Blockchain Week 2024

How to build a sustainable business in Web3

Renee Francis, founder and director of Take3, outlines the key factors for success when it comes to building a viable Web3 business.

No matter what their context, industry or idea, an entrepreneur building a business wants to build something that lasts. With mass adoption of Web3 on the horizon, it’s important that your business is set up for long-term success. So, where to start? Here are a few key considerations for founders building in Web3.

Start with a niche idea and a clear vision

We know how the story goes: you’ve got a brilliant idea, saw an opportunity in the market and have tunnel vision about its mass success. Passion is essential, and it should come with forethought too. When exploring your opportunity, consider the following: what value is it going to deliver to your target market, and is that value enough for them to buy your idea and stay loyal to it? Make sure your elevator pitch demonstrates your idea’s true value, and make it clear that it’s long-term. Then, deliver that pitch with a passion that people gravitate towards.

Understand your place and invest in filling the gaps

As an entrepreneur, this road is one I’ve walked before. In the early days you strive to wear as many hats as possible, until one day it’s impossible. It’s important to take a step back in the planning phase to reflect on your own strengths and skills gaps. A great idea is one thing, but what other hard and soft skills do you need to make it happen? Then, hire top-tier talent to fill the gaps. Yes, it might seem like a costly – and risky – move at the start to invest in highly skilled people, but what’s more costly is cutting corners and opting for cheaper options at the start, and dealing with regular turnover and rehire costs. Remember, what starts cheap, ends up being very expensive.

Retain your A-grade team

You attract the right talent with your clear vision and a thorough business roadmap. Once you have an excellent foundational team, you should also develop a retention strategy for it. Regular replacement of team members is known to detrimentally affect productivity, financials and team morale, not to mention the levels of expertise within your business. It is far more viable to invest in the people you’ve hired in the first place, and ensure that they have the support they need to effectively do what they do best for the long-term. This might mean paying them more than you would pay yourself. That’s right – success does not come overnight and it means sacrificing what you want now, for what you’ll earn later. It also means investing back into the business whenever possible, through upskilling, social opportunities, or more resourcing.

Establish your brand story

People never forget a good story. Some of the most-well known brands in the world are most famous for their ‘whys’. Nike is all about life motivation: “just do it”. Toms shoes is about “wearing good”, with a third of profits going to people and the planet. Apple exists to “Think different”.
When crafted and presented well, your brand story serves as the most powerful tool in your marketing arsenal. When presenting your ‘why’ to the world, it’s important to remember three things: 

• Show, don’t just tell. Practice what you preach. 
• Stay authentic. Share the stories of customers and clients and let their experiences sell your products or services on your behalf. 
• Focus on trust – starting with building an audience and earning their loyalty. 

Communication is key

It isn’t enough to just market your brand story. You need to weave it into all your marketing as a way to strengthen your messaging and showcase how every aspect of your business – your team, your service or product offering, your values – ladder up to that ‘why’. Investing in marketing in the early stages of your business might seem low on the priority list, but it is extremely important. With mass adoption key to Web3 business success, you need to be able to build an audience to buy into your idea. That starts with building a solid marketing team in-house or partnering with an agency, who can help you develop an omnichannel strategy for your target audiences, that delivers your key messages in a way that helps your business stay top of mind and builds audience trust. 

It’s also important to remember that, like any worthwhile investment, it’s a long-term game. Results won’t happen overnight, and this is a game where patience is rewarded. 

Play a long-term game

If you’re looking for short-sighted gains, you’re frankly setting your business up to fail. Making solid investments in people and resources, especially in your first year, is crucial not only for long-term success, but for brand reputation. Your reputation and that of your business is not worth damaging to save a quick buck in the short term. 

It’s important to remember that Web3 is an exciting and volatile market. You will face challenges – what really matters is whether you decide to treat them as setbacks, or lessons. With a strong and supportive team, clear business goals, a solid marketing strategy and an unwavering drive to improve the lives of others, success will surely follow. 

Renee is the Founder and Director of full-service Web3 agency, Take3. Catch Renee on Day 1 of Blockchain Week 2024, where she will delve further into what makes a sustainable business in Web3.

A very big thanks to Take3 for coming on board as a major sponsor for Blockchain Week 2024.