So what ? You think you are a Rockstar? Your branding will ruin you. And guess what? When we are all done, you will feel that we are all screwed!!
That is the sentiment that all new startups have felt at some point or the other! So why is that ? What are the top 5 big mistakes new brands make that effectively makes them sing this Pink’s rendition of the song?
Brand name
Ever think your brand name sucks? You are not alone! We think your brand name sucks too! If you ever think your brand name does not justify your product or service, you are screwed before you even start. Please choose a name that we want to search and find about.
Brand story
Don’t have a brand story? Well, get back to the drawing board! If you cannot tell us what your brand stands for, we might as well go buy a similar product with a different brand. Know your brand and share the story behind your product/service. Why should we buy your product/service over your competitors? Answer that carefully.
Product/service
Well, if you do not have a good product/service, you are definitely screwed, and there is nothing we can do about it. Run back and polish your offering. If your service/ product sucks, then God help you. Why are you even running a business? May God really help you !!
Long term plan
What do you expect from your business in 2 years ? What about 5? If you do not have an answer to this, know that your business, even if running successfully now, is about to run to the ground. Make sure that you draft a 2/5/10 years plan, sop that you know where you want your business to go! We are not gambling in a Casino, but running a business, aren’t we ?
Accounting
Do you know where that extra 100 dollars went, that you had not accommodated for? As small as your business is, start keeping account of your expenses and revenue as soon as possible. Businesses often incur a large part of their expenses under the miscellaneous category . You might not even know how you are bleeding money ( it might be from your motorbike itself for example).
Make sure that you have gone through these 5 points to ensure that your business runs smoothly. Or, else run the risk of having to close the business down and follow BrandAdelaide to learn how to start and run one ( of course, pun intended)!
