Beata Leyland
Business Owner & Author of this article
When you plan to build, plan longer, and build the company's DNA, be authentic. Your marketing will be more cohesive, and you will find your niche, your clients. Don’t give up too fast.
Intrigued ?
Every project and business comes with a risk, but it’s also an amazing learning path.
In this article, I would like to present you with a few of the most common traps of people creating their own brand.
Usually, first-time Founders go through all these mistakes which can turn into a learning experience or a path to closing the company and losing money.
Let’s dive in.
Market Research
Once you plan to introduce your product on the market, deep market research is needed.
Most likely, some form of your product is already there, so your task is to imagine your future client and how to attract him/her to buy exactly your product.
Way too many times I see people who see trends, try to manufacture as soon as possible because demand is now, but don’t have an idea how to brand their own products.
Passion
This point is related to market research. If you hear about the demand for certain products but don’t know much about the industry, or you are not passionate about the product itself, it’s a huge chance you will get bored very fast when issues start to appear.
The reason why the majority of companies don’t make it is because businesses’ ideas are purely money driven.
There is no substance, no personality of the Founder, so no selling point besides a “whatever” concept that a marketing company proposes.
Such people spend plenty of time and money on production and marketing, and their ROI is super low.
If you want to launch a line of new hoodies, check what is available, what people like, but also read about the industry, about apparel, do more than AI research as you will need it to choose a proper partner/ factory to work with.
Choosing inappropriate business partners
People who don’t know exactly what they want (and who does at the beginning? ) tend to choose people who they find affordable but not necessarily a good fit for them.
Price tells a story about qualifications, not only about geography.
When you choose to hire a Sourcing Agent/Procurement Manager, think if this is a person with whom you will be able to cooperate (communication style, attitude, competencies).
Ask questions to cross check qualifications, and be prepared before hiring people.
When you choose manufacturers, these same rules apply.
Collect information about them, ask questions, be firm about what you are looking for, and don’t be shy to cross check if both parties understand each other.
The way factories can spot lack of experience is not only by attitude (too shy, or too arrogant), but also by type of questions raised during introduction meetings.
If you want to be secure, visit the plant, order samples, and you will know more about the company.
Samples are an amazing opportunity to see with whom you truly want to work with.
That’s why it’s so important to ask for samples from more than 1 company, to have options and a fair comparison.
Decision Making Process.
Choosing fatigue is a true thing.
No matter if you are just starting or already running an enterprise on a daily basis, you will make a handful of decisions, some smaller, some bigger.
You don’t need to decide on the spot, but you need to continue deciding and moving forward with your idea.
So many great ideas failed here because the brand had already few successful stories and then the Founder got paralyzed to move further because he/she doesn’t want to risk.
If you don’t move forward, someone else will.
When you decide, make sure they are not driven by emotions, rather by data and aligned with the company’s strategy.
Maybe you should reevaluate your marketing strategy, maybe not all people who serve you in phase A should be a part of the team anymore.
When you close one chapter, a new one begins. Be cautious but at the same time don’t allow fear to cripple you.
When Founder is fearful, that’s more visible than he/she might think and guess what?
You will start to choose partners who are aligned with your view and squander your success.
If you have a good product, expand, and don’t wait too long.
We live in a world of rapid changes happening at once, which is overwhelming but at the same time I work with people who don’t stop because of it, and they win.
These 4 steps are crucial but also the trickiest when you start as a Brand Owner.
When you plan to build, plan longer, and build the company’s DNA, be authentic.
Your marketing will be more cohesive, and you will find your niche, your clients.
Don’t give up too fast!
It’s not an easy way of life to run your own enterprise but at the same time it’s a rewarding path full of learning experiences.
If you learn that you will fail many times and not always have enough time to digest all of it before another move, you are on the proper path.
Remember to define your boundaries with people, your close coworkers, but also factories.
Your clear vision helps others build your enterprise, don’t be afraid to use other people’s talent to help you.
Hiring people more competent than you is a smart strategy.
If you need a helping hand with this journey, just text us.
We have helped 100+ companies from Europe, North America and Asia to grow and thrive.
Our strength lies in actively listening to our clients’ needs.
We understand not only the product but also the Founder’s personality.
This means that Startups and small companies stay with us for longer, achieve success, and their development is our best showcase.
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