Most small businesses are born from a dream. Business owners, especially of start-ups, are bursting with ideas and dreams, but without goals, these ideas often fail to materialize. When establishing company goals, it is vital to turn lofty ideas into actionable goals. This week, our the Business of Branding series will focus on how you can set company goals. These steps can help you feel less overwhelmed and more prepared to turn your great idea into a thriving business.
Who Are You?
Before you delve into writing actionable goals, you must first define who you are, what your company offers and how you’re different from your competition. Every successful company has a unique identity in the marketplace. (Businesses that don’t often don’t last.) Before you can start reaching out to customers, you must first know who you are and what you are going to offer your target audience. Think about what made you want to start your own business to begin with. Did a bad experience with a competitor make you want to do the job yourself? Do you have a unique spin on a product or service you frequently use? Do you possess a unique skill? Recalling what made you want to start your business can help you define who you are and what you want your company to prove to its customers.
What is your Product?
What do you want to offer your customer? Are you selling handmade bracelets, bacon flavored cupcakes or throwback style clothing? Are you offering landscaping services or painting shutters? You most likely already know what you want to offer, but you must also know what makes your product or service one-of-a-kind. Perhaps you have a passion for bold prints and patterns. You have everything you need to make retro cherry print skirts, tops and scarves. You also, for example, have a knack for paring patterns. You, and only you, know how to make houndstooth and cherry prints live harmoniously. Once you have defined what is unique about your skill set, your product and how you’ll create it, it’s time to define who your customer is.
Who is your Ideal Customer?
Do you dream of traveling and setting up pop-up shops, or do you want an established location where customers know they can find you? Knowing how you want to present your products will help you determine who your target customer is. If you are selling retro print clothing, for instance, your customer could be a rockabilly, an artist, a performer or all of the above. If you want to travel and set up pop-up shops to sell your patterned skirts and tops, you would need to stay up-to-date on concerts, trade shows, burlesque shows and other happenings that would attract your ideal customer. If you want to sell your wares from a brick and mortar store, imagine where it should be located. For vintage patterns and rockabilly clothing, for example, you would most likely want your shop next to antique stores, coffee and book stores and other small boutiques. Think about who you want to market to, and then decide how you will reach them.
Set S.M.A.R.T. Goals
Once you have defined who you are, what your product is and who you want to market to, you can begin to determine your goals. It is important to make your goals actionable. Use S.M.A.R.T goals that are specific, measurable, achievable, results-focused and time-bound. For example, how much revenue do you plan to earn in your first 6 months? How many events do you plan to attend in order to sell your wares? When and where are these events? How many contacts did you make at each event? Every company will have very different goals, but these goals should always be measurable and attainable. When you reach a milestone or goal, remember to celebrate your success! Record when and how you reached this goal, and be prepared to repeat these successful steps. Also, don’t be afraid to fail. Failure will only help you learn what doesn’t work, and what to avoid in order to keep moving forward.
Once you know what you want to offer your target audience and what your actionable goals are, you can begin planning what your company brand will look and feel like. Our next post will focus on establishing your brand’s style, including choosing your color palette, selecting design elements and selecting other imagery that will attract your ideal customer.
Meanwhile, find out about the different types of small businesses and what the 15 most profitable small businesses are.