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 along the way including: brand identity, USPs, and of course how to create the business plan. It’s really the brand identity that challenges a lot of business so we’ve included an infographic. First off we need to turn the idea into a businesses and create a business plan.
Create A Business From An Idea
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 not everyone is a true entrepreneur – they are a particular personality type called a ‘creator’. There are many different personality types all suited for various roles within a business including the ‘protector’ and ‘teacher’ but usually it’s the creator who can turn an idea into a business. What’s interesting though is the creator type doesn’t rely on their own ideas as other people happily bring the ideas to them. These people have the idea but lack the risk profile and confidence to turn the idea into a business. Getting a slice of the action when the business succeeds is the pay off for bringing the idea to a creator.
However, there are other key ingredients for starting and growing a business from the ground up. Once the analysis and testing has confirmed there’s money to be made from the idea the next step is strategising how it can take shape and forecast it’s success via growth into different markets. This is documented into a well-developed business plan.
You might ask yourself what should this plan consist of? A comprehensive business plan consists of key components all needed to get the business off the ground and moving upwards and it should include: goals, objectives, strategy, sales and marketing, and a financial plan. It’s challenging to get all the information accurate so make a start on it and continually hone it over the lifetime of the business.
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. Seek help too from the other personality types who love creating the boundaries and documentation.
Another important aspect of the business is continuous is market research. Research will give you insights about the marketplace as it evolves. You should know who your competitors are, and how they established their business in the industry. With marketplaces being more fierce than ever today, you should always have in mind your unique value proposition as known as unique selling proposition.
To develop the USP and articulate it verbally and in offline and online marketing and product collateral use the 5Ws to formulate questions that once answered provide the USP. Questions about your product or service pros and cons, competitor similarities and differences, target market, demographic audience, and more will provide structure and confidence so investment in your business is obtainable.
Every business needs working capital and while start up businesses can get off the ground with minimal funds, they hit the wall when funds dry up. Growth and marketshare require ongoing investment from banks, and investors. Once you’ve got all this sorted out there’s the brand identity to work on as it is the way you want your product or service to be perceived in the marketplace.
Brand Identity Elements
There are several elements of brand identity which you should pay special attention to. Besides the logo (which is very important in the digital age), you should think about the packaging, uniforms and business cards. It doesn’t stop here 🙂 There is also the marketing collateral too. Consistently of visual and verbal communication is vital. In today’s crowded marketplace, it really is ‘who shouts the loudest gets heard’, metaphorically speaking of course.
Bringing in a brand design expert to lead the campaign or project will inject another level of professionalism. This person or team will advise on colors, shapes and fonts combinations, and use their intellectual capital from all their experience in the business of designing brands for businesses in similar sectors and niches. The best combination of these elements depends on the industry your business is in, as well. So working in collaboration is vital, as opposed to outsourcing the lot and relying on the external team to get it right.
Here’s an example of what colours relate to or perceived to represent:
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.
Investing in your brand identity is sure to pay off. A professional and well established brand identity creates recognition among
consumers and this is exactly what you’ll need for your products or services.
Marketing is more effective when the product is recognised for the right reasons. By incorporating your core values into your brand identity, too the easier it becomes to establish the reputation you desire as well as secure new customers and build loyalty to your brand. The message you want to communicate to your target audience should be consistent throughout all channels offline and online. Since nowadays everyone is online, even your local plumber!
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.