Our mission here at Stitchy Lizard is to help entrepreneurs display their brands everywhere by adding their logo to a variety of promotional products of different colors and sizes. Today, however, we want to talk to those readers who wish to build a brand to display everywhere but haven’t already.
There is no secret formula to becoming a successful entrepreneur, but there are a few things that one can do to speed the road to becoming one. Graduating from a prestigious university –or any university, really –, having a lot of capital, or having 10 years of experience are not any of those things that will help ease the process of starting a business. Two things that will work in your favour if you want to become a successful entrepreneur is having a clear vision and the ability to have faith in your vision. It’s not just about imagining something that is doable but also about believing in it enough to go for it.
It is very possible that if you are into entrepreneurship, you are a self-motivated person with a lot of passion but don’t know where to start. Here are a few steps on how to start your journey to building your brand from Stitchy Lizard to you!
Defining What You Want
What makes you want to build your own brand? This is an important question, as you need to know what type of product or service you want to sell and, most importantly, why. If your reason for starting a brand is that you want more free time, then venturing into your own company full-time makes sense, as you will be your own boss and will be able to set up your work schedule as you wish. On the other hand, if you want to start a brand because you want some extra cash, maybe starting a part-time business in which you can work on after work hours will make much more sense.
Defining What You Can Do
Now that you know why you wish to start a brand and knowing if it will be part-time or full-time, you need to figure out what this your new business will be about. To define this, you need to assess your strengths and capabilities. It’s way easier to start doing something that you are already skilled at or have experience with. To help you assess your skills, here are a few questions you can ask yourself:
What are my strengths?
What competencies do I have?
What am I passionate about?
Which hobbies do I enjoy most?
What type of lifestyle am I comfortable with?
The key to solving these questions is being honest with yourself. At the end of the day, no one else can answer what you want but yourself.
You know why you want to start a business and your skills. Now, you need to start thinking about business ideas which aligns with those two other things. The easiest thing to start thinking about are problems which you think you can solve in a creative and unique way. After you have determined the problem in the marke, think about what you can realistically do to solve it. Do your skills align with the solution, even if the field is relatively new to you? If the answer is yes, chances are you will be more likely to succeed as it’s a problem that you think the market needs a solution for, and you have what it takes to work on that solution.
Another way to go about thinking of business ideas is going for an idea that already exists and revamping it. By this, we mean taking something that already exists and making it better. Your idea does not need to be new, it just needs to be unique and exciting.
If you are having trouble coming up with ideas, why not ask friends and family for their business ideas? Invite them over for dinner and just before dessert, hit them with the question. If this plan seems like too much, you can also search online for business ideas.
Getting Feedback On Your Idea
Next up, you need to prove that your idea is a good market fit. For this, you will need to perform a market research, which is a questionnaire about your product/service that you will give out to people who fit your target audience. This market research can be handed out as a document, or you can do it over the phone–whatever works for you.
An important tip that you need to keep in mind when carrying out your market research is not to only interview people you know. Your friends, family, and acquaintances are likelier to give you a better review on your idea because they know you on a personal level. Therefore, you will need to ask strangers who aren’t biased for their sincere opinion on your product/service.
If the feedback seems a-okay, you may start developing a minimum viable product, which Wikipedia defines as a product with just enough features to satisfy early customers and provide feedback for future product development. This part may seem like it will take a lot of time and effort, but if you have a clear vision, it may actually be the easiest part! Once you have a minimum viable product to show, you can ask people what they think about it and how to improve it. This will help you make the best product/service for the market.
We hope that this guide helps as a good foundation for starting your own brand. If you’d like to get inspired, check out our website to envision in which products you’d like to see your logo on!