A new journey is always a bit frightening since there is never a defined path. The ‘fear of unknown’ is something we can all relate to on any undefined path as we do not know how long or how far we will go. On this path, it’s all about getting started and surviving. It is here where determination takes precedence. The journey becomes letting go off one milestone and going to another. And then another. But the beginning is always tough.
Startup businesses or SMB are always a new journey. It is here where we need to ask few questions- What should be our focus in the beginning and where it should be? Startup businesses or SMB do not, in the beginning, start with much focus on non-core activities like budget on branding and advertising. It is more about validating the business idea and sustaining the growth. In the process ahead, although capital is spent on branding and advertising, it is not in focus. So let us talk about these usually ignored non-core aspects of a business that a startup should protect.
Although asked by Shakespeare in Romeo and Juliet, it is an extremely important question to ask while starting up a business. The name of your business defines your brand. It is the first thing your consumers are going to come in contact with. There are so many companies with a mismatched name. For example, it is difficult to figure out what a business named ‘Sharma and Sons’ does. Most startups think that they don’t have the luxury of time to name their own business. But they often forget that the name doesn’t only add value to the business but also reduce customer confusion. By creating a clear and compelling brand name, you avoid a huge marketing mistake which could cost you in a near future.
We should remember that how important it is to not get shadowed by the crowd and stand out from it. Being unique is effective in selling yourself when you are surrounded by businesses. A USP or a Unique Selling Point requires some soul-searching and some hardcore creativity. It is a clear statement from you to consumers about what to expect. As a business owner, you need to communicate what your business stands for. This should be one of the priorities while setting up a business before it is too late. Before you become the crowd.
Register your brand name. Do not wonder if it is worth the time and the effort. Many business owners are ignorant about it, but it is time to be smart. Starting a business is a dream. Let’s not make it a nightmare. By registering, the business assets and liabilities are separated from each other. It is an important investment which does not appear to have a direct return on investment but just like insurance, it is vital for the security of you and your partners who may be associated with your business. Check our blog on startup branding here. ( click )
The reasons for hiring a lawyer will not be that apparent. Until it is too late. A lawyer can provide an essential assistance in almost all the aspects of your business. While you certainly do not need a lawyer for every step of your business, an ounce of prevention is worth a pound of the cure. There are times when the business might face issues which are too complex and time-consuming which will definitely require a lawyer but to prevent such damages is what we should work towards. So get ahead of the curve by hiring a lawyer for your business today.
If you are a small business today, this is your time. Small businesses can be flexible. They can change their model rapidly if the market demands. Small is the new Big. Be small. Think Big.
And while we are talking about it we just got ours yesterday after applying for the trademark in 2014, going through the audit, wait and other processes finally got our trademark registered for our business.
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