Building a company in public can be a powerful strategy for founders. It can foster transparency, build trust with your audience, and create a sense of community. Here are eight ways to effectively build your company in public.
Share your vision and mission
Start by clearly communicating your company’s vision and mission. This helps potential customers, investors, and employees understand what you stand for and where you’re headed. Regular updates on your goals and milestones keep your audience engaged and invested in your journey.
Document your journey
Documenting your company’s journey can provide valuable insights to your audience. Share your successes, failures, and the lessons you’ve learned along the way. This not only humanises your brand but also provides a wealth of knowledge for other aspiring entrepreneurs.
Engage with your community
Building a community around your brand is crucial. Engage with your audience on social media, respond to comments and messages, and create opportunities for them to contribute to your company’s development. This could be through beta testing new products or providing feedback on new features.
Be transparent about your finances
Transparency about your finances can build trust with your audience and investors. Share how you’re funding your company, how you’re spending money, and what your financial goals are. This level of transparency can be daunting, but it shows that you have nothing to hide and are committed to ethical business practices.
Apply for government grants
Applying for government grants can be a game-changer for your business. These grants provide non-equity, non-repayable funding that can significantly support your R&D and other critical activities. For instance, the Innovate UK Smart Grant is a highly competitive grant that can propel your business forward. Winning such grants not only provides financial support but also boosts your company’s credibility and visibility in the public eye.
Share customer success stories
Highlighting customer success stories can demonstrate the value of your products or services. Showcase how your offerings have solved problems or improved lives. This not only acts as social proof but also encourages other potential customers to trust and invest in your brand.
Open source your work
Consider open-sourcing parts of your work. This can invite collaboration from the community, spark innovation, and improve your products. It also demonstrates your commitment to transparency and community engagement.
Use data to drive decisions
Share how you use data to drive your business decisions. This can include customer feedback, market research, or internal metrics. Showing that your decisions are data-driven can build trust in your leadership and business acumen.
Building a company in public isn’t just about transparency; it’s about creating a narrative that people want to be a part of. By sharing your journey, engaging with your community, and being open about your processes, you can build a loyal following and foster a strong, supportive ecosystem around your brand.
