Half of the new Canadian companies fail within the first five years, while a small percentage become globally recognized brands.
What stops entrepreneurs from reaching global domination doesn’t appear to have much to do with a lack of innovative ideas or funding. According to betakit, tech startups in Toronto raised a record-breaking $1.87 billion in Q1 of 2022.
In a bit to help entrepreneurs based in the great city of Toronto, we’ve compiled our top tips to get your business going and kick-start that globalization.
Set Your Business Some Tough Goals
Setting yourself goals is a huge part of starting a business. We’ve all heard about S.M.A.R.T targets and how to measure them using K.P.I’s, but enough acronyms!
The A in S.M.A.R.T stands for “Achievable”, and while these are good targets to keep you motivated, it’s good to throw out the rule book and get some more challenging goals to push you and your business as far as possible.
If it’s hard to achieve, it’ll feel all that better if and when you finally reach it. If you don’t manage it, you’ll have come much further than you would have without that challenging goal!
For example, a S.M.A.R.T target could be to gain an average $1,000 investment per day in the first three years, but your extreme goal could be to achieve over $ 1 million in your first year. While it may not be readily achievable, every step closer to this goal, above your S.M.A.R.T goal, is a win.
Create a Mobile App
With your goals set and the business starting to pick up, the next step is to create a mobile app.
Whether your idea is an app or has nothing to do with technology, it’s time to consider how you will reach your customers.
Mobile apps can help you gather market information on your target audience, give your brand authority within your domain by sharing helpful information with your customer base, or act as a tool to guide potential customers to your business.
Engage with a local company offering mobile app development in Toronto to ensure your app is secure and compliant with all regulatory and legislative requirements.
With your idea so powerful in your mind, it’s easy for entrepreneurs to focus only on perfecting their concept rather than getting something out into the world. With this mindset, it’s easy for ideas like this to be stuck in the development phase and never reach their intended audience or even their full potential.
Overplanning can paralyze the process, leaving the potential for the concept to become irrelevant or for someone else to get there first. Get your idea into the world in some form, and adapt from there, making sure to patent anything worth patenting!
Once you’ve got some tangible results, you have more ammunition to take back to investors, showing interest and want for your end product.
Remember, a product is only as good as its marketing. If customers don’t know what you do, they won’t want your product.