A new business venture is both an exciting and daunting prospect. It’s exciting because you are starting from scratch, creating something out of nothing, and it’s daunting because no matter how great your idea is, you will often face steep odds when trying to get people to notice it.
When starting a new business, there are several steps that one should take when considering how they want their brand represented and what they will be offering. This guide will help you understand the basics of starting a new business and creating an effective brand for it within the industry.
- Research Your Target Market
Start by identifying the industry or “industry vertical” in which you’ll be operating. Please research the competition and determine what makes them different from your company. What are their strengths and weaknesses? What is their unique selling proposition, or “USP?” Write down everything you find out so you can turn it into a helpful list for future reference.
- Create Your Branding Statement
Once you know who you are and what you’re offering, it’s time to create your brand statement. A brand statement is essentially a mission statement for your business. It is an overarching message about what your company stands for and how it will set itself apart from other companies in the industry. This section of your plan should define how you want your company to be perceived by others and how you want to come across as a person. Your brand statement should be open and ambitious but brief enough that it represents you clearly and doesn’t get complicated trying to explain too much.
- Create Your Vision
Defining your brand identity is only half the battle of creating a new business. Your vision is what will ultimately define your company and its direction. Your vision should be something you have been dreaming about for some time and will positively change the industry. It should also be customer-centric, where you are the customer and tell others what you want from them. A good vision will have a specific target market you want to attract and serve, including how you plan to do so.
- Register Your Business and Take Care of Paperwork
It’s easy to forget about the paperwork involved in starting a business until you are already knee-deep in your venture, but you must take care of getting your company up and running. Registering your business with the Secretary of State’s office will help others see your company as a legitimate entity. If you plan on taking on investors, legal paperwork may be required for them. A good business tax lawyer will also help you with the legalities, and other “behind-the-scenes” operations.
Using these four steps plus looking ahead at Guardian Tax Law, you should have a basic understanding of what it takes to start a new business and brand yourself as well as anyone can. Now it is time to implement your plan and apply everything you have learned. Good luck and happy branding.
Guardian Tax Law
310 S Williams Blvd Ste 260,
Tucson, AZ 85711