New business owner? I get it, you’re super excited to launch your amazing business! I’m excited for you too! It’s only natural to start envisioning what your business will look like – your colors, your logo, the images on your social profile… keep all that in mind! First we are going to focus on some items that many new entrepreneurs tend to skip over, but is SO handy to have in place when we do talk about your band colors!
Here is some helpful information to ensure you have everything that you need before you dive into the branding process.
Did you know… ?
There are 3 “phases” of launching a business:
- Business Strategy
- Brand Strategy ( ← that’s me!)
- Marketing Strategy
All three phases overlap just a little bit, but this is the general flow for setting up a business for success.
Below I will list some questions to answer (if you haven’t answered them already!). By working through each of these questions, you will build a stronger foundation for your business, and the two following phases of Brand Strategy and Marketing Strategy will be that much more effective!
Which really means that you will be able to spring into success sooner and avoid backtracking
Some questions to consider:
*Disclaimer* I am not an accountant nor an attorney and this should not be taken as legal advice. I highly recommend seeking out an accountant to answer any questions that you may have.
- What are my financial goals?
- What is my plan to make sure I reach those financial goals? (be as detailed as possible)
- What will my business name be? Is it legally registered? Can I secure a website domain and social handles under that name?
- Do I need a business license/permit?
- Do I need an EIN number?
- Do I need to charge and report sales tax?
- What is my budget for branding and marketing? (It is a good rule of thumb to budget 5-10% of your revenue goals for this)
- Will I be managing others? Get their tax paperwork in order. Factor the cost of employees and/or outsourcing into the business budget
- What is my business model?
- What are my sources of revenue? (Set short term and long term goals)
- Set up a business email suite such as G-suite, to get an email that showcases your business domain name (i.e. email@example.com vs firstname.lastname@example.org)
- If applicable, what processes do I need to complete to develop my product?
- Will I be forming any strategic partnerships? (investors, collaborators, etc)
Foundational Questions that also overlap with Brand Strategy
- What is my motivation that will keep me running my business even when challenges arise? (Think non-monetary reasons)
- Who do I really want to serve? Who do I not want to serve?
- Who are my competitors?
- Where do I sit in comparison to my competitors? What are their strengths and weaknesses?
- Where do I want to be with my business in the next 10 years?/ What is the end goal?
This is a basic overview of some foundational ideas that should be in place as early into the business-launching process as possible. You can always go back and change things around, but it’s much easier to get your business up and running efficiently when you start here!
Here are some really great resources that break down the different types of business strategies and how to write a business plan. Check them out!
Different Types of Business Strategies
What is a business plan, why do I need one, and how do I write it?
Once you feel confident with this phase of the process, then you are ready to move forward to brand strategy! That is the phase where we will analyze what attracts your customer towards you and create a plan to make it happen.
Marketing Strategy encompasses all the details behind what you can do to get in front of your customers.
Need a recommendation?
Say no more, I’ve got you covered!
Recommendations for Marketing Specialists:
Catherine – Backpack Marketing https://www.backpackmarketing.com/
Abby – E-Studios Marketing Abby@theEstudios.com