Startups in London are quite common and you’re no different. But what makes you stand out as a startup in London? Why should the average customer choose you over the next guy that does what you do? In this article, Drop Studio answers your questions!
In this blog we’ll explore:
- What is a startup
- How to run a startup in London
- How to position your startup for success in London
- How to fund your startup in London
What is a startup
The term startup refers to a company in its first stages of operations. Startups are founded by one or more entrepreneurs like you and your partners (if you have any) who want to develop a product or service for which they believe there is demand. Startups generally start with high costs and limited revenue, which is why they look for capital from a variety of sources such as venture capitalists.
Startups are companies that are focused on a single product or service that the founders want to bring to market. These companies typically don’t have a fully developed business model and, more crucially, lack adequate capital to move onto the next phase of business. Most of these companies are initially funded by their founders.
How to run a startup in London
Well, you’ve started. That an its own is an achievement. You had an idea that you thought would make a difference. Believed in it so much that you decided to make it an actual business.
Your first step in learning how to run a startup in London is to identify a problem and solution. This is because successful startups begin from business ideas that fill the needs of a group of customers. But your idea doesn’t always have to be a new one. You can update existing products or services in a way that’s better for the consumer. Like Mark Zuckerberg. Okay, not so much like him, but you get the picture.
For instance, Apple started from Steve Jobs’ original idea for a computer and has since created enhanced versions that better fit the market. They’ve also continued to evolve newer products.
The cost of a startup is different for every business owner. However, no matter what your costs are, you’ll likely need to get startup financing.
There can be a lot of risk in starting and running a startup. That’s why you’ll need essential business advisors to help guide you along the way. Building the right startup team is especially important in the early stages of small businesses. This means you’ll want to carefully select your team, investors and who exactly you work with.
How to position your startup for success in London
Okay, you have an idea. Now what? At its core, positioning is a statement. It’s a sentence or two that clearly defines the problem you’re setting out to solve and why your solution is compelling.
Your positioning statement should remain internal, but it’s critical to everything that follows: Aligning teams, hiring the right people, developing the best product, communicating the value of your work — the list goes on. It all starts with positioning.
“You need to position your product in the mind of your user, and that requires taking your potential users into account, assessing the product’s strengths and weaknesses, and considering your competition. There are so many products out there, and people are busy. You have to know who you are.” – Arielle Jackson
Starting and running a startup in London means nothing if at the end of the day you have no solid plan of action in place. Yes, you have a great idea but what problems are you solving? Who are you targeting? Essential questions to ask yourself when positioning yourself in your market are:
- What’s different about the way your product/service works?
- Why do you do what you do?
- What is your broadest circle of prospective customers?
- What pain points are these customers experiencing?
- What’s in it for your customer?
- What other companies solve similar problems? How?
At the end of the day, customers are human. They support what serves their needs. Not what looks the prettiest.
How to fund your startup in London
Okay, now you need funding. So did every other great business out there! You’re on the right path.
Trying to secure that much needed funding for your business to scale is no easy task. It may be an emotionally taxing experience.
That’s where Drop Studio comes in.
We can help. We are proud partners of Crowdcube and Indiegogo. We assist ambitious businesses like yours in communicating their ideas, with outstanding crowdfunding video production, campaign design, crowdfunding marketing, PR and more.
We support you as our clients in finding angel investors, venture capital investors and to run successful Crowdfunding campaigns. To date, we have helped raise over £50 Million for our clients. You could be next.