When starting a business, there are some things you need to do to lay the foundation for your brand. Often, we see startups make mistakes because they did not consider the impact their choices would have on their brand in the long run. You may have the best product or service, but if you do not brand it well, you will have an uphill struggle to get your business off the ground. So here are some tips for startups to help you to be successful.
- Choosing a name – the name of your business is extremely important. It should be clear, concise and memorable. You want people to be able to remember it, be able to spell it and know what your product or service is. You can be clever and creative but not so far out of the box that people do not know what your business is all about. You also do not want people to be confused if it is too similar to another business name that is recognizable.
- What is your value proposition – “an innovation, service, or feature intended to make a company or product attractive to customers.” (dictionary) what does your product or service offer that will solve a problem for consumers. What value do you offer to your consumers? What makes you stand out from all others who offer what you do? You want to be clear about the benefits and leave a strong first impression.
- Target audience – who is most likely to use your product or service. Hint: It is not everyone! You want target those in a certain age group, income bracket, and lifestyle. Consider socio-economic factors. As an example, you are starting an air conditioning/heating business so you would want to target home owners and not renters. You want to determine who your ideal customer is.
- Buying process – How will you get your product or service into the hands of consumers? Will you have a storefront, online or online store? Will you offer delivery or shipping services? Will you take credit cards? You want to make the buying process as simple, uncomplicated and easy as possible.
- Marketing budget – You would be surprised how many businesses we see start up and do not have a marketing budget. The do their own website, they have a clip art logo, they do their own social media without an advertising budget. As a result, they rely on word of mouth. This can be a very slow process. Many who start this way are closed within the first year or two. Referrals and word of mouth is important to the growth of your business, it cannot be you only marketing option.
There are other factors to consider when starting up a business such as your slogan, colors, logo, website, accounting services and credit card processing services. What is your legal entity such as sole proprietor, using a fictious name, partnership, LLC, S-Corp or C-Corp? Starting a business is not for the faint of heart and it takes determination and persistence to be successful. We specialize in helping startups with their branding. Contact us if we can be of help to you.