Starting your own business is a complex affair. But amidst the many concepts you need to learn to build a business from scratch, one area that’s often ill-understood (especially for beginners) is structure and branding.
In this guide, we’ll take a look at the importance of structure and branding as it relates to starting a business in Brooklyn, NY.
What is Branding?
Basically, branding is the idea or theme that encompasses your business, service, products, organization, employees, and anything else that deals with your venture. It’s a bit abstract, but this allows brand as a concept to encompass anything relating to your business or products.
Other things that brand might encompass include:
● your logo
● your marketing and communication strategy
● company decisions
● the design of your products
● pricing structure
● customer base
It’s crucial that you develop and maintain a solid brand so that current and future customers can easily identify you, any products you might come out with in the future, and develop an attachment or loyalty to your services.
Why You Should Think About Branding
All new business owners should think about branding because it can impact how easily you retain customers and how effectively you can draw in new customers through advertising or marketing efforts. If you have a strong brand, you’ll be recognizable across your industry, and thus be a more reliable choice for someone looking for something in that industry. Staple or cornerstone (i.e. established) brands are more implicitly trusted by new customers across the board.
Furthermore, developing a strong brand identity will make brand theft (someone taking advantage of your products, names, themes, or anything else) much more difficult. You can even implement a trademark for your brand later down the road.
What is Structure?
This, as well, in many things, but for most businesses, it refers to organizational structure or price structure. Your business’s organizational structure deals with:
● how many employees you have
● how involved the CEO or other leadership is with day-to-day operations
● who customers speak to
● who comes up with products or delivers services directly
In a nutshell, your business’s price structure details:
● how you approach pricing across your entire company
● how your prices relate to your product or features
● how your customers relate to the prices for your products
Put together, organizational and price structure describe a great deal about how your business operates and whether or not it will be successful.
Why You Should Think About Structure
Structure impacts everything about your company. A larger company might have a business structure with a relatively distant CEO who handles big picture stuff and leaves the day-to-day operations to individual workers.
As a new business, your structure will likely be a lot more personal. You should spend a lot of time creating good structures, especially as they pertain to employees and marketing strategy.
Furthermore, consider pricing structure especially heavily. Your goal, of course, should be to get the most profit per dollar spent developing your product or service. Coming up with a smart pricing structure will:
● result in a significant net profit for you
● result in an enjoyable product or experience for your customers
There’s a lot to learn about starting your own business. But nailing down a deep understanding of both brand and structure will go a long way toward ensuring you don’t stumble during the first crucial months and years of your Brooklyn, NY business.