We’ve all heard of successful stories of small ideas turning into successful business. However, getting there might be easier said than done. It takes time, patience and a lot of strategic thinking. Therefore, it doesn’t come as a surprise that new business owners are faced with many challenges.
Every business starts with an idea. Turning idea into action is the next step. If you are a passionate entrepreneur, you already have the drive needed for success. However, there are other essentials for starting and growing your business. When starting a business, you need a well-developed business plan. You might ask yourself what should this plan consist of? A well-thought business plan consists of a strategic plan, sales and marketing plan. Your plan should be concise, reasonable and convincing. When entrepreneurs are trying to turn their idea into action, they can be faced with information overload. That’s one of the most common things which makes them give up on their ideas. The best advice is to break down every big goal to a smaller one. Don’t forget to be reasonable when setting your goals. The more factual, reasonable and precise your goals are, the easier is to reach them.
Another important thing is doing market research. A thorough research will give you insights about the marketplace. You should know who your competitors are, and how did they establish their business in the marketplace. With marketplace being more fierce than ever, you should always have in mind your unique value proposition. You should always state what are the benefits of your offer, and what makes your product or business different from the others. Defining your target audience will make this much easier. Once you know what are the needs and values of your preferred audience, you can start working on your brand identity. Brand identity is the way you want your product or service to be perceived in the marketplace.
There are several elements of brand identity which you should pay special attention to. Besides logo, you should think about the packaging, uniforms and business cards. It is advisable to try more combinations of colors, shapes and fonts before choosing the most appropriate one for your business. The best combination of these elements depends on the industry you run your business in, as well. Green is usually used for natural products, pink is popular in cosmetic industry, whereas in food industry colors used in product packaging should denote product flavor, when applicable. Well established brand identity will make your product or service more recognizable in the marketplace. By incorporating your core values into your brand identity, the easier it becomes to gain new customers and build loyalty to your brand. The message you want to communicate to your target audience should be consistent throughout all channels. Since nowadays everyone is online, you shouldn’t neglect your website and social media.
Creating brand identity might seem as a complicated process. However, there are some rules, and tips which can help you out in branding your business. The infographic below will guide you through the key elements of brand identity, and how to create them properly.