Are you building a business or a brand?
Is there a difference? You bet.
Too many business owners have stopped at creating an income source and haven't thought about the potential to build a brand with enduring value.
Often the daily demands of business don't leave time for big picture thinking. More often, though, owners lack the tools to create a vision, uniquely define their brand and generate game-changing ideas.
A shame, because each of these is easily achieved.
So, what are you building?
Digiora, you're right. There's a direct correlation between brand fame and company value. Almost without exception, the best known brands also happen to be the world's most valuable companies. The problem is that most of us are forced to focus on generating income - to pay rent and staff and suppliers etc. All we really do is cover costs. We're not building a brand with residual value - something that someone else will buy in the future.
Well,my first option would be to build brand value. If you are able to build up your brand value, the income source will come automatically.
I'd say both the options. But digging more, I may move with only one option - Building a brand. I guess, building a brand would cover up the other co-factor "Business".
"A well built brand may have a list of business further down".
I like what you are speaking about here. As a graphic designer and brand builder, I find that many busy entrepreneurs want to do it all themselves. I truly believe in the collaborative experience. It isn't one + one = two it's more like one + one = TEN!
You are right on when you say that a business requires a brand. Break that concept down further... and there are elements, assets, graphic design and big picture considerations that are required to make it flow.
Thank you for sharing your thoughts!
To Your Continued Success!
My goal is to build both. I am trying to show that our name, reputation in the industry and 12 year history of work is very important. We must continue to grow in sales volume, and profitability by using our past and present to help grow the future..
Hi Greg ~
Not to toot my own horn, but this is precisely where someone with marketing/branding expertise can be invaluable. I've helped solorpreneurs define their business, mission, market and USP (unique selling proposition) from inception, which then influences everything from the business name and tagline to website messaging, brand-building approach, social media activity, etc.
Having a support team, even if that's just one or two people for a limited contract, allows a new business owner to grasp the big picture and then focus with laser precision on the details that will enable him/her to realize it.
Although in my job I often try to help other small business owners develop their brand, many times I too get caught up in the daily grind of building and keeping my business afloat then I end up losing track of the bigger picture. Thanks for this thought provoking question.
trying to do both.... you are right.... its a split effort