As college graduation season mounts, it’s a guarantee that some grads will be foregoing formal employment and instead launching their own start-ups. It can be tough but made easier so long as much effort and resources are put into marketing and promotion. Done right, a Start Up can soar. In fact, go-to marketing guru Alex Cotraviwat believes that marketing is an essential and key requirement for getting any start up off the ground.
Cotraviwat is the CEO & Founder of The Marendo Group, a launchpad for startup and emerging businesses looking for capital, investment, distribution, branding, marketing, sales, and event services. Before founding that company, he ran his own clothing line, Kallusive, which he marketed toward the dance and urban market and placed it on the likes of 50 Cent, Britney Spears, Janet Jackson, Big Bang, Jersey Shore cast members, and America’s Best Dance Crew participants, JabbaWockee.
Alex Cotraviwat and his team at The Marendo Group
Cotraviwat offers these marketing tips on getting a start up off the ground:
- Make short-term goals and focus on a specific audience. A lot of startup business companies set unrealistic goals when it comes to marketing. Instead of trying to reach a massive audience, startups should focus on appealing to the individuals most likely to purchase their product or utilize their service.
- Friendship and business do not mix…unless there is a contract. Many startups begin as partnerships between friends. Unfortunately, business partners who are also friends often make the mistake of thinking contracts are unnecessary. However, this is rarely the case. The idea of a contract may cause some initial tension between friends, but that tension is nothing compared to the battle that could occur if friends suddenly disagree on equity allocation. No matter how strong or how great a friendship is between business partners, always have a contract drawn up clearly outlining who owns what and how much. This will not only protect the business, but protect the friendship in the long run as well.
- Utilize social media. Social media is a versatile and inexpensive way to market just about anything. Post interesting and shareable content and make sure to engage with your target audience.
- Separate personal assets from those of the company. This is accomplished by turning the company into its own entity, most likely a C Corporation or Limited Liability Company(LLC). This will protect the owner(s) from having any sort of liability and ensures that only the assets of the entity, rather than the assets of the owner(s), are at risk.
- Sponsor local events or competitions. Local events are an effective way to reach a large audience in a short amount of time for at a relatively small cost. Though you may be one of many sponsors, any opportunity to display your company logo in front of a large group of people is money well spent.
- Invest in the right legal counsel from the start. In hopes of cutting costs, entrepreneurs often enlist the help of friends and family for things like legal counsel. However, choosing an individual based on family relation or friendship rather than professional experience can have costly consequences in the end. Having the right legal counsel may be more costly up front, but it is an investment every startup needs to make.
Following these salient tips is a good start.
