5 Start-Up Mistakes & How To Avoid Them

1. Overthinking it

You want things to be perfect and you spent hours and hours brainstorming company names for your new business. Your dad likes ’Solid Personal Training’ but your cousin thinks ’Muscle Mike’ sounds much better. You are confused and thinking of giving up already.

Our best advice: just go for it! Of course, the right name is very important. It should be memorable, reflect what you do and help you rank well in Google (SEO). But you need to get used to being challenged and tweaking things along the way. Business names can be changed. Logos can be updated. As long as you provide services and products people want, your name does not matter that much.

The company name should be:
 
  • Not very long as this could be impractical (for example it’s tricky to design a logo for a company with a long name; your company email could end up awkwardly long; the name will be difficult to memorise)
  • Memorable and reflective of your company, what you stand for and what you offer
  • Not limiting (for example ’Solid Personal Training Ltd’ would be more limiting then ‘Muscle Mike’ as your company will evolve and may eventually stop providing PT services but still help people get fit in other ways.
 

2. Confusing Company name with the domain name

The company name is just that – a trading name you register with Companies House. A domain name is the name of your company online. Because online is the way people find services and products the domain name is the base for your branding. It will also be used to set up your company email address and website.
 
The best domain names, which include popular keywords (such as ‘personaltrainer.com’) have been sold or would be very expensive to purchase. But with a little imagination, you can obtain a good domain name for less than £50/year (MuscleMikePT.com).
 
You could even purchase a couple (or more) domain names and point them all to show your website. Or your Instagram account. Or any other website on the internet. This is great if you are not yet ready to build a website just yet.
 

3. Not having a (business) plan or failing to identify how you will make money

The main goal of any company is making money. Some people think that launching a website means they have a business. But very few websites can do that directly. Some websites help make money indirectly – for example adding credibility to your business. Nobody wants to do business with a company without a website.
 
Some of the essential elements of a business plan are:
 
  • USP / Unique Selling Point (this is how you are different from the competition, for example, you offer 30 Day Guarantee, you deliver services quicker than anyone else, you specialise in bespoke / made to measure solutions, etc.)
  • UVP / Unique Value Proposition (this is what you offer to deliver: Fully bespoke, made to measure furniture, Diet plan tailored to client’s lifestyle, Website which ranks well in Google, etc)
  • Target audience and Buyer persona (who is your ideal customer – what age, what problems, where to find them what they are looking for)
  • List of services and benefits they bring your potential customers (Logo Design – which makes you stand out and resonates with your audience)
  • Financials (Startup budget, Running costs list, Marketing budget)
  • SWOT (Strengths, Weaknesses, Opportunities and Threats)
  • Marketing Strategy (even if this consists of posting on Facebook groups, emailing your family or attending events you should have a list of emails/ events/ links ready to go)

 

4. Not doing the homework

Research is key for all start-ups as it saves time and money later on. Many people choose to skip the research and it is the worst mistake you could do. However, not knowing what to research and overthinking it could mean that you are stuck before you even started. At Branderbee we research your industry and competition to identify opportunities within your niche. So your logo and website are specifically tailored to your target audience helping you sell your services from day one.
 
See what’s included in Logo Design
 

5. Using fivver over professional services

We love a good bargain too! But if you pay somebody $5 for a logo design you must wonder how long will they spend researching your niche and coming up with great logo ideas? Not very long (unless they are happy to be paid below National Minimum). Also, people who work abroad do not always understand the context of your company and certainly have a limited understanding of your target audience.
 
 
If you need help with your branding or would like us to design a fantastic logo for your company call now: + 44 (0)7513 633 470

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