Five Things to Do Before You Even Name Your Small Business
So, you’ve decided you want to start your own business. Maybe you’ve been conceptualizing and ironing out details for the last few months. Or perhaps you have had this idea since childhood and have continually gravitated towards entrepreneurship. Either way, there are a number of steps you need to go through before your vision becomes a reality. Here are five things you need to do before you even name your small business.
Consider Your Core Values
Why are core values important? Well, they help inform our thoughts, the way we speak, and how we act. Our core values act as guiding posts as we continue to grow and develop.
The same is the same for a company. Core values assist in the decision-making process. They educate (potential) clients and customers on what the company is about. Plus, they help clarify the identity and mission of the business. Lastly, core values are a great way to recruit and retain both employees and customers. When your core values resonate with an audience, that audience becomes much more inclined support and stand behind the company.
Companies with strong and good-intentioned core values find much more success than those that don’t. The public wants to be involved with companies who mission is to do good in the world.
Discover Your Why
Every single one of us has a “why”. Your why is your purpose. It’s a cause or a belief. And it’s something that should inspire you on a regular basis. Knowing your why gives you clarity. It helps you make choices. And will help you find a greater fulfillment in all that you do.
Why are some businesses more innovative and influential than others? How are some able to accrue impressive loyalty and profit? They know their why! Finding and embracing your why will help you carve out a new path. A path that completely sets you apart from your competition.
When you start with your why, you’re essentially creating a blueprint foundation for the future of your business. When you make every business decision with your why in mind, you stand for something bigger than a product or metric. You make a commitment to something that has real meaning and true value in the world. Not to mention, your why is what will unite both employees and customers and establish a positive working culture.
Click here for an incredible Ted Talk on finding your why!
Define Your Ideal Client
Many companies believe that any person that wants to purchase their product is an ideal client. But that couldn’t be further from the truth! Let’s think of this like dating for a second. Sure, you could just date any person off the street. It may work out. It may also go up in flames. You deserve to be with a person who respects you. A person who’s open to growing with you and in time love you.
The same goes for your clients. They too should respect you. And treat you with kindness. You deserve to work with those who appreciate the value you bring to their lives. Start by thinking about the types of clients you DON’T want to work with. Often times it’s easier to identify the qualities you don’t like rather than the ones you do. Until you know who you don’t want to work with, who you want to work with, and who you want to choose to work with, it’s easy to take work and clients that drag you away from the work you deserve to be doing.
Who can you deliver the greatest value to? What clients and customers do you enjoy working with? Who needs your services the most? Consider the following steps to identify your ideal client:
What are your client “must-haves”?
This is stuff that naturally narrows your list. Does your client need to be a specific age? Do they need to own something specific? Maybe you want to start a dog walking business. Your services won’t be effective for anyone that doesn’t own a dog…
What are the things you are generally looking for?
This also helps you zone in on your specific market. Maybe you only want to work with kids. Or you know you will only have one location to start and need clients in your general area. perhaps it’s an age range, geographic location, or special interest.
What makes them ideal?
What are the qualities that make them your best prospects? Think about certain business models, unique problem, and certain life/business events.
Identify Your Biggest Challenges
What is keeping you up at night? Do you feel plagued by frustration? If you start planning for your biggest challenges now, they’ll be that much easier to overcome when it’s time to face them. Brainstorm solutions. Write them down or discuss them with a trusted friend or mentor. Use collaboration to your advantage – more brains (and more creative brains) are better than one!
Define Your Specific Point of View
Your life is unique in the fact that there will never be another life like it. We all have specific core values, beliefs, and experiences that shape us into who we are. Your point of view will be different than your parents, your siblings, friends, colleagues, etc. Use your own point of view to cultivate the point of view of your business.
Why should a client or customer choose you? Why is your value-added “better” than another company’s? What makes you unique? How do you stand apart from your competition? These are all things you should be asking yourself as you discover this lens.
Not Sure Where to Start?
The world of marketing is rapidly expanding. What’s trending and helping you gain new customers today won’t necessarily be the best way to grow your business tomorrow. With so many moving parts in both the digital and physical marketing space, it’s no wonder small business owners are unsure where they should even start. That’s where the Pittsburgh marketing agency onCOREventures Strategic Marketing comes in. We created onCOREventures for honest business owners wanting to operate in harmony with their core values. If you’re trying to create positive change in the world while also attracting customers who share your values, our “strategy first” methodology may be exactly what you’ve been looking for!
