This is an introduction to the next one which will be highlighting the simple steps for any Wellness and Beauty business to establish itself in India. First, as a ‘professional entrepreneur’ you need to get these learnings in place to proceed further.
Small business owners often think they’re too small to worry about branding. They’re both wrong and right.
They’re right because branding is an overused term. Its been tossed around for 25 years, helping huge companies like Kraft and Coca Cola define themselves and their product.
They’re wrong because just like big companies, any business defines not just itself but also its customers through branding.
That’s terminology every business owner understands.
Multinationals spend millions every year before they make a move in the marketplace, but better branding really comes down to achieving clarity of vision and what they want to finally achieve.
(Caution: You WILL fail if you don’t adhere to these rules)
1. Know why you are in business and where you want to go ask yourself, beyond making money, why are you in business? what is the problem you want to solve? Where do you want to be in three years?
The question usually elicits “passion” as a response – it allows people to unleash their dreams. That’s an advantage. Big companies don’t have that passion and rely on market research and analytical results to drive them forward.
But you have to be realistic too – what are the barriers blocking that vision? Often, it’s you, because you can’t do everything yourself. Reaching those goals may require either outsourcing or delegating work to others in your team.
Mapping things out can be as simple as keeping a journal of thoughts and then condensing your vision into a single, clear statement.
2. Get a clear picture of your revenue model.
How does your cash flow, who are your most profitable customers and who are your least profitable? What is your financial goal and are you set up to meet it?
I’ve known somebody who catered 15 weddings one summer but didn’t make a profit. She was burned out. Why? She wasn’t charging enough because she lacked the confidence in her own expertise. You are the expert, and you should price accordingly. Multinationals don’t get scared of high pricing, neither should you.
3. Is your message loud and clear?
Don’t assume your customers know why you’re the right person to come to for their needs. Remind them of the value you can provide at every opportunity you get, directly or indirectly. Large corporations ensure their brand communications are consistent in the messages they send out and appoint managers to be responsible for it. Someone should be in charge of your communications, even if it’s not their full time role.
4. Get clear on your content
I often see content in brochures differ from that on company websites. This sends an awful message. If you aren’t comfortable developing creative content, outsource it. You don’t have to hire an agency. Good writers are easy to find and surprisingly affordable
5. Get clear on your design
They say dress for success – I say design for success. There’s so much noise in marketplace, good design drives your message through the clutter and makes it memorable. What do you think when I say, blue and red ying-yang – Pepsi?! What’s a a green circle with a lady sort of figure sketched inside it – Starbucks Coffee. Logos are important, but choosing your colors and integrating them in your overall design will make your message sing.
6. Get clear on your marketing
This is where people make their biggest mistake. They go from an idea to step six, skipping the other five steps and stacking the odds against success.
You may have a great idea, but until you determine what you’re about, where you want to be, what your message is, what your image is and what channels are right for you, how can you put the right value offering in front of the perfect client, at the right time?
Big businesses may not be as quick to react as our small ones, but they accurately complete these steps in detail before any launch. Otherwise, they risk huge failure, which given the size and scope of their businesses costs them millions. They’re not immune, however, remember the number of new coke drinks (Coke Vanilla for example) that have been launched and that have vanished from the market?
These are basic pointers you need to keep in mind before entering the entire process of setting up your business. The next step is actually indulging in the basic ‘9 STEPS’ that TheChairr has chalked out. Stay tuned to our next blog to know what these 9-steps-up-the-road-to-success are.
Preview
Step 1: Remove existing choices and add – “Salon, Beauty Clinic, Day Spa, Resort Spa, Beauty Salon, Nail Studio, Tattoo studio, Wellness centre”.
Step 2: ” meet and ask business related questions to owners of existing business you are interested in.” OR ” Follow online communities to get business insights. Study your potential competitions”
Step 3: “Understand Law and Finanace requirements and accordingly make a detailed business plan.”
Step 4: “Select a place as per you business plan, arrange for finance from sources, look out for interior designer for aesthetics”
Step 5: “Hire Consultant to help you procure equipments, once that is done, start hiring & training Staff”
Step 6: “Launch -Invite Local Business owners, residence for free trial, invite bloggers to review & inform their readers”
Step 7: “You will always be a learner : attend several exhibitions, seminars, subscribe to various magazines and online news about your industry.
Step 8: Be present on Social media pages like FB/Twitter/Instagram/G+ etc.
Step 9: Bottom line footer massage “Remember Customers is the KING, all that aesthetics is of no use, if there are no customers, so always treat your new and old customers with respect and care, they will return”.
