In Part 1 of this topic (if you haven’t read it, check it out here), we defined the first 4 steps that you will need to take in order to start building your brand. These steps where: Defining What You Want, Defining, What You Can Do, Brainstorming Ideas, and Getting Feedback On Your Idea. With these 4 steps, you were able to start working on an MVP (minimum viable product), which you can show to your potential clients to get feedback on how to improve your product/service.
Now, it’s time to give your brand a name and introduce it to the world. Here are the final steps to building your brand.
Officialising Your Brand
Get all the licenses and permits necessary to incorporate your brand. Some things that will need to be checked off this list are: opening a company bank account, getting patents, creating a business structure, etc. It is a good idea to ask a small-business lawyer for guidance if you are unsure of all the processes that need to take place before starting to operate your business.
Another important component of officialising your brand is your business plan, which outlines how your company will develop from beginning to end product. As a rule of thumb, this document should be about 25 pages long and should include the following information: a high-level summary of your company and the problem it is solving, your target demographic and how you will cater to them, what makes you different from your competitors, how you will create your product and how much money will need to be spent on its development, and other financial considerations.
Raising Money For Your Business
Nowadays, there are many ways to fund your business. Options include: the bank, investors, family and friends, and crowdfunding. The route you take will depend on how much of your own money you can put into your project and how much more you will need. If you can’t finance your business with only your resources and your family and friend’s, the next easiest way to get your project off the ground is running a crowdfunding campaign (as you get small investments from a large number of people).
Hiring A Team
In order to develop your product or service in the most effective way possible, you will need to hire a team to help you reach your goal. While you may know a little about every area of a business, it will be best if you take on one or two roles and let specialists handle specific areas. For example, you should hire a marketer to create the marketing strategies and so you can continue focusing on the bigger picture. Once you have determined which team members you will need to hire first, you will need to figure out how you will ensure a positive and respectful work environment in which everyone will feel empowered.
Choosing An Office
This step won’t be necessary if your business is purely run online, such as if it is a consulting agency. For the majority of businesses, finding a location where they can operate from will be a necessity. When picking the location, think about how close you want to be to your target audience. Other things to consider are how much you are willing to spend on rent, how close you’d like to be from your competitors, and if you will need a lot of parking space.
Selling Your Product
Create a sales strategy and perfect the art of selling. After all, it is the revenue that will dictate your business’ future. Listening to your customers’ feedback and focusing on being a profitable business is a good plan to follow. But how do you become a profitable business? Besides delivering a high quality service or product, you will need to market correctly.
Using marketing strategies that will out your product or service in front of the right people will set you up for success. Establish where your target audience spends most of their time at so you know where you should be at. For example, figure out whether to advertise in magazines or social media. Once you acquire customers, learn how to retain them by understanding their needs and continuing to develop your product or service.
Even though it seems like there are already many steps to building your brand, have in mind that you work doesn’t really end. Your business needs to keep evolving because of things like trends and customer feedback. As long as you stay on top of these, you will be okay.