Here are a few ideas that will help put money in your pocket.
Many people go into business, because they want to work for themselves. They want the flexibility in their schedule, the type of work they take, and even for whom they that work.
Most employees do not get all of this. So it makes sense. However, I notice where a many people starting up businesses overlook things.
One of them is branding.
KEY POINT: In most cases, branding…done correctly…will make you money!
A branding expert might be able to provide more insight, but here are some things that occur to me:
1. Creates another Opportunity to be Found/Known
2. Generates Structure for Higher Prices
3. Boosts Your Commodity Business
4. Provides a Viable Business Exit Plan
Now, I’m not trying to pass that “branding” for one day is really going to bring about these things.
These things apply ONLY when you brand yourself (and your company) correctly. Branding strongly enough to accomplish these things likely requires a branding expert.
Let’s take a closer look at each of these. They’re really important to understand.
1. Creates another Opportunity to be Found/Known
If you’re really good at what you do, then a lot of people might be looking to find you. That’s really good, but there is something better.
Just imagine that if some people remembered your company without knowing who you (or might not be able to remember your name, especially if you have one of those really hard-to-pronounce names).
Branding your company, in addition to yourself, creates an additional way people can remember you…and find you.
If your company is not well-branded, people can’t find you if they forget who you are. As a business owner, that’s disappointing, and it will cost you money.
Case in Point: Do you know the leader of Coca-cola? How about Proctor & Gamble? How about Wells Fargo?
You might know the answers, but most people would not get 3 out of 3 here, and that’s okay, because these companies are so-well branded, we don’t really have to know the people behind each scene.
However, do you think there is a chance that there are plenty of people who look for the CEO of each of these places?
Yes, branding gives people 2 different ways they can remember you…and find you. If they can’t find you, think they can give you business?
2. Generates Structure for Higher Prices
If you are new to the market, it’s tough to find a unique selling proposition (USP). Unless you do a good job of that, not only in practice but also in the public’s perception of you, you’re forced to compete on price.
That’s NEVER good news for you!
Once people brand you (or your company) as higher-quality service with a proven track record, they’re willing to pay more, because they know when they buy from the well-branded (and established) company or person, they are going to get what they expect.
When they buy from an unknown, even for a cheaper price, they’re holding their breath until they actually have, in their “hands,” the completed order from that unknown.
People are willing to take a chance ONLY if they get some sort of “break.”
If you’re well-enough branded, they’re not taking a chance, and you can command more money.
Even better, if you’re branded as providing the superior product or service, guess who can charge more money?
YOU!
Branding yourself properly let’s you charge higher prices, which means you have the opportunity to make more money.
3. Boosts Your Commodity Business
THIS is a good one!
This is a slick concept I stole from either Positioning by Al Reis and Jack Trout or Differentiate or Die by Jack Trout. (I can’t remember which!)
If you offer many different services or products, it’s likely that some of them have more “mass appeal” than others.
For the ones that are your “winners,” feel invited--no encouraged--to brand that separately. People are buying it, anyway, and you can just let it ride on its own, and you’re able to charge a premium price for it. The demand is there, and the market is there for you to take.
BUT…That’s not what I’m addressing here!
However, maybe not everything you offer is as highly received as your “winner?” In fact, maybe you’re just average (or close enough to it) for that specific product or service.
Does that mean that you have to be the cheapest in that category…just to get business there?
NOT if you brand yourself properly!
If your brand is highly recognized…and respected, people will pay a little extra, even for your “average stuff.”
This does not mean that you should charge as much for your “average” stuff as your hot in-demands stuff, but great branding protects you from seeming like a commodity (something that everyone is selling…with no real difference between what you offer and what they’re offering).
When you seem like a commodity, people will only buy if you’re the cheapest, most convenient, etc.
However, if your brand separates you, you can get a higher price, even when some of the things you offer your customers don’t have anything else separating them. Your brand is a good enough reason people will pay. (See #2: Generates Structure for Higher Prices).
4. Provides a Viable Business Exit Plan
This, by far, is the most important, yet also the most overlooked part of any business owner’s plan.
If you’re an owner just starting a new business that’s formed from a passion, the last thing that’s on your mind (most likely) is thinking of ending it.
Why think of ending it? You’re just starting it!
BECAUSE…it’s smart business.
I see too many people start businesses, and do a great job building their business, but when they’re set to retire (either in life or just from that business), they come to a horrifying realization. Their business is not worth anything…without them.
THEY ARE THE BUSINESS!
This is good…but it’s bad.
If you try to sell the business, the ONLY way you’ll get anywhere close to the money you’re hoping and expecting is to agree to continue working in it.
Why?
Because most, if not all, of your clients go there BECAUSE of you. If you leave the business, it suddenly has no value.
If you brand the business (rather than just branding yourself), potential buyers will see the value in your business and be willing to pay you for the brand you built. They’ll reap the benefits of buying your company, even without you being there.
Now, it has value.
Unless you’re truly the exception, make sure that you get an expert to help you brand your business properly. Yes, it will cost money, but great branding helps you make great money.
Are you serious about making money? If so, get ready to pay someone to brand you.
It’s not really a cost; it’s truly an investment. Don’t you think? (Let me know if you want any recommendations of places that do a really good job of this. I can point you to the one that’s right for you.)
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Chris