Before you make your business known, you have to know what it is.
Knowing your business identity is one of the most important factors for development, customer identification, and ultimate success. But what if you’re not quite sure what your business is, it’s key purpose, or the goals you have for it’s progress? We don’t want to tell you what to do with your business, or define what your business is, or create a purpose for your business – these are truths you should figure out for yourself. While you need to figure these answers out yourself, we can help by getting you started with these 6 business identity questions:
Figure Out Your Business’ Identity By Answering These Questions
1. Why am I starting this business? Perhaps you find that you’re happier as your own boss or when setting your own schedule. Maybe you see a need that no one else is filling. You might be the type of person that like creating something bigger than yourself, something that you can pass on as a legacy. Perhaps you’ve got a hobby or interest that you just know would translate well into a profession. Whatever your reason for forming a business, make sure it’s a good one. Make sure your motive is compelling enough to keep you going even when progress slows, or even stops.
2. What kind of business do I want? This greatly depends on who you are, what sort of challenges attract you, your strengths, weaknesses, and more. If you’re an extravert and you don’t mind the idea of mixing drinks while cleaning up messes left, all while listening to chatty customers telling you about their broken love lives, then continue developing your idea for a neighborhood sports pub! Perhaps you enjoy crunching numbers and excel at problem solving – these are strong indications that starting a personal financial advisor could be a good move for you. These are just 2 examples of how you can assess your motivations, flaws, and strengths when deciding what sort of profession you wish to create for yourself. Take some time to really examine yourself when you answer this question.
3. What sort of clientele do I want? Your customers have almost as strong an influence on your business as you do. You need customers. If you don’t have customers, you don’t have a business (at least, you won’t have a business for long) so whatever it takes to meet your clients’ needs you’ll make happen. So what type of customer do you want? Remember, they’ll have a huge impact on your business and lifestyle.
4. What sets my business apart from the competition? Forbes lists this as reason #2 for why businesses fail. “No real differentiation in the market (read: lack of unique value propositions)…Figure out the true value you bring to the table which is unique and different than others in the marketplace.” Couldn’t have said it better ourselves! The better your answer to this question, the more your business will lead the competition in your industry.
5. How will I manage my business? There are far to many business management considerations to even summarize, so we trust you’ll do a lot of research while forming the answer to this question. One of the reasons we believe this is such an important question is because management skills can be practiced with integrity or without – whichever option you choose will have a profound affect on your self and your business.
6. How can my business give back? In 2013, Forbes published an article with interviews of large and small companies practicing corporate social responsibility. It was found that that 51 of 59 companies believed that they have happier employees and 45 of the 59 believed they ended up with better employees since practicing CSR. Along with better employee fulfillment and relations, companies also reported higher savings, stronger connections to the surrounding communities, free positive advertising for the company, morale improvement, greater public approval for the company, and much more! While the benefits for adopting a corporate social responsibility policy at your newly-founded business might seem overwhelming or unimportant, just do what you can and increase as your business finds success. It’s never a bad thing to start off on the right, altruistic foot!
Got Your Business Identity Figured Out Yet?
Don’t forget, knowing your business’ identity isn’t beneficial only for you, it’s a necessity for your beloved venture. You’re selling your business’ identity. If it’s got a weak identity, then not even a 30-second spot on the Superbowl full of kittens doing cute things while angels sing your company’s name will keep it successful. You need a strong, defined identity for a strong, defined advertising campaign and beneficial results for your business.
Figuring out the answers to the questions above might seem simple, but they can be difficult to identify. The questions above demand diligence and even introspection. Formulating the answers requires time, deep thought, and honesty. But don’t let the challenge keep you from facing these questions head on – if you can handle the difficulty of providing thorough answers to these business identity questions, then you’ll be on your way to handling the challenge of starting your own business!
You’re Not Alone! We’re Here To Help!
For more info regarding small business solutions, don’t hesitate to contact us! We’re here (and we’ve got valuable, first-hand knowledge) to help guide you through the process of developing your small business. And if you have any more questions that you believe are important to a business’ identity, feel free to pose them in the comments below!