Today, it’s almost unheard of to not have your own brand. A brand can be just about anything you set your mind to. However, building your own brand from scratch isn’t as easy as it sounds. It requires planning and forethought to be executed properly, and as a newcomer, you’re not even sure on where to begin. Fortunately, you’ve come to the right place. We’ve done most of the research for you and have compiled what we’ve learned all into one place. In this article, we’ll be helping beginners build their own brand from scratch.
Think Carefully About Your Niche
Every brand has its own unique niche that they cater to. Despite being one of the first steps, deciding on a niche isn’t as easy as it sounds. With so many options, you might feel overwhelmed on deciding. To make the choice easier, think about what you’re passionate about. Are you an animal lover who can’t resist helping animals? Do you have a knack for envisioning comfortable and safe home layouts? Or maybe you’re a foodie and want to share your wisdom with others. Each interest is a potential business opportunity. Another factor to consider when picking a niche is profitability.
There are some niches that’ll never be out of fashion, like pet food, baby products, and home goods. But some niches are just trends that will ultimately fizzle out. Crochet bucket hats and fidget spinners ring a bell. Now, you can rake in some serious cash if you can capitalize on some trends. If you make $15,000 selling something that no one ever buys again, you might consider that a win. But you also must think about the long-term. Are you interested in a short but potentially profitable burst of revenue or a big-picture business that you could nurture and evolve for years to come? Make sure that your niche is something that you can rest on as a strong foundation while still optimizing for trends within your industry.
Have a Business Plan
Some entrepreneurs make the mistake of focusing so heavily on their brands that they ultimately go to market with little more than a fancy concept. It’s like selling a prototype instead of a complete product. Brands only work when they’re connected to strong businesses, so make sure you understand how to write a good business plan. You’ll need to go through all the necessary steps of registering in your state, setting up tax papers, and managing your supply chain. This is the biggest undertaking of any brand development, but it’s also the most important.
Consider the Financial Aspect
How much does it cost to start your own business? In some cases, nothing, but, most businesses will need at least $100 to get started. Digital businesses, like affiliate link blogs, still have domain and hosting fees. A single domain for a year can cost anywhere from $40 to over $200. Then, you’ll need to think about stock. If you plan on selling physical products, you need to pay for materials or products, factor in operating expenses, and iron out shipping costs, and sales tax. Borrowing a personal loan can help you get started. They’re flexible in both their principles and interest rates, so you can find one that suits your budget to take advantage of.
Even though there is way more to brands than appearance, you can’t overlook the visual side of your brand. After all, the color scheme and logo will be two of the most noticeable aspects of your brand to your audience. A good way to get started here is by evaluating the competition. Look for common trends among the visual branding that makes them recognizable. You might find that blue is a popular color in your niche or that many brands like the one you want to create use certain types of fonts.
You can also learn social media branding guidelines and visually map out your social media profiles and website to create an engaging user experience. Engagement is the keyword here. You want posts that inspire people to do something rather than just generic promotional content that only benefits your business. When buying brand assets, you may find that some are quite pricey. You may even want to enlist the services of a graphic designer to help you out. Some marketing agencies also offer full-service branding services. Before giving them a call, be sure to compare each company or agency. Read the reviews left by previous clients to gauge what it’ll be like working with them when building your brand. If you feel it’s not a match, keep searching until there is.