The Way of Warriors - Business Journal : March 2017

Tuesday, March 7, 2017

How to Brand Your Solo Business

While starting your own business may be your dream, it has to stand out from the competition to be truly successful. Just like a large organization invests a sizable sum into branding efforts, a solo business should consider developing a unique identity to promote long-term growth. The following strategies can help your business appeal to potential customers.

Establish an Identity

Branding encompasses how you define yourself, what you stand for, and how you use your voice. How do you wish to be known? What do you offer? Focus on a small market you can thrive within, or clearly interlink related services if you have multiple talents. A writing service, for example, could go hand in hand with editing or transcription work. Regardless of what you do, establish an identity that customers easily recognize.

Visualize it

Visualization strengthens your business identity and overall presence. Simplicity usually works best here, especially if your graphics clearly depict your focus. An educational website or service, for example, may opt for a brightly-lit bulb and yellow color scheme. Whether your business needs an eye-catching logo or a compelling business card, proper visualization can help you increase brand awareness and reach new audiences.

Add Character

Have some fun with your brand by adapting a certain pattern or characteristic. Implement light humor into your solo business through relatable quotes and puns, or give away a small souvenir that represents your business with every purchase that meets a certain criterion. Using a consistent color scheme can solidify brand identity. For example, Facebook is known for its blue and white logo. Keep in mind that different colors evoke different feelings and emotions.

Make it Memorable

Brands are often remembered for something they do and not just who they are. Use your products and services in creative ways to establish a stronger relationship with your customers. For example, have you considered holding weekly, monthly, or yearly contests? Use names or labels to establish such events, such as "Freebie Fridays," where you give away random perks to one lucky newsletter subscriber.

Expand and Diversify

Maintaining various social media channels isn't enough if you only post the occasional company update. Go the extra mile by creating regular YouTube videos that deliver a message about your brand, or release a regular podcast discussing the latest trends and issues surrounding your industry. Likewise, diversify offline through the use of business cards or even sponsoring a charitable organization.

Be Predictable

Certain annual events are highly anticipated by customers, most notably Black Friday sales. Imagine if your solo business had a similar strategy that incorporated predictable deals during certain dates and seasons. For example, you could be known for reducing the costs of your products and services by 10 percent during every national holiday. From an administrative standpoint, ensure that you find the best times to send out communication emails, new social media announcements and website posts if your business relies heavily on the web.

Assess the Competition

What are your competitors doing that your business currently lacks? How have they achieved their status and overall presence? Perhaps a local business speaks to their demographics more effectively or implements the latest trends a bit faster. Draw inspiration from your rival's branding strategy to correct potential mistakes. Study not only what they do, but how they inject themselves into the masses and analyze any missing link between your brand and your target audience.

While your products and services may help resolve a problem for the consumer, it is your branding that gains their attention and attracts them to your offerings.

7 Steps to a Successful Start-Up Business

Analyze your target audience - Start by performing extensive market research to understand your customers' core necessities. Assessing your target demographic gives you a clear perspective on how to serve them, which could be the difference between a successful start-up business and a failed plan. What is your audience primarily looking for? What do their past and present purchase decisions reveal? How much do they typically spend and why? These questions will pave the way for a strong marketing strategy that will ultimately lead to healthy profits.
Determine a legal structure - Selecting the right legal structure ultimately determines how you handle income taxes and all government reporting requirements. Many small businesses fall under a sole proprietorship or limited liability company (LLC), while bigger entities may identify as corporations. An LLC, for example, is taxed separately from the individual(s) running the company while sole proprietors report all income using the same business form. The Company Corporation is an ideal place to start, and The UPS Store customers get $40 off any formation package.
Establish your premises - Choosing the right business setting could be the difference between a cost-effective start-up and a moderately expensive one. Many small business owners manage everything remotely or from a home office. Other businesses may need a physical location, which will require you to keep up with rent and electricity. Your work space should fall within your monthly budget while still satisfying the need of your customers.
Determine your budget and expenses - Assessing your available funds enables you to prioritize and assign an appropriate amount to your business assets. This may include the implementation of necessities, such as phone and Internet service, insurance, business registration fees, and other costs pertaining to your daily operations. You should also budget for secondary expenses, such as traveling, conferences, and meetings, depending on the nature of your business.
Develop a business plan -Think of a business plan as a road map that indicates where your start-up stands and where it is headed. This will help you see your objectives clearly and determine which areas need more focus. A business plan is also a a great physical document to show investors if you need funding. Interested parties will understand your ideas, philosophy, and goals while internal members can provide ongoing feedback about your company's overall direction.
Plan a marketing angle -Identifying a need in the marketplace does not necessarily guarantee success. Look into similar products and services offered by your competition to determine the areas in which they thrive, and see what makes them successful. Learn from the landscape to improve upon their strengths and gain an upper hand in regard to their weaknesses. Ask yourself critical questions such as, "What are they offering and how do my offers stack up? What unique angle can I bring to the table? And how will I use my budget and marketing strategy for maximum effectiveness?
Be competitive -Keeping track of your industry allows for financial patterns to emerge, paving the way for an effective marketing approach. If necessary, assess the value of your offers and set a firm, but fair pricing model for your products and services. Many start-ups often price themselves low as a means of building momentum, but do not increase their value for fear of failure. Instead, implement various pricing models, such as special offers, coupons, and rewards, to keep all parties satisfied while remaining competitive and profitable in the marketplace.