Many people have good ideas, but not everyone becomes an entrepreneur. I’m often asked if there is a good way to work out whether your idea is a good one, so I’ve put together a quick guide for those wondering if they should make the plunge. 1.Evaluate your idea OK, you have an idea. Now what? Good business ideas are a dime a dozen, and they are not all worth pursuing. Ask yourself: Have I done due diligence necessary to take my idea to the next level? Does my idea solve a problem? Meet a need? Touch a nerve? Has it been done before? Write down your answers, then critique them as thoroughly as you can. The best ideas are those that can withstand heavy critical analysis. If you can’t do this alone-which is almost always the case- then take your idea to someone you trust and ask for their perspective.
Branding is one of the most important aspects of any business, large or small, retail or B2B. An effective brand strategy gives you a major edge in increasingly competitive markets. But what exactly does “branding” mean? How does it affect a small business like yours? Simply put, your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from your competitors’. Your brand is derived from who you are, who you want to be and who people perceive you to be. Are you the innovative maverick in your industry? Or the experienced, reliable one? Is your product the high-cost, high-quality option, or the low-cost, high-value option? You can’t be both, and you can’t be all things to all people. Who you are should be based to some extent on who your target customers want and need you to be. The foundation of your brand is your logo. Your website, packaging and promotional materials–all of which should integrate your logo–communicate your brand.