A first-time entrepreneur finds themselves in a completely new and unprecedented situation no matter where they turn. For instance, they find that the fundraising is not what they thought it would be, even though they did take a loan or two in the past. When it comes to the issue of branding, on the other hand, the situation is even stranger, which makes them more than incapable of handling it the right way around. Even when it comes to the issue of digital branding, it’s not the same thing as working on your own online presence. So, here are some tips for first-time entrepreneurs.
1. Make a simple statement
What is your business all about? What does your business do? Why are you here? What kind of innovation do you have to offer to the market? – these are just some of the questions that your customers are going to ask when they first encounter your brand. Sure, defining a business that provides a simple service or makes a product is easy. However, when it comes to digital marketing, venture capitalism and others (a tad more abstract fields), things may not be so straightforward. Nevertheless, this is hardly rocket science.
2. Tell a story
This may seem like a continuation of the previous section, however, it’s more of an answer to how, rather than what. The simplest way to tell your story is to use a storytelling narrative, which is, more or less, intuitive. Here, you need some basic storytelling elements like the hero, the problem, and the device. The hero is your target audience, an everyman with a problem. Your company is merely a device for the solution to this problem and in service of the above-discussed hero. In this way, instead of telling your own story, you’re creating an immersive narrative for your audience to fall in.
3. Don’t get distracted by short-term results
As a small business, you’re probably obsessed with the break-even point and business practices you have to avoid. Nonetheless, getting distracted by short-term results may harm your brand in the long-run. You see, instead of a plan you need a strategy. A clear and direct path from your starting point to the end result, along with all the techniques and methods you aim to use along the way. Moreover, you need someone who knows the current state of the market much better than you do. This is why so many first-time entrepreneurs prefer working with local agencies. For instance, a Victoria-based business is most likely to look for a brand strategy from a Melbourne agency.
4. Make your own platform
If you’re selling products online, sooner or later you’ll have to make your own e-commerce website, so, why wait? The problem with platforms like Amazon and eBay lies in the fact that there are so many fake items or those of suspicious quality. Beyond a doubt, this will poorly reflect on your own products as well. By making your own e-store, you’ll gain that credibility boost. Apart from this, you’ll also avoid unnecessary fees and provide your company with a slight income boost (even with all the expenses surrounding the creation of the platform).
Earlier on, we talked about the message, the storytelling and building credibility. Nonetheless, this is also something you need to do over the course of time. The simplest way to achieve this is through blogging and solid social media presence. In this way, you’ll eventually build a ton of content to serve as your portfolio and vouch for your company’s reliability. Keep up with the same values over the longer period of time and you won’t have to worry about someone digging up an embarrassing secret from your past.
The greatest problem with the above-listed five ideas lies in the fact that they sound intuitive once you read them, yet, it’s unlikely that they will come to the mind of a first-time entrepreneur on their own. This is why a mere mention of them might do a great service to those looking to build a name in the business world.