One of the most frequently asked questions about starting a business is how to turn your concept into a million-dollar income-generating business.

We agree that having a concept you don't know how to develop isn't a bad thing; that business concept is the first step in your journey of starting your own company.

If you want to create a powerful brand that will stand out and withstand both the never-ending flood of new startups and the ravenous jaws of competition, you need to devote a significant amount of effort to creating a solid business.

And the purpose of this post is to lead you through three key things you must know that will set you on the correct route to developing the amazing brand you seek.

Three Things You Must Know to Build a Great Startup

1. Strive For Originality and Creativity

When getting ready to set up a company, you should know that just copying an existing business model and slapping your profit model on it is unsatisfactory. Just like Amazon and Netflix, you should look for distinct and fresh company ideas that will allow you to define your brand’s influence and reliability in that niche.

Also, to ensure ongoing success, you must be skilled at assessing when and how to update or change your company’s strategy in relation to trends in the market. Your capacity to adapt and improve is a vital trait your business must possess. So, don't constrain your business’s economic growth by restricting it to a fixed position.

Most successful companies, like Tesla and Subway, have one similar characteristic: their brand name. These organizations considered who and what their primary demographic liked and came up with a name that was satisfactory to them.

To ensure your business makes a lasting impression on your customers, get a great brand name that best represents your business. When it comes to naming a brand, keep in mind that getting help from a naming agency is the best way to get quality brand naming services.

2. Seek Ways to Secure Funding 

On the outside, this might not appear so, but building a promising startup requires enormous resources and a constant flow of funds.

Various new business owners constantly face challenges in obtaining enough financing to establish their startups. And this typically has a negative influence on their brand even before it goes live. 

Ensure to keep a keen eye on how to obtain financing for your enterprise, even if it’s from government organizations, corporate enterprises, or non-profit entities. Also, don’t forget to search for international bodies willing to support your startup.

The Chamber of Commerce Foundation in the United States handles the Save Small Business Funds (SSBF), which is a reliable source of government revenue. The project's purpose is to empower underperforming new enterprises by granting funding.

And sure enough, the SSBF is not the only platform offering business aid. A detailed search online will reveal several other platforms that would help you.

3. Work on Creating a Compelling Brand Image

Your company's growth hinges on the values, personality, image, and identity of your brand. Clients form their initial expectations of your company on the nature of your branding, and you wouldn't want to lose consumers before they could even get the opportunity to appreciate your product.

You really shouldn't understate the influence of branding on your firm; an excellent brand name will promote marketing and also equip consumers with the finest understanding of your startup's values and standards.

Raise Your Business's Exposure

The marketplace is closely connected to the internet. Every business that has made an active impact on people has solid footprints on the internet. This is why, as an entrepreneur, you must establish an online presence for your brand.

Creating a great web presence is the most powerful way to advertise your company and gain a larger audience, as in the case of Elon Musk, whose strong influence on Twitter contributes to Tesla's overall dominance of the EV conversations online. This influence is so strong that the company doesn't run paid ads.  

Grant Polachek is the head of branding for Squadhelp.com, 3X Inc 5000 startup and disruptive naming agency. Squadhelp has reviewed more than 1 million names and curated a collection of the best available names on the web today. We are also the world's leading crowdsource naming platform, supporting clients such as Nestle, Dell, Nuskin, and AutoNation.