There's no way you are ever going to run a successful business if you did not factor in branding and marketing at the onset.
Vanessa Mwaniki, the co-founder of Orac Branding Company learnt this when she came across a survey done by the Kenya National Bureau of statistics (KNBS) on the missing gap in this business essential.
The survey indicated that lack of markets and marketing constraints are the third largest factor that cost small businesses to close down.
In essence, small businesses hardly make it to their second, third or fifth year actively owing to the marketing limitations.
This gap is what inspired Vanessa to tap into branding and marketing in 2018, still fresh from the university where she had studied Computer Science and Mathematics.
To her, rather than look for employment,
starting and running a company to serve and train small medium enterprises (SMEs) was and has been a perfect move.
It takes courage, effort and virtuosity for one to make it in a field you did not study for, but then again, everything is possible once your mind is made up. So, let's get started too, what can we learn from Vanessa's branding and marketing start-up?
Take the plunge
First things first, business is a risk that every business minded person knows too well. You must therefore make a mental decision to consider all the risks that come with starting a business, especially when you decide against employment.
According to Vanessa, you can start a business anytime and grow with it if you set up a comprehensive strategy that speaks to your mission and vision. Once you figure this out, discover your passion in entrepreneurship, and decide to look away from employment you are good to go and grow a successful business.
If you are truly determined, there's nothing that would hold you back. According to Vanessa, "Employment is not for everyone, so if you discover that you have a passion for entrepreneurship, take the plunge and don't look back."
Get some skills and knowledge
So you've decided that you will not go into employment, great! Now it's time to teach yourself the skills of trade to run your business of choice. In branding and marketing, of course, you want to learn about design and you want to explore the versatile software available in your area of specialization.
You are about to become a business owner, therefore some entrepreneurial skills will certainly come in handy. There are so many online platforms to browse and learn most of these skills, free mentorships, trainings, attend business conferences and seminars, join business communities and strive to become a maestro in your chosen field.
Be the best you can be. "By becoming a business person you must have the skills of how to get clients, manage employees and manage your finances. You also want to have a strong network of suppliers of affordable products or services you need to run the business," says Vanessa.
Distinguish yourself
It's important to acknowledge that almost all industries are already crowded by start-ups and established enterprises. Therefore, as a newcomer, how are you going to pull through in a business that already exists and is run by hundreds of other brilliant entrepreneurs
Differentiating yourself is the key mantra here, and this is where you really want to give your brand a unique touch that is a reflection of your unrivaled personality.
Think hard, reflect, research and re-imagine the difference your services or products will bring in to the already existing market, why anyone would choose your service over another or leave another product for yours.
"In the market, you're not the only selling your service, you're not the only one producing that product, so how do you differentiate yourself from everybody else who is doing the same thing as you? So, do realise that the important thing with branding is to stand out." Says Vanessa.
Keep up with the competition
As I talk about differentiate yourself, we must acknowledge that there is a myriad of competition from different angles. So besides coming up with a unique angle for your brand, it's important to keep up with the other trends in the market.
For instance, technology is changing the landscape of entrepreneurship almost daily, and people are buying into and adapting to these dynamics. So, how do you ensure you are not left sulking behind?
Keep your eyes and ears out, research on the new trends and be a part of the laurel of entrepreneurs leading in innovation. Vanessa says that this is how Orac branding and marketing is remaining relevant in the industry,
"Besides offering branding and marketing services, we've introduced an integrated branding curriculum training where we train SMEs on these skills. This helps stay ahead of the curve."
Consider partnerships
Whether it's partnering with other businesses or people with complementing skills, in some instances, partnerships prove to be very important when setting up a business.
Partnership could come in the form of an agreement with another business that provides needed services in your business, therefore, instead of using money you could agree to offer your services in exchange for theres. The other partnership is being the go to service provider with a retainer every month for your business.
Last but not least, get a business partner to work with, as in Vanessa's case. She believes that Orac branding couldn't be where it is today without the contribution of her partner Munene Githira who has a different set of skills that she does not have.
He is the perfect counterpart to Vanessa because together they achieve their visions and live up to the goals of the company with each achievement.
"In my experience, partnership has been beneficial especially because our skills are complimentary. You find that he is strong in the areas I'm weak and vice versa and that has helped grow our business in all aspects," says Vanessa.
Manage your financial assets diligently
Do not forget that your primary goal of running a business is to make money and have a financial flow. According to Vanessa, she looks at three key things.
Firstly, the cash flow; which is the money coming in to the business. This is like fuel because cash flow is what you use to run the business. Secondly, look at the balance sheet; this shows you where your business is at financially and is where you get to calculate your return on investment.
With balance sheet you can determine whether you are running on profits or losses. Thirdly, look at the bottom-line - your net income. How much are you left with once you've deducted all your expenses? Do you have reasonable profit?
These are some important facets of finance that every business owner must know about in order to run a profitable venture.
In conclusion, I think every industry, no matter how massive, was a business concept visualised by someone, somewhere, in history. So, start small but aim for the sky, and remember, for that to happen, you must go big.
