Your brand is the idea or image people have in mind when thinking of you, your products, and/or services. It differentiates your offering from that of your competitors. Branding is important because it not only makes a memorable impression, but it allows your customers and clients to know what to expect from your company. It is a way of distinguishing yourself from competitors and clarifying what YOU offer that makes you the better choice. Your brand is built to be a true representation of who you are as a business, and how you wish to be perceived. Here are 3 common mistakes that can harm your brand:
Inconsistent Branding
It is essential that your brand be consistent across all platforms. When you create your social media handles, website domain, email address, business cards, make sure they are CONSISTENT. Inconsistent handles and websites can cost money and time when trying to correct past mistakes AFTER the fact. You don’t want to waste your time and money buying new domains or dealing in Twitter handle auctions. Also, in that interim, there are customers that possibly can’t find you. Consistency is key and if not used correctly, sometimes brands fail.
No Public Relations Strategy
Branding and PR are not the same. Savvy business leaders know that public relations should begin from Day One. PR is a valuable strategic management tool for creating awareness, establishing brand credibility, building relationships, and yes, sometimes boosting sales. But none of this happens overnight. It takes time, expertise, and strategy.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
One of the biggest mistakes businesses make is when they look for PR solutions only when they are under fire. They do not invest in PR from the beginning of their businesses. This is short-sighted and creates unnecessary stress. Set yourself up for success and incorporate strategic PR from the beginning of your business.
Ignoring Bad Reviews
Unfortunately, as wonderful as you work at customer service, every business will eventually receive a bad review. You may be tempted to ignore negative reviews — don’t! This is an opportunity for you to listen to your customers’ feedback and make impactful changes. Customers who leave bad reviews are often looking for a solution to their problem. Consider each review seriously. Customers will often amend their review with a positive update and ultimately turn into loyal repeat customers if their complaint is handled well. Respond to a negative review quickly, give them a chance to be heard, and offer a solution.
Right now, if you listen closely, you’ll hear the life-defining question swirling around in the minds of every high school senior in America: “What am I going to do with my life?” And I bet the newly confirmed US Secretary of Education Miguel Cardona is hearing those questions too, as he begins his tenure. There is no shortage of answers to that question being offered by parents, teachers, counselors, mentors, and friends: “4-year college” “Trade school” “Community college” “Military” “Gap year.” But I say they’re all missing something — well-intentioned, yes, but lacking in vision. Why aren’t we inspiring our kids with all their possible destinations, not just the next part of the journey there? If we really want our next generation to succeed, then we must help them see the full spectrum of possibilities they should prepare for. And entrepreneurship must be at the top of that list.
Small business owners are the workforce that creates the workforce, but we don’t encourage students to aspire to that at the level we should. Entrepreneurship needs to be highlighted as a viable path by our K-12 education system, alongside higher education and trades training. Otherwise, we will keep bottlenecking the talent pipeline and maintain the unemployment and underemployment status quo.
I am the Founder and CEO of Black Girl Ventures, the largest entrepreneur support organization on the East Coast that creates access to capital for Black and Brown women founders. How do we do it? With foresight, passion, and capital. Black Girl Ventures holds unique pitch competitions that use crowdfunding and pitching to grant capital to Black and Brown women founders. To date, more than 5,000 women founders have participated in our pitch competition which has taken 130 businesses from idea to reality in just five years. Yet, I know we can do better because those founders weren’t taught they could be founders at their most impressionable stage.
I’m also a single mother — like so many student single mothers who may be reading this — and there was an endless stream of voices telling me what my options were and the limitations I had to accept. If I had let statistics that I had no future to be proud of guide me, I wouldn’t be where I am today. But real talk, if I had stopped at the ceiling of accomplishments that those optimistic about my future had set for me, then I wouldn’t be where I am today either. I was never told that I could own a business that would help my family thrive, but I did it anyway. Through the process of living beyond the expectations set for me, I became a serial entrepreneur who’s dedicated to raising that ceiling of possibility that I was made to believe was fixed and unmovable.
In our nation’s capital and in every state capital, our elected policymakers are debating, compromising, and putting into law the budget priorities that will define our children’s futures. I have an amendment that I want to offer to all their bills and proposals that is the most non-partisan of policies: invest in programs and education paths that teach young people that they can be the owners of the small, medium, and large businesses that are the backbone of our economy — no matter what path they choose to get there.
Make it the required mantra in every classroom: “You have OPTIONS! Go to college. Learn to code. Learn a trade. Get a 9-5. Create a 9-5 for someone else.” Then, make business ownership a career option for students starting in early education quizzes, career exploration classes, and surveys — let’s show them America values the entrepreneurial mindset. When we invite parents of our kids to classrooms to talk about their lives as doctors, lawyers, chefs, and manufacturers let’s also invite those who own those doctors’ and lawyers’ offices, restaurants, and factories.
Secretary Cardona, there is no better way to prepare the next generation of workers who will build our economy than to make sure they understand that they can own their future by owning a business.
As we go into the long weekend I am reminded of all the wins I had this week. Amazing partnership calls. Planning the launch of the Shell Bell Show. Hard news about employees shifting. A 2-day intensive planning session with my leadership team. I am reflecting on the day I went to get that wood to build a tent in my living room to rent it out. I remember that I was mindless about my success meaning I was in “by any means necessary” mode. I heard people telling me I was crazy but I wasn’t really listening. It was like they were a muffled crowd of hecklers in the nosebleeds. My energy was thunder. I felt like they could hear me but they couldn’t see me for real. I didn’t even worry about them because I saw me. I saw what I wanted to create and I DID NOT see myself working for anyone long-term. Taking jabs and protecting yourself from blows is the nature of being a builder of anything. Whether you are building a new business segment at a job, a new business or keeping a current business going you stick and move. There is no one loss more significant than the last because the game doesn’t stop. There’s only a collection of engagements where you focus on living to fight another day. You got this!
It’s a sobering statistic that 60% of Black businesses that were on their hustle in March 2020 have had to close up shop a year later. But the story isn’t all bad news — many businesses were creative and nimble enough to make pivots during the pandemic that not only helped them weather the storm, but added to their offer in ways that can be permanent once the country reopens.
First, I want to acknowledge that there are some businesses where essential in-person contact or travel components meant that a realistic pivot to make it through the pandemic didn’t exist. However, these founders are no less worthy of our (our = me, you, consumers, and policymakers!) support to thrive post COVID-19.
Here are 3 (of course there are more!) creative ways that I’ve seen businesses pivot to success during the pandemic:
Turn your product or service into an EXPERIENCE — Thankfully, restaurant delivery during the pandemic helped many restaurants and food vendors keep their business going, but unfortunately, without a lot of the profit which comes from in-person dining and catering. How did some businesses make up the difference? They sold the experience around the meal or product their customers craved. They didn’t just sell that great take out meal, they dressed it up with a theme and extras — like a bottle of wine or all the accoutrements to make the meal feel special at home or a spices kit and cooking class where consumers could be adventurous to try your favorite dish on their own. Have a heath and beauty product? A Zoom session with groups of loyal customers to experience the products together (virtually) can help make up for that in-store traffic.
Remodel your online store and presence — For many businesses, their online offerings mirror what consumers can get in-person but are often a reflection of primary sales and not the main driver of business. The pandemic provided an opportunity to “clean up” and expand the online stores and presences to not only serve clients during the pandemic but keep them as loyal online customers for the long haul. This pivot also includes making sure your social media presence matches the excellence you offer in-person (something many entrepreneurs neglect!)
Make the world your shop — The pandemic has reinforced one of the most important rules of business: go where your clients are! Many successful businesses (especially those who are service-oriented) were able to reach their clientele in COVID-safe ways like holding yoga and fitness classes outside in areas central to their clients. Other businesses joined forces and held socially distanced pop-up shops in parking lots where customers could (almost) feel like they were back at the mall. It really gives a new meaning to location, location, location!
Remember: it’s never too late to reexamine the way you provide your product or service to your clients and find ways where a pivot can turn into profit. And the 3 ways I’ve highlighted are a great place to start for your current business or future venture!
As most founders find out at the beginning of their entrepreneurial journey, you don’t know what you don’t know! You have to educate yourself about what’s required for your business and that includes the not-so-sexy parts, like business insurance. When starting a small business, entrepreneurs often overlook buying insurance. But when you’re self-employed, insurance offers you protection and peace of mind — and sometimes your clients or partners may require it. For example, if you’re bidding for a local government contract, most municipalities require you to purchase insurance before you provide your service or product. The options can be overwhelming, especially for those who’ve never purchased coverage before. Here are five tips to keep in mind while shopping for business insurance.
1. If you work from home, your homeowner’s insurance does NOT cover your business.
Most home insurance policies exclude business liabilities. You need to purchase a business insurance policy that includes property and liability coverage. A business owner’s policy (BOP) is typically for businesses that make less than $5M in yearly revenue and have 100 or fewer employees. Not only does this offer property and liability coverage, it includes business interruption insurance, which covers the money you would lose if your home suffers damage and you need to close your business.
2. Know the types of insurance
Before buying insurance, you should have a basic understanding of the four coverages offered: general liability, commercial auto, commercial property, and workers compensation. You may also need other types of coverage, such as errors and omissions liability or a commercial umbrella. It may be helpful to ask other business owners in your industry what insurance coverages they have.
3. Assess your risks.
Running a small business means exposing yourself to a certain amount of risk. Every industry and every individual business within an industry contends with different levels of risk, both in terms of the probability of something happening and the severity of the consequences. Think about what kind of accidents, natural disasters, or lawsuits could damage your business. Be prepared for the unexpected! If you need help, the National Federation of Independent Businesses (NFIB) provides information for choosing insurance to help you assess your risks and to make sure you’ve insured every aspect of your business.
4. Shop around to find a reputable licensed agent.
Find the best deal and fit for your business because prices and benefits can vary significantly. You should compare rates, terms, and benefits for insurance offers from several different agents. Commercial insurance agents can help you find policies that match your business needs. They receive commissions from insurance companies when they sell policies, so it’s important to find a licensed agent that’s interested in your needs as much as his/her own. Don’t be afraid to ask questions!
5. Business insurance can help build credibility
Your business insurance does more than protect your business. It shows your prospective clients and customers that you’re a safe bet. Having the right policies shows your customers and contractors that you take managing risk seriously. It also helps communicate to everyone that you’ll provide the right protection, no matter what accident occurs. Also, many contracts require insurance protection. So, having it already will signal that you are a responsible professional.
If finding and choosing the right business insurance causes you anxiety, don’t let it! Taking these steps now will lessen the real anxiety later if faced with the unexpected. And remember: building a strong foundation for your business, in the beginning, will set you up for long-term success!
