How Startups Can Gain An Edge On Their Competitors

by Startacus Admin

If you'd like your startup to get the edge over more established competitors, these basic tips ought to help...

Most entrepreneurs know that starting a business presents a lot of different challenges. Gaining credibility for your brand and winning loyal customers are two of the biggest difficulties every startup faces. While the challenges may sound difficult to overcome, it doesn’t mean it’s impossible.

To succeed as a startup, you need more than just a big idea; the more established your startup becomes, the more your problems multiply. 

So, how do startups gain an edge over their established competitors in the market? Here are three strategies to keep in mind:

1. Digital marketing

Leveraging the power of social media is crucial for every startup. Why? For starters, everyone is on social media nowadays. Moreover, it helps you reach potential customers and build relationships faster compared to traditional marketing. 

With digital marketing, startups can achieve the following:

• Increase conversion rates

• Boost online brand visibility 

• Generate leads

• Improve customer retention

• Monitor expenditures and performance of marketing campaigns through analytics

2. Search engine optimization (SEO)

Another online marketing strategy every startup should use is SEO. It is a cost-effective solution that can greatly benefit your company in the long run. There are numerous free tools you can use. These include Google Analytics, Google Search Console, and many more. 

How often do you scroll to page two of a Google search result? Hardly ever, right? In fact, less than half of one percent of people go to the second page of a search result. 0.44 percent, to be exact.

While the numbers don’t sound exciting, SEO helps level the playing field since you hardly have to spend a dime if you learn how to do it yourself. 

People conduct billions of searches daily, with most needing answers to their questions… Why shouldn’t it be you? 

The more you share knowledge and information, the more credible your brand gets over time. Eventually, when people search for goods or services relevant to your niche, customers will gravitate toward you. 

3. Incorporate your business

Nowadays, startups want to maximize every dollar they shell out for their business. To reduce liability exposure, safeguard intellectual property, and build the trust of investors and clients from the get-go, it's crucial to incorporate your business with experts as soon as possible.

Although you can incorporate your business in any state, a lot of startups and established companies choose to incorporate in Delaware. 

Here are some of the benefits:

Tax advantages

Delaware has a multitude of business-friendly tax regulations. When businesses incorporate in Delaware, they are exempt from the following:

• Property tax

• Value added tax (VAT)

• Royalty tax

Privacy

Unlike most states, when you incorporate in Delaware you don’t need to submit a company organizational chart. Even better, you don’t need to disclose any names of the directors and officers. 

Quick and easy structure

Delaware law simplifies business filing by allowing only one person to hold multiple positions within the company. This includes being an officer, director, and shareholder. 

Court of Chancery

Instead of a traditional court system, corporate lawsuits in Delaware are settled by the Court of Chancery… A court made up of judges specializing in corporate law. You might have heard recently about Twitter taking Elon Musk to court - it’s happening at the Delaware Court of Chancery!

Final thoughts

The COVID-19 pandemic has managed to affect almost every industry imaginable and it is far from over. Nevertheless, it doesn’t mean that your startup can’t succeed! Quite the opposite in fact - if you go in with your eyes wide open, you can turn any situation to your advantage.

With the strategies mentioned in this article, you can put your business in a much better position to take on established competitors. Remember, those that succeed have experienced failure at some point. What’s important is that you believe in your business and tap professionals who can help you on the path to success.

 

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Published on: 21st July 2022