How to Build a ‘Branded’ Business – Part 2
In Part 1 of our series I outlined all the steps necessary to building your own ‘Branded’ business. In doing so, I discussed why it is important to create a branded business, rather than one that is not properly and heavily branded. I also gave you the sense that anything is possible with the right plan and thinking, and that building your own business can be one of the most rewarding challenges in your life.
The first step, and for many the most crucial, in building your own ‘branded’ business is: Developing and Understanding the Business Mindset. This mindset is not only crucial to ensure you have all the necessary arsenal, belief and expectations to see your business succeed in the long run, it is vital in helping you understand if you are ready to go into business in the first place, and to ensure you choose the right one to build or enter into.
Most entrepreneurs and business people I have come across who are just starting out and contemplating their own business, usually have a vision of themselves and how they want to be seen and respected. They know all the things they would like to acquire with the vast amounts of wealth they plan to build, they know who they want to be, and they dream about and envision the way they would like people to admire and respect them.
They then have the solution as well to meeting all these dreams and objectives and fulfilling their emotional and tangible needs: going on their own and building their own business.
As I have mentioned before, going into business simply to get wealthy is not the answer for happiness, and more often than not is a recipe for business failure. By going this route you will simply be doing everything for money and in doing so you will be compromised at some point in the future. Either your ambition will die in the business you have undertaken, or you will play by the wrong set of ‘immoral’ rules to achieve your objectives and monetary gains, and in the process you will end up using and abusing people. This is not a higher objective. This is a recipe for failure.
Key Areas To Address
In ‘Developing and Understanding the Business Mindset’, the 3 areas you must explore and which must be addressed properly are:
1) Why do I want to build a Branded business?
2) What will it take for me to succeed?
3) How Long will It take for me to be successful?
Why Do I Want To Build A Branded Business?
We touched on the first area already, but the key question you must ask yourself is: Why do I want to build a ‘branded’ business? If you are looking for ‘get-rich quick’ schemes or long-term wealth only, I have news for you, in the end your chances for success are slim.
The most successful businesses in any industry, time and time again, are built on love, passion and interest. Yes, we can all make some quick money for some period of time doing things we don’t like, but to build a proper ‘branded’ business that can go the distance and give you all the ‘tangible’ and ‘intangible’ rewards of a world class operation, you will need other attributes. You are going to have the heart, passion and love to see you through all the rough and turbulent times you will face when you first start building.
When the chips are down, when things do not go according to your business plan, when finance becomes a problem, and you are losing money month after month and are up to your eyeballs in cash flow problems, it is only your rich vision that will pull you through. Only love, passion and belief will give you the strength and desire to continue. Starting a business is very, very hard and if you are only doing things for money, chances are high you will give up too early and steer your ship in a different direction of newer or perceived ‘easier’ money.
If you are building a business to create something you love, in an area, market or industry you love, you have one part of this mindset on track. If you love helping and developing people like I do, then playing the stock market isn’t your business solution. You need to apply your passions and skills (and acquire new ones if necessary) into your business, and in this case rather get into recruiting or become a Human Resources officer for a company that interests you.
In the end, choose the business you want to build based on your interests, what you want to achieve personally, and for the greater good of those all around you. Yes, you need to make money, and the more the better, but this musn’t be your sole objective. You must empower your employees, develop and up-lift the community around you, grow and respect your business suppliers, and than your business will flourish as it will have a forceful positive energy working for it.
What Will It Take For Me To Succeed?
Please understand this now: building a successful business may be the hardest thing you ever do. Building a successful business in most cases is harder, more time consuming and emotionally and physically draining then getting married or gaining a university degree. In many cases, the rewards are greater and can last a lifetime.
This is a very important point because starting a business is not about ‘filling a gap’ and killing some time in your life until you get things sorted out. It will take everything you have and more, and you must only go into business if you can absolutely guarantee you can give all of yourself mentally, emotionally and physically. Don’t start a business because you graduated college and you and your buddies need something to do until you get real jobs; this will not work and I can promise you the business will defeat you and rob you of your confidence and your bucks.
Also, if you can avoid starting a business on your ‘spare time’, I would highly recommend it. This does not mean you can’t start a successful business after hours, you can, but only in certain areas and through certain mediums. It is ideal to be giving your business full commitment, and if you are working another job or are working full-time elsewhere, chances are high that you will take short-cuts when building your business and you won’t have the necessary arsenal of belief, energy and positive thinking to see it through.
You will come across maybe the most difficult and challenging period of your life, so it is wise to prepare yourself for a serious battle. Understand you will take blow after blow from your business and will have to employ as much positive thinking as possible to help you navigate through all the self-doubt and negative circumstances you will come across. Most success stories will tell you that so many people wanted to give up so many times, and only pushing on and on, after heartache and hard work, did they find their pot of gold.
Napoleon Hill, in his award winning and timeless classic ‘Think and Grow Rich’, says most people quit on their business right at the end of their troubles, right when they are closest to success and only ‘three feet from gold’. Buy this book, it is essential for helping you with the right business mindset and preaches page after page about positive thinking and persistence: do not give up.
You must also prepare yourself for a great deal of fear and anxiety. Most of everyone who knows you, or who is around you and knows of you, will believe you will not succeed and won’t take much interest in your new undertaking. Their lazy and ‘can’t do’ attitude exposes their fear and their own belief that they cannot succeed. They will pass all these fears and anxieties onto you.
You do not want these people around you, but they will be, and their lack of interest in your business and negativity in some cases may take its toll on you and give you self-doubt. Prepare yourself mentally for your business and those around you to not only offer you negative tension, but expect them to work against you in some capacity.
Finally, for you to succeed you will have to have the right experience and information. You must make sure that you have some sort of experience, skills or training in the business you are about to enter. If you have a passion to enter the restaurant business, make sure you have some skills or you acquire some first before entering. Some people believe that if you have been successful in one business, you will be successful in another in another industry – I am not one of those people.
It is essential to have the experience and information necessary to succeed first. When I worked for Unilever marketing consumer goods and I moved working from one market to another, I still spent weeks learning about the new market and category I was about to compete in.