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While plenty of people are content working full-time jobs for others, many of them have ambitions beyond the regular office 9 to 5. Whether you are a creative spirit who can't be restrained by all the daily rules of office life or simply someone with too much initiative to allow others to boss them around, there are many reasons why you would choose to start your own business.
There is nothing else like being your boss. You get to decide the hours you work; you get the final say in who you hire, and you are the one that can shape the working environment into the one you would like to work at. Click this link to discover if it is time to become your boss: https://www.forbes.com/sites/carolinecastrillon/2019/01/22/five-signs-its-time-to-be-your-own-boss/
Unfortunately, being a business owner is not all fun and games. Sure, there are numerous perks to running a company of your own, but the responsibilities greatly outweigh the leisure. From formulating business plans to dealing with legal bureaucracy and brand exposure, there is a lot of work to build a project from the ground up.
Making a name for yourself
One of the most significant and most important endeavors is the concept of building your brand. Simply said, it is not sufficient to start a company based on an idea you have. The reality is that even with all of the effort put into making sure your business runs flawlessly, all of it could be in vain if you do not have a strong branding presence.
If you need any proof that good branding is critical, pay attention to the choices you make next time you go grocery shopping at your local supermarket. Chances are when it comes to food staples for your kitchen; you are likely to go for reputable brands such as Dr. Oetker, Kellogg's, or Nestlé instead of choosing store brands.
Now, that is not to say that there is something wrong with store brands. Quite the contrary, they almost always offer similar quality for a fraction of the price. But it is through the consistently high sales of name brands that you can see how powerful branding can be and how much loyalty it can inspire in consumers.
Therefore, this could be the most crucial segment of establishing your own business. After all, every company needs marketing regardless of what they are selling, and the most reliable form of marketing is through word of mouth! Learn more about it here.
However, relying solely on this type of advertising might not be the brightest idea. There is no need to stop at word of mouth at all! These days, social media advertising is thriving, and unlike the primary marketing channels long ago like TV, radio, and magazines, it is relatively cheap. You do not need to spend lots of money to craft an engaging Instagram post, just a bit of creativity and tech-savviness!
But prior to doing all of that, you should first brainstorm and build your company's brand identity. You may think it is as simple as deciding on a name, but the truth is that it is a process that huge names like the ones we mentioned before have entire teams working on it.
The work is twice as tricky when you have to do it on your own. Nonetheless, there is absolutely no reason to worry! In this article, we have prepared a short guide that hopefully will help you realize your brand's identity and set you on your path to success.
Climbing the ladder to success
Firstly, you should stake out your competitors. Now, that does not mean that you should copy what they are doing or try to imitate them in any way. It is just a suggestion that can help you immensely by informing you of who you are up against.
The easiest way to do this is to decide on two core characteristics that your product has. For example, if you are selling a smartphone, you might want to showcase its durability and technological innovativeness. To find out who your direct competitors are, make a positioning map with two axes on the grid of which you will place each of your competitors depending on how they rate on the two characteristics.
That way, you will know what to aim for and can form more realistic goals and expectations. This will also help you find out which characteristic you need to stress more in your brand identity and marketing campaigns.
Next, after you know how you want your product to distinguish itself in the market, you should decide on a name. It might seem straightforward, but this is easier said than done. It is extremely easy to fall into the trap of naming your company something too literal or too abstract.
While the first one will undoubtedly explain you, it often lacks the excitement and uniqueness to set your business apart in the industry. Likewise, going for an abstract name can leave consumers confused about what you do and may reduce the opportunity for word-of-mouth marketing.
Fortunately, there is a solution! Forward-thinking advertising professionals have created a service providing brand name ideas to businesses who struggle to come up with one by themselves. They have the knowledge and creativity to optimize your ideas and turn them into a catchy name that anyone will recognize!
Lastly, you can get started on developing your unique logo that will be instantly identifiable to everyone that sees it. Do not forget to think of a captivating tagline, too, so your name sticks in your customers' memories.
Some final words
To sum up, a person's name might not mean a lot, but it means plenty for a company's success. If you are a recent business owner, you probably do not want to risk its failure by choosing an inadequate name. That is why we advise you to put that task into the hands of experts, who know what they are doing and will walk with you on the road to success.