Ready to Start a Business? Think About Brand Strategy Before You Start Spending.
Ready to start your business? Many who start a business launch in the industry they have been working in already have some familiarity. Due to this, many assume they know what they need, especially regarding overhead, such as office space, equipment, employees, and other factors. However, this is a flawed approach, as many do not start and budget for any brand identity or strategy, as the assumption is made that “if you build it, they will come.” This assumption can result in a costly pivot after launch or, worse, higher and unnecessary overhead costs that could delay or prevent business growth. How does an entrepreneur ensure that this does not happen?
Start with a strategy first
While the idea is just a concept, before the first conversation with a bank, landlord, investor, or other parties, start with a brand strategy. Identify what type of brand your business will be and an initial concept of the customer base. In addition, begin developing goals for the first six months, year, five years, and more. What do ‘wins’ look like in those time frames? What is truly necessary to spend now, and what can wait? With sound strategy, many startups can use incoming revenue after opening to help fund additional expenses if required, rather than purchasing everything at once before launch. With sound strategy first, an entrepreneur can spend both less and better and realize better results.
Learn more on Entrepreneur.com: https://www.entrepreneur.com/article/383448