launch later in 2021. You can visit MyHalo for more information.