The ABCs of Setting Up a Start-Up

The start-up industry today is highly saturated. With so many competing fledgling businesses, how can you set yourself apart and embark on the road to success?

The recommended approach is two-pronged: first, identify a problem that needs solving, and second, determine your own unique skill set that can help with solutions.

imtmphoto/Shutterstock: Identify the problems

Start by looking into what you have to offer. Through the course of your career, what specialized skills have you picked up?

You do not need to be the foremost expert in your field, nor do you need to possess vast, extensive knowledge of it.

Your skills can be simple and limited, as long as your understanding is in-depth and informed by industry experience.

The next step is to carve yourself a niche market of customers with similar interests. It is not necessary to design a universally marketable product – instead, focus on communicating with your niche market. Earn the respect of your community by tapping into your knowledge of the field in question.

Jirsak/Shutterstock: Carve a niche market

Securing the trust and business of your local market will equip you with both the reputation and the resources for expansion in the future.

Then you begin looking into a problem that has been unaddressed yet. All successful businesses you see today set out to solve a problem.

Valued at billions today, Facebook was initially created to meet the socializing needs of college students.

PayPal was founded because of Elon Musk’s frustration with the lack of ease and security in existing payment methods.

You can start by asking questions like, ‘what problems do I face in my field?’ and ‘do these problems fall into specific niches?’ This should be followed by the question, ‘what services can I provide to solve these problems?’

Flamingo Images/Shutterstock: Problem solving

Once you have the basics sorted—that is, a problem you can address and a niche target audience interested in solving that problem—you can start pitching your suggested solutions.

Invest time in assembling an excellent team of like-minded individuals who share your enthusiasm but are also capable of challenging your ideas. Aim to create simple, elegant solutions that save customers significant time, effort, and stress.

Identify your potential customers in places they congregate, like social media and meet-up events, and approach them cordially and respectfully.

The process will be slow, so do not expect instant gratification. Keep at the grind, and eventually, your efforts will bear fruition.