How Do You Start Your Own Buisness – Whether you’re looking to earn some extra money or are ready to grow your side business, starting your own business is the first step in taking.
With over 40 years of experience and advice shared on Entrepreneur.com and Entrepreneur Magazine, the Entrepreneur Media team is uniquely qualified to guide a new generation of courageous people like you who want to succeed on their own terms.
How Do You Start Your Own Buisness
Prepared by business experts, practicing business owners, and successful entrepreneurs, Start Your Own Business reveals what you need to know before you take the plunge, get financing, launch your business, and grow your business from startup to household name. Learn how:
What Are The Risks And Rewards Of Starting Your Own Business
GO! All systems go. You are ready to launch your new business. To make sure your launch is a success, Part 6, “Marketing,” shows you how to get the word out about your business. First, you’ll learn how to create a brand identity that will make your new business stand out. Then you’ll discover how to create a marketing and advertising campaign that works… without spending a fortune. From print ads and direct mail to TV, radio, and social media websites like Facebook, we share smart strategies to build buzz around your business. You will also learn about the best way to promote your business: public relations. From special events and community projects to media coverage, we show you dozens of ways to make your business stand out, many of them for virtually free. If the thought of selling scares you, you’re not alone. That’s why we’ve given you everything you need to know to sell like a pro. Then, once you’ve made the sale, it’s not game over – you need to keep the customer coming back. Our secrets to great customer service will give you the edge you need to win repeat business…over and over again. No marketing and advertising plan is complete today without including the Internet. In Part 7, Get Engaged, we introduce you to the world of social media and online advertising and marketing you need to know. We start by showing you how to drive visitors to your website, keep them there, and when they leave, make sure they come back for more. From search engine marketing and paid search services to email marketing and affiliate promotions, you’ll learn valuable tips and techniques to make your website a smashing success. What’s all the hype about social media and why should you be listening? Social networks have changed the conversation between companies and customers. It also changes the way brands are marketed and the way customers interact with your company. We show you how to use social tools to communicate with prospects and connect and engage with your audience, because in today’s marketing landscape, that’s how brands are built. We cover all the social sites you’ve probably heard of, like Twitter, LinkedIn, Facebook, Instagram, Snapchat, and Pinterest, plus a host of other tools to help you reach and connect with your target audience. If you do everything right, you will have to deal with a wad of cash. In Part 8, Benefits, we show you strategies to get the most out of your money. Whether you’re a math whiz or not, you’ll want to read our accounting basics, which contain everything you need to know to keep track of your finances. You’ll learn accounting methods that can change tax time, what records to keep and why, and whether to computerize or do it by hand. Check out our step-by-step analysis on creating financial statements, income statements, cash flow statements, and other important metrics to help you measure your money. Then learn ways to manage your finances, including the secrets to pricing your product or service, how to get short-term capital injections when you’re low on cash, and how to determine your overhead, profit margin, and more. We’ll answer your most pressing question: how much (and how) should be paid. We also show you how to stay out of trouble when the tax collector calls. Get the inside scoop on payroll taxes, personal vs. corporate tax returns, and what to file and when. We’ll also cover what you can deduct…and what you can’t. Finally, at the end of the book you’ll find a handy glossary of terms in case you need a refresher on any of the concepts we’ve covered in the book, as well as an appendix full of helpful business resources. PART 6 MARKETPLACE CHAPTER 29 Brand Building How to Build Your Brand CHAPTER 30 Marketing Clever Advertising and Marketing Your Business CHAPTER 31 Talking Points How to Promote Your Business CHAPTER 32 Sell It! Effective Selling Techniques CHAPTER 33 We Serve Now, Offering Superior Customer Service CHAPTER 29 BUILDING A BRAND Building Your Brand You are very excited about your new business. But do you have a potential brand in the making? Unfortunately, this is a question that too many small business owners ask themselves too late or not at all; It’s not a good idea in a world full of demanding consumers and big companies that rule the branding game. Big brands surround us and it is no coincidence that they make us think about certain things. Think FedEx and think overnight delivery. Apple Inc. brings to mind cutting-edge products, music, and must-have phones and devices. Even celebrities are brands. Would you describe Bradley Cooper the same way you would describe Dwayne (The Rock) Johnson? His differences (charming vs. rude, polished vs. rude and messy) help define his particular acting “brands” and allow audiences to understand his personalities. Corporate brands are no different. They have their own ‘personalities’. We like to categorize everything, whether we’re talking about people, printers, or pizzerias. Test this theory for yourself. What attracts you to a local business over another that sells a similar product? A local restaurant may look quaint and inviting; another may seem chaotic and crowded, even though both restaurants serve the same type of food. You’re not alone if you find yourself categorizing every business you pass. As a startup entrepreneur, you will brand yourself even if you try. If you don’t have a clear idea of what your new company is, your potential customers will make their own decisions, a risky move for a new company with few or no customers. You will need to have a brand strategy in place before the launch or grand opening. Before we start strategizing though, let’s answer the most basic question of all. Tip Make your company’s website more than a boring online brochure by adding a new newsletter, weekly or bi-weekly blog, or monthly founder’s podcast—anything that conveys your brand personality and humanizes your company in the eye. of potential customers. . People want to know who they’re buying from, especially if it’s a new company. And if you don’t offer this, remember that your next competitor could be. What exactly is the brand? Branding is a very misunderstood term. Many people think that branding is just advertising or a really cool logo, but it is much more complex and exciting too. ■ The brand is the foundation of your company. It’s not just about awareness, a brand or a logo. Branding is your company’s raison d’être, synchronizing everything in your company that leads to consistency for you as the owner, your employees, and your potential customers. The brand brings together its marketing, public relations, business plan, packaging, pricing, customers, and employees (the last item is often the most overlooked; read “In the Loop” on page 559 for more information). about). ■ The brand creates value. Done right, the brand makes the buyer trust and believe that your product is somehow better than its competitors. In general, the more distinctive you can make your brand, the less likely a customer will choose another company’s product or service, even if yours is a bit more expensive. “Brand building is the reason people see you as the only solution to their problem,” says Rob Frankel, branding expert and author of The Revenge of Brand X: How to Build a Great Brand on the Web or Everywhere, Round 2 (Frankel and Anderson, 2010). “Once you can clearly articulate your brand, people will have a way to evangelize your brand.” ■ The brand clarifies its message. You have less money to spend on advertising and marketing as a new entrepreneur, and good branding can help you channel your money more effectively. “The more distinctive and clear your brand, the more difficult your advertising will be,” says Frankel. “Instead of having to run your ads eight or nine times, you only have to run your ads three times.” ■ The brand is a promise. After all, your brand is the simple, strong promise you make to every customer who walks through your door or visits your website, today, tomorrow, and a year from now. Your company’s advertisements and brochures may say you offer fast and friendly service, but if customers find your service slow and surly, they’ll walk out the door feeling betrayed. In their eyes, you have promised something that you have not fulfilled, and