At this point in the journey, you have established what you think it will cost to launch your new business and have identified where the funding will come from as well as conducted some market research to establish that there is a market willing to pay for what you are offering. Now, we need to consider some of the operational aspects that will put your business on the map.
Business Identity
The following quiz was designed to test your knowledge of branding. Are you ready to put your knowledge to the test?
You need to create a Business Identity that includes a good business name, logo, and branding with a website so that your prospects will have a positive reaction to you.
Business Name
When it comes to a business identity, the most recognizable attribute is the business or solution name.
Logo
After the name, the company’s logo is the next most recognizable attribute to consider. Here are 5 rules to consider when choosing logos.
Color
The color of your business identity can convey a message to the customer. Here is what you need to understand about color when it comes to your business identity.
Trademarks & Copyrights
The following quiz was designed to test your knowledge of trademarks and copyright. Are you ready to put your knowledge to the test?
In some industries, trademarks can be an effective way of protecting your intellectual property. There are five levels of trademarks, and each has its own set of pros and cons.
Brand Messaging
Law of expansion: a brand’s power diminishes with a broader scope of offerings. Small businesses must prioritize focused branding for maximum impact.
Branding involves both personal and business branding.
Your brand message must include your “Why,” “Noble Purpose,” and vision to get stakeholders truly excited about your company.
Website Basics
These days, most buyers will look up your website before doing business with you. However, there is a harsh reality, particularly for small business owners, when it comes to a website.
What most business owners do not understand when it comes to websites is that they need to be accessible to people with disabilities.
You launched a website. Now what? How do you generate traffic? And more importantly, how do you get customers to see it? The answer is website marketing.
Many business owners who are just starting out have more time than money and usually think about doing everything, from their logo to their website design. I personally believe this is a bad idea and think it is far better to leverage offshore experts who can do a better job for little money while you work on the more important aspects of your business.
At this early stage of creating a new business, some owners have very high expectations of success. They also have personal values that have no place at this point in the journey of starting a new business if they hope to be successful. Businesses at this stage need to preserve as much startup capital as possible by outsourcing elements to experts, even if it goes against their personal values.
Below is a post that covers the 10 elements you should consider when designing your website.
Other Considerations
At this point, if you are a service-related business, you are done. But for some other types of businesses, here are a few elements you may want to consider.
Location
However, there are a few more items worth covering if you have a brick-and-mortar establishment.
Most businesses rent their facility because many of the arguments that apply to owning a home do not apply to owning a business property.
Hobby
By definition, a hobby is something you spend money on, and a business is something that makes you money. If you have a hobby that you think could be converted into a business, you will want to listen to the podcast series Going Pro: Hobby to Business, that are available here as well as on iTunes and Stitcher.
Getting Paid By The Customer
When you are a service provider, here is what you need to know about getting paid.
Invention
Does the business have an invention they want to patent and bring to market? Below are several posts that deal with the limitations of patents as well as some of the challenges the business will likely face trying to be successful.
